The Success of Family Run Tourism Agency Essay Example | Topics and Well Written Essays - 1500 words

The Success of Family Run Tourism Agency - Essay Example The essay "The Success of Family Run Tourism Agency" analyzes what a tourism as a family run business needs to be, aims to gauge the extent of the influence of the external factors that have a considerable impact on the family run business and examines the factors which may hinder the success of the family run tourism agency.Information technology has facilitated wider options of holiday destinations to the common man and travel agencies have made it easier for him to go too far flung places by providing the necessary appendages like accommodation, transport etc. In fact ‘consumers are now able to put together more flexible packages via the internet’. At the same time, globalization has dramatically changed the lifestyle of the people. It has brought in a new dimension of work culture and an inherent competition that is both invigorating as well as stressful. The attractive vacation packages which are highly de-stressing in content would be greatly in demand as they woul d rejuvenate body and mind so people can come back to take up their professional life with renewed vigor and enthusiasm.Tourism industry’s challenge is to provide increased value for money either through innovation–driven cost reducing changes in production and marketing processes or through product changes providing more varied tourism experiences. Holidays have always held a special charm for the young and the old alike. Krippendorf says ‘travel is: recuperation and regeneration, restoring body and soul’.

Visit to Hill Station Essay Example for Free

Visit to Hill Station Essay Our school was closed for summer vacations on 18th May. It was very hot in Delhi. My parents decided to go to Niligiris. I too accompanied them. We packed our luggage and got ready for the journey. We went to Coimbatore by train. The railway journey was rather tiresome. From Coimbatore we went to Ooty by bus. We reached there in the afternoon and put up at a hotel. Ooty is one of the best hill-station of India. It may be called the queen of hill-station. It has many beauty spots. Next day, after breakfast, we were crowded with tourists form different parts of the country. People were making all sorts of purchases. After lunch we went to botanical gardens. We enjoyed the expense of horticultural beauty around our heart’s content. Niligiris has a healthy climate. It is a beautiful summer resort. The mountain slopes are covered with tall, green trees which present a caring sight at sunset and look very grand. The morning and evening hours are very pleasant. A cool breeze sets up and refreshes the mind. It makes one forget the oppressive heat of the plains. I felt happy in the company of nature. The bright hued flowers, the clouds sailing across the sky and the snow covered peaks of the high mountains in the distance filled my heart with joy. We stayed there for fortnight. I returned to Delhii reluctantly. The memory of my visit to Niligiris is still fresh in my mind.

Beginning Of Basketball Essay -- History Basketball

The Beginning of Basketball Have you ever had an interest in how something was invented? An interest in how your favorite activity or hobby came about? Ever since I was introduced to sports and how competitive it was, I became hooked. I enjoy playing football, basketball, and baseball. Of the three main sports that I play, basketball seems to be my favorite. It challenges endurance, speed, accuracy, agility, and strength. I feel guilty not knowing who created the game that takes up most of my free-time. It is time for me to learn about the inventor and the games past. Basketball is one of the most popular games in the United States. There are many different versions of it based on where one has grown up. In the less fortunate areas of the United States, a type of basketball originated called And 1. It is all about stunning the crowd with tricks. This form originated a league of amazing basketball players that are sponsored by And 1. And 1 is a brand of basketball accessories, and the name of a team that travel from city to city. The And 1 team takes on other teams, with the same playing styles, that think they are worthy enough of playing them. This form of basketball throws out some of the rules, such as traveling and carrying, in order to broaden up the ability to achieve tricks. Although there are different versions of the game, the original game is one of the largest played world-wide. He was born on November 6, 1861 in Almonte, Ontario, Canada, where he later attended high school. The man of average height, and weighing about one-hundred eighty pounds, lead an amazing life. His name was James Nasmith. After James graduated high school, he accomplished many incredible things. Nasmith started in 1887 with getting his phi... ...y of such accomplishments would be responsible for creating the game of basketball. It amazes me that not only did he invent basketball, he achieved getting 4 degrees, served in the military, won awards for being best rounded athlete, was a professor, a minister, a basketball coach at the University of Kentucky, a director, and a doctor. James Naismith was also "the first to introduce the use of a helmet in American football" (James Naismith). It makes me wonder if there is a man in the whole world that has ever accomplished more than the great James Naismith. Works Cited "Hall of Famers-James Naismith" Naismith Memorial Basketball Hall of Fame. 2000. 27 Feb. 2007 "James Naismith." Wikipedia The Free Encyclopedia. 24 Feb. 2007. 27 Feb. 2007 Petersen, Mary "The Basketball Man (Dr. James A. Naismith)" Highlights for Children. November 1, 2005.27 Feb. 2007.

The Role of Dreams in Genesis, Song of Songs, and The Oresteia Essay

The Role of Dreams in Genesis, Song of Songs, and The Oresteia When describing the role of dreams in ancient texts, Freud wrote, â€Å"They took it for granted that dreams were related to the world of the supernatural beings in whom they believed, and that they brought inspirations from the gods and demons.   Moreover, it appeared to them that dreams must serve a special purpose in respect of the dreamer; that, as a rule, they predicted the future.†Ã‚  Ã‚   He goes on to explain the findings of a fellow psychiatrist, Gruppe, who believed that there are two classes of dreams in ancient texts.   The first class is influenced only by the present or past and does not play a largely significant role in these texts.   The second class, however, is determinative of the future and is quite important to the understanding of the texts in which they appear.   This class contains dreams that are direct prophecies and directly show the future, dreams that are foretelling of the future and indirectly hint at what the future will be, and dreams that are symbolic and require interpretation to fully understand their explanation of the future.  Ã‚   The gods use all these types of dreams to play a direct role in the lives of men in Genesis, Song of Songs, and The Oresteia.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The use of dreams in Genesis is most obvious through the story of Joseph.   Dreams play an important role in determining the course of Joseph’s life, and are used to reveal the mind of God to the people.   The first dreams he encounters are those of the sheaves of his brothers bowing down to his sheaf, and the sun and moon and eleven stars bowing down to him.   These dreams best fit into Gruppe’s description of symbolic dreams.   While their explanation is fairly evident as showing tha... ...re very important in ancient texts because they present to mankind a world that they cannot see.   Without dreaming, there would be almost no connection to the gods, to those beings who impact and design life on earth.   As Freud states, there is significance in every dream; they each have a special meaning for the person who experiences them.   They are important because the gods can directly shape the course of a life through them, because they can be a form of communication with the gods, and because they can show what is going on behind the secret â€Å"god curtain† that humans cannot see through.   Without dreams, man would be stranded, left on earth by himself with no understanding of the meaning behind things.   For this reason, dreams are used as a major literary device, because they create a supernatural connection that everyone can experience and wonder about.   

“Interests” and Accounting Standard Setting in Malaysia

AAAJ 12,3 â€Å"Interests† and accounting standard setting in Malaysia Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur, Malaysia Keywords Accounting profession, Malaysia, Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process, within the context of a rapidly developing country.It shows how interest groups and parochial interests, along with issues of self-protection, affected the process of standard setting, which was controlled by different interests over the period under study. At one time the profession dominated. But far from being a monolithic body, it was in turn split according to various interests: the Big Six behind the Malaysian Association of Certified Public Accountants (MACPA) and the smaller firms behind the Malaysian Institute of Accountants (MIA).At other times big business prevailed. These conflicts and power struggles are revealed through an analysis of the case of the Goodwill Accounting Standard. Selvaraj D. Susela 358 Introduction This paper offers an understanding of the struggle within the accounting profession for control of the standard setting process, in the context of a developing nation. The focus on standard setting is specially geared to reveal the impact of that process on the profession, market, state and community, and vice versa.Susela (1996) illustrates that because standards clearly impact on practitioners (the profession), it is hardly surprising that they develop â€Å"interests† around standard setting, whether expressed through accounting associations or firms. The standard setting arena is here viewed as a site of struggle between interest groups, both within the profession and outside it. To date, no such study has been done of the Malaysian accountancy and standard setting domains. In particular, there has been very little scholarly a nalysis of events discussed here. The paper follows the actors and institutions involved in setting an accounting tandard based on goodwill, through a grounded study of the policy makers and their social context. The focus of the analysis is not the technical aspects of goodwill accounting but rather the process by which the standard was adopted. The analysis below highlights conflict within the profession, in particular the power struggle between vested interest groups: the Big Six and the smaller firms, or rather the chartered (including CPAs) and the non-chartered accountants. The author would like to thank the anonymous reviewers and the guest editor of this special edition for comments and suggestions that improved this article substantially.I also acknowledge the helpful comments of participants at the Fifth Interdisciplinary Perspectives in Accounting Conference, University of Manchester, UK, 7-9 July, 1997. The views expressed in this paper are solely the responsibility of t he author. Accounting Auditing & Accountability Journal, Vol. 12 No. 3, 1999, pp. 358-387. # MCB University Press, 0951-3574 The Goodwill Standard is an eminently suitable vehicle for empirical Accounting analysis. First, it is an issue which has been of concern to standard setters and standard setting regulators in Malaysia since 1971.Second, it is also intimately linked with the in Malaysia dynamic growth of the Malaysian economy and the shift in the state's objectives over the last 20 to 30 years. As these have recently involved encouragement of the corporate sector, a powerful group affected by, and 359 impinging upon, standard setting, tracking the goodwill issue is a way of analysing the corporate sector's entry into the standard setting process. Third, the historical analysis captures the changing attitudes to local initiatives versus overseas influences over time.Fourth, this is the only standard which was considered controversial at the time of the study. The existence of t wo accountancy bodies, the Malaysian Institute of Accountants (MIA) set up in 1967 by the state as a statutory body to regulate the accounting profession, and the Malaysian Association of Certified Public Accountants (MACPA) set up as a private association in 1958, complicates the notion of interests. The conflicts surrounding the two major professional bodies became the focal point as each strove to dominate the standard setting process. For a time, the MIA and MACPA collaborated on the GoodwillStandard. The outcome was the Malaysian Accounting Standard (MAS) 6, which required the amortisation of goodwill over 25 years. However, MIA adopted the standard in 1993, whereas MACPA deferred its approval. Furthermore, other players lobbied the state, and MIA was asked to defer its adoption of the standard. This paper analyses these events with a view to identifying the interests involved and the dynamic relationship between these interests. The discussion is organised as follows: the next section discusses briefly the notion of interests and the view of standard setting embedded in the empirical analysis.Then follows a brief review of the historical and institutional context in Malaysia, the object of which is to identify relevant features of the Malaysian context which may be unfamiliar to non-Malaysian readers. A historical analysis of the shifting fortunes of, and arguments put forward by, the various participants in the standard setting process appears in succeeding sections. The contribution of the paper is summarised in the conclusion. Interests Watts and Zimmerman (1978) heralded their study of the lobbying behaviour of companies as the beginnings of a theory that might explain the determination of accounting standards.Similar studies (Haring, 1979; McKee et al. , 1984; Watts and Zimmerman, 1986) also analysed the association between characteristics of respondents lobbying on specific accounting issues. The model employed was a â€Å"rational choice/rational actor† model. The concern in this section is not directly with the epistemological claims of the writers, although these claims have been subject to penetrating criticisms (Chua, 1986; Hines, 1988; Whitley, 1988; Robson, 1993). Rather, the aim is to contrast the approach taken here with the rational choice model employed by positive accounting theorists.AAAJ 12,3 360 Clearly, there are definite connections between actors' social locations and the interests they acknowledge or act upon, but there is no simple correspondence between the two (Hindess, 1989, p. 83). Actors are not mere creatures of their positions in sets of social relations, or their class, gender, or group. The forms of assessment available to them are rarely so limited as to be given uniquely by their social location. The conclusions of their deliberations depend on complex internal and discursive processes.They are not determined solely by the forms of assessment employed. This implies that interests do not f unction as a mere transmission device between social structure, on the one hand, and individual action, on the other. Interests cannot determine the means whereby the structure of society produces its effects. In other words, social structure is by no means a given entity operating outside of and above actors, manipulating them to produce its necessary effects. But this does not negate the perception of the existence of relatively pervasive and enduring social conditions.Instead, it provides a view of interests as â€Å"conceptions†. If they are to have consequences, it must be possible for them to be formulated by some actor or actors, and in this or some other way, to provide them with reasons for action. Therefore, the interests and reasons for action developed by actors depend on how they assess the contextual resources they are in a position to employ. Robson (1993) uses this mode of inquiry in his study of SSAP 13 on Research and Development.Being attentive to the forms of assessment utilised by actors in the standard setting process, he suggests not only that interests are an outcome of a historical process but that the identification of a particular accounting issue as a problem is also the outcome of a historical process. The conditions under which an accounting issue is conceived as a problem at a specific point of time are seen as matters for investigation (Hindess, 1988, 1989; Robson, 1993). In other words, any accounting standard contains a â€Å"representation† of a specific social and political context.Cooper and Sherer (1984, p. 208) contend that: . researchers should be aware of the possibility that actual policy outcomes may be an imperfect match with the underlying intentions and motivations; and . the strategic consensus and patterns of outcomes (in this case the accounting standards) may more or less consistently support some specific interest above others. These tenets have guided the analysis of interests presented below. O ne important implication is that analysis of standard setting must not be restricted to key actors in isolation.Instead, an overall understanding of the domestic political economy and the global political economy is necessary. Figure 1 shows that the interaction of the four organising principles  ± the state, the profession, the market and the Community  ± has to be studied within the local and global context, with due emphasis on the specific historical and DOMESTIC POLITICAL ECONOMY Interaction of State, Profession, Market and Community Constituencies of Regulation Interaction of Various Interest Groups Standard-setting Accounting standard setting in Malaysia 361DOMESTIC POLITICAL ECONOMY Stages of Economic Development Colonial History Socio-political economic systems GLOBAL POLITICAL ECONOMY Impact of Transnational Corporations International Trade International Accounting Standards International Accounting Firms Figure 1. Framework for understanding the accounting standard se tting process institutional environment of the society in which accounting operates. It must be recognised that the economy is now dominated by large corporations, and that the state is actively involved in managing the economy (Jesudason, 1990).The historical and institutional context Brief history of the accounting profession in Malaysia Since its formation, the MACPA has been actively involved in providing its members with technical guidance and training as well as setting the professional examinations. The dominant force behind the MACPA is the chartered accountants (CAs) from the UK and Australia. During the period 1958 to 1967, there was no legislation to regulate the accountancy profession.There were in Malaysia many accountants trained through various overseas bodies, with the balance trained through local examinations and training conducted by the MACPA, the only active local accountancy body during this period. Its membership consisted mainly of foreign qualified accountan ts, specifically CAs from the UK and Australia, and a handful of local CPAs. Membership of the Association of Certified Chartered Accountants (ACCA) in Malaysia was also growing. The Big Six[1] supported the MACPA and locals training in the Big Six firms were encouraged to sit the MACPA examinations.However, ACCA and Australian Society of Accountants (ASA) members received little support from Big Six firms (Susela, 1996). The ACCA and ASA AAAJ 12,3 362 graduates found it difficult to gain MACPA membership[2]. The state was persuaded by disgruntled ACCA and ASA members to set up a local authority to regulate the accountancy profession. The Accountancy Act 1967 provided for the registration of accountants and the establishment of the MIA. The MIA recognised ten professional bodies for admission purposes  ± the ASA and ACCA included.However, MACPA continued to dominate the development of the accountancy profession as the MIA was content with the statutory function of registering acco untants practising in the country (MIA, 1987). Since 1973 there have been several attempts by the two bodies to form a single national body through merger (MACPA, 1974). The state was keen to see the two bodies merge. At one stage the then Deputy Prime Minister (currently the Prime Minister) supported the formation of a unified profession (MACPA, 1980). Finally, the two bodies arrived at a merger proposal which was submitted to Cabinet but was rejected in 1985 (MACPA, 1985).The reasons for the failure of the merger are examined below, at the empirical stage. When the merger proposal failed, the Ministry of Finance in 1986 appointed a practising accountant (formerly a Council member of MACPA, and partner of a Big Six firm) to become MIA President, replacing the Accountant-General who had served as President since 1967. At the first Annual General Meeting of MIA held in September 1987[3], 700 out of over 2,500 ACCA members attended and voted in a new Council committed into turning MIA into an active regulatory professional body (De Freitas, 1992).The history of standard setting (focussing on goodwill) MACPA was at the forefront of developing and issuing accounting standards prior to the activation of MIA in 1987. Standard setting activities commenced during the early 1970s. The relatively laissez-faire atmosphere of the 1960s was replaced by greater state intervention with the introduction of the New Economic Policy in 1970, which sought to increase the Bumiputras[4] ownership of the corporate sector to 30 percent by 1990.Part of the effort to restructure the society was directed at reducing foreign ownership of assets in Malaysia. The New Economic Policy created an environment conducive to corporate mergers and takeovers (Tan, 1981, p. 9). Several foreign-owned companies were acquired by local corporations and by public enterprises operated by the state. The Malaysian government set up various government-controlled organisations to acquire interests in the corp orate sector in trust for Bumiputras.In circumstances such as these, the intention of such planned acquisitions was to achieve socio-political rather than corporate objectives. In this process, huge amounts of goodwill were recorded by big conglomerates. A Technical Committee was set up by MACPA in 1971, its immediate function being to act on a letter dated 10 September 1971 sent by Bank Negara Malaysia (the Central Bank) to the then President of MACPA[5], which pointed out, amongst other things, that there was a need for: . . rofessional standards to guide reporting by the accounting profession; Accounting guidance on specific accounting matters, including revaluation of assets, standard setting the creation of goodwill, and the criteria by which accountants would be in Malaysia prepared to recognise such items, and the treatment of stock in trade (MACPA Technical Committee, 1971). In that letter the Governor also urged that â€Å"MACPA take steps to establish for its members a st atement of generally accepted accounting principles and a statement of generally accepted auditing standards†.In the same letter, the Governor referred to the issue of goodwill as follows: F F F these analyses give rise to serious reservations about the upward revaluations of certain assets and the creation of â€Å"goodwill† by companies prior to offering their shares to the public or applying for listing on the Stock Exchange †¦ Generally, our Committee tends to view â€Å"goodwill† with scepticism and I would like to have the assurance that the auditing profession would not support the valuation placed on goodwill without full confidence that it is fairly stated. 63 After 1976, the MACPA Technical Committee undertook the review and consideration of international accounting standards (IASs) for possible local adoption, as well as studying the accounting policy of industries of particular importance to the Malaysian economy, or otherwise of interest to Mala ysia. During this phase (1970-1980), standard setting was very much an ad hoc activity as basic infrastructure was being put in place.The Central Bank, the Capital Issues Committee (CIC  ± part of the Ministry of Finance) and the Kuala Lumpur Stock Exchange (KLSE) were setting the standard setting agenda in a context where the proliferation of IASs was noted and welcomed, particularly as IASs were regarded as a means for achieving international recognition (Susela, 1996)[6]. However, beginning from 1980, the focus of the standard setters was on developing guidelines on issues that were peculiar to the Malaysian environment and for which there were no IASs, or where the IAS treatment was contrary to local legislation.Hence the emphasis was directed towards developing technical bulletins and recommendations which were later issued as definitive Malaysian Accounting Standards (MAS). When the International Accounting Standards Committee (IASC) issued IAS 22 on Business Combinations in 1985, two issues were found to be contentious in the Malaysian environment: (1) merger accounting; and (2) accounting for goodwill. MACPA had to consider two separate accounting standards to deal with these issues adequately. MAS 2 on Accounting for Acquisitions and Mergers was issued in 1989.Goodwill was the other issue. Why goodwill was a particularly problematic issue is clarified in the empirical section. Until 1986, MACPA issued its own standards (or adapted IAS standards) for adoption by its members. There was no other standard setting process. When the MIA was reactivated in 1987, it adopted all the standards previously AAAJ 12,3 364 adopted by MACPA. On 14 April 1986, a Joint MIA/MACPA Working Committee had been formed to discuss possible co-operation between the two bodies.From May 1987 until 1992, all technical standards were developed jointly by MIA and MACPA and issued as joint statements. The efforts of the Joint MACPA/MIA Working Committee resulted in the establishmen t of a Common Working Technical Committee in March 1989, consisting of members of MACPA and MIA. This also marked an important era in the standard setting history where both bodies worked jointly on the standards, especially addressing issues pertinent to the local environment, for example, MAS 1 on Earnings Per Share; MAS 2 on Mergers and Acquisitions and MAS 5 on Accounting for Aquaculture.One of the standards that resulted from this joint effort was the Goodwill Standard. Although the Goodwill Standard had been on the agenda of the MACPA Technical Committee since 1971, it was not pursued until much later. It is not clear why this was so[7]. The issue was raised several times by the CIC and the MIA was approached to develop a standard in 1987[8]. This prodded both bodies to work jointly, as by this time MACPA had immense expertise in standard setting.The MIA, in its enthusiasm to take over the leadership of the accountancy profession and maintain its privileged corporatist arrange ment with the state, and MACPA, in its eagerness to uphold the self-regulatory status quo, seized this opportunity to demonstrate their responsiveness to the call from the state and the prevailing â€Å"public interest† rhetoric. On 1 July 1987, the Presidents of the MIA and MACPA signed a circular to members which contained a questionnaire inviting comments on a discussion paper on goodwill accounting.The views received were so diverse that the issuance of a standard was deferred. While the debate continued, the need to establish an acceptable method of goodwill became more crucial. However, the two bodies did not pursue the matter until there was further prompting from the CIC. The CIC decided to take matters into its own hands by including in its guidelines subsection 17. 51 (CIC, 1991), which specifically states: Intangible assets fall into two (2) broad categories as follows: (i) (ii) goodwill; and identifiable intangible assets, such as patents, franchises, etc.The firs t category should be treated in accordance with the relevant accounting guidelines or accounting standards acceptable to the CIC. The second category should be amortised systematically over its useful economic life. It should not be revalued or have previous amortisation reversed and it should be written off immediately in respect of any permanent diminution in value. The promulgation of the CIC guidelines was considered to be timely (Tan, 1991, p. 3). However, it left many issues unanswered, such as the recognition and measurement criteria for intangibles.It was recommended that these issues be addressed using a holistic approach, and that the local professional bodies were most qualified to deal with the issues. This led to the next line of action by MACPA and the MIA: the Accounting commissioning of a study by an academic to determine the extant practice of standard setting goodwill accounting in Malaysia. A survey of published annual reports of 276 in Malaysia companies listed o n the main board of the KLSE was conducted in 1991. It was found that 155 of the 276 companies had a goodwill accounting policy.The treatments used were as shown in Table I. 365 The analysis clearly indicated a diversity of goodwill accounting treatments adopted by publicly listed companies in Malaysia. In fact, there was quite an even spread of companies between the three major approaches to goodwill. The MIA/MACPA subsequently jointly reissued another discussion paper on goodwill to obtain views from members and user groups on the preferred treatment of purchased goodwill. The revised discussion paper was issued in August 1991. A total of 112 responses were received.An analysis of their preferences is shown in Table II. Note that Table II refers to the preferred method of accounting for goodwill rather than the actual method used by listed companies. Of the respondents, 69 percent were senior officers of commercial, industrial and financial institutions. The preference for the amo rtisation method at that time contrasts both with the diversity of practice and hostility shown to this method later[9]. Based on the comments obtained, MAS 6 was issued as an exposure draft by the MIA in September 1992.MAS 6 was based on the UK ED 47, which had raised considerable controversy in the UK and had been shelved by then. However, based on the same responses to the survey, MACPA decided that existing views were too diverse and decided to defer MAS 6 until the fate of the UK ED 47 was determined. MAS 6 required that goodwill be amortised over 25 Treatment of goodwill Amortisation Permanent item Immediate write-off Others Total Source: Tan (1991) Number of companies 55 52 42 6 155 Percent 35 34 27 4 100 Table I. Treatment of goodwill  ± 1990 surveyTreatment of goodwill Amortisation Permanent item Immediate write-off Total Source: Tan (1991) Number of companies 85 25 2 112 Percent 76 22 2 100 Table II. Treatment of goodwill  ± preferences AAAJ 12,3 366 years. Although th e standard was the result of the joint effort of both professional bodies, MACPA decided to defer adoption of the standard until the IASC issued its revised standard on goodwill. Due to the disagreement over the adoption of the final standard (MAS 6), the Common Working Technical Committee was dissolved in 1992 and the MACPA/MIA collaboration accordingly ceased.It has been hinted (by most respondents from the profession and market, in particular, from both MIA and MACPA committees) that the goodwill issue contributed significantly to the cooperative gesture on the part of both the bodies, as well as to the subsequent dissolution of the co-operative charade. After the Committee was dissolved, both professional bodies pursued separate ways of developing standards. The now separate accounting standards committee of the MIA recommended that the MIA Council adopt MAS 6 in 1993 as a definitive standard to be effective commencing on or after 1 January 1995, whereas MACPA deferred its adopt ion.This led to confusion. It also threatened MACPA's control over standard setting and over the profession more generally[10]. The adoption of MAS 6 raised objections from certain big corporations, and the Federation of Public Listed Companies (FPLC)[11] decided to take the matter up with the Minister of Finance, who referred the matter to the MIA. A memorandum, submitted to the MIA by the FPLC, was delivered by hand to the MIA on 6 December 1993. The MIA firmly initially stood by its decision to implement the Standard.However, towards the end of 1994, faced with increased state pressure, the MIA deferred implementation of the standard to 1 January 1997. In July 1997, the Financial Reporting Act 1997 was passed and the Malaysian Accounting Standards Board (MASB) was formed to issue legally binding accounting standards[12]. Apparently, standard setting activity was taken out of the hands of the profession. Subsequently, the Companies Act 1965 was amended to require compliance with a pproved accounting standards[13]. Until the establishment of MASB, enforcement of standards had been undertaken by the professional bodies.However, this mechanism was felt to be less effective as the profession could only take action against their own members rather than the directors responsible for financial statements. MACPA and MIA members were likely to be auditors or employees rather than directors of non-complying companies (Susela, 1996). With accounting standards now enforceable by law, the stakes for players affected by the number of accountants were raised, intensifying the contested nature of standard setting. Interaction of state, profession, market and community Puxty et al. 1987) identify three organising principles of accounting regulation. Within each principle, there are actors. Puxty et al. (1987) refer to â€Å"diverse state managers† such as politicians and senior civil servants representing the state; â€Å"agents of factions of capital† represent ing the market, and representatives of organised interest groups representing the community. An explicit corporatist Accounting theorising is built into Streeck and Schmitter (1985), which raises the standard setting possibility of a fourth organising principle, the â€Å"corporative-associative†.This in Malaysia implies an acknowledgment of a substantial degree of autonomy on the part of the state from the business sector (market). In Malaysia, the state has shown that it is capable of pursuing interests other than that related directly to the 367 economic sphere (Jesudason, 1990). Most notably for our purposes, the state intervened in accounting regulation in 1967 by setting up the MIA, a move seen as aiming to achieve social objectives. In particular, with the implementation of the New Economic Policy, the state sought to adjust the economic inequality among the various races.The setting up of the MIA was viewed as a step to increase the number of Bumiputra accountants in the country. Under the Accountants Act 1967, accounting graduates from local universities were given recognition by the MIA, thereby significantly increasing the accountant population, especially amongst Bumiputras (Susela, 1996). Under the corporative-associative arrangement devised in Malaysia some power and autonomy of the state was delegated to the MIA. It was this arrangement that an activist MIA used some 20 years later to attempt to usurp the standard setting authority of MACPA.This paper views institutions and practices as an outcome of interactions between parties who are positioned within a structure of politico-economic relations that is simultaneously united and divided by internal contradictions, tensions and struggles. Accordingly, the actions and accounts of these parties are theorised as an expression of the fusing of the principles of market, state, association[14], and community. Actors As noted earlier, certain modes of analysis only recognise human individuals as actors (for example, rational choice; liberal political economy).However, the importance of actors other than human individuals, such as capitalist enterprises, churches, political parties, state agencies, trade unions, and professional associations, has been recognised. Hindess (1989, p. 92) calls these social actors and argues that they have a place in social inquiry. On the other hand, Puxty et al. (1987) note that it is a mistake to stress the explanatory power of structural conflict if the effect is to deny or neglect the critical role of agents in the reproduction of social systems.They argue that although the agents are clearly conditioned by the location of their positions within the class structure, the â€Å"inventive† responses by the agents to the manifestation of contradictions that are continuously â€Å"thrown up† are not programmed by this location. The â€Å"state, profession, market and community† categorisation is not used here to suggest tha t predetermined interests are thereby created or presumed. It is against this background that the conceptions of â€Å"interest† formed by individual actors are discussed below.However, it is necessary first to identify the actors whose conceptions will be analysed. AAAJ 12,3 368 Constituencies of standard setting in Malaysia At various times, different institutions and interested parties have become involved with the standard setting process. These parties, referred to here as constituencies[15] in the standard setting process, form the target group for the empirical study. Through the review of the annual reports of both MACPA and MIA during the period 1971 to 1995, a listing of all persons involved in the accounting standards committees of both bodies was constructed.A total of 101 persons were involved. This represented the initial research sample and a total of 101 letters were sent out. The breakdown of the respondents is provided in Table III. The sample has been categ orised[16] according to the social location of the actors as follows: State: (1) Ministry of Finance. (2) Treasury. (3) Accountant General. (4) Bank Negara Malaysia. (5) Securities Commission. (6) Inland Revenue Department[17]. (7) Director General of Insurance. (8) Auditor General. (9) Registrar of Companies.Profession: (1) The â€Å"Big Six† public accounting firms. (2) Small and medium public accounting firms. Market: (1) Listed corporations. (2) Unlisted corporations. (3) Investors' association. Response Initial sample State Profession Market Community Total 19 45 23 14 101 Percent 19 45 23 14 100 Number 12 26 16 11 65 Percent 18 40 25 17 100. 0 Table III. Analysis of responses (4) (5) (6) (7) (8) (9) (10) (11) The Kuala Lumpur Stock Exchange. The Federation of Public Listed Companies. Multinational companies.Financial institutions. Merchant and Commercial Banks. Tax and Management Consultancy firms. Federation of Financial Analysts. Association of Merchant Bankers. Accou nting standard setting in Malaysia 369 Community: (1) Institutions of Higher Learning. (2) Other institutions such as the Institute of Strategic Issues (ISIS), Malaysian Institute of Economic Research (MIER), Malaysian Economic Association (MEA), Institute of Surveyors. (3) Consumers' Association. (4) Trade Unions. (5) Environmental groups.The responses of the above 65 actors to follow-up in-depth interviews provide the evidential basis for the empirical analysis below. In order to maintain the anonymity of the respondents in this paper, the respondents are quoted by reference to the interview number, that is interview number 1 to 65 (i-no-1 to ino-65). A brief overview of the constituencies and actors involved in goodwill standard setting is provided below, prior to the discussion below of the conceptions of â€Å"interests† brought into play in that arena.From Table III, it can be noted that participants from the profession (45 percent) and market (23 percent) formed the bi ggest group of players in the standard setting process. With regard to the professional accounting bodies, up until the formation of the MASB, the standard setting machinery operated under the auspices of MACPA and the MIA (from 1987). They were the standard setters. As late as 1995, one practitioner noted that â€Å"the way standards are set today and what it was, in the last ten years, has not changed dramatically as to who are the key players doing it† (i-no-18).However, as argued below, the corporate sector had lately been adopting an active role and the autonomy of MACPA and the MIA from the corporate sector were subsequently questioned, or compromised, or both. The accounting firms were identified as players in the process (i-no-18), but they did not speak with one voice. Most respondents emphasised that it was the Big Six (predominantly CAs and CPAs) that were the major players in the standard setting process in the MACPA camp, whereas the smaller firms drove the show in the MIA (predominantly ACCA members). However, until the AAAJ 12,3 370 ormation of the MASB, the significance of this division derived from the fact that standards issued by MIA were influential with respect to all accountants, whereas standards issued by MACPA impacted only on its own members. The participation of the major publicly listed companies, including multinationals, in standard setting increased in tempo with the rapid growth in the country. In 1992, MACPA set up a Commerce and Industry Committee to â€Å"ensure that the interests and views of members in commerce and industry are properly reflected in the Association's policies and activities† (MACPA, 1992, p. ). The involvement of commerce and industry came to the fore with the MIA's adoption of MAS 6. The business sector had previously been quite content with the standard setting regime until a standard was adopted that appeared unfavourable to a lot of the publicly listed companies. Even then, the FPLC only b ecame involved when MACPA's request to the MIA to defer the standard was turned down (i-no-8). Multinationals had various representatives, accounting and others, participating in the regulatory authorities and also in the profession.As one multinational respondent explained: I am in MACPA, we have got people in MIA, we have got people in MIT (Malaysian Institute of Taxation), MAICSA (the Malaysian Association of The Institute of Chartered Secretaries and Administrators), CIMA (Chartered Institute of Management Accountants)  ± we encourage people to participate in local regulatory bodies. Our chief executive used to sit in the CIC (Capital Issues Committee) before the present SC (Securities Commission) was set up (i-no-64).While some respondents welcomed the involvement of multinationals in standard setting because of the resources they might contribute to the process, others were also aware that the multinationals had their own agendas (i-no-64; i-no-9). Many respondents (e. g. i- no-34; i-no-13; i-no-3) claimed MACPA was stalling on the goodwill standards because of objections from industry: There was a lot of objections from industry and might be MACPA in some ways foresaw that and it did not want to get involved in that sort of problems. But MIA did  ± they are new? ecause they new to the game and did not think it will be a problem. They thought they can make a rule and impose it (i-no-34). The Accountant General was seen by some respondents (i-no-7; i-no-10; i-no-22; i-no-28; i-no-35; i-no-37; i-no-51) as the intermediary between the profession and the state and was believed to be on the MIA Council in order to represent the national interest. The extent of the Accountant General's involvement in standard setting was unclear. Although not a member of the Accounting Standards Committee, he was a member of the MIA Council that approved the Goodwill Standard.The Accountant General's view was that due consideration was not given to the views of all parties potentially affected by the Goodwill Standard. The state's views on the standard were not considered before the adoption of the standard, as one might expect in a corporatist context. This view was supported by one respondent from the Accountant General's office, who said that the state only reacted after the Goodwill Standard had been issued (i-no-35). Subsequently, however, the state called a meeting of the MIA nd the other parties to discuss the objections to the standard and the Ministry Accounting of Finance â€Å"requested† the MIA to defer MAS 6. standard setting As previous sections have noted, regulatory bodies such as the Bank Negara in Malaysia and the CIC[18] played a significant role in getting goodwill onto the standard setting agenda of the professional bodies in the 1970s and 1980s. In addition, the perception that accountancy might become an occupation to which 371 Bumiputras could be directed was part of the New Economic Policy.By the 1990s, however, with th e corporate sector and the Big Six lobbying strenuously against MAS 6, the state did not feel inclined to defend the standard. Accounting standard setting and interests Perceptions about the professional bodies As shown in Appendix, respondents were asked six open-ended questions. The third question was aimed at understanding perceptions regarding the existence of the two professional bodies. The question was as follows: The proposal for a merger of MIA and MACPA is again being pursued.Why do you think this issue is currently being pursued in spite of failures of such attempts in the past? Do you consider that circumstances have changed now? Certain themes have been extracted from the transcripts of interviews on grounds of their relevance to issues raised in this paper. As noted earlier, the professional bodies had discussed merging in the early 1970s. Eventually, a merger proposal was submitted to Cabinet in 1985 in order to amend the Accountants Act 1967 accordingly. In fact the merger was encouraged by the Deputy Prime Minister at that time.However, the proposal was rejected. A common understanding from the accounts of respondents within the profession was that the merger was seen by some groups as contrary to their interests. For example, the Institute of Cooperative Auditors, which had approximately 40 members at that time, wanted to be included in the merger, a demand not acceded to by other key players (i-no-3). Following successful lobbying of the Ministries concerned, the opposition of a key Minister to the merger was sufficient to derail it[19].One respondent recounted the situation when the merger proposal was rejected. There was rising discontent within the ACCA regarding its lack of activity vis-a-vis MACPA. This inevitably led to strong support for the A reactivation of the MIA. The efforts of the newly appointed President (a discontented former MACPA Council member) to revive the MIA and establish it as the one and only national professional bo dy were supported by the ACCA camp (i-no-24; i-no-33). One ACCA member noted further that â€Å"those who got into MIA from ACCA then had a bit of `missionary' zeal† (i-no-29).He reasoned that when MIA was resuscitated, the ACCA members feared that if they did not take an active role in running the MIA, then it would become another MACPAcontrolled body. In 1994, the two bodies were subtly forced[20] to sign a memorandum of understanding to work towards a merger. At the time of the field study, the AAAJ 12,3 372 negotiations between the two bodies were in earnest. However, by the end of 1995, the talks were called off. Most respondents (from the profession and the market) alluded to the existence of friction and professional jealousy between MIA and MACPA.This dynamic was seen to contribute to the intensity of the struggle over standard setting, as that arena was one where the dominance of one body over the other could be sought and resisted, and the outcome made more or less visible. Contributing to the struggle was the fact that both bodies were supported by â€Å"powers† seen to be equally dominating (i-no-19; i-no-16; ino-17; i-no-48). Respondents also noted that MACPA supporters were concerned about the withdrawal of government recognition if it did not get in with MIA (i-no-23).It was felt that the rivalry between the two bodies extended to the arena of standard setting. As noted previously, MACPA's Accounting Standards Committee was viewed by respondents in the profession as dominated and supported by the Big Six, and it was said to have the advantage in terms of technical support and resources. On the other hand, MIA's Standards Committee was dominated by small firms. As noted by a former Chairman of the Committee, its concern was with parochial interests (i-no-13).This comment from a practitioner typified the feeling: F F F really MIA in all respects has done a lot for the smaller accountants but they have lost a sense of perspective in d ealing with MACPA. I know there have been lots of provocation on both sides and that has all mucked up the standard setting process (i-no-43). Views about the profession Respondents from the state revealed mixed perceptions about the profession. On one hand, those who had been in close contact with the profession (i-no-14) had reservations about its ability to set standards.On the other hand, those who were mere observers (not in touch with the developments in accounting circles) still held onto the image of the professional as being somewhat â€Å"neutral† (i-no-22; i-no-59). The views of practitioners differed between the Big Six and others. On one hand, the Big Six practitioners were of the view that the profession needed to be more proactive and responsive to change, to be flexible and visionary (i-no-18; ino-29; i-no-57). It seems the profession was beginning to acknowledge other â€Å"players† in the standard setting arena.There was also a willingness to allow ma rket forces to play a role. On the other hand, the small practitioners emphasised the notion of holding onto the ideals of â€Å"sanctity† and independence. However, they conceded that accounting might not be as â€Å"objective† as it has made itself out to be (i-no-8; i-no-24). The market respondents (mostly businessmen who were also accountants and members of the professional bodies) stressed the need for a unified profession (i-no-47; i-no-15) and they saw themselves as important players in the standards setting process (i-no-2; i-no-3; i-no-15).The perception amongst the business community was clearly that accounting standards should facilitate business, and that the accounting profession's role was to serve the business community. There was unanimous agreement that accounting Accounting standards should not be the monopoly of the accountants and that the standard setting profession should not be left to regulate standards because of vested interests in Malaysia (i -no-12; i-no- 52). The community respondents emphasised the ethical foundations of the profession.There was still a sense of â€Å"respect† accorded to the profession. In 373 particular, the moral obligation associated with being accorded the status of a profession was emphasised by such respondents, who further saw the involvement of the state in accounting regulation as being limited to achieving socio-political goals. Some respondents held that the MIA was set up to partly ensure the New Economic Policy objectives were met in terms of ethnic composition of professionals.Their feeling was that the state should be involved in the development of the profession as a whole, but at the same time they supported self-regulation. A clear message comes through from the analysis of the perspectives of the four groups. The state respondents had become aware that the profession had internal conflicts and vested interests. They gave the impression that although the state might have an i nterest in the development of the profession, they preferred to keep an eye from a distance.That is, division within the profession had not seriously disrupted the commitment of state agencies to corporatism. The profession and market respondents were also aware of the internal struggles and conflicts and therefore wanted to be actively involved in the regulatory process. However, the community respondents, whilst acknowledging conflict within the profession, preferred to hold onto the notion that â€Å"the profession knows best†. To summarise: the internal conflicts and tensions within the profession impacted on the standard setting process.The MIA, the national accountancy body with the advantage of being formally constituted as the accounting player in corporatist arrangements, became a problem for MACPA when the MIA was reactivated in 1987. Because of the close links between MACPA and the Big Six, the MIA's adoption of an active stance was a threat to the Big Six and the foreign accountants employed by them. MIA, representing quite different constituencies, became a vehicle through which small, indigenous firms could become involved in standards setting.In particular the authority inherent in corporatism gave the MIA constituents the opportunity to usurp the authority of their MACPA counterparts in an important arena of professional activity. It was precisely the Goodwill Standard that provided the first opportunity to exercise that authority. However, the respondents' comments indicate that the struggle between MIA and MACPA was conditioned by and a function of the authority of other powerful players, for example the state and, most particularly, the business sector, as will be shown below.Accounting for goodwill: analysis of discourses Analysis of responses to question 6 (in Appendix) is discussed in this section. The question was: â€Å"What are your feelings about the Goodwill Standard issue? † AAAJ 12,3 374 The aim in this section is not to validate or dispute these claims but rather to draw attention to the conceptions of â€Å"interest† they reveal. The issues raised fall into three categories: (1) those concerned with the technical and professional rivalry; (2) those concerned with socio-economic consequences; (3) those concerned with the need to study the problem in relation to the specifics of the Malaysian environment.Concerns about technical and professional rivalry An MIA Council member (i-no-58) believed the Goodwill Standard was objected to because it was perceived that MIA was trying to lead the world. The respondent admitted there was a lack of understanding of the issues: F F F in fact the FPLC people were with us too. The secretary was surprised that amortisation of goodwill you can still pay out dividends. It is just at group consolidation only. Just affects group accounts  ± does not affect the companies' accounts †¦ There was a lack of understanding of accounting.Because everybody tho ught that goodwill here is mostly brands, patents and those sort of things  ± we are not talking about that  ± it is just goodwill on consolidation. This position focuses on the impact of MAS 6 on dividend policy. Opponents of the standard  ± even the FPLC, cited here in support  ± later criticised it on the basis of its socio-economic consequences. As well as illustrating further the shifting of positions throughout the goodwill controversy, the MIA Council member's statement could be seen as part of the MIA's concern with technical purity.Those arguing on the basis of generally accepted accounting principles also supported the implementation of the standard because the amount of reported goodwill was rising as intercorporate acquisitions proceeded; hence the need to implement a standard (i-no-20; i-no-42; i-no-33). Another argument used by the proponents of MAS 6 (especially the MIA Council) was that the standard, apart from allowing a longer maximum amortisation period (2 5 years instead of 20), was similar to overseas standards and therefore should apply to Malaysia. However, it appears that there were other concerns as well.In particular, the then Chairman of the MIA Standards Committee recounted: I was Chairman  ± I had no role in so far as structuring the Goodwill Standard  ± I was chairman of the committee which passed a resolution to say â€Å"we adopt it† and recommend the Council to adopt it †¦ We were not concerned with the technical aspect of the Goodwill Standard †¦ were concerned with the administrative aspect and I did an administrative role  ± MIA can't be subservient to MACPA (i-no-8). The link between professional rivalry and standard setting is apparent here.Socio-economic and political issues Opponents of MAS 6 attacked the MIA's technical arguments. Those concerned with the socio-economic consequences argued that the accountant's concept of goodwill is merely a meaningless balancing figure, the result of an a ccounting treatment which produces meaningless information (i-no-2; i-no-3, i-no-15). In Accounting 1992 Price Waterhouse circulated a document to clients which stated: standard setting The proposals as set out in the exposure draft on accounting for goodwill would, if adopted, have a major impact on the earnings record of many Malaysian Groups.We, therefore, encourage you to consider the proposals carefully and write to the MIA and MACPA (Price Waterhouse, 1992). in Malaysia 375 Soon after, the FPLC produced a memorandum (1993, p. 8) which claimed that MAS 6 â€Å"ignores business and economic realities†. Echoing the Price Waterhouse position, it claimed that goodwill amortisation reduces postacquisition earnings and is a disincentive to businessmen and entrepreneurs who assume significant risks in their investments, thereby discouraging the growth of companies through mergers and acquisitions (FPLC, 1993).A practitioner from a Big Six firm simply said â€Å"there is a broa der picture to it† (i-no-19). Another respondent expanded on this broader picture: F F F we are arguing that we are in the stage of experiencing growth and therefore, it might be too early to adopt the goodwill standard as it might have a severe impact upon the profit of listed companies (i-no-20). Other opponents also made similar arguments, adding that goodwill amortisation would, in the absence of associated tax relief, hamper development of capital markets through its impact on reported earnings.The other concern expressed was that Malaysian companies would be placed at a competitive disadvantage by the standard. A practitioner from a Big Six firm explained: F F F they actually said †¦ â€Å"look †¦ why don't we just ride for a while †¦ first, given that IAS 22 was then under revision †¦ let us look where, which direction they are moving and when that standard comes we can look at our standard, I think also looking at UK, there isn't a need †¦ why should Malaysian companies be put at a competitive disadvantage? ‘ (i-no-33). Another respondent (an analyst) remarked: F F F some of us are able to see beyond accounting policies  ± the significance of it †¦ if you are really looking at the economic worth of the company, you know that whether you write off goodwill over 40 years or one year or whatever, the economic worth of the company is the same †¦ it is just an accounting policy (i-no-11). In the analyst's view greater discussion should have ensued among the various interest groups on the economic consequences of the standard.The â€Å"economic consequences† discourses cited here indicate how the interests of the corporate sector were now being constructed and represented through a vision of commercial reality standing in contrast to the arcane technical discourses of accountants[21]. Whatever the validity of these claims, the interests of the sector were now firmly embedded in debates about standard s etting. Consideration of the specific nature of the economy Some respondents appealed for a consideration of the specific nature of the Malaysian economy, pointing out that Malaysia was a developing economyAAAJ 12,3 376 with particular state policies in place. The result was a unique socio-economic context that required consideration before any standard on goodwill was imposed. For example, a former banker pointed out that it was the peculiar regulated environment in Malaysia that created huge goodwill accounting numbers, some portion of which might be represented by identifiable intangibles. MAS 6's amortisation requirements were problematic because they did not acknowledge that Malaysia was different: F F F my concern now is the user †¦ ow I am on the other side †¦ when I look at some standards, I say, it is not practical †¦ then I would have to structure the business deals in such a manner so I can overcome this problem †¦ For example, the goodwill issue †¦ you are going to have a lot of problems †¦ one of which is the peculiarities of listing in the country  ± because in Australia, you can go up and get the cost of listing, say $250,000 and merchant bankers fees, that is it.In Malaysia, because of the restricted nature and a premium allowed for listing  ± there is a value  ± sometimes if it is a loss-making company, there is a bigger value  ± so, you actually have this value concern that is there †¦ is being created because of the supply and demand †¦ may be until such a time as the premium drop (i-no-3). A corporate director, also involved in the standard committee, made a similar observation: F F F maybe in a developed country like the UK and Australia and all that †¦ ot much goodwill paid anyway when you acquire a company because their markets are very matured, their businesses are very matured, so maybe their purchase price is very close to their NTAs, but in a country like Malaysia, where there is h igh growth and lots of growth prospects, very often the valuation is on the basis of price-earnings capabilities and on that basis, you find that a high portion of the purchase price is in goodwill, the NTA is actually very low but the value of it is in the licence.If you took over Genting (the only Casino in Malaysia), for example †¦ the value is in the licence to operate a casino †¦ that is the main crux of the issue and it makes a lot of difference to the companies here because when you acquire other companies and you pay very high goodwill, obviously, you as a businessman, when you acquire it and you pay cash for it, unless you think it is really worth, why would you want to pay for it †¦ why should your accountant come and tell you it is not of value and depreciate it †¦I have got to write off $4 million a year for what? It is not necessary but because of your (the accounting profession's) insistence and your discomfort with goodwill as a concept, you arbitr arily ask me to write off $4 million a year and because of that my results get impacted by $4 million write-off and the public doesn't know  ± they don't understand the issues involved  ± so they think we haven't done well. That is the crux of it (i-no-2). The FPLC memorandum further supported the above views.In Malaysia, licences for activities such as banking, stockbroking, gaming and broadcasting are controlled and regulated. For example, no new banking licences have been or will be issued. Other licences are issued in a very restricted manner. The resulting scarcity leads to significant premiums being attributed to companies that hold such licences, more so than in developed countries that do regulate such industries but do not freeze the issuance of new licences (FPLC, 1993, p. 11).Therefore, the proponents of this view advocated that an accounting standard for goodwill should not be implemented in isolation from consideration of intangibles such as licences, brands, franch ises and trademarks. A member of the standards committee, being the technical manager of a Big Accounting Six firm, expressed a similar view: standard setting F F F in our environment, considering the regulated context F F F a developing country F F F there could be a need to kind of modify the standard in that light (i-no-42). in Malaysia 377 So did a technical consultant with a Big Six firm:There is a special case F F F because there are more special equity arrangements in Malaysia, whoever buys or sells a company F F F where there has been enormous amount of corporatisation activities F F F in the Malaysian accounts than in any other country in the world F F F it appears to be a reflection of the fragmented capital structure of the companies F F F when share price gets high F F F they like to cash in and try something else F F F whereas in the US, once a company has bought something F F F they tend to sit on it for a very long time F F F so it is wiped F F F Unless we push for a goodwill standard when the economy is good as it is now (early 1995)[22] (i-no-43; similar comments were made by a corporate executive (i-no-9)). A practitioner from the Big Six very much involved in the MACPA Standards Committees observed that: F F F in Malaysia, we pay excessively for companies that we buy.There again, can we say we are paying excessively when those prices that are paid are justified, when these prices that are paid are justified on relative low P/E ratios and those prices are vetted and allowed by the Securities Commission (SC)? The SC is not going to allow excessive pricing. I don't know whether developed countries are different from developing countries in that sense †¦ A country that is developing must be permitted or given a chance to develop. I am sure in the early days, the huge goodwill that was paid to US or European companies were not written off or amortised. But there came a point in time, through inflation and all that, over the years  ± those huge goodwill came to nothing.There could very well come a point of time where the half billion goodwill paid by Malaysian companies, 30 years down the road, the half billion still left in the books  ± it is so insignificant  ± the directors will write it off in one year (i-no-6). What this illustrates is that MACPA-linked practitioners and market respondents were more attentive to the implications of MAS 6 for the corporate sector than the MIA committee composed of non-Big Six personnel. The market respondents expressed concern that the profession (meaning the MIA) could not be expected to consider the socio-political implications of a standard, focusing instead on technical or theoretical considerations. That MACPA would not feel bound by such considerations is hardly surprising as a majority of the publicly listed companies are audited by the Big Six[23].Analysis of respondents' attitudes to MAS 6 further highlights the hostility of the MACPA/Big Six camp to MAS 6, as seen in Tables IV and V. Views on MAS 6 For Against No comments Total MACPA 0 21 12 33 MIA 6 2 6 14 Non-accountants 2 1 15 18 Total 8 24 33 65 Note: â€Å"Non-accountants† includes all respondents who were neither members of the MACPA or MIA Table IV. Respondents' views on MAS 6, highlighting MACPA/MIA differences AAAJ 12,3 MAS 6 received no support at all from MACPA or the Big Six. A significant majority of MIA people supported the standard; the non-Big Six firms also supported it, but only marginally[24]. The views of non-accountants were also more evenly divided than those of the MACPA/Big Six camp. `Interests† and the politicisation of standard setting Previous sections have already implied that standard setting in Malaysia became politicised over the course of the goodwill saga. This development was widely appreciated by the participants themselves and is explored in more detail below. The key point is that by the 1990s, the corporate sector was being taken very seriously , even by influential players within the profession. For example, one respondent from the Big Six noted: F F F basically, you have to know what the world is like in real terms †¦ whether businesses will adopt it freely, happily or not. Something which is good during a rising market will not necessarily be good during a falling market.So, this idea of accountants that anything you adopt should be consistent is an easy concept for certain things and to be realistic the consistency should be under certain circumstances of the market. Otherwise, you can make a rule over action, other people are not happy to abide by it, so people find arguments not to do it (i-no-34). 378 There was unanimous agreement among Big Six standard setters that business's wholehearted acceptance was crucial. Furthermore, the state was expected to acknowledge, or at least be aware of, this very point. A practitioner from a medium-sized firm said: Certainly, it is not racial politics  ± it is more governme nt in being democratically elected †¦ ust listen to people who have vested interest to protect and the government thinks their interest is more important than accountants  ± the accountants have no interest except they have a formalised way of doing things and since they have formalised a way of doing things, there is commonality in dealing with particular issues. Accountants do not gain or lose by implementing the standard  ± accountants can say because we have this standard, we know the financial statement would have some common feature F F F Otherwise you see goodwill going up and up all the time (i-no-8). The political nature of the standard setting process is evidenced by the lobbying activities carried out after MAS 6 was adopted by the MIA.Respondents felt that the state was more attentive to the big business lobby Views on MAS 6 For Against No comments Total Big Six 0 15 4 19 Non-Big Six 3 2 7 12 Others 5 7 22 34 Total 8 24 33 65 Table V. Respondents' views on MAS 6 , highlighting Big Six/Non-Big Six differences Note: â€Å"Others† includes MACPA/MIA members who had moved out of public practice. The MACPA respondents who had no comments had not been involved in the goodwill accounting discussions than to accounting principles. One saw the state's stand as â€Å"protecting the Accounting interest of certain parties against others† (i-no-58). standard setting Arguing interests As indicated above, the goodwill controversy underlined the segmentation of the Malaysian accountancy profession over time, under pressure from st

The Sociologists Take on Feminism

The Sociologist's Take on Feminism What feminism means is a hotly contested debate in the twenty-first century. Often, efforts to define feminism are hatched in response to critiques or dismissals of it as angry, irrational, and man-hating. The term itself is so widely contested and derided that many people adamantly state that they are not feminists, despite espousing what many consider feminist values and views. So what is feminism really all about? Equality. Not just for women, but for all people, regardless of gender, sexuality, race, culture, religion, ability, class, nationality, or age. Studying feminism from a sociological perspective brings all of this to light. Viewed this way, one can see that feminism has never really been about women. The focus of a feminist critique is a social system that is designed by men, guided by their particular gendered world views and experiences, and designed to privilege their values and experiences at the expense of others. Who those men are, in terms of race and class, among other things, varies from place to place. But at a global level, and especially within Western nations, those men in power have historically been wealthy, white, cisgender, and heterosexual, which is an important historical and contemporary point. Those in power determine how society operates, and they determine it based on their own perspectives, experiences, and interests, which more often than not serve to create unequal and unjust systems. Within the social sciences, the development of a feminist perspective and feminist theories have always been about de-centering the privileged white male perspective from framing social problems, the approach to studying them, how we actually study them, what we conclude about them, and what we try to do about them as a society. Feminist social science begins by casting off the assumptions derived from the particular standpoint of privileged white men. This means not just reconfiguring social science to not privilege men, but also, to de-center whiteness, heterosexuality, middle and upper-class status, ability, and other elements of the dominant perspective in order to create a social science that combats inequality and fosters equality through inclusion. Patricia Hill Collins, one of the most accomplished and important American sociologists alive today, referred to this approach to seeing the world and its peoples as intersectional. This approach recognizes that systems of power and privilege, and of oppression, work together, intersect, and rely upon each other. This concept has become central to todays feminism because understanding intersectionality is central to understanding and fighting inequality. Collinss articulation of the concept (and the lived reality of it) is what makes race, class, sexuality, nationality, ability, and many other things necessary to include in a feminist perspective. For, one is never simply just a woman or a man: one is defined by and operates within these other social constructs that have very real consequences that shape experiences, life chances, perspectives, and values. So what is feminism really all about? Feminism is about fighting inequality in all of its forms, including classism, racism, global corporate colonialism, heterosexism and homophobia, xenophobia, religious intolerance, and of course, the persistent problem of sexism. It is also about fighting these on a global level, and not just within our own communities and societies, because we are all connected by globalized systems of economy and governance, and because of this, power, privilege, and inequality operate on a global scale. Whats not to like?

ABEKA VOCABULARY, SPELLING, POETRY IV QUIZ 12A Essay Example

ABEKA VOCABULARY, SPELLING, POETRY IV QUIZ 12A Essay Example ABEKA VOCABULARY, SPELLING, POETRY IV QUIZ 12A Paper ABEKA VOCABULARY, SPELLING, POETRY IV QUIZ 12A Paper Essay Topic: Poetry spell each spoken word aerial spell each spoken word guarantee spell each spoken word lieutenant spell each spoken word sheik spell each spoken word sacrilegious spell each spoken word muscle spell each spoken word anoint spell each spoken word hydraulics spell each spoken word symmetrical spell each spoken word connoisseur emaciate to become or cause to become abnormally thin, as by starvation or sickness substantiate to prove existence or validity with evidence or proof; to verify delineate to give a detailed description accelerate to increase the rate of movement, growth, or progress of something iterate to say or mention again repeatedly annihilate to reduce to nothingness fluctuate to vary or change irregularly intimidate to make timid; to make fearful by threats propitiate to cause to be favorably inclined initiate to start or began; to take the first step

Free Essays on Kingdom Of Mathias

Johnson, Paul E. and Sean Wilentz. The Kingdom of Matthias. New York: Oxford University Press Inc., 1994. â€Å"The meeting of the Prophets Matthias and Joseph Smith was one of hundreds of strange religious events that occurred all across the United States from the 1820s through the 1840s† (6). These were the peak years of the market revolution and the Second Great Awakening. During anytime of great change and uncertainty, people who are directly affected can be left searching for answers to such questions as why did this happen, and why did it happen to me? They may feel like they have lost their place and interpret certain things that only apply to them or want to apply to them. Certainly the market revolution and Robert Matthews are no exception. The major theme of The Kingdom of Matthias is that uncertainty breeds individual vulnerability. This can make people susceptible to believing and behaving in ways that they normally would not. The first example is Elijah Pierson. â€Å"He was a supremely unlikely candidate for membership in the cult of Matthias† (13). Leaving a tight-knit patriarchal society, he took a job as an apprentice clerk in New York City hoping to earn his fortune in the nation’s fastest growing seaport. Pierson later married Sarah Stanford. â€Å"Their marriage was a spiritualized union between partners: it began in a shared vocation in Christian missions, and it thrived on prayer and feminine influence† (27). Sarah and other influencing radicals as Frances Folger became his guides in matters of spirituality. These evangelical ideas were quite a change from those of the patriarchal society he had come from, but it wasn’t until his wife’s death that he was truly vulnerable to Matthias. Robert Matthews had much more to deal with even from the time he was a young child. His parents died around 1795, leaving him alone with his four brothers and five sisters to the care of rel... Free Essays on Kingdom Of Mathias Free Essays on Kingdom Of Mathias Johnson, Paul E. and Sean Wilentz. The Kingdom of Matthias. New York: Oxford University Press Inc., 1994. â€Å"The meeting of the Prophets Matthias and Joseph Smith was one of hundreds of strange religious events that occurred all across the United States from the 1820s through the 1840s† (6). These were the peak years of the market revolution and the Second Great Awakening. During anytime of great change and uncertainty, people who are directly affected can be left searching for answers to such questions as why did this happen, and why did it happen to me? They may feel like they have lost their place and interpret certain things that only apply to them or want to apply to them. Certainly the market revolution and Robert Matthews are no exception. The major theme of The Kingdom of Matthias is that uncertainty breeds individual vulnerability. This can make people susceptible to believing and behaving in ways that they normally would not. The first example is Elijah Pierson. â€Å"He was a supremely unlikely candidate for membership in the cult of Matthias† (13). Leaving a tight-knit patriarchal society, he took a job as an apprentice clerk in New York City hoping to earn his fortune in the nation’s fastest growing seaport. Pierson later married Sarah Stanford. â€Å"Their marriage was a spiritualized union between partners: it began in a shared vocation in Christian missions, and it thrived on prayer and feminine influence† (27). Sarah and other influencing radicals as Frances Folger became his guides in matters of spirituality. These evangelical ideas were quite a change from those of the patriarchal society he had come from, but it wasn’t until his wife’s death that he was truly vulnerable to Matthias. Robert Matthews had much more to deal with even from the time he was a young child. His parents died around 1795, leaving him alone with his four brothers and five sisters to the care of rel...

2 Discussions manage Essay Example | Topics and Well Written Essays - 250 words

2 Discussions manage - Essay Example There is a direct supervision of employees who work on projects determined by managers – there is little independence and individual performance is recognized and highly rewarded. Examples of how such a system helps to manage employees and their responsibilities include: provision of knowledge and skills, motivating employees to perform better, encouraging hard work, and building trust and loyalty. Workplace diversity is important to company’s culture and performance because it encourages teamwork. Secondly, it brings together different ideas, knowledge and skills that may be used to improve the performance and productivity of the company (Mondy et al, 2005). Thirdly, workplace diversity enables employees to share different beliefs and attitudes and learn to appreciate other people’s opinions and ideas. My coworker motivated me to perform better for the organization when he confessed to me one day that he had been trying to report to work earlier than me because I used to report to work earlier than anyone else. Therefore, the coworker inspired me by recognizing my efforts. From then on we were the first to report to work and we performed better than ever

World Economy Research Paper Example | Topics and Well Written Essays - 3000 words

World Economy - Research Paper Example The industrial revolution had produced marked differences between developing and developed countries based on the extent of their overall production and growth. Broadly speaking, the entire global economic literature has been studied under two broad headings namely macro or meso level. The former emphasizes on the role of transnational organizations. The later treats countries and firms as the building blocks of the global economy and engages in their analysis (Baylis, Smith & Owens, 2013). The main aim of this paper is to uncover two things. The first one is to discuss the general characteristics of the world economy and the second one is to find the main factors which are responsible for the smooth function of the global economy. Most of the researchers who had considered world economy as their subject of research had pointed out this topic is rather interdisciplinary and cannot be treated in isolation (Gereffi, 2005). Increasing trade between nations can be considered to be the first step of integration between nations. The origins of trading can be dated back to as early as the period of 15th century. It is this historical period of beginning of trade which had automatically rendered some nations stronger than the others. The capitalist system of production had become quite dominant in the 18th century and this has become the basic state of the world economy (Gereffi, 2005). Economists like Adam Smith had focused on the idea of division of labour and the way it fits into the capitalist regime of production. Different countries had begun to specialize in different forms of economic activity and some of them were considered as industrial countries while others came to be known as agricultural countries. The period of 1940’s was particularly very important in the history of the world economic development because this era had witnessed some of the most important changes that had occurred in

Alvin Plantinga's Free Will Defense Essay Example | Topics and Well Written Essays - 2000 words

Alvin Plantinga's Free Will Defense - Essay Example Platinga demonstrates how theistic belief, about God being omnipotent and wholly good, is logically consistent. Permitting evil means creating a world with moral good, as well as, moral evil. This is an argument that answers the questions raised by different philosophers, or defends itself against some philosophers, with contradictory ideas about the existence of evil and the role of God. In the logical problem of evil, it is indicated that there are different possibilities to the existence of evil. Some of these mentioned are that God: can eliminate evil but he is adamant, wants to eliminate evil but is incapable of eliminating it, does not wish to eliminate evil and cannot eliminate evil, and wants to eliminate evil and can eliminate evil (Zagzebski, p. 146). Platinga gives an argument that creatures are given free will to do moral good and evil, and God had a valid reason for it. This paper is an explanation of Platinga’s argument of ‘free will’. In Platinga’s Free Will Defense, he has made certain definitions and distinctions. Being free is defined with respect to an action. Being free with respect to a certain action means that the individual has the free will to refrain from performing it or to perform it. There are no causal laws or antecedent conditions that predetermine the person’s choice of action. Free will means the person has the power to decide to act or not to act. A second definition or distinction is about the action. An action is morally significant if it is right to perform the action and wrong to refrain from it or vice versa. Significantly free means a person is free with respect to a morally significant action. There is also a distinction between naturally evil and morally evil. Moral evil is that which results from free human activity while natural evil is any other kind of evil (Plantinga, p, 30). Based on these distinctions and definitions, Platinga notes that a world is more valuable when it contains creatures with significant freedom than when it has creatures with no freedom at all. In their freedom, the creatures should be able to perform more good than evil actions. Platinga argues that there is no freedom if people are created with the freedom, but their actions are predetermined by God. According to him, God has the capability of creating creatures that are significantly free, but has chosen to give them the freedom to act on their own always. God cannot cause or determine the creatures to do only what is right. Freedom according to Platinga means being given a choice. A choice has to exist between two or more variables. In this case, the variables are good and evil, or moral good and moral evil. If God creates creatures with free will, but determines what their actions will be, there is no freedom at all. Free will creatures are given the will to choose from moral evil and moral good, and to act according to what they think is right or wrong. His argument, th erefore, is that God cannot create creatures capable of moral good without giving the same creatures the capability of moral evil if they are to have free will. In exercising their freedom, some of God’s creatures went wrong in exercising their freedom. This does not mean that God is not omnipotent and not good. It means that he has given the free will with no determinations of what actions the creatures should engage in (Plantinga, p, 30). Free will defenders believe that or find propositions that are consistent with; God is omnipotent, God is omniscient, and is wholly good. They also believe that alongside the existence of these characteristics of God, there is still evil. God has very good reasons for creating both moral

Study skills Essay Example | Topics and Well Written Essays - 1000 words

Study skills - Essay Example n the said phase is the determination of the personal strengths, weaknesses, feedbacks from other people, both positive ad negative and the different performance indicators (Cottrell, 2010; Self Improvement Mentor Website, 2009). Based on the said parameters, the first focus is the determination of skills. On a personal note, my strengths include capability of expression and logical and critical thinking. In most cases, the capability to establish the principles surrounding certain events is one of the fundamental attributes. In terms of the capability of self-expression, there is a number of ways which can be considered as strength such as in verses as well as artistic visual expression. These are considered strengths since it can support the professional expertise that ca be achieved through studies. Upon the determination of the strengths, knowledge of one’s weakness is another important phase (Self Improvement Mentor Website, 2009). Although self-expression is one of the strengths, my professional communication skills and self-esteem can be limitations in certain cases. This can be attributed to the inadequate experience in the said skills. Basically at the present, self-evaluation can bring about the need to polish technical skills to be able to have the capability for expertise on the professional level. This view had been achieved through the feedback gathered from other people of close interaction, in addition to self-assessment. Feedback of other people is important on a person’s development because they can observe performance and attitude on a perspective different from the person himself. In taking into consideration of feedback though, it is important to prioritize objectivity of the person (Self Improvement Mentor Website, 2009). Positive feedbacks from people of close interpersonal interaction had been gathered. One of the constructive criticism that had bee received is the need to be focused in doing a single task due to the

Business law environment Essay Example | Topics and Well Written Essays - 1500 words

Business law environment - Essay Example Thus, both Andrew and Ivor are principals with respect to third parties, agents with respect to each other, and have equal rights and duties owing from being part of a fiduciary relationship. 2 The inherent fiduciary nature of partnership entails that good faith characterise all the actions of both Andrew and Ivor relative to Hi-Tek Kitchenware transactions. This is because in a fiduciary relationship a partner is entrusted with the obligation to act for the benefit of the other, implying that Andrew must act for the benefit of Ivor and Ivor, on the hand, must act only, in transactions related to the firm, with the benefit of Andrew in mind. Thus under ss 28 to 30 of PA 1890, the duties and obligations of partners all embrace this element. In the duty of disclosure, under s 28 of the said Act, obligates a partner to reveal all and every transaction that he entered into in behalf of the other partners. 3 Both Andrew and Ivor therefore, are required under this provision of the Act to disclose to each other all transactions and negotiations they entered into in their capacity as agent of each other. In the landmark case, for example, of Law v. Law 4 a partner offered to purch ase another partner’s share of the firm to which the latter accepted. He found out belatedly however, after the sale, that the partner to whom he sold his share had failed to disclose certain assets of the firm. When the case was brought to court, the latter held that the duty to disclose is an obligation that each partner must carry out although in this case, the sale was not annulled because it turned out that the selling partner had agreed to a sale without prior disclosure. 5 Another duty of a partner to each other is the duty to account which comes under s 29 of PA 1890. Under the said section, Andrew and Ivor are duty-bound to account to each other all profits or benefits of any kind they gained from all

Study skills Essay Example | Topics and Well Written Essays - 1000 words

Study skills - Essay Example n the said phase is the determination of the personal strengths, weaknesses, feedbacks from other people, both positive ad negative and the different performance indicators (Cottrell, 2010; Self Improvement Mentor Website, 2009). Based on the said parameters, the first focus is the determination of skills. On a personal note, my strengths include capability of expression and logical and critical thinking. In most cases, the capability to establish the principles surrounding certain events is one of the fundamental attributes. In terms of the capability of self-expression, there is a number of ways which can be considered as strength such as in verses as well as artistic visual expression. These are considered strengths since it can support the professional expertise that ca be achieved through studies. Upon the determination of the strengths, knowledge of one’s weakness is another important phase (Self Improvement Mentor Website, 2009). Although self-expression is one of the strengths, my professional communication skills and self-esteem can be limitations in certain cases. This can be attributed to the inadequate experience in the said skills. Basically at the present, self-evaluation can bring about the need to polish technical skills to be able to have the capability for expertise on the professional level. This view had been achieved through the feedback gathered from other people of close interaction, in addition to self-assessment. Feedback of other people is important on a person’s development because they can observe performance and attitude on a perspective different from the person himself. In taking into consideration of feedback though, it is important to prioritize objectivity of the person (Self Improvement Mentor Website, 2009). Positive feedbacks from people of close interpersonal interaction had been gathered. One of the constructive criticism that had bee received is the need to be focused in doing a single task due to the

Valuation of AirThread Connections Assignment Example | Topics and Well Written Essays - 500 words

Valuation of AirThread Connections - Assignment Example The biggest assumption which is taken for this scenario is the steady as well as lower cost pattern especially in terms of recurring cost of people and supervisor which is estimated to be $20,000 per year for the next years. On the other hand, the estimated benefits of to be derived from this project in next five years are also another contributing factor in arriving such huge NPV such that increased profits amounts to around $160,000 per year over the next five years. In this way, this project would successfully achieve the positive NPV of $257,065. The second scenario is referred to as the neutral strategy such that in this particular scenario, the final figure of NPV would be zero as the cost of capital of the project (discount rate) would be exactly equal to the Internal Rate of Return (IRR). The other assumptions of this strategy are the same however there are few changes as well. The major change in the assumptions of this scenario is that the software cost of the project has been reduced from $175,000 to around $118,128. The other major changes include the increase in the recurring cost of people and supervisor which has been increased from $20,000 to $50,000 and $40,000 in first and second year respectively and kept constant at $30,000 each year for the next three years of the project. The other major change is the decrease in the amount of profits such that profits are assumed to be reduced from $160,000 to $40,000 and $60,000 in first and second year respectively whereas it is kept constant at $80,000 per year for the rest of the project life. In this way, the cash outflows are exactly equal to the project cash inflows, thereby generating nil NPV for the project which indicates a breakeven position of the project. The defensive strategy is developed to highlight the negative consequences and effects of cash flows upon the project. All the assumptions

Signficance Of The Study Essay Example for Free

Signficance Of The Study Essay Our study, which is how to make an effective Floorwax without using gas . Instead We used cooking oil (used). It has a lot of significance on life of everyone. The first one is that it helps us avoid Respiratory Diseases, how? For example You’ll use a Floorwax cleaning the floor because of the gas contained on it you may take the gas emitted by the Floorwax and it may affect your Respiratory System. Another importance of our study is it’s materials, especially the used cooking oil, because it’s already used you don’t need to buy it in the market just recycle your cooking oil and it’ll be good. Another significance of this study is observable when you apply it , Normal Floorwax was easily remove when water mixed on it , but on Our study it can’t removed easily by the water. Though Our study was just simple it has a lot of significance that may help the user with it,

Types Of Organisational Change

Types Of Organisational Change My bank is a medium type bank. A new change was introduced during the years 1990 and 2003. The changes introduced to the bank are as followers. The first one was bottom-up-approach and the second was top-down-approach. Senior executives of the bank convinced that it was the right time to bring the change for the benefaction of the bank. Therefore, they introduced quality improvement program, which could reduce cost, by using the existing staff to improve quality and customer service. They brought consultants from abroad. Top level believed that the middle level could enlighten the bottom level employees. However, both the approaches for implementing change failed. Some employees could not accept the new change; the workload was increased and when the new ideas were introduced to the middle management level, there was no response. The senior management had failed its intensions to mobilize middle management commitment and local staff enthusiasm. Force field analysis provides an initial view of change problems that need to be tackled, by identifying forces for and against change based on an understanding of the context of change including the existing culture (Johnson et al. 2008). The distinctive feature of force-field analysis is that it involves organizing the categories in to two board types; those relating to force or pressure for change and those relating to forces or pressures supporting the status quo and resisting change. Lewin (1951) argue that, level of behaviour in any situation as the result of a force field comprising a balance of the forces pushing for change and the forces resisting change. Force Field Diagram Driver Force Restraining Force Quality Improvement Work -Load Cost Reduction Top Level Management External Environment Staffs Technology Training Consultants Recommendation Present Scenario (Hazyes, 2010:129) cccPKNBKMV There are different key drivers can found in the My bank case study. However, technology is the best key driver in the My bank case. All other key drivers related to the technology. Anderson and Tushman (YEAR) point out that technological change is cyclical. Each technology cycle begins with a technological discontinuity. Cost reduction, quality improvement, external environments connected to the technology. If technology will not change other drivers cannot Change in fast way. Different kinds of restrain factors present in the case study. The top-level management like chef executives were the main reason for the failure of the change. Other staffs did not get any support from the top level. After the change, staffs opinion was slightly rejected by the managements. This is the main reason of the failure of the change. According to Nadler (1995), four types of organisational change are there. An Organisations response change is proactive or reactive way. Tuning and adaptation can involve minor or major changes, they are types of change that occur within the same period, and they are bounded by the existing paradigm. Reorientation and re-creation, on the other hand, are types of change that, to use Gersicks analogy, target the playing field and the rules of the game rather than the way a particular game is played. They involve transforming the organisation and bending or breaking the frame to do things differently or to do different things Tuning is change that occurs when there is no immediate requirement to change. Mybank organisational change is related to this part. Mybank became convinced of the benefits of a quality improvement programme for reducing cost. This approach to change tends to be initiated internally in order to make minor adjustments to maintain alignment between the internal elements of the organisation and between the organisations strategy and external environment. Adaptation is an incremental and adaptive response to a pressing external demand for change. Reorientation involves a redefinition of the enterprise. It is initiated in anticipation of future opportunities or problems. Re-creation is a reactive change involves transforming the organisation through the fast and simultaneous change of all its basic elements. Type of Organisational Change Incremental Transformational Proactive Reactive (Nadler et al. 1995:24). Reorientation Tuning Re-creation Adaptation Answer2: Organisational Change involves complex process. Managing this kind of procedure is entirely difficult because they are dynamic. That means complex processes are changing. In these dynamic situations, it is difficult to predict the consequences of its actions. Managing a set of complex activities, each of which is crucial for the overall success of change. These complex tasks needs to be completed effectively in order to change, involves achieve a successful come. Managing change involves four complex tasks. The four tasks are as follows. They are appreciating change, mobilising support, executing change and building change capability. Leadership Appreciating Mobilising Change Support L Building Change Executing change Capability CHANGE MANAGEMENT MODEL Appreciating Change Appreciating Change can give an idea about understanding the forces of stability and change in the organisation. This requires inquiry into routines and mental models that sustain the status quo. An organisation can be changed mainly in two ways. Those are unplanned change and planned change. The Unplanned change, which typically involves changes due to new ideas, conflict between individuals, departments or teams and political and power struggles inside the organisation. Nadler (1987) argues that political behaviour tend to be more intense in times of change because individuals and groups perceive the possibility of upsetting the exiting balance power. Planned change, the change has to be planned. Mybank case study involved the planned change. The appreciation phases aims to make aware of the (a) need for change, (b) consequences of changing and not changing and (c) options that have for undertaking change in the organisation. In the case study, the organisation recognised the neces sary of the appreciating change and understood if this change will happen in the organisation, can achieve cost reduction in house; using exiting staffs to improve the quality and customer service and bank can avoid the inefficient works. The senior executives of Mybank appreciated the change and convinced the benefits of a quality improvement program. Mobilising Support Participation, involvement, and ownership are the crucial for the effective change. The organisational change is both cultural and political involves change in mindsets. This involves influencing, inducing, negotiating, persuading and winning over people to the idea of change. The effective communication strategies are crucial to change management. Getting consent and mobilising support is not an easy process. It requires persistence and patience. Strategic plan have a very important role in mobilising support. Organisational change is a political process. Pettigrew (1972) argue that some may engage in political action for ideological reasons, especially when they are fear that a change may be inconsistent with their values. According to Jick (1993), there are three categories of people who play a role in any change process. They are change strategists, change implements, and change recipients. Change strategists are the people who decide that the organisation needs change and set a direction for the change support. Mybank case managing director and senior executives are the strategists. They are in the top of the position. But strategists cant implements the change. Change implements are the people who are implementing the change by creating new structures, rules, procedures in all process. These people are the middle people of the management team. Mangers, outside consultants and accounting firm are change implementers in the Mybank Cooperation. Change recipients are the third category and people whose jobs change as a result of changes launched in the organisation. These people are usually lower level in an organisation. However, the main success in their hands. These people can make or break the effo rt. These people at the front line directly dealing with clients and customers. The main success depends upon the consent of the people in the organisation. Mybank employees, general staffs, are the change recipients. In 2003, the senior management had failed in its intentions to mobilize middle management commitment and local staffs enthusiasm. The middle management fully activated, but management follow some autocratic style and management fail to adopt the strategy. Executing Change Executing change involves creating and putting in place new structures, processes or procedures. Execution is, perhaps, the most critical aspect of change. Obviously, if an organisation has not managed the previous two tasks well, its change plan or programme will never take off. However, even if an organisation has carefully thought through its change issues and options and has gathered enough support for change, it can still fail at this critical stage. Three critical tasks for change leaders to ensure focus and energy during execution: (a) creating cross-functional linkages in the organisation; (b) aligning policies, procedures and removing structural impediments to performance and change; and (c) creating new routines for continuous improvements and innovations. According to Nilkant (Year), a successful change effort requires: (a) adequate appreciation planning, (b) sufficient support by employees, (c) competent execution by managers, and (d) Change managers with appropriate skill sets and capabilities. Mybank staffs accepted their new changes. However, it was not successful in the bank in both 1990 and 2003. In 2003, they bring a new department and try to join the other department together. The Regional Lending managers activities were not accepted by other departmental mangers. This created a big problem in the organisation. Most of the staffs did not express any interest to new executing change. This is because they were not understood the new system. Who are interested this new changes, did not get any support from their higher level. Building Change Capability A well-known model of change management views organisations as going through long periods of stability punctuated by short bursts of discontinuous change. According to Nilikant (2006), mangers or organisations can build capability in four ways. Those are firstly, individuals and groups build capability. Secondly, individuals and groups build capability when they successfully execute challenging projects. Thirdly, building capability involves paying simultaneous attention to both action and reflection. Fourth, leaders and organisations can help individuals and groups build capability by providing a context that aids action and reflection. Self-efficacy is energy and focus for the capability building. In managing change, self-efficacy is a major determinant for success. Employees with higher levels of self- efficacy can overcome obstacles and challenges that are inevitable part of any change. Efficacy is demonstrated when individuals feel secure in avoiding pseudo solutions. Mybank fai led in their both approach. The main reasons are not cooperation between the staffs and management. Who are motivated in these approaches, did not get support from their top level. Staffs got more workload in their work and staffs were lost the interest to extra works. In this way bank cannot maintain capability. Change Agent A change agent is the individual or group that helps effect strategic change in the organisation. For example, the creator of a strategy may, or may not, be the change agent. He or she may need to rely on others to take lead in effecting changes to strategy (Johnson ET .al 2008). Middle managers and consultants are the change agents in the Mybank case, because they are working together with top level and bottom level people within the organisation. Transition Phases Mod Internalization, Reaction And Learning Denial Shock Depression Consolidation Testing Letting go Acceptance of Reality Time .Answer 3: People going through change experience a variety of emotional and cognitive states. Transitions typically progress through a cycle of reasonably predictable phases .this applies to all kinds of transitions: voluntary and imposed, desirable and undesirable. Often people have little warning of changes and they experience the initial phase of a transition as a shock. Feelings of anxiety and panic can determine their ability to take in the new information, think constructively and plan. Mybank employees faced the same problem when they heard about the new change. Denial phase characterized by a retreat from the reality of change. Depression is the reality of the change becomes apparent and the individual acknowledges things cannot continue. Letting go phase involves accepting reality for what it is. It implies a clear letting go of the past. Testing is more active, creative, experimental involvement in the new situation starts to take place. Consolidation stage progress in progresses in parallel with testing but to begin with there is often more testing and rejecting than testing and consolidating. Internalization, reflection, and learning transition is complete when the changed behaviour is normal and unthinking and is the new natural order of things(Hayes, 2010:216). When a new change program implemented in the Mybank, all the staffs passed in these stages. Some of the staffs were getting struggled and other staffs overcome all the problems. The primary leadership task in change management as creating a positive behavioural context that facilitates inquiry, appreciation, and change. Change management model identifies four core tasks. First, mangers need to be cognitive tuners to appreciate change. Second, mangers need to be people catalysers to mobilise support. Third, managers need to be system architects to execute change. Fourth, managers need to be efficacy builders to build change capability. Leadership Cognitive Tuner The main core task of appreciating change requires a manger to tune into both external business environment and the internal organisational setting. The important thing of the change agent is to understand the external environment and assess the organisational capabilities to address the external changes. The change agent should expose different way. The change agent should seek knowledge in all level and awareness of own metal models and assumptions important. The change agent should recognise the assumptions, if it is necessary or not (Reference). Finally listen other people who are disagreeing with the change agent and do not feel defensive or threatened when others challenge the ideas and thinking. My bank case, cognitive tuning was not effective. The management did not listen to the bottom-level staffs opinions; as a result, employees lost their interest in the new changes. The middle level mangers fail to express their feelings into the top-level management. The way of communic ation was not sufficient between departmental mangers and change agents. People Catalyser Organisational change has an element of loss inherent in the process, and it is a loss that is often deeply felt by employees. The Kubler-Ross grief model addresses the emotional issues associated with change. The four emotional stages experienced throughout the change process may be expressed by employees in behaviours that are obstacles to the process of change. By understanding the emotions employees often encounter during change. It will be better prepared to facilitate the change process (Reference). Kubler- Ross grief stages is applicable in the Mybank case. The staffs were faced the situation in the organisation. But the final stage of the Kubler- Ross was fail in the case, commitment from the employees not good. Between the departments problems created. Kubler -Ross Grief Model Stage 1: Denial People encountering a change initiative might be saying to them, I cant believe this is happening to us. Unresolved fears about the change initiative need to be addressed during this phase. Stage 2: Resistance During this phase, people could attempt to slow down or derail the change initiative, it must be able to spot resistance when it occurs and formulate sound strategies for overcoming it. Stage 3: Exploration If people are not able to stop the changes from occurring, they begin to role of the group are specifically defined in this stage. It is important that unresolved issues that continue to surface be addressed. If trust has been created among the group, then peer influenced can be used to encourage behavioural change. Stage 4: commitment Mutual commitment is established , obstacles have been removed .and the focus is on successful implementation of the changes The change management need to catalyse people by building support, manufacturing consent and facilitating cognitive shifts in organisational members. The change agents need to be communicators, persuaders and negotiators. The change agent prepares himself before engaging the people. For influencing the people the agent can utilise all the media and forums. In decision-making time, change agent role is important. There is no chance to run away from the situations. The change should get trust and respect from others, in this way they can develop the credibility. In the case study, at a particular level, the consultants engaged the people and they fail to utilise the forums and media in the organisation. The middle levels mangers did not get the much trust and respect from the staffs. Systems Architect The change agents need to create the systems, process and routines to execute the change plan or agenda. This involves setting explicit goals, establishing cross-functional teams and monitoring progress (Nilikant). In this stage, the change agent role is very important. In the organisation, he/she should clarify individual roles and contribution. The person who selected is SMART or not. Moreover, other team leaders selection responsibility will come under the change agent. Co-ordination between other staffs will come under the change mangers control. Change mangers need to identify the organisational past practices, procedures, and polices and it should eliminate them properly. Mybank change fails in these areas. The selection of the other team leaders performance was not good. They were not SMART. If they are SMART, the change will be successful. Under the control of the middle managers, conducted meetings but fail to share the new ideas and solve current problems after the change. Efficacy Builder The mangers need to make organisational members have faith in their ability to learn, overcome obstacles and engage in change. Jim Collins argues that the effective leaders do not motivate people. They help people motivate themselves. A significant aspect of building change capability is to build a repository of organisational knowledge that captures insights from peoples tacit experiences. Building change capability is closely related to the core task of appreciating change. Store and share the knowledge is very important for a change manager. Renewal must become as important as cash flow or profit maximisation. Organisational members are aware that change mangers are observing what they say and what they do, and they may be making judgements about them and their future role. Mybank case change management selected some people for the leadership positions. However, that staffs were not successes in a particular level. Some of the departments in Mybank were not given any preference to the change mangers. This is one of the reasons to fail change implication in Mybank and plan of joining of the two departments was not success. This was due to the inefficient leadership and responsibility by the change mangers. The change ag Answe4: Recommendation Conclusion