Accounting Meheheheheh Failed

In: English and Literature

Submitted By ngenglee
Words 647
Pages 3
ACW3050 Semester 1, 2015
Individual Assignment 1

Due date: Friday 3 April 2015 by 5.00 pm.
Weighting: 15%

(50 marks: Word count not to exceed 1000 word limit)
Task Details:
The core principle of IASB Exposure Draft 242 Leases is that entities should recognize assets and liabilities arising from a lease. Discuss the key changes on the recognition, measurement and disclosure on leasing by the lessor and the lessee stipulated in IASB Exposure Draft 242 with the exclusion of leasing of investment property. The comparison should be discussed in light of the present standard IFRS 117 on Leases.
A hard copy of the assignment must be submitted in the relevant assignment box by the due date. Electronic submission is not permitted.

Penalties for late lodgement:
A maximum penalty of 10% of the total mark allocated to this assessment will be deducted for each day that it is late (i.e. 20 marks per day for each day late).

Guidelines: * This is an individual assignment. Please attach your assignment with your assignment cover page. * You must use scholarly research to develop the explanations you present in your assignment. The Monash electronic library databases “ABI Inform” and “Business Source Premier” are useful sources to locate scholarly and other resources, but other databases are available. * Comply with Q manual requirements in the presentation and referencing of this assignment. * Plagiarism is prohibited. * The word limit does not include references. * The assignment will be marked out of 50 and converted to a final grade out of 15. * You are required to keep a copy of this assignment until all results are finalised at the end of the semester. * Your word count should be within +/- 10% of 1000 word count. * Please attach the marking criteria with your assignment question.


Similar Documents

Sudan: a Failed State

...What happens to a country when a rich and expensive fossil fuel like oil is discovered? Many people may assume that a nation with a significant amount of oil can bring growth, development, and prosperity because the price of oil is high bringing upon economic growth that can be invested to do numerous excellent things to a country. The cash flow going into an underprivileged state like Sudan should be invested towards infrastructure, education, and businesses to develop and improve living conditions to their populace. However, Sudan has become a failed state due to three decades of oil exploration that lead to conflict for political power, famine, and violence. In 1978, large discoveries of oil are found in Southern Sudan that initiated trouble between the North and South. In addition, President Numeiri launches the Islamic Sharia Law in Sudan, and develops the Unity State for oil exploration in the South without Southern representation. Moreover, he removes the native inhabitants of the Unity State which leads to outrage in Southern Sudan. As a result, the Sudan People’s Liberation Army (SPLA) is created, and a civil war breaks out involving the North central government and South. The civil war is just the beginning of the endless clashes for political power in Sudan. The discovery of oil causes famine and hunger throughout Sudan and affects about three million civilians by March 2001. The central government led by President Al-Bashir engineers famine on areas by Oil......

Words: 516 - Pages: 3

Failed Products

...managing editor of “As a consequence the stock price started plummeting and earlier this year a class action lawsuit was brought against the company for effectively misrepresenting the value of this phone. The action suggests that the phone was going to buoy the company’s fortunes and in reality the stock price has fallen by almost fifty percent,” he says. Intel ultrabook Failed to Fit Sticking with tech, this ultra thin notebook line intended to compete with the Macbook air, but is far from the 40-percent market share its CEO vowed it would hit this year – the Ultrabook from Intel.    “The problem is consumers don’t know what it is,” says Allen. “The reality is most people have a notebook or a PC that for the most part they’re happy with and at this point there looking for something that’s even more portable like a tablet or even these highly equipped smartphones and so, the Ultrabook is a product looking for a market and… simply doesn’t have the cache to pull it off.” 3D Indifference Hailed as the "it" product of the Consumer Electronics Show in 2010, this tech invention failed to win over consumers and by 2012 was considered a has-been. You guessed it: 3D TVs. By some estimates, they are in roughly 3 percent of U.S. households – far fewer than expected, largely due to what analysts believe are big-ticket prices, a shortage of 3D content and those bulky glasses, which make for an awkward user experience.  Heinz EZ Squirt — Heinz Considering the......

Words: 4790 - Pages: 20

The Failed Affirmative Action in India

...poverty among the blacks and Hispanics population. Affirmative action could not affect the characteristics of the society very much. Affirmative action in India: In Indian situation, because of the reservation system based on caste, the state could not lift up those who are backward or poor, as they may not belong to the castes or tribes qualified to receive such aid from the state. That is the main reason for the demands for reservation for Muslims and Christians. Also, the reservation system has turned castes against each other, as they have to compete for the small social and economic benefit in a very poor country. The failure of the existing system of reservation based on caste and tribe is very obvious. The characteristics of this failed system are many. Reservations for Scheduled Castes (SC) in schools and government posts remain largely unfilled, whereas reservations for Other Backward Classes (OBCs) are generally filled to capacity. A 1997 study indicates that nationally preferential policies only benefit 6 percent of Dalit families. Moreover, the same study reported that "none of India's elite universities and engineering institutes had filled its quota for members of scheduled castes." People from the scheduled castes and scheduled tribes continue to be absent from white collar positions. For the country as a whole, members of the scheduled castes and scheduled tribes -- combined -- did not receive as much as 3 percent of the degrees in engineering or......

Words: 3241 - Pages: 13

The Failed War on Drugs

...smell of marijuana upon entering the office at the scrapyard. When the police entered the yard office they found a small amount of marijuana around a gram. Camera footage reviled that this marijuana was used only by the owner after his shift. He lived a block away where he had a family of a son, daughter and wife. His wife was aware of his use and had no problem with it and he chooses to keep it at the yard to keep it away from his children. Now the owner of the yard is unemployed with no way to support his family (Nadelmann). The same war that failed to control booze has failed to control marijuana. Where there is a demand and money to be made there will be a supply these principals are consistent (Cohen). The war on drugs has failed in the United States and a probable solution would be a federal legalization of marijuana. The current drug war claims to help but it really hurts more then it helps. The drug war is a giant web of failed policies so huge today is such a part of America is hard to envision an alternative (Cohen). Currently enforcing marijuana laws cost around 10 to 15 billion only indirect costs (Webb). When the idea for medical marijuana was created many states who choose this option started to see a rise in their state income. In many states such as Colorado this extra money has been used to help with public schools. Colorado who recently choose to legalize recreational use of marijuana has seen in five months 200 million dollars in taxes accountable to......

Words: 1188 - Pages: 5

Why Zune Failed

...several new generations of the device to follow. The Zune faced several major challenges: namely, inevitable comparisons to the iPod, which rules the portable media marketplace, and the fact that its software is only available for Windows (so far). In a financial report covering the fiscal quarter ending in December 2008, Microsoft said Zune revenues had decreased by 54%, or $100 million. Learner blames the bust on several factors, including software that was constantly changing and iPod's head start of several years in the market Microsoft killed the Zune once and for all in October of 2011. Former Microsoft Exec: Zune Failed Because The Music Industry Was “Hooked” On Apple We all remember the Zune. Microsoft’s failed attempt at an iPod competitor gained about as much traction as Windows Phone 7 has during the last two years. Apple already had its hands around the music industry’s neck with the iPod and iTunes — there was no room for something like the Zune. It wasn’t that the Zune was a bad product, it was just too late to the game. Former Microsoft executive Robbie Bach was in charge of the Zune division, and in a recent interview he acknowledges that Microsoft made a mistake releasing the Zune in the first place. In an interview with Wired’s GeekWire: “If I had hindsight, 20-20, and could do Zune over again, we would skip......

Words: 2260 - Pages: 10

Why the 1905 Revolution Failed

...Why the 1905 revolution failed The 1905 revolution failed due to many factors, all of which helped the Tsar government overcome the revolutionaries. The aim of the revolutionaries was to gain governmental reform, however the Tsar’s aim was not to lose power. One of the reasons that the 1905 revolution failed was due to the loyalty that Nicholas II had from his armed forces. With these armed forces the Tsar was able to crush the disturbances that were part of the revolution meaning that he could arrest the revolutionaries and either execute them or exile them to Siberia. This in effect reduced the amount of revolutionaries making it easier for the Tsar to stay in power throughout the revolution. Having the loyalty of the armed forces was a very significant reason for the failure of the revolution because if the army had have turned against the Tsar he would not have been able to overpower the revolution. Nicholas II also had support from a group known as the Black Hundreds. This was a counter revolutionary group formed of mainly richer citizens such as landowners who supported the principles of autocracy and Russian nationalism. The Black Hundreds helped the government regain control as even though they did not have governmental approval they hunted down and executed thousands of know reformers meaning that it would be again be easier for the government to survive during the revolution. Another reason for the failure of the 1905 revolution was disunity among the......

Words: 697 - Pages: 3

Why Restaurant Failed

...DAVID NJITE, and TIFFANY KING , Past research on restaurant failures has focused mostly on quantitative factors and bankruptcy rates. This study explored restaurant ownership turnover rates using qualitative data, longitudinal data (19961999), and data from Dun and Bradstreet reports. In contrast to frequently repeated statistics, a relatively modest 26.16 percent of independent restaurants failed during the first year of operation. Results from this study indicated marginal differences in restaurant failures between franchise chains (57 percent) and .2 independent operators (61.4 percent). Restaurant density and ownership turnover were strongly correlated (.9919). A qualitative analysis indicated that effective management of family life cycle and qualityof-life issues is more important than previously believed in the growth and development of a restaurant. Keywords: restaurant failure; dinner-house operation; entrepreneurship; restaurant bankruptcy I suffered from mission drift. When things didn’t work, I would try something else, and eventually there was no “concept” anymore. —A failed restaurateur nomic and social factors, to competition and legal restrictions, and even to government intervention. In the current complex environment of the restaurant business, we believe that it is imperative that prospective and current owners understand why restaurants fail (see Sidebar 1). Most hospitality research has focused on the relative financial performance of existing......

Words: 9816 - Pages: 40

Kellogg's Failed Positioning in India

...Failed Research Leading to Failed Positioning – Kellogg’s Launch in India Kellogg’s in the 90’s started facing immense pressure from competitors and their main markets of the U.S and Europe had become sluggish. It is during this time that they decided to launch in India. Our “Marketing Management” textbook outlines the following six major forces to be researched at a macro level when considering the opportunities and threats, especially when venturing into a new territory: Demographic, economic, social-cultural, natural, technological and political-legal (Kotler, Keller, Koshy, Jha, 2009). If the above has been researched and evaluated carefully, you can then position your product well with the other 3’P’s: Place, Promotion and Price. Yet, Kellogg’s with their over-confidence just gambled on the economics and here too they failed miserably. While considering economics in 1994, they considered the overall population. Mr. Bhagirat B. Merchant, at that time director of the Bombay Stock Exchange, agreed on this when he stated, “Even if Kellogg’s has only a two percent market share, at 18 million consumers they will have a larger market than in the US itself” (Cashberry, 2006). Yet, Kellogg’s forgot to take into consideration, before investing USD 65 million, was the “consumer class” was not more than 100 million and were dispersed geographically with very different cultures, customs, and tastes. Over-confidence came from the fact that they were a huge company...

Words: 997 - Pages: 4

Why the War on Drugs Failed

...Shakib Hossain Causal Argument English 191 February 2015 Why the War on Drugs Failed “For every prohibition you create, you also create an underground”. These words by famous musician Jello Biafra may sound prejudiced, but it is the truth we all live and have lived by since the prohibition era. The war on drugs has become a significant issue in today’s society, but people are not completely sure why the war on drugs has failed. In reference to Jello Biafra, the war on drugs is a type of a prohibition, but the real question is how big of an underground has this war created that it has ultimately failed. The start of the war on drugs can officially be dated as far back as 1971 when Richard Nixon declared drug abuse as “public enemy number one”, and he increased the size and presence of federal drug control agencies (Drug Policy Alliance, 2014). Later, during Ronald Reagan’s presidency, the number of people incarcerated for drug abuse shot up sky high due to his zero tolerance policy, and the unpredicted rise of illicit drug use. When we say the war on drugs has failed, we usually consider that the use of illicit drugs could not be reduced and is on the rise. However, it is also because it is costing more and more lives every day in addition to all the resources used coming out of the taxpayers’ pockets. In short, the war on drugs has failed because the government enforced punishment instead of prevention, which led to creating a black market that increased crime and......

Words: 1553 - Pages: 7

Ethical Hero or Failed Businessman

...Business Ethics Ethical Hero or Failed Businessman Malden Mills is a textile company, popularly known for Polartec, in Massachusetts, owned by CEO Aaron Feuerstein. The manufacturing facility in Lawrence was destroyed by a fire in 1995. Aaron Feuerstein, however, paid salaries of workers in the facility after the terrible incident, until a new factory was built at the same location. The factory was rebuilt as a much newer, grand building. It cost Aaron considerable amount of money to rebuild the factory. He took on huge debts to rebuild the factory. Although the productivity of employees soared high immediately after Aaron rebuilt the factory, the subsequent three warm winters caused the company to go bankrupt, with Aaron struggling to pay the debts. The key question here is if Aaron blinded himself to the realities and practicalities in the business world then and went ahead with the huge decision to rebuild a factory and continue paying salaries to his workforce. Did his decision cause more harm to the communities in the long run? Did he endanger the future of Malden Mills by taking such a huge risk? These are all some valid questions that go through my mind as I read through the case. The stakeholders involved are Aaron Feuerstein, his company shareholders and board members, the factory workers from Lawrence and the customers of Malden Mills. Malden Mills is Aaron Feuerstein’s private company. He was not the company shareholders’......

Words: 939 - Pages: 4

Failed Amendments

...The Equal Rights Amendment is one of the twenty-seven failed amendments to the United States Constitution. This amendment would give equal rights to men and women, under federal and state laws within the United States. The amendment was written in 1923, by Alice Paul, a suffragist leader and founder of the National Woman’s Party. It was presented at every Congress from 1923, until 1972 when it was passed and sent to the states for ratification. However, only 35 out of the 38 required states, ratified the amendment, it was given an extension until 1982, but still failed to pass and has become extinct within Congress. The amendment has been proposed at every Congress since its failure to be ratified. The proposed amendments states that “Equality of rights under the law shall not be denied or abridged by the United States or by any state on account of sex.” The amendment has three sections, and this statement is featured as the first. The second section states that “The Congress shall have the power to enforce, by appropriate legislation, the provisions of this article,” and the third section states that “This amendment shall take effect two years after the date of ratification.” Essentially, the amendment would affirm the equal application of the United States Constitution, to both sexes. However, according to some opposers of the Equal Rights Amendment, it would also take away some of the rights granted to women in previous years. The amendment would require women to sign...

Words: 1208 - Pages: 5

Publicis Omnicom Failed Merger

...reap benefits by poaching clients and employees. Increased competition among traditional ad agencies has resulted in the loss of market share, reduced prices, and reduced margins. The failed Omnicom-Publicis merger was just another example of how the mega-agencies are struggling to adapt.  Below are a few ideas that can help you adapt, anticipate and become flexible and help avoid your own catastrophic failure: 1. Reduce costs. 2. Increase existing client revenue. 3. Increase new client revenue. 4. Restructure the agency. 5. Improve efficiency. 6. Expand services. Aftermath: More mergers: Publicis may seek out Interpublic, while Havas and Dentsu are also likely to seek acquisitions. Omnicom and WPP would probably seek to stand pat. Further consolidation is still likely, but specific shapes and timing are uncertain. (Havas, a smaller French rival partly owned by billionaire Vincent Bollore) Adapt more efficiently to the new environment of the communications industry. Omnicom isn’t looking at any large acquisitions. No key employees or client accounts defected during the merger process. The company wrote to key clients last night to inform them of the decision to end the merger with Publicis. Responses were very positive from clients. Publicis trails Omnicom growth after failed merger: Publicis Groupe SA reported sales that missed analysts estimates while former merger partner Omnicom Group Inc. had the fastest growth in more than two years, underscoring......

Words: 570 - Pages: 3

Has Corporate It Failed to Deliver?

...Has Corporate IT Failed to Deliver? Perhaps the biggest problem with deploying IT in a corporate environment in this article was the introduction of new technology. The new architecture of this technology gave people the freedom that released them from the restrictions of a main frame. IT managers were handed the power to revolutionise the way in which their companies were run and bring the company into the new era of the internet. However, in the process of this the larger corporate image was lost. Was the business world really ready for this leap in technology? Unfortunately it seemed that the technology was not ready for the business world. While individual applications thrived, the equipment to sew them together could not keep up. Critical elements are not advancing as quickly as the components. The third problem has been aligning the technology with business management. The technology companies are failing to understand how big the impact of new IT systems is on business processes. Most users are quick to blame the technology, but most of the time it is the business process architecture. The cost of running this technology is increasing every year, due to increasing energy costs. More than half of budget big companies have goes to the running and upkeep of these corporate systems. A lot of companies increase the amount of servers they have very time they open a new department. As a result of this approximately 50% of the potential in the servers is going unused.......

Words: 335 - Pages: 2

Description of a Failed Project

...Description of a Failed Project Student’s Name Institution Description of a Failed Project The project at hand is that of the implementation of E-borders system in the United Kingdom. In the past, the United Kingdom experienced the challenges in the situation of security to and from the country. The movement through the borders was bringing about fears about the security situation in the country. In the year 2003, the government decided to come up with a system that would enhance the monitoring of the movement of people to and from the country through the borders. The project was dubbed the E-border project. The government then engaged an IT company known to as the Raytheon. This company was given the tender to put into place the e-border system. By the year 2008, the project had been implemented to a great extent. In this case, the company held to the responsibility was seen to have gone half way of the requirement (Mollick, 2014). However, in the same year, the British home complained of missing key milestones in the project. The complaint by the British home formed a major setback in the project. The project was now being seen as not fulfilling the requirements of the initial intentions. In the year 2010, the primary setback was faced and experienced. A national election was conducted to usher in a new government (Chakrabarty, 2016). This saw the income of a government that did not fully support the project. Though the project was still ongoing, the new government...

Words: 963 - Pages: 4

Failed States

...Failed states propose a great threat to global communities today. The notion of this threat comes from international terrorists, drug barons or weapons or arsenals (Anonymous, 2005) harbouring in failed states, which can bring harm to neighbouring or powerful countries. Somalia appears to be the very definition of what we call a failed state. The last time this desert country possessed anything approaching a “normal” government, with tax collection, social services and law enforcement was a under a bloody dictator named Siad Barre (Cockburn.2002). Now Somalia proposes the risk of consequences to the global community. Like Somalia, Pakistan is one of the failed states that are proving to have major consequences that we are seeing today. Terrorist Groups such as Taliban, Al Qaeda and Lashkar-e-Taiba have established themselves as a state within a state (Boot 2008). These terrorist groups can now make major attacks, which killed more than 170 people in Mumbai alone (Boot 2008). This has become a subject of concern for that western countries have being debating over. The difficulties of trying to bring justice to these failed states is because of the odds of success are low and the risk of unintended consequences is very high (Zakaric, 2010). Since there is an awareness of being passive to these countries to avoid unintended fallouts, rather than taking action to implicate a justified government, there will be an ever-lasting threat to the global communities. Somalia is a failed...

Words: 1395 - Pages: 6