Top World News Stories of 2011

The Power of Failure Essay - 560 Words

There is a common misconception that failure is a bad thing. Many people who fail at something are often called losers, but if those people learn from their losses, they are actually winners. Failure teaches people that they are just like everybody else, and that success is gained from hard work and determination. When people fail at something important in their lives and decide to try again, they tend to regain their confidence and persist with great resilience. Many of the best lessons people learn in life come from the mistakes they have made and the knowledge they gained from their mistakes. A good example of failure being the best teacher is in business matters. People with excess money often invest in businesses they know†¦show more content†¦Most of them learn from such mistakes and go back into the business market with knowledge of what it takes to succeed. Another good example of learning more from failure than success is found in sports. When people first begin playing a sport, they may not play very well. However, they learn and improve through experience. Very few athletes win all of their competitions, so there are failures in sports. When frequent winners lose, they may act childish and prove that they have learned nothing from their success. triving athletes often realize too late that they could have succeeded had they practiced more and worked together. A final example of failure being a better teacher than success lies within personal relationships. People often go into relationships knowing very little about one another. This sometimes leads to disappointment when their relationship progresses and their true traits surface. One person may make a comment about a subject and unintentionally hurt the others feelings. This situation could have been avoided had they taken more time to get to know each other. Many people spend a lot of time in relationships that do not lead anywhere because they neglect the things that matter in making a relationship significant. When the relationship ends, the people involved are often bitter and feel that they have wasted their time, but they have actually learned one of lifes greatest lessons. Failure hasShow MoreRelatedPower Failure : The Inside Story Of The Collapse Of Enron980 Words   |  4 PagesGeneral: Power Failure: The Inside Story of the Collapse of Enron, Mimi Swartz and Sherron Watkins, 432 pages, March 25, 2003, Crown Publishing Group, ISBN: 978-0-767-91368-3 Authors: The book is written by two authors: Mimi Swartz and Sherron Watkins. Mimi Swartz is a journalist who graduated from Hampshire College. She has written for many publications. Her work has been included in Slate, Vanity Fair, National Geographic, The New Yorker, and the New York Times. Currently, she serves asRead MorePower Failure : The Inside Story Of The Collapse Of Enron1837 Words   |  8 PagesGeneral Power Failure: The Inside Story of the Collapse of Enron, Mimi Swartz and Sherron Watkins, 432 pages, March 25, 2003, Crown Publishing Group, ISBN: 978-0-767-91368-3 Authors The book is written by two authors: Mimi Swartz and Sherron Watkins. Mimi Swartz is a journalist who graduated from Hampshire College. She has written for many publications. Her work has been included in Slate, Vanity Fair, National Geographic, The New Yorker, and the New York Times. Currently, she serves as an executiveRead MoreChilean and Nicaraguan Revolution: The Failure To Consolidate Power 2122 Words   |  9 Pages with every plan there are obstacles. In spite of the sizeable differences, the revolutions that occurred in Chile and Nicaragua share common traits of failure to consolidate themselves with their power and rebellion. 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However it has interested many historians over the years into inquiring how and why Hitler came to power and how much of this was to do with the failure of parliamentary democracy in Germany. To fully ascertain to what extent these events have in common and what reasons led to the fall of democracy and rise of the Nazis, each haveRead More Ignorance and Air Power: The Failure of U. S. Leadership to Properly Utilize Air Power in Vietnam4192 Words   |  17 PagesIgnorance and Air Power: The Failure of U. S. Leadership to Properly Utilize Air Power in Vietnam Major Ted Tolman’s F-105 Thud fighter/bomber streaked through the air at just under the speed of sound. His aircraft performed modestly at best, struggling to maintain its speed and altitude under the heavy load of ordinance and fuel it carried under its wings (Patrick). 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And the foreign powers have been kept seeking advantages and privileges from China. As

Marketing Elements In International Global â€Myassignmenthelp.Com

Question: Discuss About The Marketing Elements In International Global? Answer: Introduction International economy has always been a platform of multinational corporations with integral elements such as globalisation, diversified product planning and arrangement and growth of competition. These all add to the global businesses and strategies which remain key aspects for a company to keep its business wings afloat without being run aground. This current essay is set to be a focal indication as to challenges faced by MNC like Tesco and the strategies perpetuated by theories relating to international business. Recommendation portion as per requirement laid down by the assignment of this essay is also a important feature of this write up. Profile of the company as an MNC In the effort of retail formatting, foreign direct investment is a strategy-stayed mechanism, led by several aspects considerable, from the view of tactical arrangements by TESCO. The company is a super power conglomerate in retail industry with its dominance in UK and other countries. The company is wide-ranging products retailer with business inception in the year of 1919. The company meets the qualifying pointers to be undoubtedly called as an MNC. If profitability is a key index of firms standing as an MNC then TESCO is in third position in revenue (Chandra, Styles and Wilkinson, 2009). The business operation of the company is carried out in fourteen countries including Asian countries, countries in UK and North America. Nearly 5,30,000 employees work in the different parts of the company across the world. The company has achieved a market share of approx thirty percent in Europe and this has helped the company to achieve market dominance. Tescos decision to invest in china to ex pand retail business came as no wonder due to instability in the industry in the recession-scarred European markets. Several subsectors, the company does operate in, are books, petrol, furniture, garments, electronics, and software with further services offered by the company in field of telecommunication and internet along with financial services (Czinkota and Ronkainen, 2013). Tesco has secured its place on Forbes global 2000 list. The profitability of the firm also shows potential with 1.28 billion annual profit and first full year of growth since the year 2010. Theory related to globalisation of business Globalisation has pack of theories which differ with each other relatively. Among these, world culture theory is also underpinned by the concept of globalisation. This theory has a belief that in the global arena, world is viewed as a society with composite group of relations within numerous units (Dow and Larimo, 2009). In this theory, people gather knowledge of this global reality and if the issue detected is staying together in the real entity, the very essence is supported by world culture theory for bringing units close to each other with similar stress on thoughts of people in the global reality. If this theory to be considered then globalisation brings the entire world in a single entity with importance on cultural compression cooperating a system which believes that all cultures are parts of a culture of large global entity (Fletcher and Crawford, 2013). This undoubtedly restricts the local business in local area concept. This gives birth to an entity which is full of diversi ty which helps glocalisation to flourish. The aforesaid theory has its semblance with the cultural belief of Tesco and the cultural diversion and thought for world as a society and social entity. Concept of globalisation got its elevation. This theory always embraces socio cultural aspects and places importance on the social cultural factors which promote social and corporate growth in a world as a society (Joshi, 2009). The company has reached beyond its home boundary and almost inherits its world-wide reputation depending on the thrust like globalisation which is the company-induced approach to start international business operation. World culture theory is somewhat fit into the strategic thinking pattern of the company which never restricts capital investment in promising countries for business expansion. This has required the company to think world as local platform with equal importance on cultural relationship, human resources and business performance with social consideration to leverage world culture theory to its utmost advantage for the entity-world relationship (Leonidou et al, 2010). No matter the initial troubles the company had, the effort of the company marks the growth in worldwide business in countries in Europe, Asia and North America. World culture theory is supportive of Tesco in establishing a synergy of cultures thereby triggering cultural diversity to achieve coordinated and balanced work performance (Murphy, 2010). This is the key performance generator in the corporate arena across the word and the success and dominance of the company is quite explicit asserting that the world culture theory as a globalisation concept is helpful for the company as a development path. Key country/regional factors affecting Tescos choice of country Retail market in China is ever growing and offers range of opportunities for organisation like Tesco to expand its retail market operation. Even after financial crisis that has huge effect across the world, retail sales of the nation achieved $1.8 trillion in the year 2009. The growth in retail sales of the country is supported by the increase in house hold income. The people of the country have better living standards and this drives them to look beyond their basic needs to ensure better quality lives, which directly and passively promotes retail sales and Tesco being aware of this tried to seize this as retail expansion opportunities (Nijssen and Herk, 2009). Household spending in china has increased in availing services like merchandise, telecom, healthcare and transportation. This indicates that the country has many people who can afford to pay for high priced products by discretionary spending which became much higher than the previous decades. This is always being seen as an opportunity of retail business expansion and Tesco finds the country as an attractive foreign country in Asia to start retail business (Papadopoulos and Heslop, 2014). China offers most lucrative investment options for foreign organisations particularly retailers due to growing incomes and growing market size. Investment opportunities are plenty in China due to some reasons like support from government level, grants and funding facility ensured by Government, preferential policies from government. Growing formatting of business, investment opportunities in e-commerce, online retailing, multi channel retailing, third party e-commerce platforms which offers services like business to business and business to consumer, consumer to consumer services (Papadopoulos and Martn Martn, 2011). Application of theory Porters diamond theory is a framework that helps to understand the competitive advantage a nation does possess for having some factors within it. This framework also speaks of how government of a particular country can play vital role to make a nations position better in the economic environment. This theory is framed by Michael porter. This is a proactive economic premise which not only put a figure on comparative advantages but also helps in understanding more power, while some scholars suggest that natural resources are best formative determinant for deciding competitive advantages, porter argued that countries may find themselves in better positions if focus on development of some factors like skilled manpower, improved technology, availability of government assistance is continued (Powers and Loyka, 2010). The four points of this framework are represented as determinants of comparative national economic advantage. These factors are strategy of firm, structure and rivalry, suppor ting sectors, demand conditions and factor conditions. The first three conditions focuses on preliminary fact that business is led by competition while demand conditions like nature of customers and their preferences influencing the demands of products in a particular sector (Tan and Sousa, 2013). The last one is factor conditions which is more vital as porter always has emphasised upholding that conditions like technological innovation, skilled manpower and development in infrastructure can be created by a nation for itself. Factor conditions can be developed by governments cooperation by encouraging business and also challenging the businesses so that business can develop more technologies, skilled and talented workers and infrastructural development. This theoretical diagram presents knowledge which realistically matches up to the nation China with its plenty natural resources. Government of china is cooperative and policies like offer of grants, funding, preferential facilities are pro business moves that widen business opportunities (Griffin and Pustay, 2012). More over organisation such as Tesco with its capacity to promote technology, developing talented workforce find the nation more encouraging to continue business with great level of expertise. Therefore representation of factors through four determinants in the framework developed by Porter denotes a similarity with China. The country is a preferred business destination due to attractive foreign direct investment opportunity and this is facilitated by government policies also and retail business environment of the country (Ball et al, 2012). These factors have been inspiring factors for Tesco to make entry in the retail sector of China. Entry strategies With the possibility of long term growth numerous organisations are eagerly increasing their business operation in China. In the year 2004, Tesco adopted joint venture acquisitions as a market entry strategy into china. The international strategy of the company is influenced by achieving insight regarding the cultural elements of the country (Killing,2012). Tescos clear international strategy lays importance on building confidence on joint ventures. Joint venture agreement with Ting Hsin that had inception of its business as an instant noodle producer, was included in the strategy of Tesco to face competition with wal-mart. Tesco had a joint venture strategy anticipating that partnership with another company in the Chinese market could give it access to seventy six million Chinese customers. The retail business expansion of Tesco in china could be better regarded effective expansion with help of effective alliance and joint ventures while obtaining a late mover advantage to competito rs like Wal-mart and Carrefour. Joint ventures as an entry mode demanded adequate resource commitment by the local company, higher degree of control and substantial investment. Tescos higher control from the joint venture acquisition was backed by fewer risks in comparison with other capital pushing options (Birkinshaw, Brannen, and Tung, 2011). Tesco had an better internationalization planning with successful record of acquiring supermarkets in Hungary, Poland, Ireland and this drove this company look for expansion in the emerging markets of Asia to reach middle income families. With the strength of agreement with partner Ting Hsin, Tesco acquired its wholly owned subsidiary named Ting Cao that subsequently owned the Hymall chain which is Chinas biggest food supplier. Ever since 2006 Tesco started opening stores across China and total store counts became 125. Tesco relocated its international sourcing head office in Hongkong with a hub in Shanghai. For building strategic internatio nalisation, Tesco had built up its Strategic internationalization by taking geo centric approach (Cantwell, Dunning and Lundan, 2010). This affirms that the company has global strategy whilst adapting operations to the local markets through global synergies and strategic partnership. Shanghai became a home from home for Tesco and became first commercial platform in China. This has helped the Tesco to know local customers better and eventually many new stores were opened by Tesco along with hypermarkets. Two key international business challenges In April, 2011, in its total year results, it was stated that the companys localized operations was successful to break even in the latter half of the year. Tescos then CEO confirmed that the company would decrease the store opening aim in the country. It was great trouble for the company to have prime location and also to achieve permissions from government for opening its life space malls (Cavusgil et al, 2014). In the year 2012, the pressure was from continuous high level of inflation and pressure on wage costs. This has forced the company to take more careful steps. Tesco was also forced to delay the development of hypermarkets in China for the particular period in the year. Recommendation on the basis of UN Global Compact Principles and/or Sustainable Development Goals Sustainable development goals lay guidelines that can help Tesco develop some core areas which can further their business while adopting more responsible approach towards world and society. Tescos retail grocery and supermarket business find a boost operating within the scope of sustainable development goals. In each realm of business some recommended course of functions may translate the companys position into grater shape for marking more strength (Kolk and Van Tulder, 2010). Tesco can promote actively, perception of joint action as well as accountability platforms like an innovative nature of collaboration. This is helpful for the company to particular human rights challenges. It may position social interaction at the frontal space when human rights are largely concerned. The organisation with other company can work in value chains for meeting systematic difficulties by adopting holistic approach. A better approach like shared value can initiate better contemplation followed by im plementation (Cavusgil et al, 2014). Past focus on philanthropy as well as social investment can be merged with shared value model by the company. Engagement with innovation in business to ensure better technological advancement for meeting better opportunities for the company and society can be considered if society could be benefitted. But the concern must not be neglected regarding limitation of these to certain policy environments and some opportunities in market. These must not be constrained. Sustainable development goals create chances for not only updating vision of business towards sustainable development but at the same time vision requires a change at the very basic level (Cavusgil et al, 2014). This requirement is within the consideration and needs to be better assessed depending upon necessity. Social upliftment is huge task by almost every company and this for the company Tesco remains a must do for eliciting respects from all levels of stakeholders in the business acr oss the globe. The realization of the company is, that there is barely any powerful means for the trading to speed up social development rather than directing human rights all through the value chains. Business and human rights are the two arterial sides which require each other for establishing better governance in societal format and corporate harmony (Cavusgil et al, 2014). An important proposition stresses on that each company not just can offer support at scale of development via the networks of business collaborations. At the same time the important accountability for them is to confirm so. This positions itself as a vital element between business and human rights. Tesco as a responsible conglomerate with huge success in corporate world can think the same and must look for embedding the said vision in this discussion at the core of its business central regarding the continuation of business with most effective and sustainable development in current and long run (Kolk and Van T ulder, 2010). Conclusion Business never remains constrained and the globalised economy keeps organisations moving across international countries. Strategies are vital for business expansion while for Tesco, strategic internationalisation is always matter of consideration while taking a business leap in foreign countries including china. The company found investment options in China lucrative and looked for business expansion in the country due to several factors like cooperation of Chinese government and consumers propensity to avail products to live better and quality lives. Apart from the natural resources, the country can develop its other resources like skilled manpower, technological development and infrastructural improvement. There are many aspects that can be embedded into the business vision of the company for making more development. References Ball, D., Geringer, M., Minor, M. and McNett, J., 2012. International business. McGraw-Hill Higher Education. Birkinshaw, J., Brannen, M.Y. and Tung, R.L., 2011. From a distance and generalizable to up close and grounded: Reclaiming a place for qualitative methods in international business research. Journal of International Business Studies, 42(5), pp.573-581. Cantwell, J., Dunning, J.H. and Lundan, S.M., 2010. An evolutionary approach to understanding international business activity: The co-evolution of MNEs and the institutional environment. Journal of International Business Studies, 41(4), pp.567-586. Cavusgil, S.T., Knight, G., Riesenberger, J.R., Rammal, H.G. and Rose, E.L., 2014. International business. Pearson Australia. Chandra, Y., Styles, C. and Wilkinson, I., 2009. The recognition of first time international entrepreneurial opportunities: Evidence from firms in knowledge-based industries. International Marketing Review, 26(1), pp.30-61. Czinkota, M.R. and Ronkainen, I.A., 2013. International marketing. Cengage Learning. Dow, D. and Larimo, J., 2009. Challenging the conceptualization and measurement of distance and international experience in entry mode choice research. Journal of International Marketing, 17(2), pp.74-98. Dunning, J.H., 2013. Multinationals, Technology Competitiveness (RLE International Business) (Vol. 13). Routledge. Fletcher, R. and Crawford, H., 2013. International marketing: an Asia-Pacific perspective. Pearson Higher Education AU. Griffin, R.W. and Pustay, M.W., 2012. International business. Pearson Higher Ed. Joshi, R.M., 2009. International business. OUP Catalogue. Kilng, P., 2012. Strategies for joint venture success (RLE international business) (Vol. 22). Routledge. Kolk, A. and Van Tulder, R., 2010. International business, corporate social responsibility and sustainable development. International business review, 19(2), pp.119-125. Leonidou, L.C., Barnes, B.R., Spyropoulou, S. and Katsikeas, C.S., 2010. Assessing the contribution of leading mainstream marketing journals to the international marketing discipline. International Marketing Review, 27(5), pp.491-518. Murphy, P.E., 2010. Marketing, Ethics of. Wiley Encyclopedia of Management. Nijssen, E.J. and Herk, H.V., 2009. Conjoining international marketing and relationship marketing: exploring consumers' cross-border service relationships. Journal of International Marketing, 17(1), pp.91-115. Papadopoulos, N. and Heslop, L.A., 2014. Product-country images: Impact and role in international marketing. Routledge. Papadopoulos, N. and Martn Martn, O., 2011. International market selection and segmentation: perspectives and challenges. International Marketing Review, 28(2), pp.132-149. Powes, T.L. and Loyka, J.J., 2010. Adaptation of marketing mix elements in international markets. Journal of global marketing, 23(1), pp.65-79. Tan, Q. and Sousa, C.M., 2013. International marketing standardization. Management international review, 53(5), pp.711-739.

Accounting Management Qualitative Research -Myassignmenthelp.Com

Question: Discuss About The Accounting Management Qualitative Research? Answer: Introduction AMP Insurance is among the top 5 Companies which the ASX stock exchange listed. AMP Insurance was established by David Jones. The institution was established in 1849 with an intention of being non-profit life insurance institution, far along in the year of 1998, New Zealand and Australia stock exchange listed the organization after it demutualized. AMP Company is composed of: AMP bank, AMP capital, AMP insurance; self SMSF. The company has extent its connection in Malaysia, and China, Africa, Canada and to many different countries. The key products are insurance, customer solution etc. in the year 2010, AMP decided to combine its business operations with AXA Pacific holding to increase the market for insurance of Asian nations as well. Based on the company annual report, twenty fifteen, the organization is one of the best insurance providers in New Zealand and Australian. The organization provides life insurance, disability, and income protection. Presently, the company is on number two in New Zealand market and number one in Australian. This report provides a complete analysis of the organizations accounting treatments. Accounting framework used in Australia AASB board is accountable for evaluating and creating the conventions and accounting standards. The conventions created are commonly made to give a universal policy for accounting to all organization found in Australia. These conventions assist in the Organizations comparative analysis. AASB combines the 2 tiers for making the overall purpose financial statement as shown below-IE Tier number one: This uses the accounting standards as per the IFRS and it also include the Australian environment. These are the core accounting standards that the organizations must follow while making the organizations accounting statements. Tier number two: it mostly comprise of the measurement, recognition, presentation needed in financial statement and the organizations disclosure requirement. Examples of the Accounting standard used in Australia- International Financial Reporting Standard These describe the overall accounting standard established by the board of IASB (Loureno et. al., 2015),). All the institution has to abide by the accounting standards created by the organizations board. IFRS are established with the aim of providing a joint platform for creating comparisons among different organizations financial statements. Almost, IFRS accounting standards are being followed by all organizations in the world, for working worldwide. Common standards include the following- These are rules that are executed by the institution to help in the preparation of the financial statements. Therefore, it refers to a specific policies, rules and procedure which are executed by the organizations management for bringing equality in the companys accounting policies. The organizations accounting policies stand for techniques that assist in disclosure of material evidences that are connected to the company and the systems that it followed. Accounting principles and policies are dissimilar terms as accounting policies are the company personal policies implemented with an intention of following accounting principles while accounting principles represents the rules of accounting (Rossouw, 2010) Accounting Conceptions and framework implemented by AMP Company AMP Limited exists as a listed Australian organization. The company uses AASB9 (the Australian accounting standard board) and Australian conventions and principles. The main guidelines used by the organization are: The Companys financial reporting is prepared according to Australian standards and rules and regulations of organization act, two thousand. The organization used AASB- format of financial statements, abiding by the IFRS. The AASB 119 standard state that employee benefits is monitored by the company. This standard states that all the agreement or plans between employee and employer, under any of the informal practices and legislative requirements are followed. The recent accounting standards for example AASB 2014-9 which is the amendment of the Australians accounting standard- Equity method in different financial statement and AASB 2015-5 amendment to accounting standard of Australian. AASB 133: This state that organization followed its earnings per share. Based on this standard, the unissued shares are grouped as ordinary shares. This has been used in determining the diluted earnings per share ( Zeff et. Al., 2010). AASB 124 correlated to party disclosure. Based on this standard, Key Managerial personal of the company needs to reveal everything concerning material transactions with that of the organization. For the CEO, the AMP group, the non-executive directors of the board, and the actual persons who straightly reports to Chief Executive Officer Forms represents the KMP. AASB 9: this deals with financial instruments. Based on this standard, it have combined different changes in financial presentation of the financial instruments, new expected loss approach is incorporated to evade disclosure and the accounting requirement. The company will start implementing the standard from 31/12/2018(AASB Standard, 2010). AASB 2: It deals with share based payment. The standard is used when the organization undertake payment for financial transaction as per share based. The company has used the similar standard in implementing its transaction. Observations: Based on the annual report of the year 2015, the company has been using mostly all the Australian policies and accounting standards. Accounting standard used include: AASB 119, AASB 133, AASB 124, AASB 101, AASB2, AASB 9, AASB 2 etc. financial presentation of the company has been presented in a clear manner. Various accounting standards have been presented by the Annual reports to be followed in future. Concentrating on the earlier scandals of the companies, it was clear that the organization was un able to give the financial advice to those who buy its products in accordance with the company guidelines. The company was extremely for not giving right advice and guidance, to those who buys its product despites putting a higher amount of fees. Additional, the company was made to deliver the payout to its customers. The remaining four banking and AMP has been included in the stealing of the interest rates and therefore, over pricing the customers. This has led to an upsurge to those who buy their products and affected the performance of the Australian insurance and banking sector. However, the banking institutions have been indulge in protecting the high interest rate meant for credit cards and home loans. Nevertheless, the authorities demanded for providing to their customers. Though, the overall opinion concerning the accounting policies and conventions of the company, suggest that the organization apply the accounting standards and conventions and the remaining available rules and regulations. This explains the core point behind the rise in profit and revenue of the company. Accounting scandal of the company Based on the Australian commission, the financial advice provided by the consultants does not adhere to the Australian law and regulations. The commission even requested the company to pay back to payback the amount to those who buy products but does not obtain proper fees. The company has majorly charged higher amount of fees from customers but it has not provided them with suitable financial advice. This has formed adverse effect on the company over their customers. The organization has not been paying back the legitimate claims of the customers. Based on the ASICs report, financial assistance: fees for unavailable service. The customer payments of around 178 were squandered by the four organizations and there were no proper services payment for the amount charged. Because of the wrong choice of publicity, the organization was unable to raise its revenue and this led to its down fall. Inadequate accountability in the company is the largest default. The company was unable to come up clean for the wrong financial planning in the company. Another scandal of the company relates to the unfair charging of interest. The core four insurance and banking organizations were found to be wrong due to charging excessively by the entire customers. It was one of the major scandals in Australia. There consequences were high and this lead to bad publicity of the available banks that are involved. This has led to customers dissatisfaction and incorrect impact over the prospective and current of the company. And, reliability and trust factor of the entire customers has fully vanished because of this. Recommendations Disclosures for appropriate facts and figures- the company must disclose the appropriate figures alongside facts linked to financial data. Such data are helpful for each stakeholders including suppliers, distributors, shareholders, customers, among others. With financial reporting aid, stakeholders scheme respective financial decisions linked to the company. Thus, any unanticipated data is able to mislead stakeholders and lead irrelevant financial decisions (Tucker et. al., 2016). Effective accounts maintenance of for finance receipts recording based on services offered must be performed. The accounting alongside financial recording have to be upheld for at least five years to allow comprehensive analysis. Further, a probe is able to be performed smoothly. Efficient customers profile maintenance of has to be kept to allow proper marketing and sales tasks to occur. This shall additionally boot the companys revenues and sales. Such a profiling is the key agenda for an insurance company since it helps in improving the revenues of the company. The company must abide by all the regulations and laws formed for the regulation of the insurance sector in the country like Australian Prudential Regulation Authority (APRA). The company has to remain accountable for the actions it undertakes. Clients typically preferred those companies that the accountability of their respective actions. The financial advise offered by the company, must be according to rules alongside regulations. The company has to comply with accounting standard including AASB 4 of Insurance contracts because this remains a highly requirement for the company. Such a standard exactly tells the company to expose about uncertainty alongside cash flows of the volume it has invented. The financial statements must show info relating to the risk alongside additional associated factors. The company must tighten the training, compliances, disclosure, practices, product advice, alongside document handling among other to in bar the future scandals of offering wrong financial and insurance advice. The company must offer greater openness in the accountancy alongside financial reports of the company. This will ensure that financial interpretation doesnt mislead the clients in making wrong choices about the financial decisions. Openness is highly required in the accountancy, thus, it must never be compromised at all cost (Elliott et. al., 2010). The company has to utilize efficient accounting treatment in preparing financial statements alongside financial reporting. Efficient accounting treatment culminates in effective accounting data alongside correct financial interpretations (Biondi Lapsley, 2014). The company has to create enhanced multi-channel for distributing insurance policies alongside strategic management policies preparation for enhancing the insurance sales. The company must use proper training for novel workers. Both insurance and finance specialist must offer several training session workers to evade the wrong advice proviso to the clients. Timely claims payment to company customer alongside effective and correct accounting records. For insurance company to survive, it is essentially imperative to offer the claims to its clients as they emerge. Such a move will culminate in increased reliability and trustability of clients towards the company. Money wastage in laws and litigations- Insurance remains a single most sensitive companies. Incorrect info and manipulation in regulations and rules can culminate in litigations alongside disputes amongst the clients. Thus, litigations, as far as possible, must be avoided. Such a move shall save much time and money. Risks associated with the organization Competition in insurance industry is increasing daily. The organizations, main threat is new entrants. Albeit the company capturing a large market share in the industry, the increased stiff competition is improving the risk for the leaving organization. Thus, there is a large need for right planning, organizing, as well as controlling for this industrys products. This will help in sustaining Australias competition level. Customers Empowering- Clients remaining increased empowered the establishing further regulations and laws have ensured they are increasingly powerful. Hence, a proper solution alongside advice has to be availed to the clients (Gatzert et. al., 2014). Raising awareness amongst the clients- with an increasing media alongside internet sources, the clients remain increasingly knowledgeable regarding the products of products. Clients alter their attitude with the conforming gains offered the insurance companies. Thus, effective planning and advertisements has to be made to appeal as well as retain organizational customers. Increasing regulations and laws- As opposed to the past era, numerous laws alongside regulations besides authorities for the regulation of insurance industry in Australia. Organization must comply with each rule and regulation to safeguard the organization from making any faults or inconsistencies. The company has already been facing large decline in product segment growth in the insurance A huge plunged in products of insurance has been observed. Because of the situation, the official suggested that the total amount to be taken back to customers plus the interest. This has led to some kind of relief to the organizations customers and saved the trust alive. Conclusion Based on the analysis of the various policies used in accounting of APM group, it is true that accounting policies and standards perform a major function in the financial interpretation. APM act as the major insurance and banking organization of Australia. The departments of the company have been distributed in several parts of the world. And the company is placing its effort in becoming one of the best in both Australia and New Zealand. References- Rossouw, J., 2010. Empirical results of the accounting policies chosen by South African listed companies. Meditari Accountancy Research, 18(2), pp.38-56. Loureno, I.M.E.C., Branco, M.E.M.D.A. and Castelo, D., 2015. Main consequences of IFRS adoption: analysis of existing literature and suggestions for further research. 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