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Legal Aspects Of Risk Management - 875 Words

Legal aspects: †¢ Liability: First of all, regarding risk management, the organising team of the event can be held liable for its actions or omissions. According to Silvers, liability means „the legal responsibility for one’s actions or omissions† (Silvers, p.56, 2013). An important question regarding legal aspects is „who owns the event†? The legal owner of an event can range from the organising committee, sponsors and the coordinator. Therefore, „whoever assumes ownership for the event entails legal responsability and therefore liability†(Bowdin, p.330, 2006) In order to avoid being taken liable for the participants actions, such as an injury, every reasonable precaution must be considered and taken care of. This should be done through a risk assessment, therefore considering and trying to avoid any possible negative risk that can occur. This legal responsibility for actions and omissions is called duty of care, and is covered by an area of law kno wn as torts(Bowdin, p.339, 2006). The duty of care states in the Health and Safety Executive from 2003 that „An employer does not have to take measures to avoid or reduce the risk if they are technically impossible or if the time, trouble or cost of the measures would be grossly disproportionate to the risk†. Therefore, the employer would be the person legally responsible for the event, and he should consider and take appropriate actions to avoid a risk if it’s reasonably practicable. †¢ Contract liability: Moreover, in termsShow MoreRelatedEvent Management; Legal and Ethical Responsibilites with Respect to Risk Management685 Words   |  3 PagesEvent Manager; legal and ethical responsibilities with respect to risk management The theme Ethics and Risk Management signifies that each of these two disciplines—risk management and ethics—depends on the other. 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Project-Proposal-Template Free Essays

Project Proposal Template Project Proposal Template Company Name Company Name Write Company Address Here City, State, Zip Code Phone, Fax Email: www. proposaltemplatestips. com Website: www. We will write a custom essay sample on Project-Proposal-Template or any similar topic only for you Order Now abc. com Write Company Address Here City, State, Zip Code Phone, Fax Email: www. proposaltemplatestips. com Website: www. abc. com Project Proposal Project Proposal 2011/12 2011/12 Project Name Project Name Business Area Program Name Business Area Program Name Project Sponsor:| | Author (Business):| | Author (MIS):| | Project Sponsor:| | Author (Business):| | Author (MIS):| | DD/MM/YYYY DD/MM/YYYY a). Sample text —————————————————————————————————————- 1 b). Sample text —————————————————————————————————————- 4 c). Sample text —————————————————————————————————————- 6 b). Sample text —————————————————————————————————————- 8 d). Sample text —————————————————————————————————————- 10 e). Sample text —————————————————————————————————————- 14 f). Sample text —————————————————————————————————————- 15 g). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 19 h). Sample text —————————————————————————————————————- 20 i). Sample text —————————————————————————————————————- 24 j). Sample text —————————————————————————————————————- 27 k). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 28 l). Sample text —————————————————————————————————————- 29 m). Sample text —————————————————————————– ———————————- 31 n). Sample text —————————————————————————————————————- 32 o). Sample text ————â €”————————————————————————————————- 33 p). Sample text —————————————————————————————————————- 35 q). Sample text —————————————————————————————————————- 39 r). Sample text —————————————————————————————————————- 41 s). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 43 t). Sample text —————————————————————————————————————- 45 u). Sample text —————————————————————————————————————- 45 v). Sample text —————————————————————————————————————- 48 w). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 49 x). Sample text —————————————————————————————————————- 52 y). Sample text —————————————————————————————————————- 53 z). Sample text —————————————————————————————————————- 59 a). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 1 b). Sample text —————————————————————————————————————- 4 c). Sample text —————————————————————————————————————- 6 b). Sample text —————————————————————————————————————- 8 d). Sample text ————â€⠀Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 10 e). Sample text —————————————————————————————————————- 14 f). Sample text —————————————————————————————————————- 15 g). Sample text —————————————————————————————————————- 19 h). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 20 i). Sample text —————————————————————————————————————- 24 j). Sample text —————————————————————————————————————- 27 k). Sample text —————————————————————————————————————- 28 l). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 29 m). Sample text ————————————————————————————————————— 31 n). Sample text —————————————————————————————————————- 32 o). Sample text —————————————————————————————————————- 33 p). Sample text ————â₠¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 35 q). Sample text —————————————————————————————————————- 39 r). Sample text —————————————————————————————————————- 41 s). Sample text —————————————————————————————————————- 43 t). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 45 u). Sample text —————————————————————————– ———————————- 45 v). Sample text —————————————————————————————————————- 48 w). Sample text —————————— ———————————————————————————- 49 x). Sample text —————————————————————————————————————- 52 y). Sample text —————————————————————————————————————- 53 z). Sample text —————————————————————————————————————- 59 Make a list of all sections of proposal along with applicable page numbers. Cover this section on one page. Make a list of all sections of proposal along with applicable page numbers. Cover this section on one page. Table of Contents Table of Contents Project Details Project Details Summary Summary Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Business Objectives Business Objectives Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Objective No| Objective Description| | | | | | | | | Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Objective No| Objective Description| | | | | | | | | Deliverables and Limits Deliverables and Limits The deliverables are the changes that the project has to make in order to achieve the business objectives. Typically these will be system implementation or change to achieve the business process changes described in objectives. In many projects mis-understandings often arise because there are limits to the scope of the project that have not been clearly stated e. g. the system will only be available to a certain group of users, the deliverable is only intended to capture a proportion of the transactions, the system will only be delivered on University supported browsers. Typical deliverables for IT projects are listed below. * New IT Service * New MyEd channel * New Software system * Suite of Reports * Implementation service * Infrastructure Upgrade * Business Process Change The deliverables are the changes that the project has to make in order to achieve the business objectives. Typically these will be system implementation or change to achieve the business process changes described in objectives. In many projects mis-understandings often arise because there How to cite Project-Proposal-Template, Essay examples

Memorandum To Board Of Directors - Myassignmenthelp.Com

Question: Discuss about theMemo to Board of Directors. Answer: Date: 12 September 2017 To: Board of Directors From: Subject: Technical aspects of consolidation Proposal This memorandum seeks to explain the technical aspects related to consolidation that board of directors needs to consider while developing the financial reports. The term consolidation of financial statements refers to integrating the financial reports of all subsidiaries of a multinational organization under the parent company. It has become extremely important for the business companies operating at a global level for constantly adapt their business procedures as per the needs and demands of international market place. As such, development and presentation of consolidated financial statements has become essential for companies operating in global market place for improving their business performance. This memo has explained the various technical aspects related to the consolidation process to the board of directors for assisting them to improve the quality of financial reporting. Background Composition of Group and its Major Operations The consolidation basis requires primarily identifying the composition of a group that can include subsidiaries, joint ventures and operations, associates. The subsidiaries refer to a company that is complete owned by the parent company nada such its financial reports are fully consolidated with the main group (Hove, 2006). The joint venture refers to tow or more entities that are controlled by a third party and each business entity retain their individual identities (Annual Report, 2016). The joint operations refer to an operational partnership between two or more business entities while associates are the partly owned companies of the group. Wesfarmers Limited, a recognized Australian conglomerate, listed on ASX and involved in retail of chemicals, fertilizers, coal mining and industrial products (Hove, 2006). The Wesfarmers Group consists of associates, joint operations, joint ventures and subsidiaries. The joint operations of the company include Sodium Cyanide, Bengala and ISPT while it has joint venture with BPO NO 1 Pty Ltd. The major subsidiaries of the company are Coles Supermarkets, Bunnings Warehouse and many others (Annual Report, 2016). (Source: https://media.corporate-ir.net/media_files/IROL/14/144042/wesfarmers_sr/wesfarmers/group.html ) Need to prepare the Consolidation Financial Statements The Companies Act requires companies to develop the consolidated financial reports for integrating the financial results of all its subsidiaries as a whole (AASB 127, 2007). As the subsidiaries prepare their own financial report but in order to provide the users of the annual report the complete performance of the company it is important to include the financial results of the subsidiaries together with the own financial results to come with the consolidation of the financial results. As we know the consolidations of the financial statements are presented for the group as a whole and group means company it-self and wholly owned subsidiaries (AASB 127, 2007). Subsidiaries refer to the separate legal entity who prepares its own financial accounts but it has no existence without its holding company. It is very important to fully own by the entity (Annual Report, 2016). Funds used by the company to pay the acquisition amount The group of companies that are acquired by the Wesfarmers are given above and they are acquired the management board of Wesfarmers through various sources of funds. While making the acquisition Wesfarmers uses various sources of funds to pay the sales consideration for the acquired entities (Annual Report, 2016). The main sources of funds are share capital, debentures or bonds and issue of bonus shares. The subsidiaries acquired by the Wesfarmers are now the fully owned by the Wesfarmers itself and there is no other owner of such subsidiaries (Hove, 2006). In the recent year company has acquired HomeBase and to finance the acquisition amount Wesfarmers has diversified its funding sources. In February 2016, company has established 515 million pounds of three year bank facilities and 115 million pound of one year bank facility. This has provided the base to fund the Homebase acquisition and also provide working capital. So it can also be said that company has used debt fund to finance the acquisition of Homebase acquisition (Annual Report, 2016). Cash Capital Expenditure Subsidiaries Acquired 2016 2015 $M $M Coles $ 797.00 $ 941.00 Home Improvement $ 538.00 $ 711.00 Kmart $ 163.00 $ 169.00 Target $ 129.00 $ 127.00 Officeworks $ 40.00 $ 39.00 WesCEF $ 60.00 $ 56.00 Industrial and Safety $ 52.00 $ 57.00 Resources $ 116.00 $ 137.00 Other $ 4.00 $ 2.00 Total Cash Expenses $ 1,899.00 $ 2,239.00 Less: Sale of Property, plant and Equipment $ -563.00 $ -687.00 Net Capital Expenses $ 1,336.00 $ 1,552.00 (Annual Report, 2016) Corporate Governance The consolidated financial statements of the company has also clearly published and depicted the policy of the company relating to its corporate governance. The corporate governance policies have indicated clearly the role and responsibilities of board and management, structure and composition of the board (Tong, 2013). The corporate governance policies of the Group has also stated the independence criteria established for its directors and the development of various board committees such as audit committee for ensuring transparency and integrity in the preparation of consolidated financial statements (Annual Report, 2016). The group has also maintained the framework for risk management and managing the workforce diversity in order to ensure that a safe and healthy working environment is maintained within the workplace units of the group. The audit and risk committee of the group ensures the maintenance of integrity in the financial reporting by complying with the accounting, legal a nd regulatory requirements. The Group conducts its operational activities as per the Groups 10 community and environment principles for promoting the sustainable development of the communities and environment in which it operates (Annual Report, 2016). Non-Controlling Interest Non-Controlling interest also refers to the minority interest and it presented in the consolidated financial position (Balance Sheet) under Equity Section. The amount of non-controlling interest refers to equity portion in the subsidiaries which is not attributable, directly or indirectly to the parent company (Financial reporting developments, 2015). The purpose of providing the details of the non controlling interests in the financial statements is that it helps in identification of the ownership interests in the subsidiaries held by the other parties other than the actual owner. It is the main reason why non controlling interest must be clearly indentified under the equity section of the consolidated balance sheet (Financial reporting developments, 2015). After reviewing the consolidated balance sheet it has been found that Wesfarmers does not report any non-controlling interest in subsidiaries that signifies that company has 100% stake in all its subsidiaries (Annual Report, 2016). As stated above all the details of the subsidiaries held by the Wesfarmers, it has been hereby held that Wesfarmers pertains 100 % stake in all its list of subsidiaries and subsidiaries of subsidiaries. In notes to accounts some information has been found regarding the non-controlling interest held by Wesfarmers in very small entities such as Forest products: non-controlling interest in Wespine Pty Limited, Property: non-controlling interest in BWP Trust, Investment banking: non-controlling interest in Gresham Partners Group Limited and Private equity investment: non-controlling interests in Gresham Private Equity Fund (Annual Report, 2016). As company does not have any non controlling interest, so details regarding the direct and indirect non-controlling interest are provided in the annual report of the company. Acquisition and role of Goodwill Acquisition means acquiring the company or making controlling rights in the company through obtaining the majority stake in the acquired firm. Acquired entity becomes fully owned or partially owned subsidiary of the company depending upon the percentage of the stake company has taken in the acquired entity (AASB 1013: Accounting for Goodwill, 2017). There are many ways through which acquisition can be done like through issuing the equity shares to the shareholders of the acquired firm, through providing the cash and cash equivalents for the total amount of sales consideration and many other (Tong, 2013). Goodwill refers to the intangible asset that arises due to the result of acquisition by one company of another company at premium value (Annual Report, 2016). Premium value means any amount that has been paid on and above the net asset value of the company acquired. Goodwill represents company value poses in its brand name, patents, customer base, good customer services, employee rel ations, improvement in technology and other similar things that appreciate the value of company (AASB 1013: Accounting for Goodwill, 2017). In year 2016, Wesfarmers has acquired Homebase business, a recognised home improvement and garden retailer in the United Kingdom (UK), for $665 million and it has raised the goodwill amount to 1,018 million dollar. There is impairment of 1208 million dollar on the whole of goodwill amount recorded in current year as well as in previous years. Impairment refers to the reduction in carrying value of assets due to change in value in use and discounted value of future cash flows (Annual Report, 2016). (Annual Report, 2016) Accounting of Foreign Currency Transactions The accounting transactions relating to foreign currency are denominated in foreign currencies through the application of exchange rate differences between the original purchase and sale transaction date on the day of settlement. The notes to the financial statements section of the Group has mentioned the occurrence of foreign currency transactions at the time of financial reporting of its overseas business units. The Wesfarmers Limited has many foreign subsidiaries including Coles, Target and Bunnings Warehouse. The assets and liabilities of the foreign business units of the Group are denominated into Australian dollars on the basis of average rate of exchange for the year (Annual Report, 2016). The foreign currency transactions are primarily reported in the functional currency through the application of exchange rate differences. The monetary figures relating to the assets and liabilities are denominated in the foreign currencies through the application of exchange rate present on the date of balance sheet (Annual Report, 2016). There are many overseas subsidiaries whose balances of assets and liabilities are converted into the Australian dollars using the exchange rate available on the reporting date of consolidated financial statements. Income Statement balances are converted using the average exchange rate for the year. Below is the statement of change in equity that contains the difference of amount arises due to exchange rate fluctuations. (Annual Report, 2016) Other Information related to the Consolidation of Financial Statements such as Ratio Analysis There are many other interesting information that are related to the consolidation of financial statements that board members must be aware of like difference between the parent company performance and group performance. Wesfarmers prepares their financial results in a group which comprises of various different units such as Coles, Home Improvement, Target and other industrial units. Financial Performance of the Group as the whole: Financial Data of the Wesfarmers in year 2016 Amount in AUD million Financial Items 2015 2016 Net Income after Tax $ 2,440.00 $ 407.00 Total Assets $ 40,402.00 $ 40,783.00 Shareholder's Equity $ 24,781.00 $ 22,949.00 Current Assets $ 9,093.00 $ 9,684.00 Current Liabilities $ 9,726.00 $ 10,424.00 Revenue $ 62,447.00 $ 65,981.00 (Annual Report, 2016) Ratio Analysis of the Group Ratio Formula 2015 2016 Return on Assets Net income/Total Assets 6.04% 1.00% Return on Equity Net Income/ Equity 9.85% 1.77% Current Ratio Current Assets/Current Liabilities 0.93 0.93 Assets turnover Ratio Revenue/Total Assets 1.55 1.62 Wesfarmers makes there consolidation of financial statements at the end of financial year with keeping in mind all the guidelines and presentation format required in the AASB 127 accounting standard. The main group of Wesfarmers comprises of Coles and Home Improvement. So it is important look after the financial performance of the Coles group. (Annual Report, 2016) (Annual Report, 2016) References AASB 1013: Accounting for Goodwill. 2017. [Online]. Available at: https://www.aasb.gov.au/admin/file/content102/c3/AASB1013_6-96.pdf [Accessed on: 11 September, 2017]. AASB 127. 2007. Consolidated and Separate Financial Statements. [Online]. Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB127_07-04_COMPjul07_07-07.pdf [Accessed on: 11 September, 2017]. Annual Report. 2016. Wesfarmers. [Online]. Available at: https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4 [Accessed on: 11 September, 2017]. Financial reporting developments. 2015. A comprehensive guide Consolidated and other financial management statements Presentation and accounting for changes in ownership interests. [Online]. Available at: https://www.ey.com/Publication/vwLUAssets/FinancialReportingDevelopments_BB1577_ConsolidatedFinancialStatements_8December2015/$FILE/FinancialReportingDevelopments_BB1577_ConsolidatedFinancialStatements_8December2015.pdf [Accessed on: 11 September, 2017]. Hove, M.R. 2006. Consolidated Financial Statements: An International Perspective. Juta and Company Ltd. Tong, T.L. 2013. Consolidated Financial Statements, International Edition. CCH Asia Pte Ltd.

Mobile Phone Addiction is getting severe free essay sample

Introduction Mobile phone addiction is getting severe amongst the teenagers in Malaysia. Syed and Nurullah (2009) opine that after the introduction of the prepaid services and the subsidization of handsets, mobile phone communication in Malaysia picked up at a fast pace. Pre-teens (10 to 13 years of age) and teens (13 to 18 years of age) together constituted about 20. 5% of the total user base in Malaysia in 2006, which is a sharp rise from 13. 1% in 2005. For instance, it is not an uncommon sight in Malaysia to find teenagers ‘thumbing’ their handheld devices in urban public spaces oblivious to the rest of the living world around them, experiencing a new way to express identity; rooted in and giving rise to a new sub-culture with its own norms, values and patterns of behaviour. This sub-culture is, in many ways comparable to that of other societies such as those in Western Europe since it can be argued that there is a limited number of responses that technology can generate in any given society, and that specific cultural variation alter slightly the patterns of usage. We will write a custom essay sample on Mobile Phone Addiction is getting severe or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Causes of Mobile Phone Addiction Cell phones are used in public and play a vital role in young adults’ social lives. Many young adults view their cell phones as essential to their happiness. Cell phone companies customize the look of the phone and sound to make cell phone an integral part of many young adults-self-identities, cell phones has become an accessory to their outfit, owning a new gadget would bring pride to the young adults (Takaoet, 2009). Cell phones, along with a myriad of other consumer products are desired possessions the purchase of which goes well beyond the practical aspects of the products themselves. Especially in youth and young adults, cell phones are a source of status and a natural outgrowth of a materialistic desire to own, display and use that could enhance their self-esteem and image (Katz Sugiyama, 2005). Solutions Some of the recommended solutions to the problem are, track your mobile phone usage by jotting down in a notepad the amount of time you spend using your phone and keep the journal for a week, then review the amount of time you are spending on each activity (Grohol, 2007). Turn off your mobile phone and try setting a deadline every evening for a time to retire the technology, and try not to use it again until the next morning. Grohol (2007) said, â€Å"By turning it off, you’re taking back conscious control of your life and this little piece of technology. Mobile phone users must understand that technology improves our life, not affecting our lives. If technology is creating stress and anxiety then one might have a backwards relationship with technology (Grohol, 2007) Conclusion Mobile phone addiction could threaten the very fabric of the society. Hisao Ishii (2009) said , Genuine conversation will be driven out by superficial communication, in which the act of contacting one another is all that matters, leading to a deterioration in the quality of relationships. † Mobile phone addiction is affecting human relationship, efforts have to be taken to solve this problem, Grohol (2007) said:â€Å" the more you keep track of the time you spend using your cell phone, the better you’ll be able to control it. † It is time for teenagers to set apart themselves from their mobile phones. If serious efforts are taken into action, in the future mobile phone addiction will not be a problem to teenagers in Malaysia. (495 words) References

Job Search Myth You Don’t Need a Cover Letter

Job Search Myth You Don’t Need a Cover Letter Just about every client I work with lately brings up the rumor they’ve heard that no one reads cover letters anymore.   This rumor is ONLY a rumor and if you take action based on it, you will shoot yourself in the foot in your job search. In a recent article posted on Work Coach Cafe, â€Å"15 Job Search Tips from a Guy Who Just Got a Job,† a successful job seeker named John relates how the CEO of a company personally reached out to him to thank him for sending a cover letter!   In fact, John was the ONLY candidate to send a cover letter, most likely because everyone else believed the rumor that cover letters never get read.   John made an impression. This topic is also covered on Great Resumes Fast in â€Å"Cover Letters: Does Anybody Read Those Anymore?† The author points out that the cover letter is your opportunity to show genuine interest and to make a case that you are specifically qualified for this job. Why would you tailor your resume to a job and then write a generic cover letter?   If you are truly interested in a position, it is worth your time to write a unique letter to the company about who you are and why you would make a difference for that company.   Do not write a generic cover letter and send it along with a generic or somewhat tailored resume to zillions of job listings, hoping that you‘ll somehow win the numbers game. That is NOT the way to get a job! Instead, begin building a relationship right from the start with the company that might be your future employer.   Imagine yourself in this job and write down what you will bring to the position.   Sell yourself. Anyone can spot a cover letter that is really just a mail merge.   Remember†¦Ã‚   you are a human being and, if you get past the computer scanners, so is the person who reads your cover letter.   By writing a custom letter, you reveal your humanity and respect the humanity of the HR person or hiring manager.   If you begin early to develop a relationship with that person, you are in great shape to be asked for an interview. For help with a great cover letter and resume, contact The Essay Expert. 😉 ~ Ronnie Ann Log in to Reply

Globalization and Its Different Faces Essay Example | Topics and Well Written Essays - 500 words

Globalization and Its Different Faces - Essay Example This essay discusses that there is a stark difference in the quality of life of people in the developed countries compared to those from the developing countries. Human rights also become negated more in developing countries in the hopes of churning out cheap goods for the consumers of the developed countries. The economies of these countries will not stay afloat without the other but the gap should be less and not increasing as it is due to globalization.In conclusion, this is truly sad considering that we enjoy cheap yet good quality goods here in the US at the expense of the rights of people in poverty-stricken countries. I am not in favor of this practice and I hope that much more will open their eyes in response to the abuses that globalization brings. And in my opinion, globalization brings great benefits if used and managed wisely, but if we let a few people benefit from it, then globalization will be a tool for inflicting greater abuses against our fellow men. Being interconn ected and interdependent on other nations is a good thing because there are more opportunities to build each other up this way. I just hope that everyone, whether from a developed or developing country would choose to see all aspects of globalization and make personal commitments to using their influence to institute change in the current system. Globalization should not be judged according to one face only. One should see the whole picture to get to know if globalization is truly beneficial or not.

The Sustainability of Extreme Sports as Businesses in Todays Society Research Paper

The Sustainability of Extreme Sports as Businesses in Todays Society - Research Paper Example For the extreme sports, there are no specific market boundaries and hence the market segment for these sports cannot be measured. It has been assumed that the market segment for extreme sports holds approximately 5 percent of the market for adventure trips (â€Å"Extreme Sports† 34). In the present times, extreme sports have a significant role to play in business and the sportspersons are being utilized for the purpose of marketing of different products. Extreme sports in marketing are more common among the youth. Considering the leisure market in the United States and other countries across the world, the use of extreme sports in businesses has been found to be increasing particularly targeting the youth who are the usual viewers of sports and sports-related programs on television. However although there are regular viewers of the extreme sports and hence products can be well marketed with the use of such sports, yet the sustainability of the extreme sports in businesses cann ot be realized. It has been observed that the viewers of such extreme sports are in most cases fickle minded that make them suspect the conventional methods of marketing and they are also more concerned about their status. All these factors make it difficult for the marketers creating challenges for their successful marketing approaches (Summers, Morgan and Summers 30). Aim and Objectives of the Research: Aim: The aim of the research is to focus on the use of extreme sports in businesses trying to determine the sustainability of the extreme sports in business in the near future. Objectives: Considering the above aim of the study, the following objectives have been decided: To understand the use of extreme sports for the purpose of businesses. To learn about the implications of the use of extreme sports in marketing on the prospective or targeted consumers. To determine the sustainability of the use of extreme sports in businesses in the near future. Literature Review: The concept of extreme sports has become highly significant and popular in the recent times with more and more individuals trying to take part in sports that are highly risky. These include the risky activities undertaken by the body in order to perform sports (Estivalet and Brisson 552). As Heggie and Caine (2) mentioned in their studies, the extreme sports have become a very important part of the lives of the Americans in particular who consider these sports as an option for recreation and athletics. Different sports that are included in the definition of extreme sports are motorcycle racing, rock climbing, and base jumping (Heggie and Caine 2). The popularity of extreme sports has increased in the recent times with new clubs and associations being developed. Television programs, magazines, and pages on the web are also been developed considering the growing attractiveness of extreme sports (Estivalet and Brisson 552). One of the most important reasons owing to which people are more attracted t owards extreme sports is that the participants do not have to follow the strict rules and regulations that are otherwise associated with other sports in general. However, in the present times, commercialization and standardization of extreme sports have also been considered proving it to be inopportune for such participants (Madigan and Delaney 47).  Ã‚  

Buyer behavior Essay Example | Topics and Well Written Essays - 2750 words

Buyer behavior - Essay Example This refers to a relationship between individual and the collectivity prevailing in a certain society (Hirchman, 1983, 197).   It is exhibited by the manner in which people live together and are intimately linked to the norms of the society. The concepts of individualism explain societies where their loose ties between people. In such a society, everyone is expected to look after himself or herself and/or the immediate family. The concept of collectivism refers to societies where people are integrated into strong groups in which people protect each other in exchange for unquestionable loyalty.The consumers behaviors attributed to individualism-collectivism pertains to the behavior of persons in a given group, relationships with others and perception of themselves vis a vis others. These consumer behaviors are the influence by reference groups, self-concept, and information sharing, ethnocentrism and opinion leadership.Reference Groups A reference group takes the form of an actual o r imaginary group or individual born of the existence of significant relevance upon individuals’ aspirations, evaluation and behavior (Park and Lessig). Witt (1970) defines reference group as a group taken as a frame by an individual in evaluating himself/herself and formation of attitude. Three means are known through which behavior can be influenced; value expressive, informational and utilitarian (Park and Lessig 1977).The reference group extent depends on a group’s behavior and identity. It is reasonable to think of a possibility.... m and Collectivism and their Consumer Behaviors effects This refers to a relationship between individual and the collectivity prevailing in a certain society (Hirchman, 1983, 197). It is exhibited by the manner in which people live together and are intimately linked to the norms of the society. The concepts of individualism explain societies where their loose ties between people. In such a society, everyone is expected to look after himself or herself and/or the immediate family. The concept of collectivism refers to societies where people are integrated into strong groups in which people protect each other in exchange for unquestionable loyalty. The consumers behaviors attributed to individualism-collectivism pertains to the behavior of persons in a given group, relationships with others and perception of themselves vis a vis others. These consumer behaviors are the influence by reference groups, self-concept, and information sharing, ethnocentrism and opinion leadership. Reference Groups A reference group takes the form of an actual or imaginary group or individual born of the existence of significant relevance upon individuals’ aspirations, evaluation and behavior (Park and Lessig). Witt (1970) defines reference group as a group taken as a frame by an individual in evaluating himself/herself and formation of attitude. Three means are known through which behavior can be influenced; value expressive, informational and utilitarian (Park and Lessig 1977). The reference group extent depends on a group’s behavior and identity. It is reasonable to think of a possibility of the existence of interpersonal influence brought about by individualism and collectivism, on the consumption behavior. A study by Shaw (1971) on the effects of individual interactions and

Note On Development Of Waqf Land Economics Essay

Note On Development Of Waqf Land Economics Essay Introduction 1. There is no doubt that the existence of waqf since the time of the prophet s.a.w is meant for the humans to do good deeds for the society and should benefit the Muslims. Waqf or endowment has been embodied in Islam as one of the good deeds in which the spiritual deed rewarded by Allah with 70 times returns.  [1]  In another verse, the act of philanthropy by disposing out property as an act of charity is encouraged in Islam.  [2]  From economic point of view, waqf is a powerful mechanism in developing the nation in form of charitable instruments which is very unique and beneficial for poverty alleviation programmes. 2. In Islamic tradition waqf is very important. Its potential in future development should not be underestimated. The average rate of return on investments made in developing waqf properties came to a minimum of 20-25% (Rashid, 2012)  [3]  . Besides religious purposes, waqf land has also been used for infrastructure development, education sector, healthcare and public amenities. For example, among the prominent education institutions that were founded and maintained using waqf lands are the Al-Azhar University in Egypt, University of Cordova in Spain, Universitas Islam Indonesia in Jogjakarta, Indonesia  [4]  and AlBukhary International University in Malaysia. While in the healthcare sector, the hospital (Al Noori Hospital) in Damascus and clinics (Klinik Nur) in Malaysia.  [5]   Review of Development in Waqf 3. Recently, there is an increasing interest in reviving the waqf institutions. Several international conferences on waqf have been held in recent years (i.e. Harvard, 2006, 2008; South Africa, 2007; Singapore, 2008; Kuwait, 2008; Iran, 2008, Malaysia, 2010).  [6]  These conferences and seminars have discussed how waqf institutions have been revived by means of interviewing relevant authorities and conducting surveys on waqf land rules and regulations in many parts of the Muslim world. Box 1 provides the example development of waqf lands and properties in Malaysia and Singapore. However, despite various efforts by the governments to enhance the benefits, the utilization of waqf lands is still not being optimized and in fact there are a lot undeveloped waqf lands which have potential to be invested through various instruments. 4. From the perspective of research, the literatures discussed the different usage of Islamic modes of investment for waqf institutions (Kahf, 1998; Hasan and Abdullah, 2008). There are also a few literatures dedicated to the topics of waqf land development. Most of these have discussed the historic development of these lands and their legal aspects (Perai, 2005; Hasan and Abdullah, 2008). There are writings that have classified waqf lands according to how they have been used, for example agriculture, construction, mosques, cemeteries, etc. (MAIS, 2008). There is, limited literature that has categorized waqf lands according to their strategic locations and uses let alone matching them with Islamic investment modes (Noor and Mohamed, 2009). 5. There is no recent news of any worth-mentioning waqf development project except in Malaysia during the last two years (20 major and 70 minor waqf projects have been completed, worth over US$100 million)  [7]  . On the other hand, the number of properties sponsored by the Awqf Properties Investment Fund of IDB (APIF) was not up to the mark. During 2002-03 only 8 projects were developed, while 7 projects in 2009 and 5 projects in 2010. The distribution of dividend from the funds was relatively low at only 2.5% compared to Harta Tanah PNB Trust in Malaysia at 6-7% of income distribution annually  [8]  . In addition, World Waqf Foundation has been very inactive as there is no publication from the foundation since 2004. Box 1. Development of Waqf Lands in Malaysia and Singapore The development of waqf in Malaysia and Singapore especially land is fundamentally aimed at generating more income to waqf institution that could be benefited by the beneficiaries. In the context of Malaysia, there are over 35,727 hectares of registered waqf lands in which may be invested to benefit the Muslims society.[1] One of the recent large scale investments of waqf land in Malaysia was initiated by the Federal Territories Islamic Religious Council together with Tabung Haji, TH Technologies Sdn. Bhd. and Bank Islam Malaysia Berhad involving a project for the construction of a 34-storey building at a cost of RM151 million. Regardless of this development, it is observed however that the utilization of waqf lands is still not being optimized and in fact there are a lot undeveloped waqf lands which have potential to be invested through various instruments. There are various model of investments of waqf land could be adopted by the waqf authority either they are depending on funding from the federal or state government or statutory bodies or financial institutions. The utmost important is that the ability of the waqf institution to choose the most appropriate and suitable methods of financial schemes for any of its investment project. In Malaysia, the instruments of investment of waqf land namely debt-based instrument, equity-based instruments, self-finance instrument and Islamic securities instruments. However, the existing waqf lands have not been strategically categorized and the modes of Islamic investments have been used arbitrarily. In the case Singapore, although many waqf were still managed by the private trustees, all awqaf created are vested in Majlis Ugama Islam Singapura (MUIS) and required to be registered in MUIS. The effective and efficient management of waqf assets and properties by MUIS had enabled waqf revenue to increase exponentially. MUIS also adopted joint venture and partnering approach to develop waqf properties (i.e a S$28 million development of the 20 units of massionette and selling for 99 years lease). This approach and method proved to be an effective way to develop waqf properties, particularly with property prices spiraling upwards and land scarce Singapore. There are many creative solutions in the development of waqf properties. In current properties investment, Real Estate Investment Trust (REITs) instrument is a popular route to owning properties as the structure highly appeals to the investors. MUIS has creatively made an internal REITs for its waqf properties (i.e the purchase of a 6-storey office building with a pool of waqf properties). As at 2006, MUIS manages waqf properties and assets worth about S$341 million.[2] As far as financial resources are concerned, cash waqf scheme and modern financial mode of Sukuk Musharaka bond have been introduced to fund waqf development activities. [1] According to a survey conducted by Jabatan Agama Islam Malaysia (JAKIM) in 2000. [2] WAREES PTE LTD (2007). Source: MUIS (2006), Hassan and Abdullah (2008). Binding Constraints to Development of Waqf Land 6. In practice, a wide range of applications of the waqf idea have emerged over time and space, including for purposes of markets, guilds and other civic endowments, usually under the administration of a mutawali, as well as for mosques, schools, cemeteries, housing for the poor and general welfare. In this respect, waqf occupies the ambivalent zone of many charities and philanthropists along with other institutions. However, significant issues facing waqf institutions need to overcome when it comes to process of developing the waqf lands. For instance, the waqf administration is accused of giving less than impartial and just decisions and complaints of bribery against the waqf officials are not uncommon.  [9]  There are also many examples of disputed waqf lands that now in the process of court hearing around the Muslim world. 7. The binding constraints faced by the development of waqf land, among others are: i) unregistered waqf lands without land titles registered in the name of the waqf authority, the land cannot be developed and they remain undeveloped; ii) unexplore option of Istibdal on non-prime land or sale Istibdal or substitution would be a suitable alternative to non prime land being exchanged for prime or more suitable lands for identified development initiatives or refurbishment; iii) waqf on leasehold land and properties classified as national heritage waqf authority may encounter obstacles developing waqf land that are leasehold (till lease expires) or classify under the category of national heritage under the auspices of respective local authority; iv) legal framework to understand different legal frameworks of waqf administration and waqf matters; and v) security for financing route for project financing, the concept of waqf may not allow exceeding to the requirement for land becoming collateral which is a basis for financing. 8. In term of waqf institutions, it is undoubtedly unsatisfactory. In many areas, there has been a devastating evidences of awqaf. The awqaf institutions are not given proper attention and therefore, vast awqaf properties are ill-managed. The inevitable consequence is much dilapidation and disrepair. Even the best wqaf buildings, with tremendous commercial potential, are not getting basic repairs and maintenance (Ahmad and Khan, 1998). Indeed there is a general feeling that waqf properties of the highest quality, is now some sort of cheap commodity, available in the commercial market. On top of which the virtual collapse of institution of awqaf has resulted in a vacuum which, in most Muslim countries have failed to fill in the gap. The reasons for this include: i) poor legislative framework; ii) administrative lapses; iii) lack of political will; iv) indifferent attitude of the management committee of the awqaf; v) lack of funding; and vi) lack of honesty and integrity. Proposed Framework for Waqf Land Development 9. There are vast un-managed assets of awqaf in the world where Muslims also represent a huge amount of social wealth. In the development process, these can be combined to produce necessary facility of social services especially for the poor people (Bellhachmi, 2004). The institution of awqaf could play a better role in the process of social and economic development. In order to achieve this stage, there is a need to give special attention to the development of the vast under-used awqaf properties to reactivate its functions and ability to provide those important services they used to carry out in the past. One of the major problems in relation to reviving awqaf is a lack of funds for regenerating the productivity of the waqf land/properties as well as other moveable and immovable assets. 10. The intended development of waqf lands/properties may be either for the purposes of revivification or advanced in the sense of investment. There are several mode of financing can be employed for development of awqaf lands such as issuing output share, partnership share, leasing etc. Sabit (2006) has divided the development of waqf assets into three (3) main methods: i) credit based finance; ii) joint venture or equity and income sharing; and iii) self-financing. The combination of these three methods of financing or two of them may also necessary based on the requirements of the waqf assets. 11. Based on the recent studies and practices, this study proposes for establishment of waqf assets as an offer of alternative investment through the issuance of sukuk, complemented by cash waqf fund. In order to develop awqaf projects, creating cash waqf fund (i.e Malaysia and Singapore) and sukuk mode of finance (Singapore) will build up trust between investors, depositors and the awqaf institutions for enhancing the financial benefit. It is expected that these two sources of Islamic investment funds will allow the Muslim ummah to invoke waqf contributors motives by financing into the awqaf projects so as to fulfill the objectivities of the awqaf. The details of these two sources of funding for the development of awqaf institutions are discussed below: Before undertaking the development of waqf lands, IDB needs to fulfil three basic requirements: i) develop a co-ordination mechanism between IDB and waqf authority for the purpose of compiling waqf lands information; ii) identify and profile strategic waqf lands for the purpose of commercial activities (i.e hospitals, educational and training institutions, real estate); and iii) form a potential partnership in the form of SPV- IDB as a partner (sharik) with the potential waqf authority to undertake specific waqf projects/investments. Many wqaf institutions simply do not have the funds to develop new capacity while keeping their existing work going on. Waqf assets, through the issuance of sukuk (Islamic bond), offer an alternative investment. Most important point is that sukuk as a product is linked the returns and cash flows of the financing to the assets purchased, or the returns generated from an asset purchased. Therefore, sukuk can be used as a tool to finance for development of the waqf properties. The main objective is to provide long-term support with a focus on building capabilities and showing results. There are several types of sukuk but two, ijara sukuk and musharakah sukuk, are most popular in the real estate financing and for creating funds for construction of new complexes. The development of waqf assets through the issuance of sukuk may be most suitable by using the musharakah financing principle, due to three elements: i) it represents new source of funds on basis of profit and loss-sharing; ii) it is vital to developing awqaf lands; and iii) there is a great deal of surplus cash sitting in Islamic financial institutions. Figure 1. Illustration for Waqf Land Development Source: authors illustration Figure 1 summarizes the cycle for waqf land development via sukuk. The waqf management board creates a musharakah venture. Waqf management board also will also appoint a Waqf Asset Manager as an agent to develop the land. In order to mobilise the fund through musharakah sukuk the following mechanics can be employed  [10]  : i) the waqf asset manager and special purpose vehicle (SPV) enter into a musharakah venture to develop waqf land for a period with pre-determine profit sharing; ii) the waqf asset manager enters into a two-year forward lease agreement with construction company; iii) on behalf of the waqf management board, waqf asset manager contributes land to the musharakah venture; and iv) the SPV contributes cash as capital to build commercial building on the waqf land. The musharakah sukuk can be complemented by cash waqf fund. Cash waqf has become increasingly popular among Muslim, particularly because of its flexibility, which allows distribution of the waqfs potential benefit to be benefited by the poor. Cash waqf fund may be opened for soliciting cash waqf with the intention to support services to mankind in the name of God. The donors (waqifs) of this fund will give their cash money for the purpose of financing the development of awqaf land/building/properties. The waqf mutawalli will manage this fund and the fund will be utilized for providing revolving loans for development of awqaf properties. This loans that are payable to the fund, to be utilized again for financing other awqaf properties. Conclusion 12. This note examines briefly the nature of waqf land development, review recent literature and practices on waqf land development and propose a solution to undertake waqf land development for ISFD. The development of waqf lands is an important milestone for ISFD given the fact that there are large amount of undeveloped and ill-managed waqf lands in the Muslim world. By providing the expertise on enhancing the awqf institutions and develop waqf land in member countries, it is expected from this undertaking that the institution of awqaf could play a better role in the process of social and economic development but also generate additional source of income for ISFD to combat poverty in member countries. This note proposes ISFD to consider undertaking waqf land development through the issuance of sukuk and developing cash waqf fund together with member countries.

High Stakes :: essays research papers

High Stakes   Ã‚  Ã‚  Ã‚  Ã‚  Presently, America is experiencing a gambling boom. Everywhere you look there’s at least one advertisement involving gambling. Whether it’s a new Las Vegas hotel or a one-dollar scratcher, it seems to catch people’s eyes. Although it may look like a lot of glam and hype, there’s a dark side to the gambling industry, one people overlook the harsh consequences of. The gambling industry grasps a hold of everyone’s attention. Lotteries appeal to the low economic levels of society as a way to change their lives forever. One pull of the lever on a slot machine can make you an instant millionaire. On the flip side, there are those who gamble for excitement and entertainment reasons. They create a lifestyle of risk taking and chance, often ending up with making the wrong decisions. Most People like the thrill of sitting down in front of a slot machine and pulling the lever in hopes of winning a bundle. The opportunities are endless. So, what does the gambling tell us? A dollar and a dream, that’s all it takes. The gambling industry has grabbed a hold on our society. Roughly three quarters of all Americans gamble. Presently, 48 out of 50 states allow one or more forms of legalized gambling. Sure, the government is going to support gambling, but not without getting a healthy share of the profits. They use political smoke screening. What most Americans don’t know is that promotions and advertisements are producing such small amounts of proceeds that it yields very little funding to public projects. Politicians say that by legalizing gambling, we reduce illegal gambling and organized crime. What its actually doing is enlarging the pool of bettors. Even though casinos have created a number of jobs, the cost to society is greater than the benefits. People are arguing that the jobs created by casinos are low paying and offer little opportunity for the worker in progress. Furthermore, the creation of these casino jobs has taken away jobs from other areas of the economy. Restaurants near casinos are being forced out of business by the cheap buffets that casinos offer, to draw people in.

Life Cycle Stages Essay

There are four stages in the financial life cycle of an individual. The accumulation, saving, pre-retirement and retirement stages. Judging from the financial ratios of Winston and Yvonne, we concluded that Winston and Yvonne are in stage 2: the savings stage of the financial life cycle phase. This stage of the life cycle is usually characterized by the increase of assets, net worth and the decline in the use of debts, as by this stage Winston and Yvonne have already accumulated more assets over the years and would seek to protect their wealth and priorities and at the same time seek to be more risk adverse than before. People in this stage are usually concerned in saving for the future like children’s education, retirement etc. As the savings Ratio can be easily explained by the amount of money a person saves as a percentage of their total income. The level of savings as a percentage of Winston’s and Yvonne’s income is 60.41% as calculated is expected of the cou ple in their mid 30s falling in this stage of the life cycle as it portrayed high savings planning for the future of their children’s education. In the savings stage of the life cycle, we could expect an increase in net worth and assets as those had been accumulated before reaching conservation phases in that cycle. The increase in assets meant that Winston and Yvonne have a relatively high net worth as calculated at 74.51%. As Winston and Yvonne have a relatively high net worth ratio, their financial solvency is lower as most of their funds are being tied up with their fixed assets and their high net worth ratio also showed that their investments and commitments are being funded by debts and trade payables that are not proportionate. Winston and Yvonne might also face problems such as liquidity problems as their high ratio meant that they do not have immediate access to their cash. Therefore any decline in value of their investments or in any aspect that is relevant to their assets would cause them to have the inability to pay back their debt, thus lead to bankruptcy. Winston and Yvonne should seek to lower their net worth ratio by diversifying their funds in lesser fixed assets like property, home contents and education funds as lowering the ratio of their net worth would help them have more f inancial flexibility and ability to meet their financial payment obligations. http://smallbusiness.chron.com/interpret-assetstonetworth-ratios-57281.html. http://www.accountingtools.com/net-worth-ratio. As Winston and Yvonne are in their wealth protection phase, we explained that there would be an indication of a high net worth and a decrease in the use of debts. The debt Service ratio is the monthly debt commitments in comparison to total income and expressed in a percentage. In other words it is the ratio of the ability to repay loans over a period of time. If a debt service ratio is too high it would mean that one is too highly leveraged and has a high amount of loan and in the long run might run into difficulties in repaying off the loan commitment in the future. In this stage we expected financial prudence and a high risk adversity. The low debt service ratio of Winston and Yvonne at 14.21% indicated the low dependability on debt and increases their ability to service their debt, reducing the risk of them not being able to continue going in the long run. This could be expected of them as they are seeking to save for the future and make sure that they are able to service their l iabilities in the long run and not exhausted halfway through by limiting their commitments and slowly getting a debt free approach when it comes to their retirement. http://www.e-conomic.co.uk/accountingsystem/glossary/debt-ratio.

Salem Witch Trial and How it Relates to Government essays

Salem Witch Trial and How it Relates to Government essays In 1692, the Massachusetts Bay Colony was the site of a major historical event. This infamous event, the Salem Witch Trials, was a major injustice in America's history. Once the accusations started, all Hell broke lose. By the time the trials were over, nineteen people and two dogs were hanged, and one man was pressed. Of the 150 people imprisoned, fifty-five of them had confessed to witchcraft. To begin to understand how civilized people could act in such barbaric ways, one needs to know some background information about the village and its citizens. The people who lived in Salem Village were Puritans. They followed and interpreted the Bible literally, and without question. As many people know, the Bible states, "Thou shalt not suffer a witch to live" (Exodus 22.18). To the Puritans, this meant that if there was a witch, they had an obligation to kill him/her. Also, the people of Salem, like the people of Europe, believed that witches existed and that many of them were evil. People believed in witchcraft, even when it contradicted scientific evidence proving that it did not exist. It is important to note that the magic that was "evil" was black magic, or magic that was used maliciously against another. Black magic witches were believed to have "entered into 'covenants' with the Devil". White magic, which was used for good luck charms and fortune telling, was not banned. Another important point about this particular village was the events that led up to 1692. In 1684, their charter, the Massachusetts Bay charter, was revoked. In 1688, there were many attacks from the Indians and the French. There were also other bewitchings. That same year, Reverend Cotton Mather cured the Goodwin children after a witch "bewitched them". The old woman who confessed to the crime was subsequently hanged. In early 1692, a major earthquake in Jamaica killed 1700 people. With all these occurrences, it is no wonder how the people of Salem Village jump...

Vocabulary Word Groups - The Mind

Vocabulary Word Groups - The Mind The Mind The words below are some of the most important used when talking about the mind and mental processes. Youll find an example sentence for each word to help provide context.Once youve learned the use of these words, create a mind-map to help you remember the vocabulary in a creative way. Write a short paragraph to help you start using your new vocabulary. The Mind - Verbs analyze You should analyze the situation very carefully. calculate Can you calculate large sums in your head? forget Dont forget to take your computer with you. infer I inferred that she wasnt feeling well from your conversation. memorize Ive memorized many long roles in my love. realize She finally realized that the answer was sitting right in front of her nose! recognize Peter recognized his friend from college. remember Anna remembered to telephone Bob yesterday. work out The Mind - Adjectives articulate Articulate people impress others with their use of words. brainy I have a brainy cousin who is an engineer for a company that makes airplanes. bright Here child is very bright. Shell go far. gifted George is a gifted pianist. Hell make you cry! imaginative If youre an imaginative person, you might write a book, or paint a picture. intelligent Ive had the honor to teach many intelligent people in my life. The Mind - Other Related Words brain The brain is a very sensitive organ. emotion Some people think its best to not show any emotion. Theyre crazy. genius Have you ever met a true genius? Its rather humbling. idea Tom had a great idea last week. Lets ask him. intellect Use your intellect to solve the problem Mr. Holmes. knowledge He has a wide knowledge of birds in North America. logic Mr. Spock was famous for his use of logic. memory I have a vague memory of that day. Remind me of what happened. mind Focus your mind and lets begin class. skill Verbal skills are an important party of his job. talent She has an incredible talent for music. thought I had a thought about the project. Can we talk? virtuoso The virtuoso played Liszt excellently. More Word Groups The BodyCelebrationsClothesCrime

Legal and economic rights of Ancient Egyptian women Essay

Legal and economic rights of Ancient Egyptian women - Essay Example Any assets she brought into the home were under her control though her husband had use of them. Any property amassed during the marriage was governed by the husband but a share of it belonged to the wife. One third of the property went to her if the marriage ended or her husband died. The ability to reproduce offspring was a crucial aspect to every ancient Egyptian woman. One who was fertile was considered to be successful in the eyes of their husbands, family, friends, and society in general. If she was sterile and could not procreate most men sought divorce. They saw raising as many children as possible as a testament to their masculinity. However, as in modern society, adoption was the way to remedy the situation of infertility. Because of the shorter life expectancy and high birth rates in ancient Egypt, there were many orphaned children who sought homes and families. As in most legal cases in Egypt, women were afforded many property rights. All private property she brought into a marriage belonged to her in the event of divorce. She was entitled to inherit one third of all property purchased during the marriage upon the death of her husband. The remaining two thirds was allotted to the children and siblings of the deceased. She also had the ability to entrust her husbands property to her children or her siblings. On the flip side, she could also exclude her children from her personal and shared property. It could be awarded to certain children and omitted from others. Egyptian women entered into all kinds of contracts: marriage, divorce, property, and even self-enslavement to name a few. The latter was actually common amongst both men and women. To enter into... The proof that Egyptian women were entitled to this legal and economic independence was acquired during the Ptolemaic period. The Greeks ruled Egypt around 300 B.C. though each had their own separate laws and social economic traditions. To this kind of notoriety comes another type that is more like infamy. Some women became famous for being convicted of crimes. An example is a woman named Nesmut who committed robberies of royal tombs. One woman fled her district to avoid paying labor on her royal estate and was incarcerated at Thebes. Then there were the prostitutes and wives that were involved in the harem conspiracy of Ramesses III-they had their ears and noses cut off. Of course, the number of women’s crimes compared to men’s crimes is significantly smaller. These women were very brazen and they felt they could be equal to men in just about any endeavor they undertake whether heroic or dastardly. The stigma of Egyptian women in public was somewhat of a mixed bag. The y were free to go out in public as they worked out in fields and workshops. It was not necessary for them to wear a veil at this time. Ramesses III stated in one inscription that he enabled women the freedom of going where they wanted without the worry of danger. Another inscription was found with a less liberating tone. It denounced women who were traveling into town and were unknown and alone. They were supposedly irreverent and free with their sexuality. Although they had the legal freedom to travel, Egyptian social customs dissuaded that notion.

Sexual Harassment in the Workplace Term Paper Example | Topics and Well Written Essays - 3000 words

Sexual Harassment in the Workplace - Term Paper Example Methodology: The approach adopted is both qualitative and quantitative and primary and secondary sources have been used for research. A questionnaire was distributed to 50 participants in order to collect information about experiences concerning sexual harassment (either faced by them or witnessed). Findings and Inference: Majority of the respondents revealed that women, mostly low skilled ones are mainly exploited in different workplaces. Secondary research findings also support this. Hence it can be said from the evidence that sexual harassment is a major reason behind apprehensions towards work amongst women. Sexual Harassment in the Workplace Sexual Harassment or sexual annoyance in the Workplace is considered as a great concern for employees as well as for the employers of organizations and institutions across the globe. The Equal Opportunities Commission (EOC) has been highly concerned about the occurrence of sexual harassment at workplace since its inception in 1975. Various c ases of sexual harassments are registered in local justice courts of countries across the globe. The emergence of the term called sexual harassment has been traced in North America back in mid 1970s. Sexual harassment has been defined by the following two ways: â€Å"Harassment related to sex.... The research seeks to answer the question ‘whether sexual harassment might be one of the reasons why people, especially women are apprehensive about joining an organization.’ Literature review: The Civil Rights Act of 1964 and Title VII of the act has been highly instrumental in providing greater amounts of opportunity and freedom for women in the workplace. The most important objective of the title has been to identify as well as to eradicate discriminatory employment practices. These aspects have been used in the act for the purpose of providing equal opportunities in respect to each and every aspect at the workplace. However, despite all these legal provisions for reducing the level of sexual harassment in different workplaces across the country, in actual practice this problem has not been solved at all. Even after four decades of these legislations and regulations, several instances of sexual harassments in public and private workplaces across the country are found. Various recent researches and findings suggest that near about 50 percent of women face one and/or more forms of sexual harassment(s) in their workplaces. A study on sexual harassment in American workplaces, which has been conducted by the National Crime Victims Research and Treatment Center, revealed the fact that almost 10 million women in the country have faced different forms of sexual harassment in the workplace (Jackson and Newman, 706). There are various aspects which are called to comprise the set of most important reasons behind these evidences of sexual harassments in workplaces in the country. Among these aspects most important ones are socio-demographic aspects, the social contact and the spillover effect of sex-role. The socio-demographic profile of a worker reveals

The Holocaust. When Did The Nazis Decide on The Final Solution Essay

The Holocaust. When Did The Nazis Decide on The Final Solution - Essay Example It remains unclear whether the Nazi administration declared the final solution. However, the regime employed a number of euphemisms to camouflage their real intentions of annihilating the Jewish population in the expansive Germany. On this account, therefore, the final solution is chief among the vague expressions used by the Nazi government to refer to the spontaneous killing and annihilation of the Jews (Inter alia & Bullock, 1961, 480). Incidentally, the Nazi regime perpetuated the rampant annihilation of Jews throughout its reign, and there was no precise instant when a specialized mission to eradicate Jews was made until 1941. Nevertheless, it is quite relevant to note that there could have been a basis for the resolve to eradicate the Jewish population in Germany by the rogue Nazi administration. For that reason, the final solution could have been a result of systematic considerations and deliberations that eventually settled on the eradication of the Jewish population. Such a sequence of deliberation would point towards the exact cause the Nazi administration endeavoured to achieve through the systematic murder of Jews (Shirer, 1989, 864-865). This paper takes historical account of the holocaust by contemplating on the events leading to the final solution that involved the brutal murder and annihilation of the Jewish population in Germany by the infamous Nazi regime. The Nazis commonly used euphemistic speech to disguise the correct nature of their crimes. They used the expression â€Å"Final Solution† to mean to their agenda to wipe out the Jewish people. It is not recognized when the organizers of Nazi Germany definitively settled on to execute the "Final Solution." The genocide of the Jews was the height of a decade of increasingly brutal discriminatory measures. Under the leadership of Adolf Hitler, the maltreatment and isolation of Jews was executed in stages (Hilberg, 2003, 55). After the Nazi party ascended to power in Germany in 1933, its government-sponsored prejudice led to anti-Jewish laws, economic embargos, and the aggression of the Kristallnacht pogroms, all of which intended to systematically cut off Jews from the general public and coerce them out of the country. After the September 1939 German incursion of Poland (the commencement of WWII), anti-Jewish program escalated to the incarceration and ultimate murder of European Jewry. The Nazis first instituted ghettos (enfolded areas intended to segregate and manage the Jews) in the Generalgouvernement (a region in central with eastern Poland controlled by a German national government) as well as the Warthegau (a region of western Poland seized to Germany). Polish along with western European Jews were extradited to these ghettos where they resided in overcrowded and unhygienic conditions with insufficient food. Following June 1941 German offensive of the Soviet Union, SS (in addition to police units acting as portable murder units) began enormous killing operatio ns intended at entire Jewish groups (Cesarani, 1994, 78). These plated trucks had exhaust pipes rearranged to pump venomous carbon monoxide gas into potted spaces, murdering those sheltered within. They were planned to complement continuing shooting operations. On July 17, 1941, one month after the assault of the Soviet Union, Hitler commissioned SS leader Heinrich Himmler with an obligation for all security affairs in the inhabited Soviet Union. Hitler bestowed Himmler broad power to physically get rid of any perceived dangers to permanent German occupation. A fortnight later, on July 31, 1941, Nazi chief Hermann Goering sanctioned SS

Federalism & Parliament. Essay Example for Free

Federalism Parliament. Essay Federalism is a political philosophy or a system of government where leadership of a state is divided between a central head and its sub-units. States with a federal form of government are split into different territories, each territories are then governed by the sub-units. Each unit can act independently of other units such that each territory may different laws governing them. The central government, on the other hand, act for the common good which grants substantial autonomy to each territory. As a result, territories are subject to their laws and those imposed by the central government. The United States of America is an example of a country with a federal form of government from which each state has its own state legislature but must at the same time follow the laws made by the United States Congress. Parliament. A parliament is a legislature operating under a parliamentary system of government. In more simple terms, the parliament is the body of people who represents the general population and who meet and discuss matters of state. Members of parliaments may be elected or not, although representatives are rarely non-elected. Members of parliaments also have the power to elect the head of state, usually called the Prime Minister. As such, the head of state is answerable to and would only hold office as long as the parliament is confident on the heads leadership. The latter part is possible because the parliament also hold the power to dismiss or to request an early dissolution. Parliaments may also be divided between chambers or houses. The British Parliament, for example, is divided between the House of Lords and the House of Commons, although only members of the House of Commons is referred to as the parliament. Constitution. A constitution is a fundamental system of laws, written or unwritten, which establishes the rules and principles of a sovereign state. Constitutions set up the basis for governments, defining the limits and relations of each political structures of the state. States which have democratic forms of government, for example, have executive, legislative and judiciary authorities which have separate powers and duties but are interdependent of each other. Most constitution also cover the claim of territories and guarantee certain rights to people. While constitutions may be in unwritten form, having it in written or codified form makes it more easily understood and coherent. However, written constitutions are still usually relatively rigid than with other laws, allowing for a potentially wide range of interpretations. High Court. A high court refers to the superior court of justice, the court of last resort, or the highest judicial body within a specific autonomous state. In the United States, for example, high court refers to the Supreme Court. Being the highest judicial body, rulings of high court could no longer be subjected to further review by another court. High court decisions usually impact other cases in that most states have a doctrine called stare decisis for rulings covering common law from which previous rulings and decisions constitute binding precedence upon the same court or courts of lower status within their jurisdictions. That means that judges are obliged to follow the precedents established in prior high court decisions in subsequent cases. Others have, on the other hand, the principle of jurisprudence constante from which previous decisions applying a particular law carries great weight and may be determinative in subsequent cases. Responsible Government. A responsible government is a concept in a system of government embodying the principles of accountability. In the United Kingdom, for example, responsible government manifests itself in several ways. The Prime Minister account to the Parliament for decisions and departmental performances. They retain office for as long as the lower house of holds confidence in his or her leadership. However, once the lower house has passed a motion of no confidence, the Prime Minister must immediately resign and the government is subjected to the electorate for a general election. In Canada, responsible government encompass ministerial responsibility. Collective ministerial responsibility involves principles which ensure that the prime minister and all cabinet ministers pursue a policy consistent with the priorities of their party which has the support of the majority of voters.