Individual Learning Project Essay Example for Free

Individual Learning Project Essay The organization selected for analysis and evaluation is American Lake Credit Union. This organization is composed of two main branches, both located in Tacoma, Washington. In contrast to banks, Credit Unions are smaller organizations and are directed by members who are selected via a vote to serve in an all-volunteer board of directors for the organization (Scott, and Johnston, p.2, 2011). Specifically, this credit union was founded in 1948 and has grown since then. (C. Fitzer, personal communication April 7, 2014). For instance, although the organization is small in size through a partnership with a credit union network, it is able to provide general financial services at diverse locations throughout the country (CO-OP Financial Services, 2013). In addition, the active CEO Fantz (2013) asserted that the organization’s mission is to â€Å"provide a variety of quality services to a diversified membership while maintaining financial soundness†; additionally, they currently reported close to 50 billion dollars in assets on organization’s balance sheet. Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis Arumugam, Chang, Ooi, and The (2008), emphasized that in order to facilitate the drive towards high performance, many companies are using self-assessment tools to measure their current position and develop strategy in order to asses where they are and where they want to be within their industry. (p.141). SWOT analysis is one of this tools or processes. Boone and Kurtz (2006) defined the concept of SWOT analysis as a methodical approach to develop strategy as it compels managers to do an internal reality check, and an analysis of the external environment (p.274-275). This assertion is echoed by Blocher, Stout, Juras, and Cokins (2013) in which the scholars lectured the process of SWOT analysis as a process that provides the opportunity to methodologically examine internal and external factors in order to complete a self-assessment of the organization, and examine the environment in order to create a solid foundation for sound strategy for the organization (p. 36-38). The general quadrants of a complete SWOT analysis are strengths, weakness,  opportunities, and threats. These are listed in Table 1 for American Lake Credit Union. Table 1 Strengths -High quality aggressive employee training programs parallel with organization high audit and regulatory compliance rates -Membership to CO-OP Shared Branch Network 1 -Local Market Position/Community Relations Program -Cost Advantage and Pricing compared to banks -Physical Locations -Strong and Experienced Managers Weaknesses -Employee Turn-Over -Requirements to become a member -Lack of Market Differentiation as it relate to financial Services2 -Only two physical branches -Lack of a business/Market Development Section -Technology, bad turn around in communications equipment repair, need to redo contract for local IT Support Opportunities -Online Market -Branch Expansion -External Training Program -Rotating Customer Base in the local installation -College population in nearby universities -Available location for Branch at Air Force Location Threats -Military drawdown (long term), affect main target market -More exposed to economic issues (recessions) than bigger organizations due to limited size -Loss of one segment of the market with the deactivation of 4-2 Brigade Combat Team -Columbia Bank Plans to Open Facility in the immediate area 2 -Cyber Crimes External Note. Lists Adapted from (C. Fitzer, personal communication April 7, 2014) with the exception of: 1. CO-OP Financial Services. (2013). What is CO-OP ATM and CO-OP Shared Branch?. Retrieved from http://co-opsharedbranch.org/participating-cus/ 2. (C.H. Chapman, personal Communication April 8, 2014) This source is a marketing consultant for non-profit organizations, has worked closely with the American Lake Credit Union, and provided fresh feed back into the credit union during the interviews. A brief discussion of Table 1 is provided below: In the area of strengths the one of the most important strengths provided during the interview was their current training program for federal  regulatory compliance, this put the organization at an advantage even with more developed organizations In the area of weaknesses, the biggest challenge was employee turnover. Even with the recession and the current job market good talent could and can be found, but it is hard to retain with the current compensation and benefit plans offered In the area of opportunities, the online market presents a strong market that the organization has not exploited as much as they could In the area of threats, the main target market of the American Lake Credit Union is the current drawdown within the Department of Defense structure, in the short term, the population have currently lost 1400 service members and their families, in the long term more loses in market are expected (C. Fitzer, personal communication April 7, 2014) American Lake Credit Union Balanced Scorecard Soderberg, Kalagnanam, Sheehan, and Vaidyanathan (2011) presented the balance scorecard as a strategic planning procedural tool used by organizations to balance financial concerns, customer concerns, process concerns, and innovation concerns with the main purpose of developing appropriate strategy in favor of a more favorable market position (p. 689-690). Similarly, Lawrence and Webber (2008) illustrated the process as a concoction of focused key quadrants, people and knowledge, internal, customer, and financial indicators with the main purpose of developing metrics to measure all areas of performance (p.79). In the case of American Lake Credit Union, interview and analysis with C. Fitzer and C.H. Chapman provided enough data to produce the balanced scorecard depicted in Table 2 below. -Reduce Exposure to default Loans -Cash Flow/Balance Sheet -Selected cost savings in utilities and materials -Reduction in days for accounts receivable -Customer Service/Satisfaction -Customer Loyalty -Trend in Customers that transferred direct deposit accounts -Customer Surveys (Measured Quarterly (QTLY)) -Mystery Shopper feedback to manager -Trend in returning customers Number of Customer complaints -10 new customers a week (Account Holding) -10% increase in market share by end of fiscal year 2015 -95% Satisfaction on surveys per quarter -100% satisfaction in mystery shopper experience -Less than eight percent customer complaint rate quarterly -Participate in community awareness events -Sponsor small activities for customers -Provide Western Union Services at discount to customers with direct deposit to the institution -Open new Branch at local AF Base -Implement Secret Shopper Program -Implement Customer Service Training Table 2 (continued) General Quadrants Critical Success Factors/Goals Metrics/Measured Trends Towards Goals Goal Initiative Internal Process -Processes Efficiency and Quality -Productivity when doing direct customer interactions -Number of errors in financial processes -Cycle time/customer wait time -Time spent doing internal tasks -Less than 5 errors per shift -Less than 10 minutes from check in to check out for customers regarding of the time of the day -Decrease time doing internal tasks by 25% without loss of quality -Implement lean six sigma principles -Sustain compliance Training Program -Integrate yearly refresher for all employees (training will be employee led) Learning and Growth -Skill Development and Sustainment -Competitive Benefits/Compensation -Employee Access and Input in Strategic Planning -Number of errors in financial processes -Employee Surveys -Employee Turn-over rates -90% employee satisfaction rate in surveys -Minimize employee turnover rate by % by 50% FY 15 -Integrate yearly refresher for all employees (training will be employee led) -Implement a more comprehensive benefit package for employees, main target is well performing and those with longevity -Involved Employees in strategy development and asked for feedback on current decision Note. Lists Adapted from (C. Fitzer, personal communication, April 7, 2014) with the exception of: 1. CO-OP Financial Services. (2013). What is CO-OP ATM and CO-OP Shared Branch?. Retrieved from http://co-opsharedbranch.org/participating-cus/ 2. (C.H. Chapman, personal communication, April 8, 2014) This source is a marketing consultant for non-profit organizations, has worked closely with the American Lake Credit Union, and provided fresh feed back into the credit union during the interviews. Discussion of Critical Success Factors (CSFs) Blocher et al. (2013) defined critical success factors as â€Å"measures of the aspects of the firm’s performance that are essential to its competitive advantage and therefore to its success† (p. 898). Tables 2 depicted the selected CSFs within the standard four quadrants of the balance score card, and these are discussed in detail below. Financial The financial success factors are important because these defined the aspect of the main purpose of a business, to make a profit. The specific CSFs within the financial quadrant and the rational for their selection are explained below. Increase Gross Profit. This was selected by the interviewed organization representative because in her professional opinion it was the best way to determine the effectiveness and financial health of the organization (C. Fitzer, personal communication, April 7, 2014). Furthermore, in accordance to Bloomsbury Information (2009), this an important factor to consider because a high gross profit margin ratio, high gross profit margin ratio indicates that a business can make a reasonable profit on sales, as long as overheads do not increase. Investors pay attention to the gross profit margin ratio because it tells them how efficient your business is compared to competitors. It is sensible to track gross profit margin ratios over a number of years to see if company earnings are consistent, growing, or declining. For businesses, knowing your gross profit margin ratio is important because it tells you whether your business is pricing goods and services effectively. Reduce exposure to default loans. The concept implies reduction of credit risk. The term credit risk is illustrated by He and Xiong (2012), as the risk the organization takes when issuing a loan; furthermore, if the organization’s loan or debt market deteriorates, and loans go into default the organization would take loses in its investment (p. 391). This is important because if this risk is identified and mitigated in an effective way the organization will not be as exposed to financial loses. Customer Factors This specific quadrant addresses the customer and objectives to increase or develop value and differentiation from the point of view of the customer (Beard, 2009, p. 279). Specific CSFs for the organization in this specific quadrant are as follows. Prospective customer perspective towards the organization- This refers specifically for that segment of the market that are not customers of the organization yet. Lautenslager (2003) reported that aachieving a good perspective from this outer segment will allow the organization to attract new customers, expand its market, and build the  organization as an attractive brand which can translate in to new business and profits. Customer Service/Satisfaction- This term refers to the extent that the clientele is pleased with the product line or service provided by the organization. As a general concept this is important because if the customer is unhappy is likely that he would not comeback; furthermore, it is likely that he will walk away, repel other prospective customers, or even existing customers (Naik, 2011). Customer Loyalty- This objective is one of the fundaments of many business organizations. This is extremely important for any organization because once customer loyalty is achieved, these customers will purchase the organization’s products and services repetitively, the more loyal the customer, the harder it will be for a competitor to draw him, and they can provide a good source of advertising and new customers by word of mouth. (C.H. Chapman, personal Communication April 8, 2014). Internal Process Internal processes are another part of the quadrant that when disregarded can cost the organization in terms of effectives, quality, gross margin, and revenue. It refers to those processes that are internal to the organization, like appraisals, self-audits, customer interactions, and quality checks for example. Processes Efficiency and Quality- This area refers to the internal processes of the organization, for example, it was mentioned during the interviews that that one employee on the organization creates a weekly balance sheet, and that job usually takes about one hour. Streamlining this and similar other processes save the organization on employee hours that could be used for customer care or employee training (C. Fitzer, personal communication, April 8, 2014). Productivity when doing direct customer interactions- This refers to the amount of time that it takes to do a customer transaction from the moment that they enter the facility until they are complete. It may take a customer about 20 minutes during the busy time of the day to perform the transaction due to crowding. Altering the way the organization conduct some of this processes will allow for the â€Å"line† to move faster, and affecting the customer satisfaction factor. Learning and Growth The quadrant of learning and growth is fundamental to the American Lake Credit Union because of the environment in which financial organizations operate in our time. Constant changes to the financial regulations at the state, and federal levels, added to the technological advances call for continuous organizational development in order to remain relevant with the environment. Therefore, developing a learning collective workforce and retaining this work force is fundamental to any business organization today. The specific CSFs on this quadrant are discussed below. Skill Development and Sustainment- Currently, the organization has a very strong training program in the areas of federal compliance. The intent is to sustain this strong program, and enhanced it by adding employee training in new technologies, internal processes, and customer service; moreover, ensuring the program is employee led and centric, thus, giving a sense of ownership to the workforce (C. Fitzer, personal communica tion, April 8, 2014). Competitive Benefits/Compensation- C. Fitzer (personal communication, April 8, 2014) mentioned that this was one of the main employee complaints in regards to the employee programs within the organization. Implementing, a more comprehensive benefits/compensation plan will ensure that employee turnover rate is minimized and allow the organization to retain the experienced employees. Employee Access and Input in Strategic Planning- Allowing employees to have more impute on the decision making process for the organization will give management a fresher perspective that can be valuable when making those decisions. Plus, it will give sense of ownership to the workforce constraining any resistance to strategic changes. Evaluation of American Lake Credit Union in Achieving its CSFs Financial Any for profit organization is always on the look to increase its profit and solidify or expand its market position. Firstly, the risk reduction initiatives of education and member involvement combined with market expansion should facilitate the current goal of 10% increase in gross profit margin by the end of FY 15 (personal communication, April 8, 2014). Examining the balance Sheet quarterly will allow the organization to follow up and address trends that would constrain this goal. Currently, on the last quarter they were down by 2% from the quarter before, but on this quarter they are up 4% (personal communication, April 8, 2014). This may sound like a wave of percentages, but taking other factors into consideration as the  proposed expansion to the local AFB, cutting unnecessary costs on internal processes and supplies, initiatives to reduce cycle time for accounts receivable, and other initiatives within Table 2 an increase of 10% gross margin by the end of FY 15 is a realisti c and achievable goal for this organization. Customer Satisfaction Customer satisfaction will be measured monthly, analyzed and evaluated quarterly, taking in to consideration trends in customers that transferred direct deposit accounts, customer surveys, mystery shopper feedback, and trends in returning customers (C. Fitzer, personal communication, April 8, 2014). Currently’ the organization have a high customer satisfaction rate with survey results depicting up to 88% on all customer surveys and only three formal complaints last quarter (C. H. Chapman, personal communication, April 8, 2014). This fact combined with the implementation of the secret shopper program on the first quarter of FY 15, and the customer care training program initiatives will give a customer care advantage to the organization over other local competitors (C. Fitzer, personal communication, April 8, 2014). On the other hand, although the process for customer complaints seemed to be effective at the collection and solving states, there was no current intent on adding these as part of the customer care training program. This was recommended by this author to the manager under interview. Using an objective approach, after taking into consideration the current customer satisfaction trends and rates, the upcoming initiatives, it can be assessed that the goal of 95% customer satisfaction rate will be achieved and likely surpassed by the end of FY 15. Internal Process American Credit Union is looking to reduce errors in internal processes, increase effectiveness in customer processes, and decrease the time doing internal tasks. The current goals of less than five errors per shift, less than 10 minutes from check in to check out for customers regarding of the time of the day, decrease time doing internal tasks by 25% without loss of quality are achievable, but will require commitment of the leadership and the workforce. For instance, sustaining the current regulatory compliance training program, and implementing lean six sigma principles should provide  the tools to succeed in this area. However, with all the other initiatives on the horizon, and the plans for expansion in to the local AFB it will require extra effort for the organization as a collective to achieve those goals without de-prioritizing other initiatives. Learning and Growth In the case of American Lake Credit Union a robust education and training program, a more comprehensive concoction of compensation and benefits will translate into the development of a better and brighter workforce, and the retaining of this work force. This will be measure by taking into consideration the number of errors in financial processes, employee Surveys, and employee turn-over rates. Some of the initiatives on this area such as consider input from employees in strategic decisions and sustainment training will sharply motivate employees within this area. Moreover, the current goal of 90% employee satisfaction rate in surveys and to minimize employee turnover rate by 50% by FY 15 is very achievable if this area is somewhat prioritized by management. However, as reported in the article Putting People First (2011), management must keep in mind that newly trained and educated employees will take their knowledge and new skill sets somewhere else for better pay and or benefits, if the proposed compensation and benefit packets are implemented (p.25-26). Final Thoughts The purpose of this document was to provide a short description of American Credit Union along with a SWOT Analysis, Balanced Score card, and discussion of these. It can be assessed with the information provided that although there are challenges ahead, the current financial status of the organization selected is healthy and the ambitions for the future achievable as they exploit their strengths, their environment, and address their weaknesses. Lastly, as long as the management remained focused, committed, and is able to maintain the workforce motivated it is likely that the organization will achieve its goals. References Arumugam, V., Chang, H., Ooi, K., and Teh, P. (2009). Self-assessment of TQM practices: a case analysis, The TQM Journal, 21(1), 46 – 58. Retrieved from http://www.emeraldinsight.com.ezproxy.liberty.edu:2048/journals.htm?articleid =1766744show=abstract#sthash.TkDGZoZ7.dpuf Beard, D. F. (2009.). Successful applications of the balanced scorecard in higher education. Journal of Education for Business, 84(5), 275-282. Retrieved from http://go.galegroup.com.ezproxy.liberty.edu:2048/ps/i.do?id=GALE%7CA199801168v=2.1u=vic_libertyit=rp=AONEsw=wasid=0a844270d80075c057b128b38e50a6e7 Blocher, E., Stout, D. S., Juras, P.E., Cokins, G. (2013). Cost Management: A Strategic Emphasis (6th ed.). New York, NY: McGraw-Hill Irwin. Boone, L. and Kurtz, D. (2006). Contemporary Business. Mason, OH: Thomson South-Western CO-OP Financial Services. (2013). What is CO-OP ATM and CO-OP Shared Branch?. Retrieved from http://co-opsharedbranch.org/participating-cus/ Fantz, E. (2013). Annual Report. Retrieved from http://www.americanlake.org/pdf/annualreport.pdf Bloomsbury Information. (2009). Gross profit margin ratio. Retrieved from http://www.liberty.edu:2048/login?url=http://literati.credoreference.com.ezproxy.liberty.edu:2048/content/entry/qfinance/gross_profit_margin_ratio/0 He, Z., Xiong, W. (2012). Rollover Risk and Credit Risk. Journal of Finance, 67(2), 391-429. Lautenslager, A. (2003), Why You Need PR: Getting the word out about your product or service should always be a priority. Retrieved form http://www.entrepreneur.com/article/65672# Lawrence, A.T., and Weber, J. (2008).Business Society Stakeholders, Ethics, Public Policy (12th ed). New York, NY: McGraw-Hill Irwin. Naik, A. (2011). Why is Customer Satisfaction Important. Retrieved from http://www.buzzle.com/articles/why-is-customer-satisfaction-important.html Putting people first. (2011). Develop ment and Learning in Organizations, 25(1), 25-27. doi:http://dx.doi.org/10.1108/14777281111096816 Scott, K., and Johnston, C. R. (2011). Factors affecting the adoption of consumer oriented information technology biometrics solutions by the credit union industry. Journal of Technology Research, 2, 1-13. Retrieved from http://search.proquest.com/docview/887909140?accountid=12085 Soderberg, M., Kalagnanam, S., Sheehan, N., and Vaidyanathan, G. (2011) When is a balanced scorecard a balanced scorecard?, International Journal of Productivity and Performance Management, 60(7) 688-708

Case Study Of High Strength Concrete Construction Essay

Case Study Of High Strength Concrete Construction Essay In the text below I have tried my best and put in all of my efforts to create a document that might help other students even without any prior knowledge of the subject to understand the very important subject concrete with thorough understanding of the concrete. The text gives the basic knowledge of the lesser important concepts and has been written to depth for important and practical concepts. I have tried to create a document that shall be used to give lectures and cover the gap between a professor with in depth knowledge of the subject and a student who has just been introduced to the subject. I am also thankful to my professors and friends for their support in completing this work. I hope the document acts as a mode of information rather than being a jigsaw puzzle and fulfill all the requirements for the formal submission. Introduction: Civil engineering is the oldest and the most basic streams of engineering. When we think of civil engineering the first thing that comes to mind is cement and construction, when we come down to the more uses of civil engineering we think of concrete. Concrete is not such a simple thing as it may look down to a non construction related person, it is due to the fact that it has so many practical uses, more than any construction material that it has a specialization of its own. So the study of concrete is very helpful or may be considered the most necessary studies for a civil engineer. Nowadays the study of concrete is considered as the backbone of the construction industry. This subject has its own specializations available for study is such a vast subject that for a construction industry or company the success is decided by its concrete engineers. The modern industry of the todayà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s world relies completely on the construction of concrete structures. Concrete has experienced this great variety of use due to its marvelous properties that completely distinguish it from any of the rest of construction materials. The history of construction traces back to the times of Assyrians and Babylonians who first made the use of clay as a cementing material. The ancient forts and military buildings, the defense structures have witnessed a wide use of the concrete made of aggregates and lime as a binder. Construction of the pyramids in Egypt has also proved the use of lime and gypsum as a binder in the concrete works. The prominent scientists of the concrete study are Vitruvius who is believed to have the knowledge of chemistry of the cementitious lime. One of the remarkable ancient works is the pantheon, which consists of a dome spanning 43.43m and is made entirely of concrete. The Romans also used suitable cements made of suitable limestone burned in kiln or were mixtures of lime and puzzolanic materials (volcanic, ash, tuff) co mbining into a hard concrete. Vitruviusà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s work was followed by the researches made by M. Vicat of France. Joseph Aspedin of Yorkshire (U.K.) was the first to introduce Portland cement in 1824 formed by heating a mixture of limestone and finely divided clay in a furnace to a temperature high enough to drive off the carbonic acid gas. In 1845, Issac C. Johnson invented the cement by increasing the temperature at which the mixture of limestone and clay were burned to form clinker. This cement was the prototype of the modern Portland cement. From then onwards, a gradual improvement in the properties and qualities of cement has been made possible by researchers in U.S.A., U.K., France and Germany. What exactly is concrete: Concrete is a composite man-made material most widely used building material in the construction industry. It consists of a rationally chosen mixture of binding material such as lime or cement, well graded fine and coarse aggregates, water and admixtures (to produce concrete with special properties). In a concrete mix, cement and water form a paste or matrix which in addition to filling the voids of the fine aggregate, coats the surface of fine and coarse aggregates and binds them together. The matrix is usually 22-34% of the total volume. Freshly mixed concrete before set is known as wet or green concrete whereas after setting and hardening it is known as set or hardened concrete. The moulded concrete mix after sufficient curing becomes hard like stone due to chemical action between the water and binding material. It would be impossible to discuss all the aspects of this material in few pages and the discussion is confined to the general characteristics an d quality tests necessary for its use by civil engineers and architects. Most of the ancient structures and historical buildings had been constructed with lime concrete. With the advent of cement, the use of lime concrete has been confined to making bases for concrete foundations and roof terracing. The major factors responsible for wide usage of cement-concrete are mouldability, early hardening, high early compressive strength, development of desired properties with admixtures to be used in adverse situations, suitability for guniting, pumpability and durability. The simple reason for its extensive use in the construction of almost all civil engineering works is that the properties can be controlled within a wide range by using appropriate ingredients and by special mechanical, physical and chemical processing techniques Buildingsà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬from single storey to multistorey, bridges, piers, dams, weirs, retaining walls, liquid retaining structures, reservoirs chimneys, bins, silos, runways, pavements, shells, arches, railway sleepers are but a fe w examples of cement concrete applications. Concept of high strength concrete: Concrete due to its versatile properties is used for many heavy and medium or low cost constructions. So the concrete used in these works is not entirely same. Thus for more important and demanding works a concrete with higher strength is needed. This concrete can be given extra strength by various methods. Usually any concrete which falls in a grade over M65 is considered or called high strength concrete. This M65 signifies a compressive strength of 65N/mm2 after 28 days. This strength apart from other methods can be reached by REINFORCING the concrete with other materials of higher strength. Reinforcing means the mixing the concrete mix with other materials. The materials most commonly used are steel, bamboo, wire mesh, sticks etc. These materials provide those properties to the concrete that the concrete itself lacks. The concrete so reinforced becomes so strong that no other material can be compared to it. Also the strength to cost ratio of this is very less as compared to any other material available in the market. RCC and concrete: RCC and concrete are the same thing but for the fact that RCC has some reinforcement provided to the mix and the plain concrete is just a mix of cement sand and water along with aggregates. The reinforcement is placed where the structure has to be built and concrete is later put on it and both of these bond together to form a high strength concrete. The most common reinforcing material used is steel in the form of steel bars and wire mesh. So the wire mesh or the steel bars are easy to place and the main work then lies in properly preparing the concrete mix. So we shall now study the preparation of the concrete mix. Preparation of concrete: The concrete is fairly easy to manufacture. The preparation of concrete is a stepwise process. Its preparation involves storage of materials namely sand aggregate, cement, water. After that follows batching of materials which is a process of measurement of materials by different, convenient methods. Then falls the process of mixing which is a vital process; the most of properties depend on the mixing conditions and the type of mixing done. Mixing is the process of mixing the materials, batched before and preparing the final concrete mix or paste. The concrete so prepared is now needs to be transported to the site of use. This is done by using pans, wheel bar rows, transit mixers, chutes, bell conveyers, pumps, tower crane and hoists etc. Now that the concrete has been brought to the site it needs to be placed such that it gains maximum strength as easily as possible. So the placing is also a very vital process of the concreting operation. Now that the concre te has been placed we now have to make sure that no voids are left in the placed mix. Compacting the concrete mix makes sure that the concrete gains fullest of its strength. Then remains finishing of the concrete work done to make sure that it looks good aesthetically. Then the concrete needs to be cured to check the development of cracks and control the heat of hydration. The details of each of these processes are as follows: Storing of materials: Storing of materials is controlled so that the materials do not get deteriorated. The materials stored on sites are cement, aggregate, sand, water, steel and any other admixtures. The cement should be stored very carefully as the cement is the second most costly material after steel which is used in lesser quantities; cement easily attracts any moisture in the air and hardens and gets useless for the construction purpose. The cement should be stored in air tight rooms free of moisture and rodents. The bags of cement should be placed at least 30 cm apart from the walls and at least 20 cm above the floor level this is done by making a temporary platform of wood or other cheap material. The cement bags should be placed one over other to a maximum height of 1.5m. The cement bags should be used on the first in first out basis. These bags should be kept covered at all times with a suitable plastic cover. Then comes the aggregates, the aggregates should be so stored that these are distinguishly stored according to their size. These should either be kept completely moist or completely dry this helps to better understand the water cement ratio and provides a strict control over this vital ratio. Then comes sand, sand does not need much special attention while storing but sand so stored should be checked regularly for increase in the moisture content and hence bulking. The water used for adding to the cement or concrete is usually potable water and the water should be kept clean and free of any vegetation and any kind of visible materials and sand etc. Batching: The batching of materials is a simple process of measuring the quantity of the materials to be used for the concrete mix. This is done by two methods namely by weight and by volume. The materials while mixing need to be proportioned properly so that the desired strength and properties can be achieved. This has to be done strictly to ensure the desired properties. In the former category all of the ingredients are measured by weight. But this system has a drawback that the moisture content alters the weight of the materials and this has to be adjusted after experiments and mathematical calculations. The later uses the measuring the materials by volume and is less preferable to the above method. This is for the reason that the sand content varies greatly in volume by the moisture content. This variation is harder to account for accurate measurement. Mixing: The process of mixing of various ingredients of concrete in specified proportion is termed as mixing of concrete. Objectives of mixing: the quality and strength of concrete depends upon proper mixing. The object of mixing is to coat the surface all aggregate particles with cement paste and to obtain concrete of uniform color and required consistency. Methods of mixing: Hand mixing: the process of mixing the ingredients of concrete by manual labor is called hand mixing. It is adopted for small and unimportant and where quantity of concrete used is small. Hand mixing method requires more cement (10%) than machine mixing for obtaining the same strength of concrete. Machine mixing: The process of mixing the ingredients of concrete by a machine is called machine mixing. In case where a large quantity of concrete is to be produced, hand mixing becomes costly even if the labor is cheap. The machine maxing becomes essential. The concrete can thus be produced at a faster rate and at lesser cost. The quality of concrete by machine mixing is also better. Transportation of concrete: The process of carrying concrete mix from the place of mixing to the final position of deposition is called transportation of concrete. Transportation of concrete mix is very important because in transportation, time factor is involved. The mix has to be transported as soon as possible. Precautions in transportation: concrete should be transported as quickly as possible to the formwork within the initial setting time of cement. Efforts should be made to prevent segregation. Transportation cost should be as low as possible. The concrete mix should be protected from drying in hot weather and from rain during transportation. No water should be lost from the mix during transportation. Methods of transportation: -The following are the modes of transportation of concrete: Pans- in this method concrete is transported in iron pans manually. Wheel barrows- steel wheel barrows with 70L capacity with pneumatic tires are used for moderate distances. Truck mixers or tipping lorries- this is used for longer distances of travel. In this a truck or lorry having a mixer built into it is used to carry concrete. Other methods are: Chutes Belt conveyers Tower cranes Pumps Formwork: The temporary construction used as a mould for the structure for the structure in which the concrete is placed and in which it hardens is called formwork or shuttering. It includes all the surfaces in contact with concrete and all necessary supporting members. The part of formwork which consists of sheeting and its immediate supporting or stiffening members is called form. The part of formwork which supports the forms usually for a large structure is called false work. It is yet another important process for concreting. Compaction: Compaction of concrete is a process of eliminating the entrapped air in concrete and achieving maximum density. The importance should not be under estimated. The strength of concrete is reduced by about 40% by presence of only 5% voids. The compaction reduces voids to a minimum. The compaction is done by doing external work on the concrete. Finishing: finishing may be defined as the process adopted for obtaining a true, uniform concrete surface. The importance of finishing is inevitable. It is to keep the concrete surfaces free from undulations. The vibrating or hand tamping of a concrete leaves a slightly rough surface. Finishing of concrete surface is therefore important. The choice of concrete finishing depends upon the ultimate use of the component and desired aesthetic effect. Curing: The process off keeping the concrete moist to enable it to gain strength is called curing. It is name given to procedure used for prompting the hydration of cement. The concrete hardens because of hydration i.e. the chemical reaction between water and cement. This reaction depends on the presence of water. Although there is sufficient water at the time of mixing yet it is necessary to ensure that the water is retained to enable the chemical reaction to continue. Methods of curing: The various methods of curing are Shading of concrete work. Covering the concrete surface with gunny bags or hessians. Sprinkling of water. Ponding method. Membrane curing. Steam curing. Of these, ponding covering of concrete surface with gunny bags or hessians are the most commonly and very widely used. Proportioning of concrete mixes: Proportioning of a concrete mix means determining the relative amounts of materials required for batches of concrete of required strength. This process is generally called as design of mix. In proportioning a concrete mix, one has to choose suitable proportions of all the ingredients of concrete i.e. cement, aggregate and water so as to give concrete its desired properties both on the plastic as well as in hardened stage with the maximum economy. Grades of concrete: concrete id graded according to its compressive strength. As per IS 456:2000 the concrete mixes are designated into fifteen grades. The various grades of concrete are given in the table below: Group Designation Compressive Strength (N/mm2) Ordinary concrete M10 10 M15 15 M20 20 M25 25 Standard concrete M30 30 M35 35 M40 40 M45 45 M50 50 M55 55 M60 60 High strength concrete M65 65 M70 70 M75 75 M80 80 Concretes of compressive strength lesser than 20MPa may be used for lean concrete bases and simple foundations for masonry walls. Grades lower than M20 should not be used in reinforced concrete works. Grades lower than M30 should not be used in post tensioned prestressed concrete. Grades lower than M40 should not be used in pre tensioned prestressed concrete. There are two types of concretes based on the method of proportioning: Ordinary concrete (normal mix concrete) Controlled concrete (design mix concrete) Ordinary concrete (normal mix concrete): The concrete in which the proportions of cement, aggregates and water are determined by adopting nominal concrete mixes and no preliminary tests are performed is called ordinary concrete. It is only used when it is not possible to use controlled concrete. It may be used for grades M20 or lower if designed mix concrete cannot be used for some reasons. The proportions of the ingredients are specified by the engineer usually without testing the materials. There is no guarantee that a M20 nominal mix with adopted proportions (say 1:4:8) will have a 28 days cube strength of 20N/mm2. IS 456:2000 suggests the proportions of materials required for nominal mix concrete as shown in the table below: Grade of concrete Total quantity of dry aggregate per 50 kg of cement (kg) Proportions of fine aggregate to coarse aggregate by wt. Maximum quantity of water per 50kg of cement (liters) M10 480 Generally 1:2 but upper 34 M15 330 Limit is 1:1.5 and lower 32 M20 250 Limit is 1:1.25 30 Controlled concrete (design mix concrete): The concrete in which the proportions of cement, aggregate and water are determined by conducting preliminary tests for the design of mix is called controlled concrete. A design mix concrete is preferred over a nominal mix concrete for durability, strength and economy. Reinforced cement concrete: RCC or reinforced concrete cement is yet another type of high strength concrete. As explained when reinforcing materials of higher strength are added to the concrete it becomes reinforced cement concrete. The main feature of adding this reinforcement is that it makes the concrete very strong even in tension; otherwise in which concrete is very weak. This happens due to the bonding between reinforcing materials and the concrete mix. The concrete so prepared is used for many purposes such as piers, bridges, flyovers, dams, slabs, arches etc. The strength of same proportions of materials of concrete when reinforced yields more than twice the strength as it would otherwise. IS codes help us design structures of RCC by considering various norms and limits of safety and other factors. These tell us what extra provisions are needed to be made in certain conditions. The normally used reinforcements are steel bars which are explained in detail as under: Steel bars are available in the market in various sizes which are the measure of the diameter of the bar. These sizes range from 6 mm to 24 mm for general purpose. Other larger and specialized sizes are also available for special constructions. These bars are cast of steel formed by addition of about 1% of carbon content to iron while ità ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s manufacturing. This steel is very hard and is very ductile. Traces of other materials are also added to this steel to modify suitable properties. These bars are of two types based on the process of manufacturing or final properties: TMT- thermo mechanically treated bars Sal- ordinary ribbed bars. TMT: this is a product of the new age and has evolved as a result of scientific research over the years in the fields of metallurgy and other related field such as metallurgy and the properties of metals. These bars as the name suggests are mechanically treated to make stronger. These are first heated to a temp of 1400C (red hot) and then cooled suddenly which makes it stronger. Then these bars are also ribbed which makes them stronger at bonding. These bars are available in the market and are preferred over the other plain or ribbed or SAL bars. SAL: these are the traditional bars which were first tested by forming corrugations or ribs. The ribs on these are helical in shape. These are less strong than the other types of bars (TMT). These bars are manufactured from steel with 0.8-1.2% of carbon content in iron. These bars are brittle and less ductile. So these are nowadays moving out of market. These are not used in any of the engineering works. The cost of these is not considerably less than the TMT bars. These bars are available in sizes ranging from 8mm to 26mm. these bars make a weaker bond than TMT and should not be used for any important works. Design of RCC: RCC structures need quite a lot of mathematical analysis to be done before the values of final construction are received. The maximum amount of steel that can be added to the structures is 4% of the cross sectional area. The slabs and beams designed of RCC are categorized into two parts- singly reinforced structures and doubly reinforced structures. Singly reinforced structures are those in which the steel reinforcement is added to the lower side of the beam or the slab that bears tension. Doubly reinforced structures are those in which the steel reinforcement is added to both- upper and lower side of the structure for cases of variable tension and compression values; or extra strength is required for higher load values or when the dimensions of the member to be cast are limited due to some reason or other. These kinds of things make the RCC structures backbone of the construction industry. These RCC structures with steel are also very safe for shear and torsional forces too. Alterations of properties of concrete (Admixtures): The concrete has its certain properties that sometimes are needed to be changed, for this reasons other materials other than the basic ingredients are added to the concrete while mixing. These materials are called admixtures. These are categorized into several divisions: Accelerators Retarders Water-reducing admixtures Air-entraining admixtures Plasticizers Some common examples of admixtures are fly ashes, silica fume, rice husk ash, metakaolin. Now details of these types of admixtures Accelerators: Accelerators are the chemicals used to accelerate the setting and hardening of concrete. Accelerators are added to concrete to: Increase the rate of hydration and hence to increase the rate of strength development. Reduce the setting time. E.g. of accelerators- calcium chloride, triethenolamine etc. Retarding admixtures (Retarders): Retarders are the chemicals used to delay the setting and hardening of concrete. Retarders slow down the chemical process of hydration so that concrete remains plastic and workable for a longer time than a concrete without retarder. E.g. of retarders are sugar, calcium sulphate, skimmed milk, ammonium chloride, calcium borate, calcium tartarate, mucic acid etc. Water reducing admixtures: These are used to: Increase the workability of freshly mixed concrete without increasing water cement ratio. Maintain workability with reduced water cement ratio. Sugar in addition to acting as a retarder, improves the workability of concrete also. Carbohydrates and organic acids are other examples of water reducing admixtures. Air entraining agents: Air-entraining admixtures are used to entrain air in form of very small disconnected air bubbles in concrete. The air bubbles (approximately .01 to.25mm dia) act as flexible ball bearings and modify the properties of plastic concrete. It also modifies the properties of hardened concrete. Plasticizers: Plasticizing admixture is a substance which imparts very high workability with a large decrease in water content (at least 20%) for a given workability. It also permits the use of lower water cement ratio for the same workability. Materials used as plasticizers: Anionic substances such as lignosulphonates. Nonionic surfactants such as hydroxylated carboxylic acid. Other products such as carbohydrates. Calcium, sodium, and ammonium lignosulphonates are mostly used as plasticizers. Plasticizers are used in the amount of 0.1 to 4% by weight of cement. A 0.5% concentration of plasticizer by weight of cement can: Increase the 28 days compressive strength by 30% with 20% reduction in water cement ratio. Increase slump from 25 to 100mm. Require 15% less cement. Uses: these can be used where a high degree of workability is required in situations like: Deep beams. Column and beam junctions. Tremie concrete. Pumping of concrete. Thin walls of water retaining structures with high percentage of steel reinforcement. This was it about the case study of high strength concrete. I have tried my best to give the best approach possible to every aspect of any concept. Still humans will keep making mistakes so that they can learn from them. Thanks.

Development of Accounting Systems in China

Development of Accounting Systems in China Abstract This report put the accounting development in China into perspective. Describe the history and changes in the accounting environment of China during the recent economic reforms by using the Greys (1988) accounting value to analyzing the culture impact on accounting systems development in China, and then, illustrate the institutional and environmental factors which driven Chinas accounting system made changes, the reasons of those changes and then describes the major problem in Chinas accounting development as well as to point out whether would be changes in the future. Introduction This report is aim to describe the development of accounting system in China, including the history of Chinas accounting except Hong Kong, the one country, two systems policy allowed Hong Kong remain its market-led capitalist system. Then, it would describe the traditional use of accounting and the factors that influenced Chinas accounting development as well as what the changes it has made what the major problems that China has face in developing the accounting system. Then, it would discuss whether China would have further changes of accounting system in the future in my opinion. There has a conclusion in the end. Country profile China had more than 1.34 billion population at the end of 2010. National Bureau of Statistics (NBS) announced Chinas GDP reaching 39.79 trillion yuan (approximately 6.04 trillion US dollars) over the course of 2010. (Du Xiaodan, 2011 Paul Pennay, 2011) Brief history of  accounting in China According to Zhang Guohua (2005), Chinas economy has undergone three periods of change since 1949: 1949- 1978: a socialist, centrally controlled, planned economy. 1979- 1992: socialist commodity economy. 1992- present: socialist market economy. Chinas accounting system has changed with the economy, almost like the period of the Chinas economy. Development of accounting systems can generally be divided into the four stages: (more detailed information of Chinas accounting history can be found in Appendix 1.) 1949-1978 was the first stage which the uniform accounting system and the 1978-1992, Chinas accounting system has during the transition and the construction. Then, from 1992 to 1997, the construction of a new accounting system has issued. The fourth period is from 1997 to present. The ASC was set up in October 1998 by the Ministry of Finance to oversee the development of a complete set of Chinese GAAP. In order to join in the WTO, Chinas accounting standards made some change to closer to IFRS/IASs. The new Chinese Accounting Standards were adopted by all listed companies from 1 January 2007. Chinese Accounting Standards will continue to be updated in line with IFRS developments. (Gray et al, 1995 Wang Baozhong et al, 2009 Zhang Guohua, 2005 The Institute of Chartered Accountants of Scotland, 2010) Traditional use in China The basic function of financial accounting is to accounting and monitoring. With the founding of the PRC in 1949, all resources of production in the country came under State ownership. Accounting was primarily used for establishing information and reporting system for the implementation of national economic policies and resource allocation in the planned economy. (InterChina, 2009) The objectives of financial reporting system have been stated to serves one user primarily, the government, and then it is stated very broadly to strengthen accounting work of share enterprise, to protect the legitimate interest of investors and creditorsà ¢Ã¢â€š ¬Ã‚ ¦ (Ministry of Finance, 1992).The change in industry and ownership specific accounting system is due to the need of macroeconomic planning require a uniform system. (Tang, Qingliang, 2000) During the developing of accounting system, there are a number of users makes use of accounting in different purpose. Such as Shareholders use accounts to examine the health of business, and the dividends that they can expect to make. The bank may use the account to see how much loan they would provide for the company, and government would see the how much tax the company needs to pay. The main use for accounting is to comply with legal and other requirements, to provide information for stakeholders about financial performance and viability, to provide managers with information for decision making and to provide a structure to business activity based on the careful processing of numerical data. (The Times 100, n.d) The cultural factor that influenced its development The development of accounting was influenced by both cultural and environmental factors. They shape the accounting system in China. As Merino (cited in Carnegie and Napier, 2002) mentioned, All source material must be viewed as a reflection of the culture. The transition from a communist economy to a capitalist market economy can summarize as contributed by the factors as politic, culture, as well as the reform of social and economic or regional and international integration. Before economic reform, Chinas communist culture (See appendix 2) has strongly influence all the means of accounting control, whether accounting plans, balance sheets, and income statements or, in a wider sense, audit techniques. (Cigdem Solas and Sinan Ayhan, 2008) all the surpluses were owned by the state. A table (See appendix 3) summarizes the information on the difference between capitalist and communist systems, and issues raised for examination regarding their reflection in accounting. The transitions of the culture and economy reform were both influence the accounting system in China. For example, the concept of profit is meaningless under communist culture due to the panned economy which the surplus goes to government. In capitalism culture, the economic entity would need to have a certain type of boundary; the profit is one of its results. Particular rules for payment of the various parties involved would also be required, and monetary assessments of economic flows registered would have to be at least partly based on market mechanisms. Its status as a measurement of a single entitys performance presumes that there is a capacity for free enterprise do not existing in communist economic structures. Greys (1988) model derived accounting values from studies of societal value dimensions by Hofstede (1984), and Greys model has been used to analyse the cultural impact on accounting development in China. Professionalism V Statutory Chinas accounting system is strongly controlled by state rather than professional. The state closely controlled all enterprises by centralized plans. The profession is also still relatively new, small and powerless and it is currently occupied with the problems involved in meeting the new audit requirements. And it is unlikely to give up this power to a professional body so far. (Roberts, Weetman and Gordon, 2008) This is mainly because the strong power distance in China. In China, power is unquestioned, no matter it is right or wrong, the accountants in China cannot rely on their professional view. Uniformity V Flexibility Due to the special circumstances, China has a dual approach which retained a uniform accounting system in the Accounting System for Business Enterprises (ASBE) while also developing accounting standards based on IFRS. Enterprises have no judgment at all on how to account for particular transactions or events according to the uniform system. (Roberts, Weetman and Gordon, 2008) It is just as the same as the statutory in China, the accountants has been regulated by the uniform accounting regulation, they have to do as the regulation told to. Conservatism V Optimism The accounting system in China is conservatism rather than optimism. The Accounting System illustrate that an enterprise should fulfill the requirements of the prudence concept. Including, an enterprise should not overstate assets or revenue, or understate liabilities or expenses. It should not provide for any hidden reserve. (Roberts, Weetman and Gordon, 2008) which means Chinas accounting system has high level of uncertainly avoidance. Chinese government likes to plan everything in advance just the five years plan, they do not want to see something happen unexpected due to the complex situation. Secrecy V Transparency Chinas accounting system has highly secrecy due to the large power distance and strong uncertain avoidance. The collectivist culture of China require the enterprise offer their information to the society but within a range of narrative disclosure which stated in ASBE 2001. (Roberts, Weetman and Gordon, 2008) only related people can see the accounting information such as the managers, shareholders and the government officers. This feature is due to Chinas prudent culture, it is different as the western country but it is totally consistent with Chinas situation. Problems for using the Greys model There have some problems by using either Hofsteade model or Greys model to analyzing Chinas situation. Those models has been stated many years ago, in addition, China is rapid development in every aspects those years, therefore, the model may not be 100% appropriate with the situation nowadays. Another problem is China is really big; there has huge gap between west area and east area no matter in economy or culture. Institutional and Environmental factors There are several environmental factors which influence accounting system in China. Economic and enterprise reforms have influence the financial reports by change of the contents, format and uses. Enterprises in China are no longer relying on fund appropriation instead of independence in their operational and financing activities. Banking and financing system has restructured, therefore, the role of the state as a source of funds has been reduced. (Tang, Qingliang, 2000) Furthermore, various forms of business combinations with joint ownership have emerged (Tang et al, 1992). The rigid, fund-orientated and industry/ownership specific financial reporting system and practices are no longer well-matched the changing business environment. As a result, a universal and user-oriented financial reporting system is necessary to meets the needs of the economic reform. Due to the economic factors, the Objectives of Financial Reporting has made some change as well as the Industry and Ownership Specific Accounting System. Furthermore, foreign investment started to influence Chinas accounting system since the open-doors policy. The increasing of foreign direct investment and international business transaction driven China change its accounting system close to international accounting and report standard. (Tang, Qingliang, 2000) The legal factors have been influenced by other factors. The government system is one of the legal factors. The new accounting regulation system (See Appendix 3) is being developed towards a legal one. The National Peoples Congress issued the first tier accounting law in 1985 and revised in 1993 and 1999. It is the basic law of accounting in China as well as the basis of Chinas accounting work and other related accounting regulations. The State Council and Ministry of Finance formulated second tier- the executive regulations which form conceptual framework and general principles of accounting. The third tier authorized by the PRC Accounting Law and formulated by the Ministry of Finance. (Zhang Guohua, 2005) The legal framework for Chinas accounting system and reporting standards have changed step by step to fulfill the need of economy development. Another driving force for the accounting change is the development of capital market. In 1990 and 1991, the Shanghai Stock Exchange and Shenzhen Stock Exchange were established. The development of capital market has influenced Chinese accounting change toward to a capital market-oriented system. Therefore, the structure, content, format, and disclosure of financial information have been significantly influenced by the needs of the capital market. (Tang, Qingliang, 2000) Problems occurred in development There also appeared some problem during the Chinas accounting systems development and transition into international accounting standard. First is that Chinese accounting system and IAS requiring different practices; for example, inventory must be valued at historical costs under Chinese GAAP, but at the lower of cost and market (LOCAM) under IAS. Another example is accounting for long-term investment. Chinese GAAP offers companies a free choice between cost and equity methods if their investments in shares do not exceed 50 percent. But in other words, differences between Chinas accounting system and IAS can be reduced by changing accounting standards. (Charles J. P Chen, Ferdinand A. Gui and Xijia Su, 1999) Second, to implementation of IAS requires professional judgment from management as well as auditors. Professional independence and implement of standards have been identified as the two critical issues in international auditing. (Stamp and Moonitz, 1982) The severe shortage of qua lified accountants and auditors in China delay the development of professional auditing (Winkle et al. 1994; Graham 1996) Further changes The development of Chinas accounting system needs to fit Chinas special circumstance. It is impossible to expect independent/professional auditing to be achievable in China in the future. This implies that the proposed accounting standards will have to operate without independent/professional auditing. It is likely that the flexibility in the detailed accounting standards will provide opportunities for managers to engage in aggressive earnings management, reducing, even eliminating the probability of showing a true and fair view. Therefore, the lack of independent/professional auditing can neutralize the objective of prudence and turn the flexibility into a land of opportunities for earnings exploitation. (Bing Xiang, 1998) In my opinion, there has a trend, which the Chinas accounting system would slightly change towards to the international accounting system in the future, but would never be exactly the same with the international accounting system because of Chinas special circumst ance like one-party policy, different situation in different area, huge power distance and not so easy to managing the big land of China. Conclusion In conclusion, China has undergone profound changes in recent years, not only the economic system but also the accounting standards. China has moved from a system of public ownership of all enterprises to a mixed system with increasing private ownership of both small and large companies. There have many factors such as cultural and institutional factors which led to those changes as well as some problem which hold the change back, but Chinas accounting system would still change towards to the IAS due to the requirement of economic development. References Bing, X., (1998) Institutional Factors Influencing Chinas Accounting Reforms and Standards. Accounting Horizons. 12(2) pp: 105-119. Carnegie, G.D. and Napier, C.J., (2002) Exploring Comparative International Accounting History, Accounting, Auditing Accountability Journal, 15(5). pp 689-718. Chen, J. P., Gui, A.F., and Su, X., (1999) A Comparison of Reported Earnings Under Chinese GAAP vs. IAS: Evidence from the Shanghai Stock Exchange. Accounting Horizons. 13(2) pp: 91-111. Chiapello, E., and Ding,Y., (2005) Searching for The Accounting Features of Capitalism: An Illustration with Economic Transition Process in China, SASE, Budapest. Chow, L.M., Chau, G.K. and Gray, S.J. (1995) Accounting reforms in China: cultural constraints on implementation and development, Accounting and Business Research, 26(1): 29-49. Du, X., (2011) China has 1.34 billion populations by 2010. [WWW] Xinhua NEWS. Available from: http://english.cntv.cn/20110228/109748.shtml [Assessed 1/3/2011] Graham, L., (1996). Setting a research agenda for auditing issues in the Peoples Republic of China. The International Journal of Accounting. 31(1). pp: 19-37. InterChina, (2009) Accounting in China. InterChina Consulting. The Institute of Chartered Accountants of Scotland, (2010) Chinese accounting reform: Towards a principles-based global regime. ISBN: 978-1-904574-62-0. Edinburgh: Technical Policy Board of the Institute of Chartered Accountants of Scotland (ICAS). Ministry of Finance, Chinese Government, (1992). Accounting system for foreign investment enterprises. Pennay, P., (2011) Chinas GDP Increased by 10.3% in 2010. [WWW] the Economic Observer online. Available from: http://www.eeo.com.cn/ens/homepage/briefs/2011/01/20/191877.shtml [Assessed 1/3/2011] Roberts, C., Weetman, P., and Gordon, P., (2008) International Corporate Reporting: A Comparative Approach. 4th ed. FT Prentice Hall. Stamp, E., and Moonitz, M., (1982). International Auditing Standards: Part I. CPA Journal. pp 24-32. Solas, S., and Ayhan, S., (2008) The Historical Evolution of Accounting in China (Novissima Sinica): Effects of Culture (2nd Part). Spanish Journal of Accounting History. No.8 pp: 138-163. Tang, Q.L., (2000) Accounting Reforms in China: A Transition from State Plan and Control-Oriented System to Capital Market-Oriented System. Managerial Finance. 26(5) pp: 80-99. Tang, Y., Chow, L., and Cooper, B., (1992). Accounting and Finance in China: A review of current practice. Hong Kong: Longman. The Times 100, (n.d.) Accounting Functions. [WWW] The Times 100. Available from: http://www.thetimes100.co.uk/theory/theoryaccounting-functions111.php [Assessed 2/3/2011] Wang, B.Z., Huang, J.Y., Wang, B.Q., (2009) Change of Accounting System Review. Communication of Finance and Accounting à ¢Ã¢â€š ¬Ã‚ ¢Ãƒ ¢Ã¢â€š ¬Ã‚ ¢ NG. Issue6. Winkle, G., Huss, H., and Chen, X., (1994). Accounting standards in the Peoples Republic of China: Responding to economic reforms. Accounting Horizons. Issue: 8. pp: 48-57. Zhang, G., (2005) Environmental factors in Chinas financial accounting since 1949. Netherland: Erasmus University Rotterdam. Appendix 1 History of accounting systems development in China Chinas accounting history can be traced back 2000 years ago. The word accounting first appeared in Western Zhou Dynasty à ¯Ã‚ ¼Ã‹â€ 11th century BC to 770 BCà ¯Ã‚ ¼Ã¢â‚¬ °. During the Tang Dynasty (AD 618-907), Account book appeared for recording the annual fiscal revenues. The basic traditional Chinese accounting theory such as the scientific bookkeeping method and the four pillars accounts was created in Song Dynasty (AD 960-1279). A new method called Long Men Zhang which is similar to the double-entry bookkeeping method has created in Ming Dynasty (AD1369-1644). Single-entry bookkeeping has been used in prior to 1911. (Zhang Guohua, 2005) Since 1949, Development of accounting systems can generally be divided into the four stages: First stage is from 1949 to 1978: 1949-1952 a unified accounting system of affiliated enterprises was developed by the central government. 1958-1959, the accounting system has been severely damaged by the scholasticism thinking, some people claimed to simplify the accounting system. 1960 to 1966, due to economic development, people realized the importance of accounting. Critical theorists illustrated the error approach of simplify the accounting system, then, the accounting system design work has received attention. Furthermore, the industry-specific regulation has been issued. (Gray et al, 1995 Wang Baozhong et al, 2009 Zhang Guohua, 2005) Second stage is from 1978 to 1992: Chinas accounting has undergone drastic changes due to the opening-up and beginning of reform. 1979-1922, Enterprises started to issue equity shares in 1984. The number of Sino-foreign joint venture has increased; Ministry of Finance has issued the Laws on Sino- foreign Joint Venture to solve the problem of difficult of foreign staff in accounting and use the accounting information. These included a joint venture income tax law and laws on contracts and foreign exchange. Accounting Regulations for Sino-Foreign Joint Ventures and Charts of Account and Accounting Statements for Industrial Sino-Foreign Joint Ventures has issued in 1985 which is the first accounting system reference to international conventions to satisfy the new accounting system in China. (Gray et al, 1995 Wang Baozhong et al, 2009 Zhang Guohua, 2005) Third stage is from 1992 to 1997: Ministry of Finance and the National Committee of Economic Structure Reform jointly promulgated Accounting Regulations for Share Enterprises in 1992. Furthermore, Accounting System for Business Enterprises (ASBE) issued in November 1992. The ASBE was a major attempt both to unify the accounting systems used by different industries and to move financial accounting towards international accounting practices. Because of the development of foreign exchange markets, these regulations which made in 1985 were replaced by Accounting Regulations for Enterprises with Foreign Investments and Charts of Accounts and Accounting Statements for Industrial Enterprises with Foreign Investments in 1993. (Gray et al, 1995 Wang Baozhong et al, 2009 Zhang Guohua, 2005) The fourth stage is start from 1997 to present: the Accounting Standard Committee issued to establishing a complete set of accounting standard. The Accounting Law of the PRC which revised in 2000 is the highest level of authority which replaced the pervious law of 1992. (Gray et al, 1995 Wang Baozhong et al, 2009 Zhang Guohua, 2005)

Whoops Essay -- Analysis, John Lanchester

The book â€Å"Whoops! Why everyone owes everyone and no one can pay† by John Lanchester, will be analyzed in this essay in order to look at the wider geopolitical banking strategy, the roles and development of international institutions and strategies that have lead to the current economic crisis. At the beginning of the book, the author identifies two key events which created the environment for such a crisis to occur: the Cold war and the tearing down of the Berlin Wall. These two events are pointed out because as he sees it, the cold war provided the capitalist nations with an opposite system to compare to, and its advantages in terms of social justice and peoples rights were incomparable. However after the fall of the Berlin Wall, â€Å"capitalism began a victory party that lasted twenty years† (J.Lanchester, p15), and as at its core capitalism is not an equal distributor of wealth, in addition to many countries after the fall abandoning their focus on social justice and focusing on growth, which was not sustainable. Here the author starts to lead the reader to considering how the strategies of society as a whole and key agent of the financial industry were formation of the environment in which they were. A proportion of the blame must lie with certain agents of the industry and their lack of actions. Deregulation had gone too far and governments were too slow or unwilling to act on time. An example given is when five major banks (Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Sterns, and Morgan Stanley) in 2004 were allowed to cut the amount of capital they had to hold as a reserve against potential loses. (J.Lanchester, p.163). The author points out how successful lobbying had become and that those banks at one point wer... ...100). These three banks had to all be bailed out. This situation incorporates the key four elements of the author’s argument, and is one of many. The book’s prevailing theme is how the strategy adopted by various agents of the financial industry has trickled down to the society. The author upon mentioning the creation of securitization, several times notes that this is what â€Å"broke banking†. This change in strategy of banks and the society as a whole led to many changes. The lender and the borrower being separated and the loan sold-off is a key flaw and arguably, speaking in general terms can be largely attributed to the systematic errors existence which played a large role in the most recent crisis. Throughout the book there is a feeling that the author sees the system as not being beneficial to the end consumer when fundamentally this should be the opposite.

Primary Behavior Changes of MDMA :: Illegal Drugs Ecstasy Medical Essays

Primary Behavior Changes of MDMA As an attempt to define the primary versus secondary (or side effect) behavior changes, I will first discuss the differences between the two. One way to separate the two will be to refer to the primary behaviors as those that occur during the use of the drug. This time span will include the behaviors that occur from the point of ingestion through the time when the effects of the drug wear off (approximately 4-6 hours after ingestion). At this point I will go on to discuss the secondary effects on behavior and how they are a result of the primary effects. With this distinction made, it will make the comparison easier to follow and understand. One of the first, and most commonly reported, behavior changes is that of a created sense of, or feeling of, empathy towards all individuals. In many this feeling is a dominating force that enables communication in an outwardly expressive manner, much different than is normally expressed if the participant were to be in a sober state. As a result, MDMA was slated for use in the medical field by psychologists and psychiatrists who were interested in these qualities as an aid in therapy. With lowered inhibitions and a willingness to express one's inner thoughts and feelings, many therapists were convinced that the drug would have very important therapeutic advantages. These advantages would be clearly expressed in cases where months of therapy had little effect on creating an inviting space where patients could feel comfortable with sharing in the presence of a therapist. Under close supervision, the therapeutic consequences could be priceless to the individual who potentially would be able to overcome a traumatic experience. With this being only one of the primary behavior changes associated with the use of MDMA, it's easy to see how the complexity of such a drug can be easily underestimated. When viewed from an outside perspective, someone in such a euphoric state would appear to be very outgoing and accepting of many types of people. It's this sense of compassion towards all people that has created a phenomenon that expresses itself in the form of large dance parties, called raves. People get together to enjoy music, dance, drugs, and most of all each other. In a heightened state of awareness, participants are

Historical Analogy of the Democratic Party’s position in the Southern Region of America Essay

America’s Democratic Party is one of the country’s two major political parties. The organization has a long history, but when compared to the Democratic Party of 1792, today’s party is very different. The Democratic Party was founded in the 1790’s by Thomas Jefferson, who was the principal author of the Declaration of Independence. Jefferson became the first Democratic President of the United States in 1800. Over next 70 years, as the organization grew, so did its support in the South. After the end of the Civil War in 1865, African Americans favored the Republican Party and its anti-slavery views, while the Democratic majority was Southern Whites, who were not in favor of political rights for former slaves (Grantham, 1992). In 1868, Ulysses S. Grant, a Republican, was elected President with the help of African American Republicans, who were voting in a presidential election for the first time. During Grant’s presidency, the Radical Republicans introduced the15th Amendment, which stated that a right to vote could not be denied because of â€Å"race, color, or previous condition of servitude† (Carnes & Garraty, 2006, p. 434) Over the years, the Democratic Party has left behind many of its old principles and ideals, especially with today’s presence of African Americans in the party. The Democrats once maintained the support of White Southerners by backing Jim Crow laws and supporting racial Historical Analogy 2 egregation, but today, the majority of African Americans vote for the Democratic ticket (Aldrich, 1995). African Americans began to shift from the Republican Party to the Democratic Party in the 1940s, despite the Democrats opposition to 14th Amendment, which granted citizenship to â€Å"all persons born or naturalized in the United States† (Carnes & Garraty, 2006, p. 430). In the election of 1940, Franklin D. Roosevelt, a Democrat, added ci vil rights to his party platform. As a result, Roosevelt and the Democratic Party gained support from African American voters (Aldrich, 1995). Today, the majority of African Americans are registered as Democrats. John Kerry carried 89% of the African American vote in the 2004 presidential election, and African Americans continue to gain more political position in the Democratic Party (Wenner, 2004). In 2008, the Democrats nominated Illinois Senator Barack Obama, as its presumptive presidential nominee, solidifying Obama’s place in history as the first African American to be a major political party’s presumptive nominee for President of the United States. For almost a century after the end of the Civil War, the Democratic Party had a strong presence in the Southern region of America. From 1880 to 1960, the region was known as the â€Å"Solid South† because Democrats won by large margins in the area (Grantham, 1992). The Solid South began to come apart when President Harry S. Truman, a Democrat, began supporting the civil rights movement (Black & Black, 2003). Following Roosevelt’s path, civil rights was a part of Truman’s 1948 Democratic platform, used at the Democratic National Convention. Historical Analogy 3 As a result of Truman’s endorsement of the civil rights movement, which included adopting a resolution to condemn the Ku Klux Klan, many conservative Southern Democrats walked out of the National Convention and left the Democratic Party (Aldrich, 1995). The Democratic support of the civil rights movement significantly reduced Southern support for the Democratic Party and allowed the Republican Party to step in and gain a little success in the South. In the 1950s, the Southern Democrats, who opposed the Democratic Party’s support of the civil rights movement, formed the Dixiecrat Party, which was led by then-Governor of South Carolina, Strom Thurmond. When the Dixiecrat Party proved to be unsuccessful, Thurmond and many other former Southern Democrats switched to the Republican Party. â€Å"Thurmond, a tenacious champion of unreconstructed conservatism, abandoned the Democratic Party to become the first Republican senator from the Deep South in the twentieth century† (Black & Black, 2003, p. 1) The Republican Party’s strength in the South grew during the election of 1964. Although Lyndon B. Johnson, a Democrat won the election, he did not carry the five states of the Solid South, which included Louisiana, Mississippi, Georgia, South Carolina and Alabama (Aldrich, 1995). The Deep South states provided an electoral victory to the Republican candidate, Barry Goldwater. It was the first time since Reconstruction that a Republican carried the South in a presidential election (Carnes & Garraty, 2006). Johnson and the Democrats continued to lose support in the South by supporting the Civil Rights Act of 1964. After signing the landmark legislation, Johnson said to his aide, Bill Moyers, Historical Analogy 4 â€Å"I think we just delivered the South to the Republican Party for a long time to come† (Grantham, 1992, p. 12). As support for the Democrats in the South dwindled, in 1968 election Republican candidate Richard Nixon used â€Å"Southern Strategy,† to capitalize in the election (Carnes and Garraty, 2006, p. 810). Nixon used a method that attracted the former Southern Democrats, who were still conservative and supported segregation. With his strategy, Nixon defeated the Democratic candidate, Hubert Humphrey, in the election. The era of the Solid South proved to be over, with the Democratic candidate only carrying one Southern state in 1968 election (Dewey, 1992). The Republican’s strategy to win voters in the South alienated African American voters from the Republican Party and pulled in more Southern Whites, who did not support integration, which was favored by the Democratic Party. Over time, Southern White voters continued to support the Republican Party. Today the Democratic Party is no longer the dominant party in the South. The South is now considered a stronghold of the Republican Party. In 2000, presidential candidate Al Gore received no electoral votes from the South, and neither did John Kerry in the following election in 2004 (Wenner, 2004). As the Democratic Party‘s strength weakens in the South, the opposite is happening in the Northern region of America. The Democratic Party was weak in North from the 1880s to the 1960s, when the organization controlled the South, but it is now strongest in the Northeast (Black and Black, 2003). In the 2004 election, all nine Northeastern states, from Pennsylvania to Maine, voted for the Democratic ticket of John Kerry and John Edwards (Wenner, 2004. Historical Analogy 5 From supporting slavery in the 1800s to supporting its first African American presidential candidate in 2008, the Democratic Party has evolved. Despite going through name changes, leaders and incarnations over the years, the Democratic Party has retained its same basic values. It prides itself on being the party for the working people, but as Americaâ₠¬â„¢s view of who was entitled to be a referred to as the working people has changed, so did the views of Democratic Party.

Five of Frankenstein Essay

This line suggests that the creature was fairly friendly, rather than demonical: ‘†¦ while a grin wrinkled his cheeks’. The creature was very similar to a new born baby, with no experience in life and no knowledge of how to communicate and act: ‘His jaws opened, and he muttered some inarticulate sounds’. Despite the creature’s lack of knowledge and experience, Victor somehow manages to treat the creature in an appalling manner. These set of events portray Victor as somebody who is very cruel and selfish, furthermore, it makes the reader sympathise for the creature. The idea of bringing someone into the world by stitching together pieces of dead bodies and passing electricity through the corpse raises the question of immoralities; moreover the way Victor brought life into the world and then abandoned it is a terrible lot worse. In this story, Victor Frankenstein acted similarly to the Ancient Greek character ‘Prometheus’, as he played God. He felt that he had the right to create new life. He then realised how wrong it was, however by that time it was too late. In the 19th century, most people in England were very religious, so the way Victor plays God in the story would have been widely frowned upon. It was extremely uncommon for people to see boundaries and morals being questioned and stretched in this way. The creature that Victor created was far from a monster, it was but a helpless, needy being that he had abandoned, and it was not very different from abandoning a new born baby. Society cruelly rejected him due to his appearance, which goes to show how narrow minded society can be. This could have been part of the message that Mary Shelley wished to send out. The true monstrous figure in the story is Victor. This is all down to his cruel nature and the disgust he shows towards the creature he spent two years trying to bring to life. Victor even goes as far as describing the creature as a ‘half-distinguished light’, meaning he felt the creature was merely ‘half of a human being’. The author, Mary Shelley, in my opinion was trying to send out the messages: it is wrong to play God and that society can sometimes be very judgemental. The reasons are that Mary Shelley depicts the creature as helpless, confused and needy, so that the reader will sympathize towards him, whereas she depicts Victor as a cruel and selfish person, which supports the point of playing God being wrong. The reason I believe Mary Shelley tried to send out the message of society often being judgemental is so that people will realise that appearances are not everything, and that they can learn to avoid judging people by this before getting to know their past and present situation. 1,060 words Aran Atwal Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Mary Shelley section. Download this essay Print Save Here’s what a teacher thought of this essay 4 star(s).