Malaysian Financial Reporting Standard 116 Essay

Malaysian Financial Reporting Standard 116 Property, Plant and Equipment This form incorporates corrections coming about because of MFRSs with compelling dates no later than 1 January 2012. Revisions with a compelling date later than 1 January 2012 MFRS 116 has been changed by MFRS 13 Fair Value Measurement*. As those corrections have a compelling date after 1 January 2012 they are excluded from this version. * powerful date 1 January 2013 559 MFRS 116 Substance passages Preface INTRODUCTION IN1â€IN15 MALAYSIAN FINANCIAL REPORTING STANDARD 116 PROPERTY, PLANT AND EQUIPMENT OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial costs Subsequent costs MEASUREMENT AT RECOGNITION Elements of cost Measurement of cost MEASUREMENT AFTER RECOGNITION Cost model Revaluation model Depreciation Depreciable sum and devaluation period Depreciation technique Impairment Compensation for disability DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS 1 2â€5 6 7â€14 11 12â€14 15â€28 16â€22 23â€28 29â€66 30 31â€42 43â€62 50â€59 60â€62 63 65â€66 67â€72 73â€79 80 81â€81E 82â€83 560  © IFRS Foundation MFRS 116 Malaysian Financial Reporting Standard 116 Property, Plant and Equipment (MFRS 116) is set out in sections 1â€83. All the passages have equivalent position. MFRS 116 ought to be perused with regards to its target and the Basis for Conclusions, the Foreword to Financial Reporting Standards and the Conceptual Framework for Financial Reporting. MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors gives a premise to choosing and applying bookkeeping strategies without unequivocal direction.  © IFRS Foundation 561 MFRS 116 Introduction The Malaysian Accounting Standards Board (MASB) is actualizing its strategy of combination through receiving International Financial Reporting Standards (IFRSs) as gave by the International Accounting Standards Board (IASB) for application for yearly periods starting on or after 1 January 2012. The IASB characterizes IFRSs as involving: (an) International Financial Reporting Standards; (b) International Accounting Standards; (c) IFRIC Interpretations; and (d) SIC Interpretations. Malaysian Financial Reporting Standards (MFRSs) identical to IFRSs that apply to any detailing period starting on or after 1 January 2012 are: (a) Malaysian Financial Reporting Standards; and (b) IC Interpretations. First-time use of MFRSs proportionate to IFRSs Application of this Standard will start in the first-run through adopter’s * first yearly announcing period starting on or after 1 January 2012 in the contextâ of embracing MFRSs identical to IFRSs. For this situation, the necessities of MFRS 1 First-time Adoption of Malaysian Financial Reporting Standards must be watched. Utilization of MFRS 1 is important as in any case such budget summaries won't have the option to state consistence with IFRS. MFRS 1, what could be compared to IFRS 1 First-time Adoption of International Financial Reporting Standards, requires earlier period data, introduced as relative data, to be rehashed as though the prerequisites of MFRSs successful for yearly period starting on or after 1 January 2012 have consistently been applied, aside from when it (1) denies review application in certain angles or (2) permits the first-run through adopter to utilize at least one of the exclusio ns or special cases contained in that. This implies, in setting up its first MFRS money related statements* for a monetary period starting on or after 1 January 2012, the first-run through adopter will allude to the arrangements contained in MFRS 1 on issues identifying with change and viable dates rather than the transitional arrangement and compelling date contained in the particular MFRSs. This contrasts from past necessities where an element represented changes of bookkeeping approaches as per the particular transitional arrangements contained in the separate Financial Reporting Standards (FRSs) or as per FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors when the FRS did exclude explicit transitional arrangements. * Addendum An of MFRS 1 characterizes first-time adopter and first MFRS fiscal summaries. 562 MFRS 116 in such manner the viable and issuance dates contained in this Standard are those of the IASB’s and are inapplicable in the new MFRS structure since MFRS 1 prerequisites will be applied on 1 January 2012. Correlation and consistence with IAS 16 MFRS 116 is proportionate to IAS 16 Property, Plant and Equipment as gave and altered by the IASB, including the compelling and issuance dates. Elements that follow MFRS 116 willâ simultaneously be in consistence with IAS 16. 563 MFRS 116 Presentation IN1 International Accounting Standard 16 Property, Plant and Equipment (IAS 16) replaces IAS 16 Property, Plant and Equipment (reexamined in 1998), and ought to be applied for yearly periods starting on or after 1 January 2005. Prior application is supported. The Standard additionally replaces the accompanying Interpretations: ï‚ · SIC-6 Costs of Modifying Existing Software SIC-14 Property, Plant and Equipmentâ€Compensation for the Impairment or Loss of Items SIC-23 Property, Plant and Equipmentâ€Major Inspection or Overhaul Costs. IASB’s explanations behind reexamining IAS 16 IN2 The International Accounting Standards Board built up this changed IAS 16 as a major aspect of its undertaking on Improvements to International Accounting Standards. The task was attempted in the light of questions and reactions brought up according to the Standards by protections controllers, proficient bookkeepers and other invested individuals. The goals of the undertaking were to decrease or dispense with options, redundancies and clashes inside the Standards, to manage some intermingling issues and to make different upgrades. For IAS 16 the IASB’s primary target was a constrained amendment to give extra direction and explanation on chose matters. The IASB didn't rethink the crucial way to deal with the representing property, plant and gear contained in IAS 16. IN3 The principle changes of IAS 16 IN4 The fundamental changes from the past form of IAS 16 are depicted underneath. Extension IN5 This Standard explains that an element is required to apply the standards of this Standard to things of property, plant and hardware used to create or keep up (an) organic resources and (b) mineral rights and mineral saves, for example, oil, flammable gas and comparable non-regenerative assets. Acknowledgment: resulting costs IN6 A substance assesses under the general acknowledgment guideline all property, plant and hardware costs at the time they are brought about. Those expenses incorporate expenses caused at first to secure or build a thing of property, plant and gear and expenses brought about along these lines to add to, supplant some portion of, or administration a thing. The past variant of IAS 16 contained two acknowledgment standards. A substance applied the second acknowledgment rule to resulting costs.  © 564 IFRS Foundation MFRS 116 Estimation at acknowledgment: resource disassembly, evacuation and reclamation costs IN7 The expense of a thing of property, plant and gear incorporates the expenses of its disassembly, expulsion or rebuilding, the commitment for which an element brings about as a result of introducing the thing. Its expense likewise incorporates the expenses of its disassembly, expulsion or reclamation, the commitment for which a substance brings about as an outcome of utilizing the thing during a specific period for purposes other than to deliver inventories during that period. The past rendition of IAS 16 included inside its extension just the expenses acquired as an outcome of introducing the thing. Estimation at acknowledgment: resource trade exchanges IN8 An element is required to gauge a thing of property, plant and gear gained in return for a non-fiscal resource or resources, or a mix of money related and non-financial resources, at reasonable worth except if the exchangeâ transaction needs business substance. Under the past form of IAS 16, an element estimated such a procured resource at reasonable worth except if the traded resources were comparable. Estimation after acknowledgment: revaluation model IN9 If reasonable worth can be estimated dependably, a substance may convey all things of property, plant and gear of a class at a revalued sum, which is the reasonable estimation of the things at the date of the revaluation less any ensuing collected devaluation and amassed weakness misfortunes. Under the past variant of IAS 16, utilization of revalued sums didn't rely upon whether reasonable qualities were dependably quantifiable. Deterioration: unit of measure IN10 A substance is required to decide the devaluation charge independently for each critical piece of a thing of property, plant and hardware. The past variant of IAS 16 didn't as unmistakably set out this necessity. Deterioration: depreciable amount IN11 A substance is required to gauge the leftover estimation of a thing of property, plant and gear as the sum it gauges it would get right now for the advantage if the benefit were at that point of the age and in the condition expected toward the finish of its valuable life. The past adaptation of IAS 16 didn't indicate whether the remaining worth was to be this sum or the sum, comprehensive of the impacts of expansion, that an element expected to get later on the asset’s genuine retirement date. Deterioration: devaluation period IN12 A substance is required to start devaluing a thing of property, plant and hardware when it is accessible for use and to keep deteriorating it until it  © IFRS Foundation 565 MFRS 116 is derecognised, regardless of whether during that period the thing is inactive. The past rendition of IAS 16 didn't determine when deterioration of a thing started and indicated

Trip to Tadoba Tiger Reserve Free Essays

string(121) By this time we likewise discovered that the Hyderabad bunch had run into substantial downpours and awful climate prompting moderate progress. CITY TIGERS MEETING THEIR COUNTRY COUSIN This meet started with me and my sibling continuing to Mumbai air terminal for our first trip to the orange city Nagpur. Not long after looking into the flight we got with group bhpian and member in the workshop (sachin. sri) Sachin Shrivastava. We will compose a custom paper test on Excursion to Tadoba Tiger Reserve or on the other hand any comparative subject just for you Request Now He was at that point in the city on authentic work and we found our particular advantages on the gathering. We had a smooth flight and as guided by Dr. Abheek via telephone we met our taxi come to get us from the air terminal. We found that it was sprinkling in Nagpur and this hosed our spirits a piece imagining that natural life spotting would be troublesome in relentless downpour. We continued to the beginning stage where we were to meet different members from Nagpur. The fact of the matter was Hotel Turning Point at Laxmi Chowk. Here Wild Cats part Mr. Sachet and the proprietor of Turning Point Mr. Amol welcomed us heartily. Mr. Amol offered us a rich breakfast and some fascinating stories of untamed life with regards to the edges of Nagpur. Exceptionally soon another Wild Cat part Mr. Chinmay Deshpande went along with us. Strangely he was a functioning snake rescuer for Nagpur and he had a bagful of snakes to be discharged in the wild during our excursion. Sachin was frightened and somewhat frightened by the nearness of such huge numbers of venomous and non-venomous snakes around. We were astonished and energized and attempt to console Sachin. We had just because such a nearby experience with snakes. Under the nearby direction of Chinmay we were even ready to deal with a non-venomous snake the knickknack snake without any problem. It was so excellent to hold the snake. In our grasp the snake appeared to be a velvet rope. It is extremely tragic that even before thinking a lot about snakes I had a biased dread of such wonderful animals. Chinmay appropriately clarified that snakes have no feeling and in the event that we people keep up our separation and exercise alert and satisfactory precautionary measure while collaborating with them there is no motivation behind why we can't exist together with the most venomous of snakes. Having said that he additionally clarified that the most experienced of handlers have been nibbled distinctly by either their lack of regard or carelessness. In a matter of moments Doc. (Dr. Abheek Ghosh) flew in. True to form he was a heap of vitality and energized the effectively energized pack. Meeting him just because I need to state the mustache suits him well, similar to the bristles of a wildcat. He had some news. The group from Hyderabad had missed their overnight train and had since continued via vehicle. They would meet us straightforwardly at Tadoba. One more of the organizer Mr. Akash Kothe likewise went along with us. We all wrapped up the morning meal meet and continued to our mentor, which was with us for the whole outing. The mentor had a standard of Wild Cats in the front, which was looking extremely adept for the event. As we were getting into the mentor we could see our host Amol likewise getting into the state of mind and needing to go along with us for the excursion. Anyway as had some unavoidable work in the city he was unable to go along with us. We bade him farewell and continued to Tadoba. Sachin was getting apprehensive with such huge numbers of snakes going along with us in the mentor albeit secure in their individual containers. We as a whole kidded this would be â€Å"SNAKES IN THE COACH† Indian variant of the well known Hollywood movie† SNAKES IN THE PLANE†. This made Sachin even more anxious and he attempted to make himself agreeable as distant from the snakes as could be expected under the circumstances. In any case, at each jolt and each pothole he would argue Chinmay to check if all the snakes were secure. The whole excursion of around 5 hours because of terrible streets after Jam was not really felt due the constant talk among us all. It was surprising that inspite of our changing foundations and ages we as a whole gelled in the blink of an eye. This goes to shows that eagerness is irresistible and knows no boundary. In the mentor Doc offered us an Audio Video narrative by Vidya Atreya on creature human clash in Western Maharashtra and how it was influencing the panther specifically. I had just perused up some material on her work and research as sent to us before by Doc. Doc additionally enlighted us on the work done by her on preservation and human panther peace promotion. We were so fascinated in our conversations and running low on time that we had skirted stopping for lunch anyplace enroute. As we approached crossed Chandrapur we were disheartened to see quarries for coal mining all around with gigantic stacks of spent mud lying all around like little slopes. Doc educated us that in spite of the fact that Chandrapur was one of the most dirtied regions of our nation due to the coalmines and warm plants the tigers were flourishing in the backwoods of Tadoba. We arrived at the Moharli Gate of Tadoba haven at the stroke of four, which was additionally the end time for section into the asylum. At the entryway the wanderers were prepared sitting tight for us as masterminded by Doc. Here we likewise met another of Doc’s dear companions Mr. Indraneel Pal and his companion Gaurav. Indraneel Pal was by calling a temporary worker for the Cement Mills around however by heart he was an ardent creature sweetheart. His top to bottom information on creature conduct by and large and the tiger specifically was surprising. We discovered that he was an ordinary guest to Tadoba, at times 2-3 times each week. He was to Tadoba what Doc is to Pench. Doc had a brilliant affinity with him and he also greeted us wholeheartedly. I was struck by his quietude and enthusiasm towards the backwoods and its occupants. It was an incredible delight and benefit to go through two days in his organization. At this point we likewise discovered that the Hyderabad bunch had run into overwhelming downpours and terrible climate prompting moderate advancement. You read Excursion to Tadoba Tiger Reserve in class Papers Enroute an area of the expressway was washed away and they were confronting a barricade in the alternate route because of some vehicle breakdown. In light of current circumstances they would not have the option to make it to Tadoba before dusk. All of us choose to continue for the night Safari. The sights and hints of the backwoods agreeably astonished city inhabitants like us. Tadoba is known to all, for the solid populace of tigers inside it yet it was additionally extremely fascinating to watch the wide assortment of flying creatures and bugs inside the save. Photographs will recount to the story here. We quickly detected a little crowd of sambar deer and a lone wild pig. In some time we arrived at the center (hattori) door. As required section conventions were being done, Doc asked his man Friday (Sanjay) to serve poha bundles to us all. At this point our stomachs had started thundering due go hunger having skipped lunch before. The poha was tasty and warm in the foil pack. Evidently doc had made some calls from the mentor as we were approaching Tadoba. Indraneel happened to reveal to us that in the first part of the day similarly as he entered the hold he recognized a panther near the passageway door. This elevated the fervor for us. He and doc disclosed to us that enormous predators like the tiger consistently mark the limits of their domain to feature their essence to their adversaries and console the females. What's more, during rainstorm because of washing endlessly of their fragrance markings by the downpour, they need to continue checking all the more often and because of which the odds of detecting the tiger is better. Both he and doc were very tuned to the different hints of the wilderness and could promptly make us aware of calls made by the sambar and a few winged creatures as they imparted to pass on the development of the tiger/panther. This gave us some sign of the development of these predators a good ways off. It additionally gave us a thought with respect to how troublesome it was for these predators to chase when their essence could be effectively parted with by the alert call of the langur, a fowl or some deer. In these environmental factors we effectively lost feeling of time. Very soon it was getting dull and the guide educated us that the time had come to go to the exit. We were starting to appreciate the experience and began to head back with crushing sadness. At that point the wanderer we were voyaging unexpectedly separated. We got enchanted reasoning this gave us an ideal reason to legitimize our postponement to the leave door and experience the sunset in the backwoods. In any case, this joy didn't keep going long as soon another vagabond of our gathering that went along gave us a lift to the center (Hattori) entryway. Now Doc â€Å"insisted† on remaining with the separated vagabond and it’s driver till it could be brought till the leave point. We all wished to assume Doc’s position so we could likewise encounter some piece of the night in the wilderness, yet it was not to be. We wished Doc karma and continued to the Hattori Gate. There the authorities were miffed with us for the postponement. On learning of the breakdown they offered a stopgap towrope and sent this vagabond back to tow our separated tramp. Doc more likely than not reviled his karma to see help coming so quick. When the tramp was towed into the Hattori door we continued to the Moharli leave entryway. Enroute we were trusting that the towrope snaps and we get postponed further. In any case, oh none of that occurred. In some time we arrived at the leave entryway. The authorities here were exceptionally disturbed, as we had shown up route past the end time. Fortunately Doc and Indraneel being regulars there by one way or another figured out how to appease them, yet brought to the table some composed clarification and pay some fine. We went to the MTDC resort with such a large number of stories to reveal to one another. In transit Chinmay disclosed to us that once we sink into our rooms we have to take care of the cobra on a frog, which could be effortlessly observed croaking around, as it may be eager. We settled in our rooms spruced up and before long got out to discover a frog utilizing our electric lamps. Sachin true to form wouldn't have anything to do with the snakes. Understanding his dread we disregarded him. Fortunately we figured out how to get o

The Best Ways to Deal With New Job Stress

The Best Ways to Deal With New Job Stress Stress Management Job Stress Print How to Deal With the Stress of a New Job By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Medically reviewed by Medically reviewed by Carly Snyder, MD on November 12, 2019 facebook twitter linkedin Carly Snyder, MD is a reproductive and perinatal psychiatrist who combines traditional psychiatry with integrative medicine-based treatments.   Learn about our Medical Review Board Carly Snyder, MD on November 12, 2019 FS Productions / Getty Images More in Stress Management Job Stress Workplace Bullying Effects on Health Management Techniques Situational Stress Household Stress Relationship Stress If youve just started a new job, whether its for the first time or the tenth time, youre probably feeling a little (or a lot of!) stress. There are many new tasks to learn and your bosss or co-workers expectations may be high. New jobs present many changes and challenges, and its natural to feel stress over this. There are several things you can do to both relieve stress and combat its effects.?? Tips for Dealing With New Job Stress Here are some effective things you can do to deal with stress at a new job or in any other situation that requires change and adjustment. Find Support If you can, get support from co-workers, from friends or family, or even an online support group. Talking about whats stressing you out and finding resources should help a lot.?? Dont Be Afraid to Ask for Help You may feel like it shows weakness to ask your co-worker or boss questions, but asking for help  lets them know youre working hard to understand how things flow rather than trying to do something you arent sure of on your own (and potentially messing it up). A side benefit of asking questions is that you can start building a rapport with your boss and/or co-workers. Accept That Theres a Learning Curve Every job is tougher at the beginning as you figure out whats expected of you and how to best perform your tasks. Like everything in life that we do repeatedly, it will get easier and before you know it, youll have found a routine and rhythm and youll feel confident in your job and your ability to do it. Keep this in mind when you start to feel stressed or overwhelmed. Use Quick Stress Relievers Have some quick stress relievers that you can use when youre feeling overwhelmed.?? Breathing exercises, for example, can help slow or reverse the fight-or-flight response you experience when stressed, which saves the wear and tear on your health that chronic stress can cause. Taking a walk can also help calm you down, or  you can keep a stress ball or a fidget spinner at your desk to channel any extra energy and nervousness you might have. Have a Regular Hobby That Helps Relieve Stress Try to maintain some time in your life to do some stress-relieving  activities, so that you feel less stress overall. Ideas include regular exercise, yoga, and engaging in a hobby or another activity that you enjoy, such as drawing, painting, writing, woodcarving, playing an instrument, talking to a friend, listening to music, meditation, gardening, bowling, or fishing. The options are endless! Take Care of Yourself If youre able to eat right, get enough sleep, and take daily vitamins, youll be less worn down physically so youll be less reactive to stress, and youll be in better overall health too.?? Taking care of yourself also boosts your cognitive abilities so you can concentrate and focus better at work.

The Best Ways to Deal With New Job Stress

The Best Ways to Deal With New Job Stress Stress Management Job Stress Print How to Deal With the Stress of a New Job By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Medically reviewed by Medically reviewed by Carly Snyder, MD on November 12, 2019 facebook twitter linkedin Carly Snyder, MD is a reproductive and perinatal psychiatrist who combines traditional psychiatry with integrative medicine-based treatments.   Learn about our Medical Review Board Carly Snyder, MD on November 12, 2019 FS Productions / Getty Images More in Stress Management Job Stress Workplace Bullying Effects on Health Management Techniques Situational Stress Household Stress Relationship Stress If youve just started a new job, whether its for the first time or the tenth time, youre probably feeling a little (or a lot of!) stress. There are many new tasks to learn and your bosss or co-workers expectations may be high. New jobs present many changes and challenges, and its natural to feel stress over this. There are several things you can do to both relieve stress and combat its effects.?? Tips for Dealing With New Job Stress Here are some effective things you can do to deal with stress at a new job or in any other situation that requires change and adjustment. Find Support If you can, get support from co-workers, from friends or family, or even an online support group. Talking about whats stressing you out and finding resources should help a lot.?? Dont Be Afraid to Ask for Help You may feel like it shows weakness to ask your co-worker or boss questions, but asking for help  lets them know youre working hard to understand how things flow rather than trying to do something you arent sure of on your own (and potentially messing it up). A side benefit of asking questions is that you can start building a rapport with your boss and/or co-workers. Accept That Theres a Learning Curve Every job is tougher at the beginning as you figure out whats expected of you and how to best perform your tasks. Like everything in life that we do repeatedly, it will get easier and before you know it, youll have found a routine and rhythm and youll feel confident in your job and your ability to do it. Keep this in mind when you start to feel stressed or overwhelmed. Use Quick Stress Relievers Have some quick stress relievers that you can use when youre feeling overwhelmed.?? Breathing exercises, for example, can help slow or reverse the fight-or-flight response you experience when stressed, which saves the wear and tear on your health that chronic stress can cause. Taking a walk can also help calm you down, or  you can keep a stress ball or a fidget spinner at your desk to channel any extra energy and nervousness you might have. Have a Regular Hobby That Helps Relieve Stress Try to maintain some time in your life to do some stress-relieving  activities, so that you feel less stress overall. Ideas include regular exercise, yoga, and engaging in a hobby or another activity that you enjoy, such as drawing, painting, writing, woodcarving, playing an instrument, talking to a friend, listening to music, meditation, gardening, bowling, or fishing. The options are endless! Take Care of Yourself If youre able to eat right, get enough sleep, and take daily vitamins, youll be less worn down physically so youll be less reactive to stress, and youll be in better overall health too.?? Taking care of yourself also boosts your cognitive abilities so you can concentrate and focus better at work.

Hypertension High Blood Pressure - 1938 Words

HYPERTENSION Summer 2015 Bhavneet K. Singh High blood pressure Definition: The heart is supplies the organs and tissues of the body with blood and nutrients it carries. It pumps blood into the blood vessels of the circulatory system. The blood that is pumped into these vessels puts pressure on the walls of the vessels. When the heart muscle contracts during each beat, the pressure rises as well. Blood pressure may be different at different times of the day. It is usually higher when someone first wakes up, after exercise, or when under stress. Having higher blood pressure for short amounts of time is normal, but when blood pressure stays high for most of the time, it can cause serious health problems. High blood pressure, also called hypertension, is a serious medical condition. It is defined as a chronically increased systemic arterial pressure. It happens when the force of the blood pumping through the arteries is too strong. About 7 million people die each year in the United States from illnesses caused by high blood pressure. Blood pressure is measured in units of â€Å"millimeters of mercury† written mm Hg. When measuring blood pressure, there are two different values. Systolic blood pressure is taken while the heart muscle is contracting and pumping oxygen-rich blood into the blood vessels. Diastolic blood pressure is taken while the muscle is relaxing and refilling with blood. Blood pressure measurements are given in pairs, with the upper (systolic) value firstShow MoreRelatedHypertension And High Blood Pressure1703 Words   |  7 PagesHypertension Hypertension is referred to as high blood pressure. Hypertension is frequently asymptomatic in the early stages, and the initial signs are often vague and nonspecific. They include fatigue, malaise, and sometimes morning headache. Consistently elevated blood pressure under various conditions is the key sign of hypertension. 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Gene Theory - Basic Principle in Biology

Definition: The Gene Theory is one of the basic principles of biology. The main concept of this theory is that traits are passed from parents to offspring through gene transmission. Genes are located on chromosomes and consist of DNA. They are passed from parent to offspring through reproduction.The principles that govern heredity were introduced by a monk named Gregor Mendel in the 1860s. These principles are now called Mendels law of segregation and law of independent assortment.

Globalization and Firms Free Essays

string(62) " the economic reasons for government intervention in markets\." 41. With the help of an example discuss the characteristics of globalization. Globalization refers to a fundamental shift in the world economy in which national economies are no longer relatively self-contained entities. We will write a custom essay sample on Globalization and Firms or any similar topic only for you Order Now Instead, nations are moving toward an interdependent global economic system. Within this new global economy, an American might drive to work in a car designed in Germany that was assembled in Mexico by DaimlerChrysler from components made in the U. S. and Japan that were fabricated from Korean steel and Malaysian rubber. A company does not have to be the size of these multinational giants to facilitate, and benefit from, the globalization of markets. 42. Define globalization and discuss it has changed the business environment? Globalization has created many opportunities for businesses to expand their revenues by selling around the world while at the same time reducing their costs by producing in nations where labor and other inputs are cheap. However, globalization has also produced new threats for companies in the form of increased competition. 41. Compare and contrast a pure democracy and a representative democracy. Which type of democracy is more common today? Why? The pure form of democracy is based on a belief that citizens should be directly involved in decision making. In contrast, in a representative democracy, citizens periodically elect individuals to represent them. The elected individuals form a government and make decisions on behalf of the electorate. Because a pure democracy is impractical in advanced societies with tens or hundreds of millions of people, representative democracies are far more common in today’s world. 2. Explain the differences between common law and civil law systems by the approach of each to contract law. Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out. In contrast, contracts in a civil law system tend to be much shorter and less specific because many of the issues typically covered in a common law contract are already covered i n civil law. 43. What are state-owned companies? Why do they exist? Why do they usually perform poorly? A state-owned company is a company that is owned by a nation’s government. After World War II, many social democratic governments nationalized private companies that were to be run for the public good rather than private profit. Great Britain, for example, nationalized so many companies that by the end of the 1970s, state-owned monopolies existed in telecommunications, electricity, gas, coal, and several other industries. However, because state-run companies such as the ones that existed in Great Britain are protected from competition by their monopoly position and guaranteed financial support, they become inefficient. 1. Compare and contrast folkways and mores. Folkways are the routine conventions of everyday life. Generally, folkways are actions of little moral significance. Folkways include rituals and symbolic behavior. In contrast, mores are norms that are seen as central to the functioning of a society and to its social life. Mores have much greater significance than folkways. Accordingly, violating mores can bring serious retribution. 42. What is the difference between a caste system and a class system? A caste system is a closed system of stratification in which social position is determined by the family into which a person is born, and change in that position is usually not possible during an individual’s lifetime. The caste system is the most rigid form of social stratification. A caste frequently involves a specific occupation. In contrast, a class system is a less rigid form of social stratification in which social mobility is possible through an individual’s personal achievements and/or luck. 43. Discuss why the stratification of a society is important to business. The stratification of a society is significant if it affects the operation of business organizations. In a country like Great Britain for example, the relative lack of class mobility and the differences between classes has resulted in hostility between middle-class managers and their working-class employees. This hostility and the resulting lack of cooperation can make it more difficult for firms to establish a competitive advantage in the global economy. While the last two decades has seen a eduction in the number of industrial disputes in Britain, there are signs that class consciousness may be reemerging in China. 44. Describe the four dimensions of culture as identified by Geert Hofstede. Geert Hofstede identified four dimensions that he claimed summarized the differences between different cultures. According to Hofstede, the power distance dimension focused on how a society deals with the fact that people are unequal in physical and intellectual capabilities. The second dimension identified by Hofstede, individualism vs. collectivism, focused on the relationship between the individual and his/her fellows. Hofstede’s third dimension, uncertainty avoidance, measured the extent to which different cultures socialize their members into accepting ambiguous situations and tolerating uncertainty. Finally, Hofstede’s fourth dimension, masculinity vs. femininity, examined the relationship between gender and work roles. 41. Compare and contrast import quotas and voluntary export restraints. An import quota is a direct restriction on the quantity of some good that may be imported int o a country. The restriction is normally enforced by issuing import licenses to a group of individuals or firms. In contrast, a voluntary export restraint (VER) is a quota imposed by the exporting country, typically at the request of the importing country’s government. Foreign producers agree to VERs because they fear more damaging punitive tariffs or import quotas might follow if they do not. Both import quotas and VERs benefit domestic producers, but hurt consumers through higher prices. 42. What are the political reasons for governments to intervene in markets? There are a number of political reasons why governments intervene in markets. The most common reason for intervention is to protect jobs and industries. Governments may also intervene to protect national security, to threaten punitive retaliatory actions, to protect consumers or to protect human rights, and to further foreign policy objectives. 43. Discuss the economic reasons for government intervention in markets. You read "Globalization and Firms" in category "Essay examples" The economic reasons for government interaction have undergone a renaissance in recent times as more economists support economic reasons for intervention. The oldest argument for intervention is the infant industry argument. Strategic trade policy is the other main reason given for economic government intervention in markets. 44. What is strategic trade policy? Provide an example. Strategic trade policy suggests that in industries where the existence of substantial scale economies implies that the world will profitably support only a few firms, countries may predominate in the export of certain products simply because they had firms that were able to capture first-mover advantages. Boeing’s dominance in the aerospace industry has been attributed to these types of factors. According to strategic trade policy, a government can help raise national incomes if it can ensure that the firms that gain first-mover advantages in such industries are omestic rather foreign. Further, the theory argues that it might pay governments to intervene in an industry if it helps domestic firms overcome the barriers to entry created by foreign firms that have already reaped first-mover advantages. 45. Explain how trade barriers affect a firm’s strategy. There are four main ways trade barriers affect a firm’s st rategy. First, tariffs raise the cost of exporting, putting the firm at a competitive disadvantage. Second, quotas may limit a firm’s ability to serve a country from outside of that country. Third, to conform to local content regulations, a firm may have to locate more production activities in a given market than it would otherwise. Finally, the threat of antidumping actions limits the firm’s ability to use aggressive pricing to gain market share in a country. 41. What is a greenfield investment? How does it compare to an acquisition? Which form of FDI is a firm more likely to choose? Explain your answer. FDI can take the form of a greenfield investment in a new facility or an acquisition of or a merger with an existing local firm. Research shows that most FDI takes the form of mergers and acquisitions rather than greenfield investments. Mergers and acquisitions are more popular for three reasons. First, mergers and acquisitions are quicker to execute than greenfield investments. Second, foreign firms are acquired because those firms have valuable strategic assets. Third, firms make acquisitions because they believe they can increase the efficiency of the acquired firm by transferring capital, technology, or management skills. 42. Compare and contrast the advantages of foreign direct investment over exporting and licensing. A firm will favor foreign direct investment over exporting as an entry strategy when transportation costs or trade barriers make exporting unattractive. Furthermore, the firm will favor foreign direct investment over licensing (or franchising) when it wishes to maintain control over its technological know-how, or over its operations and business strategy, or when the firm’s capabilities are simply not amenable to licensing, as may often be the case. 43. Discuss the various political ideologies and their impact on foreign direct investment. The radical view writers argue that the multinational enterprise (MNE) is an instrument of imperialist domination. The free market view argues that international production should be distributed among countries according to the theory of comparative advantage. The pragmatic nationalist view is that FDI has both benefits and costs. The radical view has a dogmatic radical stance that is hostile to all inward FDI. The free market view is at the other extreme and based on noninterventionist principle of free market economics. Between these two extremes is an approach called pragmatic nationalism. 4. Describe the situations when licensing is not a good option for a firm. Licensing is not a good option in three situations. First, licensing is hazardous in high-tech industries where protecting firm-specific expertise is very important. Second, licensing is not attractive in global oligopolies where tight control is necessary so that firms have the ability to launch coordinated attacks again st global competitors. Finally, in industries where intense cost pressures require that MNEs maintain tight control over foreign operations, licensing is not the best option. 46. Discuss Michael Porter’s interpretation of value creation and competitive advantage. According to Michael Porter, low cost and differentiation are two basic strategies for creating value and attaining a competitive advantage in an industry. Porter argues that those firms that create superior value will achieve superior profitability. Porter notes that it is not necessary for a firm to have the lowest cost structure or create the most valuable product; rather it is only important that the gap between value and the cost of production be greater than that of competitors. 7. Discuss strategic positioning. How does strategic positioning relate to the efficiency frontier? The efficiency frontier shows all of the different positions that a firm can adopt with regard to adding value to the product and low cost assuming that its internal operations are configured efficiently to support a particular position. It is important that managers decide where a firm should be positioned with re gard to value and cost, configure operations accordingly, and manage them efficiently to ensure the firm is operating on the efficiency frontier. 8. Describe the benefits of global expansion for firms. Global expansion allows firm to capture many opportunities not open to firms that remain focused purely on the domestic market. Firms that operate globally have the opportunity to sell their product in a much larger marketplace. Location economies can be realized through global expansion by dispersing value creation activities to the optimal location in the world. International expansion allows a firm to realize greater cost economies from experience effects. Finally, global expansion provides firms with the opportunity to earn a greater return by leveraging any skills developed in foreign operations and transferring them within the organization. 49. What are the two types of competitive pressures that firms competing in the global marketplace face? How do firms respond to these pressures? Firms that compete in the global marketplace typically face two types of competitive pressure that affect their ability to realize location economies and experience effects, to leverage products and transfer competencies and skills within the enterprise. They face pressures for cost reductions and pressures to be locally responsive. These competitive pressures place conflicting demands on a firm. Responding to pressures for cost reductions requires that a firm try to minimize its unit costs. Responding to pressures to be locally responsive requires that a firm differentiate its product offering and marketing strategy from country to country in an effort to accommodate the diverse demands arising from national differences in consumer tastes and preferences, business practices, distribution channels, competitive conditions, and government policies. 50. What are the four basic strategies that firms use to compete in international markets? Under what conditions is each strategy most appropriate? The four basic strategies that firms use to compete in international markets are the international strategy, the global standardization strategy, the localization strategy, and the transnational strategy. The international strategy is most appropriate when there is low pressure for local responsiveness and low pressure for cost reduction. When there is high pressure for cost reduction, but low pressure for local responsiveness the global standardization strategy makes sense. A localization strategy is appropriate when pressure for local responsiveness is high, but pressure for cost reduction is low. Finally, when pressure for both cost reduction and local responsiveness is high, the transnational strategy is best. 52. What are the three challenges related to strategy and structure that firms must accomplish if they are to achieve superior profitability? Superior enterprise profitability requires that firms fulfill three conditions. First, the different elements of a firm’s organizational architecture must be internally consistent. Second, the organizational architecture of the firm must be consistent with its strategy. Third, the strategy and the structure must not only be consistent with each other, they must also be consistent with the competitive conditions prevailing in the marketplace. 53. Discuss the relationship between a firm’s control systems and a firm’s incentive system. Why is this relationship important? The relationships between a firm’s control systems and incentive systems is a close one. Control systems are the metrics used to measure the performance of subunits and make judgments about how well managers are running those subunits. Incentives are the devices used to reward appropriate managerial behavior. The relationship between these two areas is important because incentives are very closely tied to performance metrics. For example, the incentives of a manager in charge of a national operating subsidiary might be linked to the performance of that company. Specifically, he/she might receive a bonus if her subsidiary exceeds its performance targets. 54. Discuss the location of decision-making in a firm that is following a transnational strategy. Decision-making in a firm pursuing a transnational strategy is complex. The need to realize location and experience curve economies requires some centralized control over global production centers. Yet, the need for local responsiveness requires the decentralization of many operating decisions, particularly those for marketing, to foreign subsidiaries. Decentralization of decision-making is also needed to allow subsidiaries the freedom to develop their own skills and competencies—a requirement that is necessary for the global learning component of the transnational strategy. 55. Discuss the sources of inertia in organizations. Is it easy to make organizational changes? Organizations are difficult to change. Within most organizations are strong inertia forces. These forces come from a number of sources. One source of inertia is the existing distribution of power and influence within an organization. Managers who are not happy with the changes are likely to resist and slow the process. A second source of inertia is the existing culture. Since value systems reflect deeply held beliefs, they can be very hard to change. A third source of inertia derives from senior managers’ preconceptions about the appropriate business model or paradigm. Managers may not recognize the value in a given business model that has been successful in the past. Finally, institutional constraints may act as a source of inertia. In some cases, local content rules or regulations pertaining to layoffs can make it difficult for firms to adopt the most effective strategy and architecture. 45. What are first-mover advantages? Discuss the advantages associated with them. First-mover advantages are the advantages frequently associated with entering a market early. One first-mover advantage is the ability to preempt rivals and capture demand by establishing a strong brand name. A second advantage is the ability to build sales volume in that country and ride down the experience curve ahead of rivals, giving the early entrant a cost advantage over later entrants. A third advantage is the ability of early entrants to create switching costs that tie customers into their products or services. Such switching costs make it difficult for later entrants to win business. 46. Explain the relationship between first-mover disadvantages and pioneering costs. When a firm enters a market prior to other international businesses, it can have first-mover disadvantages. These disadvantages may give rise to pioneering costs, costs that an early entrant has to bear that a later entrant can avoid. Pioneering costs arise when the business syste m in a foreign country is so different from that in a firm’s home market that the enterprise has to devote considerable effort, time, and expense to learning the rules of the game. Pioneering costs also include the costs of promoting and establishing a product offering. Finally, an early entrant may be put at a disadvantage, relative to a later entrant, if regulations change in a way that diminishes the value of the early entrant’s investments. 7. Discuss Bartlett and Ghoshal’s perspective on how firms from developing countries should approach international expansion. Bartlett and Ghoshal suggest that companies based in developing countries should use the entry of foreign multinationals as an opportunity to learn from these competitors by benchmarking their operations and performance against them. They argue that the local company might be able to find ways to differentiate itself from foreign companies by focusing on market niches that the multinational ignores or is unable to serve effectively if it has a standardized global roduct offering. Then, the firm from the developing nation may then be in a position to pursue its own international expansion strategy. 48. Discuss strategic alliances. How successful are they? Why do firms form strategic alliances? The term strategic alliance refers to cooperative agreements between potential or actual competitors. Strategic alliances run the range from formal joint ventures, in which two or more firms have equity stakes, to short-term contractual arrangements, in which two companies agree to cooperate on a particular task. Firms enter into strategic alliances for four main reasons. First, strategic alliances may facilitate entry into a foreign market. Second, strategic alliances allow firms to share the fixed costs of developing new products or processes. Third, strategic alliances allow firms to bring together complementary skills and assets that neither company could develop easily on its own. Fourth, strategic alliances can help firms establish technological standards for an industry. How to cite Globalization and Firms, Essay examples