Kelley Correspondent Diversity Thrives At Kelley

Kelley Correspondent: Diversity Thrives At Kelley by: Campus Correspondent, Tanner Snider (Kelley) on March 05, 2018 | 0 Comments Comments 676 Views March 5, 2018In my last post, I discussed the significance of taking your own professional path at business school and how Kelley provides endless opportunities to explore what’s right for you. Now, I’d like to push even further and talk about the importance of truly being yourself at an even more personal level. In other words, I’d like to tackle the topic of diversity at Kelley by giving an account of my experiences as an LGBTQ+ student in business as well as hearing thoughts from a few other diverse Kelley students. As I mentioned in one of my earlier posts, I am from a small farm town in southern Indiana. And though it was a phenomenal place to grow up, my hometown is certainly not a hub of culture or diversity in any way. Thus, I didn’t fully comprehend or accept my own sexuality until I had left hom e and spent nearly two years at Indiana University and the Kelley School of Business. For me, this journey of personal understanding has provided one of the most challenging yet rewarding experiences of my life, as I’ve learned to appreciate my own unique identity and those of the people around me.KELLEY MADE ME FEEL WELL-SUPPORTED IN MY COMING OUT PROCESSâ€Å"How does this relate to business or Kelley,† you might ask. First of all, the exceptional friends, staff, and faculty that I’ve met at Kelley were crucial in helping me feel confident and well-supported during my coming out process. Additionally, in today’s world, companies and business schools, alike, are beginning to understand the value of diversity. For instance, during my internship at McKinsey Company last summer, I was a part of GLAM, the firm’s LGBTQ+ affinity group that has over 30 members in the Chicago office alone. McKinsey, as well as many other consulting firms, investment ban ks, and Fortune 500 corporations sponsor and take part in a three-day conference in New York City each fall at which over 400 LGBTQ+ undergraduate students from across the nation gather for professional development, personal growth, and targeted recruiting opportunities. These are just two examples of a sweeping revolution in the business world to openly accept and appreciate diversity in the workplace.INCREASED RESOURCES FOR WOMEN AND MINORITIESThe Kelley School is also taking strides to increase diversity and inclusion. While talking to my friend, Myles Markey, who is a gay, black junior at Kelley, he told me, â€Å"As a minority student two times over, the Kelley School of Business can sometimes seem like a daunting place. From the hyper-masculinity that has historically dominated business to being the only one that looks like me in many situations, it can sometimes feel as though I don’t belong.† But in a more positive tone, he stated, â€Å"However, Kelley knows where there is room for improvement, and the school is taking strides to make positive changes. The Kelley Office of Diversity Initiatives provides exceptional resources and hosts several events to strengthen the POC (people of color) community while organizations like Out at Kelley and LGBTQ+ focus groups aim to give students a platform and a voice. While the school isn’t where it should be on every aspect (is any university really?), the strides that I’ve seen over the past three years leave me hopeful for the future.†In addition to initiatives aimed at improving inclusion of POC and LGBTQ+ students, the Kelley school has also found meaningful ways to increase representation and inclusion of women. For instance, just last week, a group of students planned and hosted the second  annual Women’s Leadership Summit, which aimed to help women and men become better leaders. The COO of Finishline, Melissa Greenwell, was the keynote speaker, and other breakout session topics included ‘Do More, Apologize Less,’ and ‘How to be a Manbassador.’ The Summit is just one example of the many ways that women empowerment is a major focus at Kelley. In fact, Julia Rubinstein, the president of Kelley’s Women in Business (WIB) student organization, described in our discussion on women’s inclusion, â€Å"Organizations like WIB have provided me with communities of women at Kelley who support me in my professional goals and growth†¦ In the last few years, the number of women’s organizations and communities has expanded, and hopefully this will continue to grow and impact more women.†KELLEY MAKES ME EXCITED FOR THE FUTURE OF DIVERSITY IN BUSINESSAs you can probably tell, the business world and the Kelley School are rapidly changing. Groups of people and students that have previously found it difficult to succeed in business are finally finding a voice and making positive strides toward equal repres entation. So if you decide to come to Kelley, rest assured that your true, authentic self will be welcomed with open arms no matter your race, gender, sexual orientation, or any other factor that makes you unique. I’m a proud, gay Kelley student and future business leader, and I’m extremely hopeful and excited for the future of diversity in business.DONT MISS: FOLLOWING YOUR PASSIONS AT KELLEY  and  A GLIMPSE INTO LIFE AT KELLEY Page 1 of 11

Fast Facts About Nova Scotia

Nova Scotia is one of the  founding provinces of Canada. Almost totally surrounded by water, Nova Scotia is made up of a mainland peninsula and Cape Breton Island, which is across the Canso Strait. It is one of only three Canadian maritime provinces located on the North Atlantic Coast of North America. The province of Nova Scotia is famous for its high tides, lobster, fish, blueberries, and apples. It is also known for an unusually high rate of shipwrecks on Sable Island.  The name Nova Scotia originates from Latin, meaning New Scotland. Geographical Location The province is bordered by the Gulf of St. Lawrence and Northumberland Strait on the north, and the Atlantic Ocean on the south and east. Nova Scotia is connected to the province of New Brunswick on the west by the Chignecto Isthmus. And its the second-smallest of Canadas 10  provinces, larger only than Prince Edward Island.   During World War II, Halifax was a major North American port for trans-Atlantic convoys carrying munitions and supplies to Western Europe. Early History of Nova Scotia Numerous Triassic and Jurassic fossils have been found in Nova Scotia, making it a favorite research spot for paleontologists. When Europeans first landed on Nova Scotias shores in 1497, the region was inhabited by the indigenous Mikmaq people. It is believed the Mikmaq were there for 10,000 years before Europeans arrived, and there is some evidence that Norse sailors made it to Cape Breton well before anyone from France or England arrived. French colonists arrived in 1605 and established a permanent settlement that became known as Acadia. This was the first such settlement in what became Canada. Acadia and its capital Fort Royal saw several battles between the French and the British beginning in 1613. Nova Scotia was founded in 1621 to appeal to King James of Scotland as a territory for early Scottish settlers. The British conquered Fort Royal in 1710. In 1755, the British expelled most of the French population from Acadia. The Treaty of Paris in 1763 finally ended the fighting between the British and French with the British taking control of Cape Breton and eventually Quebec.   With the 1867 Canadian Confederation, Nova Scotia became one of Canadas four founding provinces. Population Although it is one of the more densely populated of Canadas provinces, Nova Scotias total area is only 20,400 square miles. Its population hovers just below 1 million people, and its capital city is Halifax. Most of Nova Scotia is English-speaking, with about 4 percent of its population speaking French. The French speakers are typically concentrated in the cities of Halifax, Digby, and Yarmouth.   Economy Coal mining has long been a significant part of life in Nova Scotia. The industry declined after the 1950s but began a comeback in the 1990s. Agriculture, particularly poultry and dairy farms, is another big part of the areas economy. Given its proximity to the ocean, it also makes sense that fishing is a major industry in Nova Scotia. It is one of the most productive fisheries along the Atlantic coastline, providing haddock, cod, scallops, and lobsters among its catches. Forestry and energy also  play big roles in Nova Scotias economy.

Organisational Behaviour Assignment - Free Essay Example

Sample details Pages: 4 Words: 1241 Downloads: 6 Date added: 2017/06/26 Category Management Essay Type Research paper Level High school Did you like this example? Organizational Behavior Contents The problems and the hypothesis discussed in the research article: The need for the study: Methodology: Students team critique: Summary and Conclusion: The problems and the hypothesis discussed in the research article: This study analyzes the style of talent management handled by institutional and corporate leaders in the context of Gulf Cooperation Council (GCC). The context is valuable due to the nature of the region which is under-researched and also because the type of variables found further out understanding of TM processes in non-western context. The companies involved in the business process in this region have to sustain their legal legitimacy by abiding by the localization rule, at the same time trying to improve efficiency through selective action to enhance economic sustainability. In the process the companies try to keep the balance of global adaptation and local absorption of human resource for maximum utility to be gained for TM processes. In spite of the demand of business and management scholars for more international research, the area is still fragmented and under developed and the topic still lacks proper definition. The definition of talent management as per businessdirectory .com says the attempt of an organization to recruit, retain and train the most gifted and highest quality staff members that they can find, afford and hire. Talent management gives business managers an especially important role to play in recruiting, developing and retaining desirable staff members. Researchers are doing scholarly which tends to ignore the role of contextual factors in shaping global TM practices. Researchers refer to external forces or drivers, beyond corporate control, that impact the organizational ability to manage the global TM process. For example, as per the trend of globalization of talent migration tendencies, demographic changes, and demand-supply gaps, terming these as à ¢Ã¢â€š ¬Ã…“exogenous driversà ¢Ã¢â€š ¬Ã‚  of global TM challenges. The identification of the barriers as per Schuler, Jackson and Tarique are as of the list given here- a) Dedication of time of senior managers related to TM search, b) Organizational structure, c) Tack of willingness to acknowledge performance variances among employed workers, d) The shortcoming of HR knowledge to address TM challenges, e) Lack of involvement of the middle managers, f) The deficiency of knowledge with application of the managers for proper execution of right decisions related to TM decisions. The above barriers or constraints are important and the strategy to overcome them is the key to successful TM strategy. Yet as the application of TM expands with its theoretical part all over the emerging markets of the world to find the best candidate for the right place, there arise some exogenous barriers or constraints which are still to be noted with the proper organizational response to cope up with them. In the context of Arab and Gulf countries under GCC the research with TM exploration shows some interesting data with the comparison of local and expatriate human resource. Out of total population, the local people contribute only 53% and as per the data, t he labor contribution of 27% of local against the total work force deployed in this region. The excellent unique derivatives of this economically strong region allure the multi-national companies with its natural resources. Right from the inception of GCC in 1981, the MNCs come is huge no. to exploit the natural resources with the excellent infrastructures provided by the countries. But the deployment of man power trend shows the dependence of expatriate in higher side causing serious imbalance problem of the local man power resulting major unemployment problem in the region. As per the Economic Intelligence Unit projection, the growth of GDP in GCC countries will reach US $ 2 trillion by 2020. To meet the growing needs of domestic human resources, GCC has a specific plan to upgrade the local HR by education to meet the demand. But this is not so easy as the plan is long-run will give result after a certain period of time. By the time the increasing demand of HR will be met by ex patriate personnel and the problem will be fiercer in case of local employment. The system of prioritizing local workforce has its own drawback as the companies canà ¢Ã¢â€š ¬Ã¢â€ž ¢t operate under the hypothesis that deployment of work force from any sources canà ¢Ã¢â€š ¬Ã¢â€ž ¢t be smooth without hurdles. The impact of nationalization policies on organizational abilities to attract, develop and retain the right talent, both local and foreign, remained understudied. Don’t waste time! Our writers will create an original "Organisational Behaviour Assignment" essay for you Create order The need for the study: The situation of conflict between the local and foreign workers is getting worst day by day. As per the need of the situation, the foreigners are getting priority for their skill and talents. The up gradation of the local people through specific education, plan system is initiated but the result is expected after long time. In this case, the proper research is necessary to understand where the system of up gradation is lacking. The class-bound education with enough practical implication will make the local people ready to meet the demand of the country. It is not admirable that one side the percentage of expatriate workers will increase and the local people sit idle without employment. Hence the proper research is to be done applicable for this region to ensure the parity in employment with the local vis-ÃÆ'  -vis foreign man power, with the objective of minimizing the foreigners by replacing them with local people with same standard as the situation arises. For this purpose the MBA students have to play a vital role with their study, research and analysis to find the right track of this program. The GCC and UAE, with their enormous requirement of man power will find one day that the work force is dominated by the foreigners and this is totally an unhealthy situation so far the employment market is concerned. To find the suitable solution of this problem, the MBA students should take active part to show the road towards future employment policies with the backup of proper enhancement of educational system in those countries. Methodology: The methodology employed in this study is hypothetical backed by data analysis. Nobody knows what will happen in future but with the best possible intellect to analyze the result of the research and thus conform the probability of success of the project of TM. There are many constraints come out with the process of research and those are to be solved with the practical application with the best possible solution which is backed by the best presence of mind. Students team critique: The research on TM is good enough with the result of future process featured. The assumptions are based on the facts and the limitations are minor. The success of this research will be seen when the proper step of evaluation of local people in the context of replacing the expatriates will be observed with the help of proper education and practical application of the theories. Summary and Conclusion: The present crisis of TM in GCC and allied countries will get critical if the same is not emphasized right now. The scope of TM in the region is bit difficult due to its nature of under studied. The research work is to be continued with further development in this area will soon find UAE and GCC countries to replace the foreign man power with high level of education, practical application and execution to the utmost demand. And thus the research work of TM in UAE and GCC will prosper with the basic objective to be fulfilled.

Tillie Olsen’s I Stand Here Ironing Essay - 1044 Words

Tillie Olsen’s I Stand Here Ironing Tillie Olsen was born in Omaha, Nebraska, in 1913, the child of political refugees from Russia. Olsen dropped out of school at the age of sixteen to help support her family during the depression. She became politically active in the Young Communist League and was involved in the Warehouse Union’s labor disputes in Kansas City. Her first novel, Yonnondio, about a poor, working-class family, was begun when she was nineteen. While writing the novel over the next four years, she gave birth to her first child and was left to raise the baby alone after her husband abandoned her. She married Jack Olsen in 1936 and had three more children. She remained politically active and held down various jobs while†¦show more content†¦Before the feminist movement of the 1960s and 70s, women struggled to hold on to their identity while raising children, caring for their husbands and homes, and in Olsen’s case, working to support the family. Like Tillie Olsen, Adrienne Rich struggl ed with society’s expectation of women to become wives, mothers, and homemakers. Both women bought into the angel in the house theory and found themselves unsatisfied. They fought to hold onto their individuality by expressing their ideas through writing, which was not readily accepted in the male dominated literary world. Author Margaret Atwood understands the magnitude of Olsen’s accomplishment saying, Women writers, even more than their male counterparts, recognize what a heroic feat it is to have held down a job, raised four children, and still somehow managed to become and to remain a writer (qtd. in Charters 1128). Though Olsen tells her story honestly, with a matter of fact quality, she stirs the reader with emotion and empathy for the overworked mother and the unintentionally neglected daughter. As the story begins, Olsen receives a call from her daughter’s schoolteacher asking her to come to the school to talk with her about Emily’s problems. Olsen draws the reader in as she addresses the teacher in her thoughts. She wonders, Even if I came in, what good would it do? You think becauseShow MoreRelatedAnalysis Of Tillie Olsens I Stand Here Ironing 1381 Words   |  6 Pages Comedy: Personality Traits or Effects of a Less than Ideal Childhood In Tillie Olsen’s â€Å"I Stand Here Ironing†, a mother recalls the life of her first born daughter. She retells the hardships she and her daughter had to go through to make it. The main focus, however, is on the hardships of the daughter, Emily. These hardships, lack of tender love, attention and over abundant strife in Emily’s life, lead to her being unnoticed and somewhat forgotten. In Emily’s late teenage years, comedyRead MoreAnalysis Of Tillie Olsens I Stand Here Ironing 1349 Words   |  6 PagesComedy: Personality Traits or Effects of a Less than Ideal Childhood In Tillie Olsen’s â€Å"I Stand Here Ironing†, a mother recalls the life of her first born daughter. She retells the hardships she and her daughter went through to survive it. The main focus, however, are the hardships of the daughter, Emily. These hardships, lack of tender love, attention and over abundant strife in Emily’s life, lead to her being unnoticed and somewhat forgotten. In Emily’s late teenage years, comedy became a wayRead MoreAn Analysis Of Tillie Olsens I Stand Here Ironing958 Words   |  4 PagesRiddle by Tillie Olsen is a powerful and unforgettable representation of the struggles of the working class, and how gender roles portray the differences in the life of poverty as well as a family unit. In Tell Me a Riddle, Tillie, presents us with an array of several short stories, all in which depict Tillie’s relationship to the Midwest, her point of views on the role of motherhood and her Jewish tradition. I Stand Here Ironing, is probably one of the most powerful pieces that Tillie constructedRead MoreAn Analysis of the Mother in Tillie Olsens Story, I Stand Here Ironing1159 Words   |  5 PagesThe mother in Tillie Olsen’s story, â€Å"I Stand Here Ironing† gives insight into the upbringing of her first child. We see she is guilty of neglect towards Emily and is distressed due to poor decisions that she had made rearing her daughter. The mother reflects on the past and thinks that her actions and â€Å"lack of† might have affected Emily. She is so engulfed in â€Å"what ifs† and â€Å"how could I’s† that she is practically beating herself mentally. Poor Emily received little attention when attention was neededRead MoreAnalysis Of Tillie Olsens I Stand Here Ironing757 Words   |  4 PagesTillie Olsen published â€Å"I Stand Here Ironing† in 1961, and the story focuses on a young single mother who is overwhelmed by the limited financ ial situation during the Great Depression. Throughout the story, the author depicts the mother’s life, which is unfolding as a permanent struggle caused by the shortcomings. Because of the lack of time she starts to neglect her first born child, Emily, and to deprive her of the maternal love. She remains trapped in this situation for many years. However, afterRead MoreTillie Olsens I Stand Here Ironing and James Baldwin’s Sonnys Blues855 Words   |  3 Pages Pain and suffering is what brings these two stories together, â€Å"Sonny’s Blue† by James Baldwin and Tillie Olsen’s â€Å"I Stand Here Ironing†, both of the narrator describe their feeling towards their love one. Sonny’s Blues is a story about an ambitious musician’s life as it is seen through his older brother’s eyes. The story originates with Sonny’s older brother, who is an Algebra teacher, and finding out that Sonny has been sent to prison due to drugs. He finds this out by reading about the caseRead MoreEssay on Themes Illustrated in Tillie Olsens I Stand Here Ironing732 Words   |  3 Pagesbegins with a sentence â€Å"I stand here ironing, and what you asked me moves tormented back and forth with the iron† (Olsen 73). It is unusual that the story starts with a description of the mother ironing. This strategy easily draws readers’ attention and introduces the narrator character to the readers. â€Å"I stand here ironing† is a very straightforward and simple description, but yet it conveys a deeper meaning and draws the readers into the narrative. The mother’s ironing provides the metaphor forRead MoreA Marxist And Feminist Literary Criticism1243 Words   |  5 Pagesto support in the 1930’s was not an easy job. Especially when society had so many chips stacked against them. Tillie Olsen’s â€Å"I stand Here Ironing† is a short story that addresses feminine social disorders and inequalities as well as economic disadvantages that people of lower circumstances have to overcome to survive. In the short story it is basically an autobiography of Tillie Olsen’s life told by the narrator (Emily’s mother). Throughout the story the narrator is reflecting the way she broughtRead MoreTillie Olsen : I Stand Here Ironing870 Words   |  4 PagesTillie Olsen: â€Å"I Stand Here Ironing† Tillie Olsen is acknowledged as one of the most important writers in American literature. Even though her reputation was built on a small body of work, Olsen is recognized for her skill as a storyteller, and her determination to give hope to people of different races, genders, or classes. Olsen’s most famous short story, â€Å"I Stand Here Ironing,† is known for its adverse symbols, point of view, and themes. Tillie Olsen was born in Omaha, Nebraska on January 14Read MoreA Mothers Struggle I Stand Here Ironing891 Words   |  4 Pages2011 Short Fiction Reading Log A Mother’s Struggle: Tillie Olsen’s â€Å"I Stand Here Ironing† Tillie Olsen’s â€Å"I Stand Here Ironing† examines a mother’s internal struggle about the way she raised her eldest daughter Emily. By opening with â€Å"I stand here ironing† the author depicts the oppressive world of domestic tasks that engulfed and forms the mother’s life.† The repetitive motion of the iron moving â€Å"back and forth† across the surface of the ironing board mimics the mother’s thought process as she moves

The Asian Financial Crisis Of 1997 - 2364 Words

Commonly referred to as the â€Å"Asian Contagion† the East Asian financial crisis of 1997 marked a time in which multiple Asian countries fell into a recession as a result of financialization. Although the East Asian financial crisis affected over ten countries, Thailand’s economy is will first be primarily analyzed prior to the crash because it was the first economy to fall and essentially started the crisis. In retrospect, the complexity of the financial crisis has caused much debate on what actually started the crisis in the first place. In order to address the various positions of the East Asian financial crisis, the works of Charles Kindleberger, Krippner, and Dani Rodrik are analyzed and compared. While the crisis has many components that ultimately suggest that conjoined multiple factors are potentially to blame, these authors suggest that specific instances are the main culprit. In essence, Kindleberger states that investor and lender speculation deemed the cr isis inevitable, Krippner condemns government policies, while Rodrik suggests that hyper-globalization is to blame. In order to analyze the causes of the financial crisis, it is imperative to first describe Thailand’s economic practices prior to 1997 chronologically. Moreover, it is important to note that the Thai government was known for being a corrupt, â€Å"notoriously unstable multi-party coalitions unable to formulate (let alone implement) a coherent macroeconomic policy.† So, much of the pressure to ensureShow MoreRelated1997 Asian Financial Crisis and Hyundai Motor Corp7129 Words   |  29 PagesOutlook: 16 Asian Financial Crisis: Summary: 17 Recovery: 18 Hyundai Motor Corp Financial Analysis: Introduction: 20 Detailed Financial Analysis: 21 Equity Valuation: 24 Conclusion: 24 Case Solution: Project Valuation: 25 Input Descriptions: 25 Conclusion: 27 Exhibits: Hyundai Motor Corp Financial Statements Read MoreImpact Of The Asian Financial Crisis Of 1997 On The Region s Development1704 Words   |  7 PagesExamine the impact of the Asian Financial Crisis of 1997 on the region’s development â€Å"Since World war II, development has been the most important term used to describe economic, social and political changes in what have come to be known as Third world countries† (Zhang, 2003). The Asian financial crisis of 1997 had a major impact on the regions development as it was the end of the East Asian economic miracle, a time that showed staggering economic growth throughout the Asia Pacific. HoweverRead MoreImpact of the Asian Financial Crisis in 1997 and Effect to Latin America1875 Words   |  8 PagesImpact of the Asian Financial Crisis in 1997 and effect to Latin America Name: Institution: Date: Abstract In 1997, the Asian Financial Crisis spread rapidly all over the Asia and affected almost all the economies in the world. Prior to the Asian Financial Crisis, the Asian countries such as Thailand, Malaysia, South Korea, Indonesia, Hong Kong and Singapore experienced a remarkable growth in the economy that was considered the highest in the world. These Asian economies increased by a notableRead More1997 Asian Financial Crisis4291 Words   |  18 Pages1997 Asian Financial Crisis Angelica M. Montefalcon 4FM2 I. Introduction For about twenty years, East-Asian countries were held up as economic idols. They were hailed as the ideal models for strong economic growth of developing countries because of their high savings and investment rates, autocratic political systems, export-oriented business, restricted domestic markets, government capital allocation, and controlled financial systems. They were even stories about â€Å"The East AsianRead More1997 Asian Financial Crisis4297 Words   |  18 Pages1997 Asian Financial Crisis Angelica M. Montefalcon 4FM2 I. Introduction For about twenty years, East-Asian countries were held up as economic idols. They were hailed as the ideal models for strong economic growth of developing countries because of their high savings and investment rates, autocratic political systems, export-oriented business, restricted domestic markets, government capital allocation, and controlled financial systems. They were even stories about â€Å"The East Asian MiracleRead MoreThe Asian Financial Crisis Of 19971028 Words   |  5 Pages Following the Asian financial crisis of 1997, the IMF bailout provided desperately needed funds to revive South Korea s economy but came with a caveat of strict mandates. The aftermath left sectors of its economy eviscerated, patches of its society dissolved, and sent my family on a plane to the United States. What could have been an otherwise typical American dream narrative for me, however, evolved into a lifelong aspiration toward global affairs. Reaching for a graduate study program is theRead MoreEffects of the Asian Financial Crisis on 19971006 Words   |  4 PagesThe financial crisis in many countries in Asia in 1997-1998 was an unexpected event. It was mainly because most of the Asian countries had been enjoying economic growth prior to the crisis. The crisis itself started with the devaluation of Thailand’s Baht in July 1997. The Thailan d government decided to float its currency in order to defend the Baht against speculative attack, despite its fixed exchange rate system. This decision was apparently the beginning of the economic downturn of many AsianRead More1997 Asian Financial Crisis and Hyundai Motor Corp7119 Words   |  29 PagesIndustry Outlook: 16 Asian Financial Crisis: Summary: 17 Recovery: 18 Hyundai Motor Corp Financial Analysis: Introduction: 20 Detailed Financial Analysis: 21 Equity Valuation: 24 Conclusion: 24 Case Solution: Project Valuation: 25 Input Descriptions: 25 Conclusion: 27 Exhibits: Hyundai Motor Corp Financial Statements 29 Bibliography:Read MoreFactors That Caused the 1997 East Asian Financial Crisis1604 Words   |  6 PagesCaused the 1997 East Asia Financial Crisis Discuss the principal factors responsible for the East Asian currency/financial crisis of 1997. In 1997, there occurred certain shifts in expectations from the market. The regional contagion and confidence led to the East Asian financial turmoil. In 1990s, it had been reported that the microeconomic and macroeconomic businesses were not performing as expected. The local and international investors had not held enough grips into the looming financial challengesRead MoreImf As An International Financial Institution Essay1130 Words   |  5 PagesThe 1997-1998 Indonesian Economic Crises. IMF Interventions - Lessons to learn. Introduction. 1997 to1998 saw the East Asian nations of Thailand, Indonesia and South Korea engulfed in an economic and financial crises that nearly collapsed their economies. The IMF was at the center stage to help during these crises. How IMF’s assistance further deepened Indonesia’s economic crises, received heavy criticism from Political, economic and social analyst against IMF s programs and Policies in Developing

Conceptual framework Australian Government

Question: Describe about the Conceptual framework for Australian Government? Answer: Introduction. Due to development of cross-border capital markets, it is imperative that the financial statement in various countries follows a single, high quality accounting standards that are being accepted worldwide. So the emerging economies have adopted the International Standards (IFRS) issued by the International Board (IASB) which controls the overall system of standards implementation around the world..(Maheswari, 2014) At their meet in the city of Norwalk located in Connecticut, USA on the 18th day of September2002, the (FASB) and the International Accounting Standards Board(IASB) gave their commitment to develop the standards in such a manner that they might be high in quality, also compatible with the accounting standards as it will be used internationally as well as self country financial reporting. here, the two bodies namely FASB and IASB made joined efforts towards such implementation (a) Implement the present accounting standards into the system of implementation of the new standards and (b) The future work programs that it could be maintained in the long run by the IASB and FASB together. To achieve compatibility, the FASB and IASB (together, the Boards) agree, as a matter of high priority to: 1) to have a program to remove the differences between U.S. GAAP and IFRS which are the International reporting standers for the financial reporting as followed by the company like Glaxo Plc, which include International Accounting Standards, IAS as well to be followed 2) Remove the various other differences between the operation of the US GAAP and IFRSs which would be sorted out by January 1, 2005, by coordination between both the Boards 3) Continue progress on the joint projects that they are currently undertaking, and 4) Also encourage the other bodies to form the part of this exercise to reduce the differences between these two accounting principles. These differences could be only reconciled from the support of the supporting bodies as discussed above. Most of the Asian countries like Malaysia India, Colombia as well as Russian and American countries like US, Japan and Russia have moved forward his step in the convergence to International Financial Reporting System to maintain the uniformity in the accounting system. Further, the Adaption of IFRS has also reduced the worries of the stakeholders regarding the True and fair reporting of the Accounts. Further, this will bring account ability and transparency to the reported figures of the financial statements of the Multi - national companies having Branches over India. So the branch accounts could be reconciled easily and there could be a proper analyses of the results by the users of the information in a proper way/ Issues Adressed In the recent figures and estimates it is suggested that much of US money is invested in the shares of the foreign companies. The investors in US also await opportunities for investment in the non-US based companies who often can use the International Reporting standards to prepare their financial statements. There are many companies around the world that follow IFRS and present their balance sheets accordingly with no scope for the reconciliation of US GAAAP to the IFRS and here is the area where the role of this article comes in to play and the challenge arises for the investors as well as the companies. (Tulsian, 2008) To assist investors and preparers in obtaining the skills to read multiple reports, this article would help to understand the differences between these two broad concepts and how to reconcile them and understand it as per the needs of the investors. In this article mainly the areas of differences that had caught enough of light and are significant for the investors are being dealt into so that these areas dont go uncovered. After the emergence of IFRS many companies had been instructed to follow the reconciliation principle with the IFRS standards so that they might help the user to compare the reports with ease. Apart from that there are many differences in the way the annual reports are prepared and they are presented to the stakeholders of the organization. The other areas of differences are the accounting principles that are followed for treatment of various items in the financial statements of the company under which alternative accounting treatments is possible. (FASB, 2013) IFRS 13 Fair Value Measurement: IFRS 13: (a) explains fair value (b) develops a framework that would help in finding the fair value (c) The required disclosures that are needed while measuring the fair value are also stated. IFRS 13 says that the fair value as the price at which an asset could be sold or a liability in an orderly transaction. It is just a market based measurement and helps to find the value of the asset, and never a measurement that deals with the valuation in accordance with the enterprise. There are some assumptions based on which whereby it considers the risks within the value of the asset calculated. This means that the value of the items would not be affected by time period for which an asset is held or liability is being held before payment and it would not affect the standard in any manner. These things needed to be kept in mind while measuring the fair value of the asset as per IFRS 13. (Tulsian, 2008) (a) the nature of the asset or liability that is measured (b) if the asset is a non financial one how can it be linked with other financial assets based on which it can be measured. (c) the place where the asset or the liability could be traded with ease should be identified as the market (d) the technique that should be used for valuation of the same (Tulsian, 2008) To increase consistency and comparability in fair value measurements and disclosures the standards create a hierarchy of 3 levels which consists of the inputs to the valuation of the assets as per the fair value principle. The hierarchy gives the highest priority to the price of the assets in the open market at which they can be or the identical assets or liabilities can be traded at which are called observable inputs and the least priority is to the unobservable inputs. . (Lefebrve, 2009) An enterprise should present information that would help the of its fair value information so that it can be assessed that (a) for liabilities and assets that are measured at fair value on a timely and regular basis . (b) for those assets which are being valued as per the unobservable inputs named as level 3 inputs and how they are uses to value the items should also be there. (Accountants, 2013) Fair Value v/s Historical Cost: Fair value accounting (FVA) is a method of valuing the assets on a market based rates according to IFRS 13 at the regular intervals whereas the current prices are given much importance for the valuation of the assets of the enterprise. (Tulsian, 2008) Accounting as per the fair value methodology is a concept that helps the companies to use fait value method for the purpose of accounting The fair value concept says that as soon as the value of the asset decrease or liabilities increase, it will be recognized as gains or losses under the head comprehensive income of the enterprise and will be treated as such. (Lefebrve, 2009) As the historical costs of the assets dont possess any value for the investors in the future decisions they are willing to take as they have no relevance to the buy, sell, hold decisions and are not useful for any decisions to be taken. So the concept of fiat value came in due to the relevancy of such information to the investors of the enterprise who can think after seeing the fair values and not the cost values. At the times of growth and deflation this method makes the annual reports much volatile than ever before and changes the picture of the financial statements(Lefebrve, 2009) Historical Cost Accounting: Shortcomings There are large number of issues in the historical accounting concept but one of the primary issue is that the true value of the asset is not demonstrated under this method as the assets are shown at irrelevant costs and the no comparability with the true market value could be achieved. Other issues are as under: (robins, 2001) The method is insensitive to changes in purchasing power of the currency, overstating earnings in periods of rising prices and understating the degree to which capital assets maintain their value. It assumes a concept of going concern which is impractical. Its not able to deal with complex accounting transactions as such as interest rate swaps obligations are there on the assets but it cannot be covered u under the historical costs method there. (F, 2006). The historical cost methods uses the subjective measures to account fall for the transactions and some judgments such as life of the asset, bad debt reserves, warranties etc. (AASB, AASB has approved four new Standards, 2014) Conclusion: Some of the factors, particularly the rules for taxation, make it difficult for some of the countries to wholly shift to the IFRS. It follows that when nations find IFRS concepts attractive, their approach towards IFRS implementation would be different from others because they are unable to change current rules to reflect the various provisions of IFRSs,or they are not willing to give up the basic local accounting rules to a privately controlled enterprise over which very little or no So it could be said that the implementation of IFRS would bring about lots of changes to the presenting accounting differences that are existing in the financial statements of the company as a whole which effects the decision making process of the country around the world. The impanation of the Global accounting standards will reduce the needed for the reconciliation of the information provided in the statement as per rule of accountancy. The convergence would rather remove the cultural differences in the accounting concepts and the users around the world are being treated at par. Therefore the countries adoption of IFRS would be a great change and positive change also towards the accounting world where the investors would be able to choose correctly by proper comparison of the financial statements This will be a more problematic case when economies mature as there will be a need of more information and such issues will arise and needs to be sorted out with ease. As both of the methods namely the fair value method and the historical method. As the financial problems asks for the clarity in the accounting principles so it is needed that the boards try to increase efficiency and transparency to the assumption and the disclosures that need to be implemented for accurate information to be provided to the investors.. The market and the accounting behavior is needed so that the desired clarity may be brought in the principles of accounting.(F, 2006). References AASB. (2014). AASB has approved four new Standards. Australia Government , 1-1. AASB. (2013). Amendments to the Australian Conceptual Framework. Australia: Australian government. Accountants, C. (2013). Conceptual framework. CA Australia new zealand , 1-1. (2014). Accounting for intangible assets and goodwill under IFRS. US: Power Brnd. By Gary Lasker, C. C. (2011). Comparing and Contrasting International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). bassSolomonDowell , 1-1. E.M, B. (2004). Fair values finanacial statemnet volatility. CA , 1-1. F, A. (2006). Mark to Market Accounting liquidity Pricing. Centre for financial studies , 1-1. FASB. (2013). The Objective of General Purpose Financial Reporting. FASB , 1-42. Kov, Z. (2011). Accounting for Intangible Assets . In Z. Kov, Accounting for Intangible Assets (pp. 1-13). Czech Republic . Lefebrve, R. (2009). Fair Value Accounting. Issue In Focus , 1-22. Lightfoot, S. (2013). Research into the accounting for intangible assets. Chartered Accountants Journal , 1-1. Maheswari, S. (2014). IRFS Convergence. CA Journal , 1-1. robins, P. (2001). ACCOUNTING POLICIES CONTRASTED WITH ESTIMATION TECHNIQUES. ACCA , 1-1. Tulsian, P. C. (2008). Accounting Concept. Mumbai.

Rresearch Paper on Corporate Social Responsibility free essay sample

Corporate Social Responsibility Ronald Bellamy MBA 6001-10F-S5A11-S3 Professor: Dr. Marie Gould June 18, 2011 In a 1970 Times Magazine article, economist Milton Friedman argued that businesses’ sole purpose is to generate profit for shareholders. Friedman maintained that companies that chose to adopt â€Å"responsible† attitudes would be faced with more binding constraints than companies that did not take a socially responsible position, rendering them less competitive. Unfortunately, not everyone accepted Friedman’s view on social responsibility. In 1979, Quaker Oats president, Kenneth Mason stated, â€Å"Friedman’s profits-are-everything philosophy are a dreary and demeaning view of the role of business and business leaders in our society. Making a profit is no more the purpose of a corporation than getting enough to eat is the purpose of life. Getting enough to eat is a requirement of life; life’s purpose†¦likewise with business and profit (Makower, 2006). † The purpose of this paper is to weigh the pros and cons of social responsibility in today’s global economy. Corporate Responsibility Defined Corporate Responsibility is a manager’s or corporation’s duty or obligation to make decisions that nurture, protect, enhance, and promote the welfare and well-being of stakeholders and society as a whole (Jones, G. , 2010, pg. 200). Stakeholders are important in reference to corporate social responsibility because stakeholders are people who have an interest, claim, or stake in an organization, in what it does, and how well it performs. It can easily be said that social responsibility is the â€Å"do the right thing† of business. There are four different approaches that corporations can take in reference to social responsibility: Obstructionist Approach where managers choose not to behave in a socially responsible manner. As a result, they behave unethically and illegally and do everything in their ability to prevent outsiders and stakeholders and other organizations from finding out about their behavior (Jones, G. , 2010). Prior to the enforcement by the Surgeon General of the United States, cigarettes manufacturers, i. e. , Philip Morris, took an obstructionist approach. Cigarette manufacturers had full knowledge that the nicotine in cigarettes was harmful to the lungs and refrained from informing the public. Defensive approach is when managers and corporations have at least a commitment to ethical behavior. When managers take a defensive approach to social responsibility, they ensure that they abide by all laws; but, they make not attempt to exercise social responsibility beyond they legal requirements. In the defensive approach managers also ensure that their employees behave ethically and do not harm others. Yet, these same managers always put the claims and interest of the stakeholders first—even if it is at the expense of other stakeholders (Jones, G. , 2010, pg. 201). Again, the cigarette manufacturers are a good example of taking a defensive approach. After it was mandated that the public be warned (legal requirement), the cigarette manufacturers placed the following warning: Warning: smoking causes lung cancer, heart disease, emphysema, and may complicate pregnancy. The manufacturers at this point had met the legal requirement; but, absolutely did nothing else, i. . , setting up a fund for patients with lung cancer or funding programs to prevent teen smoking. Accommodative approach is basically the acknowledgement of the need to support social responsibility. Managers using this approach realize that the organization should act in a socially responsible manner and should behave legally and ethically. The accommodative manager does his best to balance the interest of differen t stakeholders against one another in order to insure the claims of stakeholders and seen in relation to the claims of other stakeholders (Jones, G. 2011, pg. 202). In these organizations, when managers have a problem they implement a social responsibility strategy in which the company chooses to accept responsibility for the problem and do everything in their power to solve the problem in a manner that meets the expectations of society and stakeholders as a whole. Proactive approach is the approach where corporations and managers fully embrace the need to behave in a socially responsible manner. Managers take a collaborative approach to ensuring that they behave ethically and legally at all times. To ensure the corporation is socially responsible, they are willing to use corporate resources to promote the interest of stockholders while simultaneously supporting the claims of stakeholders. The perfect example of proactive social responsibility happened on September 1992 when Saturn found a fault in 1,696 of its new cars. An article in the Seattle Times stated, â€Å"A crush on 1,696 new cars: A new GM Saturn car sits in a crusher, while others are lined up at the Saturn plant in Spring Hill, TN. A faulty coolant that included a corrosive was discovered in the cars, and Saturn Corporation officials decided to crush all 1,696 of them to make sure no faulty models or parts got into the marketplace† (Seattle Times, 1992). It is totally up to a corporation which approach they would like to take towards socially responsibility; but, in today’s competitive global business environment, social responsibility and looking out for the interests of stockholders and stakeholders play an integral part in the success of a corporation. According to John R. Schermerhorn, Jr. , the four approaches to social responsibility and the stakeholders affected can be easily defined as (Schermerhorn, Jr. , 2010): †¢ Proactive strategy—take leadership in social initiatives, meet economic, legal, ethical, and discretionary responsibilities. †¢ Accommodative strategy—do minimum ethically required and meet economic, legal, and ethical responsibilities. †¢ Defensive Strategy-do minimum legally required and meet economic and legal responsibilities †¢ Obstructionist Strategy—fight social demands and meet economic responsibilities Stakeholders Affected by Social Responsibility Stakeholders are the people who have an interest, claim, or stake in the organization, in what it does, and how well it performs (Jones, G. , 2010, pg. 28). There are two man groups of stakeholders—inside and outside stakeholders. According to Gareth Jones, â€Å"inside stakeholders are the people who are closest to an organization and have the strongest or most direct claim on organizational resources, i. e. , shareholders, managers, and the workforce. Outside stakeholders are people who do not own the organization, are not employed by it, but do have some claim or interest in it. Customers, suppliers, the government trade unions, local communities, and the general public are types of stakeholders (Jones, G. , 2010, pgs. 28-30). Rethinking Social Responsibility In October 2002, a debate occurred between Milton Friedman (currently a senior researcher at the Hoover Institution and a Distinguished Service Professor Emeritus of Economics at the University of Chicago), John Mackey (CEO Whole Foods), and T. J. Rodgers (founder and CEO of Cypress Semiconductors). Friedman strongly believed that businessmen practicing social responsibility are products of pure and unadulterated socialism. In his mind, businessmen who focus their actions on being socially responsible were, â€Å"unwitting puppets of the intellectual forces that have been undermining the basis of a free society for decades (Friedman, Mackey, Rodgers, 1992). During the debate, John Mackey strongly disagreed with the ideas of Friedman concept that the only social responsibility a law abiding business has is to maximize profits for its share holders. Mackey stated during his argument, â€Å"I strongly disagree. Im a businessman and a free market libertarian, but I believe that the enlightened corporation should try to create value for all of its constituencies. From an investors perspective, the purpose of the business is to maximize profits. But thats not the purpose for other stakeholders-for customers, employees, suppliers, and the community†¦ Not that were only concerned with customers. At Whole Foods, we measure our success by how much value we can create for all six of our most important stakeholders: customers, team members (employees), investors, vendors, communities, and the environment† (Friedman, Mackey, Rodgers, 1992). Mackey was a firm believer that there was no magic formula to calculate the value each stakeholder should receive from a corporation; but, he felt it was a dynamic process and that no stakeholder remains satisfied for long. Mackey’s opinion was that the function of company leadership was to develop solutions that continually for the common good. T. J. Rodgers, who was dubbed one of America’s toughest bosses by Fortune Magazine, argued that corporations add far more to society by maximizing â€Å"long-term shareholder value† than they do by donating time and money to charity (Friedman, Mackey, Rodgers, 1992). Is Corporate Social Responsibility Responsible? In 2006, an article in Forbes debated over whether corporate social responsibility was really responsible. According to the article, the concept of corporate social responsibility deserves to be challenged. Why? Because some people strongly feel that political correctness has slowly obstructed the way business is done. According to the author of the article, Betsy Adkins, â€Å"the corporation’s goal is to act on behalf of the owners. The company’s owners—its shareholders—can certainly donate their own assets to charities that promote causes they believe in. They can buy hybrid cars to cut back on fossil fuel consumption or support organizations that train the hard-core unemployed; but, it would be irresponsible for the management and directors of a company, whose stock these investors purchased, to deploy corporate assets for social causes† (Atkins, 2006). The bottom-line-up-front, Ms. Atkins feels that corporations should act socially responsible; but, not at the cost of the investors. Investors pay for profit and not social responsibility. Everyone does not feel like Ms. Atkins. There are corporations like Saturn who are willing to take a loss to ensure they are socially responsible. Saturn lost millions of dollars; but, publically crushing the cars and letting society know the reason they were being crushed saved the corporations image with the public. Current and Past Issues in Social Responsibility In 2010, Penn Olson, an Asian Corporation, made a list of the top ten most socially responsible corporations. Listed below are the top five and the reasons they are considered the most socially responsible: Vodafone was listed as number one because of its promise to cut down their carbon dioxide emissions in half by 2020 by improving the energy efficiency of its global mobile phone networks. The company further pledged to recycle 95% of network equipment waste and reduce work-related accidents. Most importantly, Vodafone is the leading business in producing socially responsible pr4oducts such as â€Å"text –to-speech† software for blind people and user friendly handsets for the elderly (Noam, 2010). The Body Shop was number two because it is considered one of the pioneers of social responsibility. In 1985, the corporation worked with Greenpeace and obtained more than 4,000,000 signatures against animal testing in the European Union. The Body Shop’s founder, Anita Roddick, places great emphasis on the environment, animal rights, and human rights (Noam, 2010). Starbucks Coffee has always been known for being socially responsible. Starbucks came in third place for most socially responsible companies. Starbucks has been steadfast in their goal to green coffee and supported Ethos Water. Ethos water is a corporation that provides clean potable water to billions of people who otherwise would not have safe drinking water. Ben Jerry’s Ice Cream notably came in fourth place. For years the company has been known for giving back to the community. One of the most amazing aspects of Ben Jerry is their promise to link their prosperity between the corporation, its employees, and the local community. From the time when the corporation was founded, the two brothers have donated 75% of their pretax profits to charitable organizations (Noam, 2010). HSBC Holdings came in fifth place for being socially responsible. HSBC is known for providing small businesses with sustainability insurance options and developing an index for climate change (Noam, 2010). Furthermore, the corporation partnerships with other financial institutions to promote affordable home ownership. Arguments Against and for Corporate Social Responsibility According to Schermerhorn, there are several arguments against social responsibility. Most importantly, as Friedman thought, it reduces business profits; increases business cost, dilutes the purpose of doing business—which is to make a profit, and causes lack of public accountability. In favor of social responsibility Schermerhorn finds that it adds long-run profit, improves the corporation’s public image, helps avoid the need for government regulation and intervention into corporate business policies, and finally provides business with resources and ethical obligations. In conclusion, in today’s society most business people agree that the ethical and moral way to conduct business is for corporations to be socially responsible. If corporate America took the stand of Friedman, they would believe totally opposite. Corporations must do what their finances and budget can handle. On the norm, lack of social responsibility results in loss of revenue and valued customers and suppliers. As stated in the introductory paragraph, Friedman though corporate social responsibility was the end to free enterprise. The decision to practice corporate social responsibility will ultimately be up to the corporation. The corporations will have to decide whether they are in pursuit of profit or in pursuit of acceptance by society for being socially responsible. As always, there will continue to be companies who strive for the pure love of money (profit). There will be those who also will consistently never place profit before society as a whole. The individuals who are in search of the almighty dollar at any cost—even at the cost of being socially responsible will always be around too. Those people will believe the pursuit of profit only is wicked. In believing so they will be firm believers of Friedman statement, â€Å"The shortsightedness is also exemplified in speeches by businessmen on social responsibility. This may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked and immoral and must be curbed and controlled by external forces. Once this view is adopted, the external forces that curb the market will not be the social consciences, however highly developed, of the pontificating executives; it will be the iron fist of Government bureaucrats† (Friedman, 1970). Works Cited Atkins, Betsy (2006). Is Corporate Social Responsibility Responsible?. Forbes. , retrieved from web May 17, 2011 from https://forbes. com/2006/11/06/leadership-philanthropy. Friedman, Milton (1970). The Social Responsibility of Business is to Increase Profits. , The New York Times Magazine. , The New York Times Company Mackey, John ((2005). Rethinking the Social Responsibility of Business. , Reason Magazine. , retrieved from web May 15, 2011 from http://reason. com/archives/2005/10/01/rethinking-the-social-responsibility. Makower, Joel (2006). Milton Friedman and the Social Responsibility of Business. , retrieved from web on May 17, 2011 from http://www. worldchanging. com/archives/005373. html Schermerhorn, Jr. , John R. (2005). Management, 8th Edition: Valparaiso, In. , John Wiley Sons, Inv. Seattle Times (1992). A Crush on 1696 New Cars. , retrieved from web on May 29, 2011 from http://community. seattletimes. nwsource. com. Hizan (2010). 5 Socially Responsible Companies: Penn Olson Asian Tech. , retrieved from web From www. penn_olson. com/2010/08/03/socially-responsible-companies.