Risks Management Risk Management - 1658 Words

Introduction:Risk is for all intents and purposes anything that debilitates or limits the capacity of a group or philanthropic association to accomplish its main goal. It can be startling and erratic occasions, for example, devastation of a building, the wiping of all our PC records, loss of stores through robbery or harm to a part then again guest who stumbles on a tricky floor and chooses to sue. Any of these or a million different things can happen, and on the off chance that they do they can possibly harm our association, money loss, or in a most dire outcome imaginable, cause your association to close.[1] Risk Management:Risk management is the procedure of distinguishing risk, surveying risk, and making moves to diminish risk to a worthy level. The risk management methodology decides the procedures, strategies, instruments, and group parts and obligations regarding a particular task. The risk management plan portrays how chance administration will be organized and performed on the venture. As an administration procedure, risk management is utilized to recognize and maintain a strategic distance from the potential cost, timetable, and execution/specialized dangers to a framework, take a proactive and organized way to deal with oversee negative results, react to them on the off chance that they happen, and distinguish potential open doors that may be covered up in the circumstance. The risk management approach and arrangement operationalize these administrationShow MoreRelatedRisks Management : Risk Management1144 Words   |  5 PagesRisk Management All projects are subject to the effects of uncertainty. The uncertainty creates the need for organizations to be aware of the many different types of risk they will be challenged with for the duration of the project. To understand the level of risk the organization must have a defined process for project risk management to include their risk appetite, risk tolerance and risk thresholds. Project Risk Management is the processes of conducting risk management planning, identificationRead MoreRisks And Risks Of Risk Management1150 Words   |  5 Pagestalking about Risk Management. What is Risk Management? Risk Management is identifying potential risks that could arise whilst developing a software product and taking specific measures on how you could prevent these risks from occurring. Risks not only have an impact on software product, but also have an impact on the overall project and the business organization, therefore it is important to know what a risk is and how to minimize it. (Sommerville, 2010) What is a risk? A risk is â€Å"uncertainRead MoreRisks And Risks Of Risk Management3542 Words   |  15 Pagesvalue of risk management in healthcare industries today. Not only is it difficult to quantify how risk is prevented because it didn’t happen; challenging measures need to be taken to assess risk managements effectiveness and efficiency. Risk management reduces the likelihood of specific losses by formulating tactical strategies and gathering data on potential threats in the workplace. Risk is inevitable, whether it be patient safety risks, fraudulent claim risks, or documentation risks, problemsRead MoreThe Risks Of Risk Management1632 Words   |  7 PagesThe ability to understand and quantify risk, is of the utmost importance. This is something that can be used to define the precise ways that risk should have the ability to be managed, and the precise way that risk should be dealt with on a macro level. It is important to understand that risk management is an ex cellent medium in which risk could be mitigated. This is an important variable that must be understood in this case, as there are many potential risk areas that the firm must deal with. ByRead MoreProject Risk And Risk Management1412 Words   |  6 Pages1- Abstract: Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk. The project risk management includes six process: 1- Risk Management Planning: Deciding how to plan and execute the activities. 2- Risk Identification: DeterminingRead MoreRisks Associated With Risk Management1098 Words   |  5 Pagestolerance for financial risks than operating risks. Financial risks include risks associated with foreign exchange rates, liquidity, credit decisions and the operating risks include risks associated with supply chain, information technology. Financial risks are generally easier to quantify and control as compared to operating risks, many of which are due to being influenced by external factors out of a company’s control. (Compliance week, 2008) The process of risk management has been greatly influencedRead MoreRisks And Risk Management Plan1240 Words   |  5 PagesRisk Management Plan Introduction An important part any project is to identify risks and to determine how to address said risks. In this paper, I will identify 10 risks that could occur during the making of Coleman Covenant Studios. I will also assess and address each risk in detail. Although I am hopeful the completion of this project will happen with minimal negative risks, I do realize hope is not a plan. For this reason, this risk management plan is in place to acknowledge and prepare forRead MoreRisks And Risks Of Risk Management Practices1360 Words   |  6 PagesThe aim of risk documentation is to provide security and information to users, such as management, so that they can make effective decisions (HB 436:2013, pp. 88). AS/NZS ISO 31000:2009 is the standard for risk management principles and guidelines in Australia (HB 436:2013, pp. 2). HB436:2013 provides guidance to the application of AS/NZS ISO 31000:2009 (HB 436: 2013, pp.2). In 2013 HB436:2004 was updated, one of the new changes states that risk management practices should be able to traceable, howeverRead MoreRisk Management And Risk Mitigation849 Words   |  4 PagesRisk management consorts with the assessment, detection and avoidance methods in order to minimize the adverse effects of risk on organizations. Risk management techniques compose of loss control, risk retention, risk avoidance and risk transfer. One project could potentially have numerous different risk management models throughout its lifecycle. If a senior artist retires before the movie is complete, the production of art renderings will be delayed and will result in slipping the project scheduleRead MoreRISK MANAGEMENT1971 Words   |  8 Pagesï » ¿ Risk Management Plan for the Charming Cafe reference: Version 1.0: date: 7/28/2014 VERSION HISTORY Version # Implemented By Revision Date Approved By Approval Date Reason TABLE OF CONTENTS 1 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦1 1.1 Project Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.3 1.2 Project Scope†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...5 1.3 Project Task(WBS)†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.7 1.4 Purpose of

Film Review Nineteen Shades Of Grey - 1523 Words

Film Review: Fifty Shades of Grey Directed by Sam Taylor, a 2015 American romantic and erotic film Fifty Shades of Grey gained a huge box office success earning over 571 million dollars worldwide (Mendelson). The film is written by British Author E. L James and among the star cast are included Dakota Johnson playing as Anastasia Steele and Jamie Dornan playing as Christian Grey (James). This essay analyzes the film and characters in terms of their relationship and different features of the story line. The story revolves around the sadomasochistic relationship between a young college graduate, Anastasia Steele and young and rich business magnate Christian Grey (James 2-20). The initial sparks of the steamy relationship begin in the†¦show more content†¦For Christian, the relationship was neither friendship nor love, but he was more interested in a BDSM (bondage, domination, sadism masochism) sort relationship in which he wanted Ana to play as his submissive and he as a dominant for fulfilling his sexual desires (Reenen 223-233). The film has been criticized by many feminists as it depicted male as a dominant and controlling person in a relationship and female as a weak a clumsy personality. Christian wanted to control everything according to his own desires, and a giant agreement containing details about their sexual relationship was put forward for Ana. The agreement contained the safe limits and words and details regarding the sexual acts the two would take part in (Butt 62-76). The movie follows Ana’s decision that whether she would be able to sign the contract which is against her desires and expectations for love and sex or whether she would be able to move away from Christian as a consequence of not signing the lengthy contract. The characters in the movie have used simple language and short sentences, and this attracts a broader audience, and the movie provides a fast and romantic plot. The movie is for adult population and contains more or less four to five sex scenes and the patronizing storyline, and corny dialogues grab attention of audience, but the movie is also criticized by many (Steussy). At the end of the movie, Christian punishedShow MoreRelatedLangston Hughes Research Paper25309 Words   |  102 Pagesroles for black women were scarce. Sometimes she took young Langston with her, but most of the time he stayed with his grandmother in Lawrence, Kansas. Grandmother Mary Langston, an American citizen of French, Cherokee, and African descent, was nineteen in 1855 when men tried to kidnap her and sell her as a slave. Her first husband, Lewis Leary, was killed in 1859 at Harpers Ferry, West Virginia, during John Browns raid on the federal arsenal. Throughout Mary Langstons life, she treasured LewissRead MoreProject Managment Case Studies214937 Words   |  860 Pagesprepare periodic comparisonsof actual versus projected costs and actual versus programmed manpower allocation, update projection reports and funding schedules, and sponsor cost improvement programs. In the area of internal control, we will need to review and modify our existing internal control system to effectively meet our organization s goals related to project management. A careful and proper study and evaluation of existing internal control procedures should be conducted to determine the extentRead MoreOrganisational Theory230255 Words   |  922 Pageswhich these lea rning outcomes provide challenges to the organization in the twenty-first century. Annotated further reading Each chapter concludes with an indication of further reading. We have also included, wherever possible, indications of films and other media that provide insights into the issues covered in the chapter. Discussion questions Finally, each chapter concludes with a number of questions that have been developed for use in seminar discussions or would be suitable as the basis

Contemporary Issues in Acounting

Question: Discuss about the Contemporary Issues in Acounting. Answer: Introduction Disclosures are vital for creditors, investors, management and various other parties who are user of the financial statements as it helps in ascertaining the actual position of the company. However, it needs to be noted that the size of transactions has increased and therefore, it is of utmost importance that such must be properly disclosed. Proper rules and regulations is compulsory to give effect. It needs to be noted that financial, as well as non-financial information both plays a major role in shaping the destiny of the company and hence, both should be adequately highlighted (IASB, 2010). Going by the bulk of transaction and complexity some irrelevant information is discarded that does not play any part in the decision-making process. Compliance with conceptual framework and AASB standard requirements For the purpose of this report, the two companies selected for analysis is BHP Billiton Ltd and Dicksmith Holding Ltd respectively. Considering the financial reporting disclosures in the (ACS) Australian Corporate Sector, details accommodated in the reports must fulfill the qualitative characteristics as per the conceptual framework of the companies. These characteristics include materiality, faithful representation and relevance. An item is regarded as material if it can influence the decisions of users (Albrecht et. al, 2011). By observing annual reports of both companies, it can be seen that the companies have followed various aspects of materiality like the ASX Corporate Governance Principles and Recommendations in association with the corporate governance of the company. Similarly, both companies are prone to risks and hence they have incorporated several material risks in their annual reports. The material risks disclosed by Dicksmith includes competition policies, consumer spe nding, exchange rates etc while BHP discloses material risks like price deflation, leasing arrangements, competition etc. (Source: BHP Billiton Annual report, 2015) (Source: Dicksmith Holding Annual report, 2015) For faithful representation, companies must present a true and fair view of their reports. Thus, in the case of Dicksmith, it can be seen that every director whether managing director or CFO or CEO, provides a written declaration to the Board in accordance with Sec 295A of Corporations Act, 2001, that information in the annual report present a true and fair view. Similarly, in section 7.4 of the Statement of Directors Responsibilities, a true and fair view of financial records must be presented by every director that is free from misstatements and frauds. With respect to relevance, both Dicksmith Ltd and BHP Billiton provide relevant information which pursues predictive value. For instance, in Dicksmith, relevant information is provided to security holders to assist them in deciding whether to or not to elect or re-elect any director (Davies Crawford, 2012). Similarly, BHP provides relevant information associated with its greenhouse gas emissions in its annual report. Other qualitat ive characteristics like timeliness, comparability, understandability etc also forms part of conceptual framework for financial reporting and also followed by both the companies. Furthermore, the annual report of BHP Billiton complies with AASB 116 or IAS 16 that deals with recognition, measurement and disclosure principles associated to plant, equipment and property (BHP Billiton, 2015). An asset can be recognized when the future economic benefits flows from the productive usage of that asset. These benefits can be measured in various ways, thereby leading to asset recognition. Measurement of assets can be done by various ways like present value, historical cost etc. Fixed assets are measured at historical cost minus depreciation while current assets are measured at lower of net realizable value or cost. In the companys balance sheet, net carrying amounts are disclosed and fixed assets are examined for impairment each year (Choi Meek, 2011). According to the Notes to Financial Sta tements of BHP Billiton Ltd, fixed costs are disclosed at cost minus impairment provisions. The examination is conducted to assure that carrying values does not surpass estimates of recoverable values (BHP Billiton). (Source: BHP Billiton Annual report, 2015) The impairment charges depicted by the annual report of BHP Billiton are Petroleum (US$2.3 billion), Nickel West (US$0.4 billion), Goodwill (US$0.5 billion) and others (US$0.8 billion) respectively. The impairment methods consist of mathematical correctness of cash flow models, sensitivity evaluation etc (Melville, 2013). Hence, the valuation of fixed assets is in accordance with AASB requirements. According to notes of financial statements of Dicksmith, the assumed liabilities and acquired assets are recognized at their fair value but every deferred assets and liabilities related with employee benefit arrangements are measured and identified in accordance with Income Taxes (AASB 112) and Employee Benefits (AASB 119). (Source: Dicksmith Holding Annual report, 2015) Equity Instruments or liabilities associated with share based payment arrangements are measured according to AASB 2 (Share-based payment). Assets held for sale are measured in accordance with AASB 5 standards (Non-current assets held for sale and discontinued operations). Contingent considerations that are classified as an asset or liability are re-measured in accordance with AASB 139 (Recognition and Measurement of Financial Instruments). Prudence in conceptual framework to address disparities in reporting The concept of prudence was eliminated in the year 2010 by the International Accounting Standards Board but in 2015, a revision was made in the conceptual framework which again included the prudence concept. This characteristic in the conceptual framework for corporate reporting requires the management to be alert in pursuing policies and estimations in such a way that the income and assets are not overstated and liabilities and expenses are not understated (IASB, 2010). The application of this characteristic eliminates bias from financial statements and reports but it must not affect the relevance and reliability of the presented information (Graham Smart, 2012). This concept does not require companies to bisect their revenue figures or ignore a part of their physical assets and instead it requires the application of caution where uncertainty exists. It is applied in many areas of financial reporting like in the case of BHP Billiton, the impairment events that can result in the wri te-down of carrying value of an asset is considered prudent because this surpasses the regular apportionment of expenses of an asset (non-current) over its useful life (Kaplan, 2011). Similarly, assets held for sale in the case of Dicksmith are not recognized at their fair values and instead they are measured as per AASB 5 standards (Non-current assets held for sale and discontinued operations). This implies that assets which are held for sale are written down to their respective recoverable amounts but are not written up. This is the prudence characteristic of conceptual framework. The recognition of profits or revenues is also subject to prudence when these profits associate with the provision of services for a long period and portray uncertainties about future results (Gibson, 2010). As the recognition of unrealized profits is limited by the inclusion of prudence, it leads to contribution of reliability and relevance characteristics of corporate reporting (Christensen, 2011). Hen ce, prudence can be applied to achieve neutrality and it also helps investors in sorting out financial performance like cost of business and future problems prior to recognition of any profit signs (Libby et. al, 2011). All these inconsistencies that were prior to the inclusion of prudence are successfully addressed. Critical analysis of the annual reports of both companies After observing the annual reports of both BHP Billiton Ltd and Dicksmith Holding Ltd, it can be seen that Dicksmith is the leading company when it comes to consumer electronics while most of the earnings of BHP comes from its iron ore activities that also includes coal and copper. Both the companies follow the ASX Corporate Governance Principles and Recommendations and both comply with the conceptual framework and AASB standard requirements. On one hand, the corporate governance principles not only assure transparency in Dicksmith but also assure morality and integrity which makes the company more beneficial than others. Similarly, on the other hand, BHP Billiton adheres to the business conduct and surpasses interest in governance in order to comply with various regulatory requirements. It has more energy exposure and flexibility that makes it more suitable for long-run or when contingencies create havoc in commodity markets (BHP Billiton, 2015). When it comes to disclosure, the sec urity holders of Dicksmith are provided proper and timely information so that they can pursue their rights effectively. The functioning of Finance and Audit Committee ensures completeness, adequacy, timeliness and disclosure regimes that includes financial reporting to major stakeholders like the ASX, shareholders and ASIC, financial reporting uncertainties or risks, companys accounting practices, disclosures and policies and the outcome and scope of external audits (Northington, 2011). According to the disclosure policy, Dicksmith is bound to disclose any information to the ASX that is not basically available and which can have a material effect on the share value. Under this policy, the CEO and Managing Director are bound to comply with continuous disclosure needs. (Source: Dicksmith Holding Annual report, 2015) The Company Secretary is called the Disclosure Officer of the company who serves as a major contact between ASX and the company (Libby et. al, 2011). This policy is easily accessible to the public at the investor centre in the website dicksmithholdings.com.au under Corporate Governance. Any announcements prior to continuous disclosure requirements are first made available on the website under ASX Announcements. A Disclosure Committee is appointed in BHP Billiton Ltd whose motive is to assist the CEO of the company in security dealings, periodic and regular disclosure needs that include review of information that can need disclosure to stock exchanges and overseeing the disclosure procedures so that the information is accurate, complete and timely disclosed (Brealey et. al, 2011). For IFRS purposes, the disclosure of demerged assets is done in the annual report as they are considered Discontinued and hence material. Any information that is commercially sensitive and can cause reputati onal destruction is also disclosed taking into account various safety requirements. Disclosure about the hydraulic fracturing is made mandatory by the regulatory authorities that also include disclosure of water and chemical use, wellbore integrity etc (Horngren, 2013). Furthermore, responding to climate change is also a necessary step by the company and hence it openly discloses about the accountability performance against emissions of GHG with public, government and investors. If there is any conflict of interests among the directors, then it is the duty of non-conflicted directors to disclose about the conflict (Brealey et. al, 2011). A Document Review Committee is established so that it can approve the materiality principles applied for preparing disclosure documents, reviews the documents, finalizes the document and reports it to the Board. For high quality and relevant information to investors, a copy of market disclosure and communication document is made available at www.bhp billiton.com/aboutus/ourcompany/governance (BHP Billiton, 2015). (Source: BHP Billiton Annual report, 2015) The UK requirements, AASB and IFRS etc requires the company to disclose about directors and KMP. Material information regarding the remuneration policy, ordinary shareholdings and transactions must also be disclosed (Everingham et. al, 2007). The Remuneration Committee has set a minimum threshold of $7500 in association with disclosure of payments to past directors. The disclosure of Board members independence, their interest in a transaction which prohibits them from voting helps third parties to place emphasis on the company (Horngren, 2013). Assumptions on assets useful life, amortization of intangible assets ensures stakeholders that the company complies with standard requirements. Thus, material information must be disclosed as it helps in decision-making (Brigham Daves, 2012). Recommendation Going by the very discussion and the report, it can be aid that disclosures are of paramount importance because through it a prospective decision can be taken. With the due passage of time, business is becoming vulnerable to risks and hence any information can turn out to be crucial. Such risks can be reduced if proper decision is taken and highlighted. After an evaluation of annual of BHP Billiton and Dicksmith Holding it can be recommended that companies must provide an adequate emphasis to the principle of disclosure. Conclusion Therefore, it can be stated that the concept of disclosure is a strong tool in the decision-making process. The comparison of the annual report of BHP Billiton and Dicksmith clearly indicates that judgment depends upon the level of disclosure. Moreover, conceptual framework is essential for a balanced approach because it helps the company to function smoothly. Overall, the disclosure principle and conceptual framework is a strong indicator as it helps in enhancing the goodwill and lays a strong foundation. The report above clearly signifies that both the companies have adhered to the principle of disclosure and is reflected in their annual report. References Albrecht, W., Stice, E. and Stice, J 2011. Financial accounting, Mason, OH: Thomson/South-Western. BHP Billiton 2015. BHP Billiton Annual Report and accounts 2015, viewed 13 August 2016, https://www.bhpbilliton.com/~/media/bhp/documents/investors/annual-reports/2015/bhpbillitonannualreport2015.pdf. Brealey, R., Myers, S. and Allen, F 2011. Principles of corporate finance, New York: McGraw-Hill/Irwin. Brigham, E. Daves, P 2012. Intermediate Financial Management , USA: Cengage Learning. Choi, R.D. and Meek, G.K 2011. International accounting, Pearson . Christensen, J 2011. Good analytical research, European Accounting Review, vol. 20, no. 1, pp. 41-51 Davies, T. and Crawford, I 2012. Financial accounting, Harlow, England: Pearson. Deegan, C. M 2011. In Financial accounting theory, North Ryde, N.S.W: McGraw-Hill. Dicksmith Holding 2015. Dicksmith Holding Annual Report and accounts 2015, viewed 13 August 2016, https://www.dicksmith.com.au/da/ Everingham, G.K., Kleynhans, J.E. and Posthumus, L.C 2007. Principles of Generally Accepted Accounting Practice, Juta and Company Ltd. Gibson, C 2010. Financial Reporting and Analysis: Using Financial Accounting Information, Cengage Learning. Graham, J. and Smart, S 2012. Introduction to corporate finance, Australia: South-Western Cengage Learning. Horngren, C 2013. Financial accounting, Frenchs Forest, N.S.W: Pearson Australia Group. International Accounting Standards Board 2010. Conceptual Framework for Financial Reporting, viewed 13 August 2016, https://www.aasb.gov.au/admin/file/content102/c3/Oct_2010_AP_9.3_Conceptual_Framework_Financial_Reporting_2010.pdf Kaplan, R.S 2011. Accounting scholarship that advances professional knowledge and practice, The Accounting Review, vol. 86, no.2, pp. 367383. Libby, R., Libby, P. and Short, D 2011. Financial accounting, New York: McGraw-Hill/Irwin. Melville, A 2013. International Financial Reporting A Practical Guide, Pearson, Education Limited, UK Northington, S 2011. Finance, New York, NY: Ferguson's.