Mis in Operations with Example - 2142 Words

Assignment 2 Prepared by: Rahul Bangur SMBA08172 Section - C Is MIS Applicable in Management? By the end of the first year of your MBA program, you would finish all the core courses, allowing you to appreciate the various management areas, particularly Operations Marketing Finance Human Resources You may also ask yourself how MIS fits as a management subject. This assignment will help you relate MIS to the management area of your choice. You are required to provide a practical example of how MIS can be deployed in one of the four specialization areas listed above. The report should include two integrated components: I. A discussion of why and how MIS is suitable for the specialization area; identify†¦show more content†¦The organization must have some goal. Identifying this goal requires some form of planning, informal or formal. Reaching the goal means identifying some strategies, formal or informal. These strategies are agreed upon by members of the organization through some form of communication, formal or informal. Then members set about to act in accordance with what they agreed to do. They may change their minds, fine. But they need to recognize and acknowledge that theyre changing their minds. This form of ongoing communication to reach a goal, tracking activities toward the goal and then subsequent decisions about what to do is the essence of management coordination. It needs to exist in some manner -- formal or informal. The following are rather typical methods of coordination in organizations. They are used as means to communicate direction and guide behaviors in that direct ion. The function of the following methods is not to control, but rather to guide. If, from ongoing communications among management and employees, the direction changes, then fine. The following methods are changed accordingly. {text:bookmark-start} {text:bookmark-start} {text:bookmark-end} {text:bookmark-end} Product and Service Management Product (or service) management includes a wide range of management activities, ranging from the time that theres a new idea for a product to eventually providing ongoing support to customers who have purchased the new product. Every organizationShow MoreRelatedThe Key Point Of Business Management1535 Words   |  7 Pagesorganizations have to have high performance on competition. However, the business world is quick changing every day. One key that help the organizations avoid risk successfully is the ability to understand the complexities of the organization’s targets, for example, customers, prospects and partners. Consequently, exec utives of the organizations have to create policy that can make vantage on competition, and they have to have plans that have continuous development. To competitive advantage, good executive shouldRead MoreSop for Software Development1566 Words   |  7 PagesSTANDARD OPERATING PROCEDURE DEPARTMENT : IT MIS SOP NO.: KPC-SW-10-01 PAGE NO.: 1 OF 8 EFF. DATE: TITLE: SOP FOR SOFTWARE DEVELOPMENT 1.0 OBJECTIVE REVIEW DATE: To describe the procedure for delivering technical solution through development of new software. 2.0 SCOPE This procedure is applicable to development of all new software application in the IT and MIS department. 3.0 RESPONSIBILITY 3.1 3.2 3.3 Programmers to develop software applications as per laid down procedure. Team Leader shallRead MoreMIS Assessment1141 Words   |  5 Pagesï » ¿ MIS Assessment The author of this paper is asked to respond to a number of different questions relative to MIS departments and the events/reactions that can occur. The author will first assess what an MIS department does and how this helps manage internal operations and decisions. The author is asked to offer a problem that an MIS department would create the solution for. Next, an evaluation of computer crimes and breaches will be managed and dealt with. What MIS Departments Do The MIS departmentRead MoreComputer Business Visionary Lei Jun Essay1213 Words   |  5 Pagesorganizations from around the globe to breath life into that vision. Xiaomi make wonderful equipment, programming, and Internet administrations for – and with the assistance of – our Mi fans. Xiaomi consolidate their input into our item run, which at present incorporates Mi 4, Mi 3, Mi Pad, Mi Box, Mi TV, Redmi 1S and Redmi Note, Mi Power Bank and different embellishments. Xiaomi offer direct to clients to keep our costs focused. Also, with more than 18 million handsets sold in China in 2013 and items dispatchedRead MoreManagement of Information Systems in an Organization Essay972 Words   |  4 Pagesbetter quality and more timely information to aid the decision-making process.(3) An MIS provides the following advantages: 1. It Facilitates planning: MIS improves the quality of plants by providing relevant information for sound decision – making. Due to increase in the size and complexity of organizations, managers have lost personal contact with the scene of operations. 2. In Minimizes information overload: MIS change the larger amount of data in to summarized form and there by avoids the confusionRead MoreManagement and Functional Areas1731 Words   |  7 Pagescontrol? What information would you require to make such decisions? Ans. A management information system (MIS) is an organized combination of people, hardware, communication networks and data sources that collects, transforms and distributes information in an organization. An MIS helps decision making by providing timely, relevant and accurate information to managers. The physical components of an MIS include hardware, software, database, personnel and procedures. Management information is an importantRead Morebusiness information1034 Words   |  5 Pages2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Purpose and Scope of TPS, MIS, DSS, ESS and ERP Page 3†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Business Value of a DSS Use of ERP to Major Corporation Page 4 5†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. How ESS Supports Managerial Decision Making Components of Information System Reference Purpose and Scope of TPS, MIS, DSS, ESS and ERP TPS (Transaction Processing System) Read MoreStrategic Management and Correct Answer1612 Words   |  7 PagesEarned: | 0.0/1.0 | | Correct Answer(s): | D | 4. What is the name of a company s internal MIS department? A)  Management information systems (MIS) B)  Information systems (IS) C)  Information technology (IT) D)  All of these Feedback:  Typical organizations have an internal MIS department often called information technology (IT), information systems (IS), or management information systems (MIS). Points Earned: | 0.0/1.0 | | Correct Answer(s): | D | 5. Which of the following is notRead MoreA Report On Management Information System1298 Words   |  6 Pagesprogrammed that works to produces regular reports on operations for different level of management in a company. It can also be used and developed special reports for daily operations. Another purpose of MIS is to give feedback to the managers about their performance; and give the top manger oversight to monitor the whole company. Information shown by MIS shows the actual data over and against planned results from a year ago to manage the progress and goals. MIS use routine reports that are programmed andRead MoreManagement Information System Role1378 Words   |  6 PagesLUCAS ATIIRU ADITIBA MANAGEMENT INFORMATION SYSTEM ASSIGNMENT The role of management information system in contemporary business/organizations cannot be over emphasized. Discuss Management Information System (MIS) is a combination of tools, processes, and technologies that an organization deploys in order to gather relevant operating data and gain efficiency in internal processes. The system consists of tools and technologies, such as computer software and hardware, as well as technical personnel

Enron Corporation A Foundation Of Fraud, Corruption,...

Enron Scandal December 31, 2001 will forever be etched in history as the day that one of the biggest white collar scandals came to an end. Electric and natural gas giant Enron was found to have been defrauding its investors out of billions of dollars in order to increase its stock prices, and fatten the pockets of high executives particularly Chairman and CEO Kenneth Lay, President and COO Jeffrey Skilling, and CFO Andrew Fastow. Thousands of employees were laid-off and lost their 401(k); those already retired lost funding from their pension.1 In this paper I will demonstrate that the Enron corporation was operating on a foundation of fraud, corruption, greed, and immorality; I will also reflect on the legal and financial consequences surrounding the scandal. The Enron corporation was formed in 1985 by the merging of two natural gas companies, Houston Natural Gas, and InterNorth; In the following year Kenneth Lay was appointed Chairman and CEO.2 Enron began its escapade of fraud and corruption in April of 1987 when it was discovered by Enron executives that Louis Borget and Thomas Mastroeni, traders in their Valhalla, New York office, known as Enron Oil, had been misappropriating funds; traders were â€Å"gambling beyond their limits, destroying trading reports, keeping two sets of books and manipulating accounting† (PBS, 2015) to make it appear as if the company’s profits were legitimate. The shocking yet not surprising response from CEO Kenneth Lay was not to fire the twoShow MoreRelatedCan Profitability and Morality Co-Exist?10045 Words   |  41 Pagessocial responsibility of business and that is to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say engages in open and free competition without deception or fraud. The question is of whether, in defining the business and understanding it as a moral reality, we should focus primarily on its goal of producing goods and services or of generating profits. A single concept of profit is not by itself sufficient to

Unemployment-Related Benefits Systems Free Essays

string(151) " view that it has maintained a suitable investment environment in Malaysia which has enabled Malaysia to achieve full employment since the late 1980s\." We gratefully acknowledge the assistance given to us by many people in this research project. More specifically, we would like to thank Mr Ahmad Rasidi Hazizi, Consul-General of Malaysia in Hong Kong, Dato Zaninol Abidn Bin Abd. Rashid, General Secretary of the Ministry of Human Resources, Mr Shamsuddin Bardan, Executive Director of the Malaysian Employers Federation, Mr Zainal Rampak, President of the Malaysian Trades Union Congress and Dr William K. We will write a custom essay sample on Unemployment-Related Benefits Systems or any similar topic only for you Order Now M. LEE, Associate Professor of Department of Politics Sociology, Lingnan University.In particular, we would like to express our gratitude to Prof Chang Chak Yan, Director of the Research Programme on Ethnicity and Overseas Chinese Economics, Lingnan University for his kind assistance. EXECUTIVE SUMMARY 1. There is no unemployment insurance or unemployment assistance system dedicated to helping the unemployed in Malaysia. The Government is of the view that it has maintained a suitable investment environment in Malaysia which has enabled Malaysia to achieve full employment since the late 1980s. You read "Unemployment-Related Benefits Systems" in category "Papers"Hence, there does not appear a need to establish an unemployment insurance or unemployment assistance system dedicated to helping the unemployed in Malaysia. Related welfare benefits in Malaysia include severance pay, benefits for old age, disability, death, employment injury and invalidity. However, no cash assistance is made to the unemployed under the relevant schemes. Malaysia also runs a programme to eradicate poverty. Households which suffer from poverty, whether or not it is caused by unemployment, can apply for assistance under the programme, subject to a means-test.This may secure the basic needs of the unemployed but the programme is not unemployment-specific. 2. 3. 4. UNEMPLOYMENT-RELATED BENEFITS SYSTEMS IN MALAYSIA PART 1 – INTRODUCTION 1. Background 1. 1 In October 1999, the Panel on Manpower and the Penal on Welfare Services requested the Research and Library Services (RLS) Division of the Legislative Council (LegCo) Secretariat to conduct a study on unemployment-related benefits systems. 2. 2. 1 Objectives and Scope The objectives of the study are: ! ! ! o examine the experience of China, Taiwan, Malaysia, Malaysia, South Korea, the United Kingdom (UK), and the United States (US) in implementing their unemployment-related benefits systems; to outline the research findings of the Organisation for Economic Co-operation and Development (OECD) and the Conventions and Recommendations of the International Labour Organisation (ILO) in unemployment benefits systems; and to make an overall comparative analysis of the experience in the above places in implementing their unemployment-related benefits systems, and study current provisions in h elping the unemployed in Hong Kong. .The scope of the research, as agreed by the Panels, covers ! ! ! ! ! ! ! ! historical development; main features and components; eligibility requirements; types of benefits and amounts; duration of payment of benefits; tax treatment of the benefits; source of funds for the benefits; and administration of the unemployment-related benefits systems. Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia 2. 3 In this report, we focus on the experience of Malaysia. Although Malaysia s a member country of the International Labour Organization, it has not ratified any of the three conventions concerning unemployment benefits1. 2. 4 This report is part of the series of studies discussing unemploymentrelated benefits systems. There are 11 separate research reports (RP13/99-00 to RP23/99-00) on this subject. 2. 5 In this research, â€Å"unemployment-related benefits† refer to unemployment benefits and related welfare benefits. Unemployment benefits comprise unemployment insurance and unemployment assistance. Unemployment benefits are available to the unemployed only.In other words, these benefits are not available to people who are not unemployed. The recipient must be currently unemployed, able to work, willing to work and looking for work. Where there are no unemployment benefits or where these benefits are exhausted, welfare benefits may be made available to provide subsistence for those in need. These related welfare benefits, as defined in the 1996 OECD study of â€Å"benefit systems and work incentives†, include family benefits, housing benefits, child-care benefits and social assistance.They are made available to all citizens subject to a means-test, and are not specifically targeted at the unemployed. 3. Methodology 3. 1 This study involves a combination of information collection, literature review and analysis. Requests for the necessary information have also been obtained from the Malaysian Ministry of Social Welfare and National Unity, Ministry of Human Resources, the Malaysia Trades Union Congress (MTUC) and the Malaysian Employers Federation. This research report is based on the information obtained from these sources. . 2 In this report, we use the 1999 average exchange rate of RM1 = HK$2. 04 to convert the Malaysian Ringgit into Hong Kong dollar. 2 1 2 Ensuring Benefit or Allowances to the Involuntarily Unemployed Convention, 1934 (No. 44), Social Security (Minimum Standards) Convention, 1952 (No. 102), and Employment Promotion and Protection (Unemployment) Convention, 1988 (No. 168). Census and Statistics Department, Hong Kong Monthly Digest of Statistics, February 2000, p. 117. Research and Library Services Division page 2 Legislative Council SecretariatUnemployment-Related Benefits Systems in Malaysia PART 2 – UNEMPLOYMENT BENEFITS SYSTEM IN MALAYSIA 4. Background 4. 1 In 1999, Malaysia had a population of 22 million, of which nine million were active labour. The unemployment rate ranged from 2. 4% to 3. 2% for the past five years. The government estimates the figure to be 3% in 2000. There were 270 300 persons unemployed in 1999. Table 1 shows unemployment statistics of Malaysia for the past five years. Table 1 – Unemployment in Malaysia 1995 Labour force (‘000) Unemployment Rate (%) Unemployed Persons (‘000) Source: 996 8 641. 4 2. 5 216. 0 1997 9 038. 2 2. 4 216. 9 1998 8 880. 9 3. 2 284. 1 1999 9 010. 0 3. 0 270. 3 8 256. 6 3. 1 256. 0 Economic Reports, Ministry of Finance, Malaysia 4. 2 The Malaysian Gross Domestic Product (GDP) growth rates ranged from seven to nine percent in the past ten years. The GDP at current prices in 1999 was RM299. 68 billion (HK$611. 35 billion) while the per capita GDP was RM13,622 (HK$27,789). 5. Unemployment Benefits System 5. 1 There is no unemployment insurance or unemployment assistance dedicated to helping the unemployed in Malaysia. 5. The Government is of the view that it has maintained a suitable investment environment in Malaysia which has enabled Malaysia to achieve full employment since the late 1980s. Hence, there does not appear to be a need to establish an unemployment insurance or unemployment assistance system dedicated to helping the unemployed in Malaysia. Research and Library Services Division page 3 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia PART 3 – WELFARE BENEFITS SYSTEM IN MALAYSIA 6. Severance Pay 6. 1 In Malaysia both the employers and the employees regard severance pay as a form of unemployment-related benefit. . 2 All workers whose earnings do not exceed RM1,500 a month and all manual workers irrespective of their earnings are covered under the Employment Act 1955 which provides for severance pay. Severance pay in Malaysia is known as retrenchment benefits, or termination and lay-off benefits, which are paid at the following rates: ! 10 days wages for each year of service for employment shorter than two years; 15 days wages for each year of service for employment longer than two years but shorter than five years; and 20 days wages for each year of service for employment of five years or longer. ! ! 6. It is expected that the severance pay would be sufficient to meet the basic needs of an unemployed worker until he finds the next job. However, it should be noted that severance pay is not equivalent to unemployment insurance or unemployment assistance as defined in paragraph 2. 5 above. Payment of severance pay does not require the employer or the recipient employee to have made prior contrib utions; neither does it require the recipient employee to be able to work, willing to work and looking for work in order to receive payment. Severance pay is made to an employee solely on the basis of termination of contract by the employer. . Employees Provident Fund 7. 1 This fund provides benefits for old age, disability and death. It also provides members of the fund who have savings in their accounts to pay for medical treatment of critical illness or to pay for the medical treatment of their spouse, children and parents. However, it does not provide cash assistance to any employee who is temporarily and involuntarily out of work and who is looking for work at the same time. Details of the Employee Provident Fund are at Appendix I. Research and Library Services Division page 4 Legislative Council SecretariatUnemployment-Related Benefits Systems in Malaysia 8. Work Injury Insurance 8. 1 In Malaysia work injury insurance is treated as a kind of employmentrelated benefit. The Social Security Organization (or SOCSO), a statutory body, administers payment of benefits under the Employment Injury Scheme and Invalidity Pension Scheme. These schemes provide benefits to workers in cases of employment injury and invalidity. Hence, although these two schemes are not unemployment-specific, an unemployed worker who was injured or who has become invalid during his immediate past employment may receive benefits under these schemes.Details of these two schemes are at Appendix II. 9. Services for the Poor 9. 1 The Ministry of Social Welfare and National Unity runs a programme to relieve destitution. Under the Destitute Person Act 1977, a family is categorized as poor if the household monthly income of the family is less than RM460 (HK$938). Families who suffer from poverty due to unemployment, amongst other causes such as old age, illness and disability, may apply for assistance under this programme. According to available statistics, the number of people who would be categorized as poor in Malaysia is around 5. % (1. 2 million) out of the total population of 22 million. 9. 2 The poverty eradication programme provides the following assistance, which may be in cash or in kind: Table 2 – Services for the Poor Federal Scheme ? ? ? ? ? ? ? ? ? Assistance for children Assistance for the elderly Allowance for the disabled workers Launching grants Assistance for artificial aids / spectacles Public assistance* School aids* Assistance to youth* (apprenticeship) Natural disaster relief ? ? ? ? State Scheme** Public assistance School aids Job training apprenticeship allowance Natural disaster reliefRemarks: * ** Source: available only in Federal Territory of Kuala Lumpur except Federal Territory of Kuala Lumpur and Labuan Homepage of Ministry of Social Welfare and National Unity, Malaysia Research and Library Services Division page 5 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia 9. 3 We have asked for details about the above programme but we have been unable to rec eive a reply from the Ministry of Social Welfare and National Unity as of the date of the publication of this report.Research and Library Services Division page 6 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia PART 4 – PROPOSAL FOR A NATIONAL RETRENCHMENT SCHEME 10. 1 In February 1998 the Malaysian Trades Union Congress (MTUC) proposed the establishment of a National Retrenchment Scheme (NRS) to provide benefits to unemployed workers who do not receive any compensation from their employers. This proposal was made against the background of half of the claims to severance pay having been denied in 1998 owing to bankruptcy of the employer. The proposed NRS shows some characteristics of an unemployment insurance scheme, such as being contributory in nature, and with qualifying conditions on the eligibility of the recipients and the duration of payment of benefits. Payment are detailed as follows: ! Both employers and employees are each to contribute RM1 (HK$2. 04) per month; Only unemployed workers can receive benefits after having been unemployed for more than three months; An unemployed worker may receive the benefits until he finds a new job; and Once a retrenched worker receives a job offer but refuses to accept it, he would no longer be entitled to the benefits. ! ! 10. 2 The Malaysian Employers Federation (MEF) opposed the proposed NRS because it considered that the present legislation provided sufficient protection to the unemployed and that it would be unfair for all employers to shoulder the misfortune of a few employers. In addition, the MEF considered that the proposed NRS would increase labour cost, which in turn would increase production cost, and would discourage investment in Malaysia. 10. 3 In early 1999, the Malaysian Cabinet directed the Ministry of Human Resources to study the possible implementation of the NRS, reversing an earlier decision to reject the proposal.Having completed the study in July 1999, the Ministry of Human Resources announced that the proposal would be shelved for some time as the economy had shown signs of picking up and that there appeared no imminent need to establish any unemployment insurance scheme. No definite decision has been made on the proposal since. Research and Library Services Division page 7 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia Appendix I Employees Provident Fund 1. Under the Employees Provident Fund (EPF) Act 1951, it is compulsory for all employers and employees to contribute towards this Fund.The employer’s contribution is 12% and the employee’s contribution is 11% his monthly wages. General supervision is by Ministry of Finance and management is by a tripartite gover ning Board, consisting of representatives of the employer, the employee and the Government. Exemptions 2. The following categories of workers are exempted from the EPF Act: ! ! ! ! Expatriates; Domestic servants; Self-employed workers (but can elect to contribute); Out-workers (persons who do cleaning, alteration repair works, etc. ); Persons detained in custody, e. g. prisoners; Pensioners. ! ! Withdrawal of EPF 3.Withdrawal of EPF can be made in four circumstances: ! Upon the death of a contributor, his nominee can make a claim to EPF; Any contributor who attains the age of 55 years (old age benefit); Any contributor who leaves the country permanently; Any contributor on medical grounds subject to approval by a medical board. ! ! ! Research and Library Services Division page 8 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia Qualifying conditions for withdrawal of EPF contributions 4. made: Four conditions must be fulfilled before withdrawal of the EPF can be !The contributor must have contributed to the EPF for at least five years; The first category of old age benefits, which is equivalent to 60% of his contribution, cannot be withdrawn until age 55; The second category of housing benefits, which is equivalent to 30% of his contribution, can be withdrawn for purposes of purchase of a first residential house or a shophouse cum residential unit; the balance may be withdrawn at age 50; The third category of medical benefits, which is equivalent to 10% of his contribution, can be withdrawn for medical purposes including critical illnesses such as treatment of cancer, heart problems, etc. pproved by the tripartite governing Board. ! ! ! Research and Library Services Division page 9 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia Appendix II Social Security Organization (or SOCSO): Employment Injury Scheme and Invalidity Pension Scheme 1. The Social Security Organization (SOCSO) Act 1969 requires firms with one or more employees whose individual earnings do not exceed RM1,000 (HK$2,040) a month to register with SOCSO. Exemptions !Any persons whose wages exceed RM2,000 a month but who has never been covered; Any person whose employment is of a casual nature and not for purposes of the industry; Domestic servants; Employees who have attained the age of 55 years only for purposes of invalidity but if they continue to work they should be covered under the Employment Injury Insurance Scheme; Foreign workers; Government servants; Self-employed. ! ! ! ! ! ! Qualifying Conditions ! Minimum contribution of 24 months. For those who have made at least 12 monthly contributions, they are entitled to Invalidity Grant. Be less than 55 years of age at the time of invalidity or death.Invalidity must be determined by the Medical Board or Appellate Medical Board. ! ! Research and Library Services Division page 10 Legislative Council Secretariat Unemployment-Related Benefits Systems in Malaysia Employment Injury Insurance Scheme Contribution Employer’s contribution Employee’s contribution Coverage Industrial accidents; Occupational diseases; Travelling accidents Benefits Temporary Benefit Disablement 1. 25% of monthly wage Nil employee Invalidity Pension Scheme 0. 5% of employee monthly wage 0. 5% of employee monthly wage Invalidity or death from whatever cause Invalidity Pension Min. RM250 (HK$510)/month Max. RM1,268 (HK$2,587)/month (50% 65% of his average monthly wage, depending on the total number of contributions) Min. RM10 (HK$20)/day, Max. RM52 (HK$106)/day Permanent Disablement Benefit Min. RM10 (HK$20)/day; Max. 90% of the average assumed daily wage Dependant’s Benefit Min. RM10 (HK$20)/day; Max. 90% of the average assumed daily wage Survivor’s Pension Min. RM250(HK$510)/month Max. RM1,268 (HK$2,587)/month (50% 65% of his average monthly wage, depending on the total number of contributions) — Research and Library Services Division page 11 Legislative Council SecretariatUnemployment-Related Benefits Systems in Malaysia Employment Injury Insurance Scheme Medical Care According to Government Hospital rates or SOCSO’s Panel Clinic Funeral Benefit Lump sum payment of RM1,500 (HK$3,060) Constant-Attendance Allowance 40% of the daily rate of permanent total disablement benefit; max. RM500 (HK$1,020) Rehabilitation Benefit Facilities for vocational and physical rehabilitation Education Benefit A dependant child of an insured person receiving permanent Disablement benefit/Dependant Benefit/Invalidity Pension/Survivor’s Pension, below 21 years of age who is studying in a local institution of higher learningInvalidity Pension Scheme — Funeral Benefit Lump sum payment of RM1,500 (HK$3,060) Constant-Attendance Allowance 40% of the daily rate of Invalidity Pension Max. RM500 (HK$1,020)/month Rehabilitation Benefit Facilities for vocational and physical rehabilitation Education Benefit A dependant child of an insured person receiving permanent Disablement benefit/Dependant Benefit/Invalidity Pension/Survivor’s Pension, below 21 years of age who is studying in a local institution of higher learningSource: Ministry of Human Resources, Malaysia home page at Research and Library Services Division page 12 Legislative Council Secretariat Unemployment-Related Benefits Systems in MalaysiaReferences Websites 1. 2. 3. http://www. kempadu. gov. my/ http://www. jaring. my/ http://www. mtuc. org. my/ Research and Library Services Division page 13 How to cite Unemployment-Related Benefits Systems, Papers

Accounting Theory Political and Economical

Question: Discuss about the Accounting Theory for Political and Economical. Answer: Introduction: A conceptual framework is an important accounting framework in the area of financial reporting. The framework is arranged by a standard-setting body to solve basic financial reporting issues in an effectual manner. The framework plays a major role to delineate the nature as well as purpose of accounting. Apart from this, principles-based standards need a conceptual framework due to several reasons. For case, the major reason is that it presents an elementary structure for principles-based standards. The conceptual framework establishes the accounting standards in the root of the fundamental concepts of accounting (Bullen and Crook, 2005). Moreover, the framework would also be helpful to FASB and IASB to accomplish coherent accounting as well as reporting properly. A conceptual framework works as a written charter for financial accounting, reporting, and all the orientations that are prepared from it. On the other hand, the framework plays a major role to make sure that there is reliability between standards such as: IASs, IFRSs, etc. In other words, it also can be said that, the framework brings constancy between the preparation and interpretation of financial statement as well as financial reporting. A conceptual framework also puts a stop to dissimilar conclusions on analogous occurrences. It offers similar conclusions on related events. Moreover, with the help of the framework, FASB and IASB would be able to use more reliable standards eventually. In the context of future amendments in the accounting standards, the framework would be able to make sure that the amendments will be within its elementary conceptions and will not make an inconsistent standard (Wolk, Dodd and Rozycki, 2008). The conceptual framework is considered as the root of the accounting standards; so the root must be firm to maintain the consistency of the accounting standards. Therefore, due to above discusse d reasons; principles-based standards have need of a conceptual framework. The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) share a general conceptual framework due to several important motives. For instance, the main motive behind it is that both IASB and FASB want to endorse the convergence of IFRS (International Financial Reporting Standards) and U.S. GAAP (Generally Accepted Accounting Principles) globally. In this situation, a common conceptual framework would be beneficial to lead a set of high-quality global accounting standards all around the world (Jack, Davison and Craig, 2013). Along with this, a common conceptual framework allows to the IASB and FASB to develop, refine and modify the IASB framework as well as FASB concept in an appropriate manner. A common conceptual framework also plays a significant role in order to develop future accounting standards that are principles-based as well as constant to fulfill the goals of the IASB and FASB. It also leads financial reporting to provide the inform ation that is required to make decisions that are related to credit, investment, and so on. In addition to this, a common conceptual framework deals with a variety of issues that IASB and FASB may face in their existing frameworks. Moreover, both IASB and FASB make out the differences between IFRS and GAAP; and also identify solutions to remove these differences effectively. In that case, a common conceptual framework provides global solutions to IASB and FASB; so they can purge differences between IFRS and US GAAP in an appropriate manner. The framework also offers the best stand to develop principle based common accounting standards to the organizations (Warne, 2008). A common inclusive and constant conceptual framework is also essential to remove all the conflicts that are related to the accounting standards. In view of that, it is important to share a common conceptual framework to IASB and FASB. Yes, it is true that several parties can benefit from a conceptual framework. I believe that a conceptual framework is more significant for several parties rather than other frameworks. In my opinion, a conceptual framework offers a common understanding of accounting standards to the parties. Along with this, a conceptual framework provides constant results to the accounting parties. It is a system of consistent objectives as well as fundamentals. By using this framework, parties do not require a lot of documents to prepare, analysis, and interpret financial statements (Bazley, Hancock and Robinson, 2014). So, it reduces the eminence of documentation as compare to others. On the other hand, a conceptual framework encloses high level accounting standards principles that the related parties can understand in a very easy way. In contrast, the other frameworks require loads of documents and also very complicated to understand. The conceptual framework is considered as a behavioural code and all the parties may follow this framework without any issue. Moreover, all the parties require consistency in the preparation of accounting statements; and it is only possible throughout a conceptual framework (Bromwich, Macve and Sunder, 2008). Consequently, in my opinion, a conceptual framework is more imperative than any other framework. In the area of accounting, a cross-cutting issue refers as the inconsistency between different accounting standards. A cross-cutting issue has an effect on the accounting standards. Along with this, cross-cutting issues generally expose the accounting rules that must be appear in the accounting standards of FASB and IASB (Gianni, 2016). In other words, a cross cutting issue refers as the huge effect in the operations of a specified field because of its nature. In addition to this, equality, sustainability, consistency, etc. are some potential examples of cross cutting issues. It is because of sustainability as well as consistency in accounting standards is essential to remove variances among global standards. Moreover, equality also motivates all the parties to work in an accurate manner. If there is an absence of equality, sustainability and consistency within the accounting standards as well as operations then it may create cross-cutting issues in front of the organizations (Gebhar dt, Mora and Wagenhofer, 2014). In this way, it can be assumed that, cross-cutting issues are dangerous to the organization because of they create discrepancy among accounting standards. The given case study shows that the US GAAP (Generally Accepted Accounting Principles) has become a major subject of critic in the recent years. The major reason behind it is that the US financial accounting standards are being more inconsistent. Along with this, according to me, the fundamental problem with financial statements is that these financial statements are completely unrelated with the global accounting standards. The major reason of this irrelevancy is that US GAAPs are still based on the historic cost measurement principle in place of the fair value of the asset (Laux and Leuz, 2009). I believe that, fair value must be used in order to make financial statements more consistent and relevant. On the other hand, the fair value of accounting standards would also be beneficial to reveal a clear depiction of the financial health of the company. Moreover, there are some limitations that make the use of historical cost irrelevant. For case, the historical cost only reveals the historic facts related to the company; and in this situation investors would not be able to evaluate the current situations as well as future projections in an accurate manner. The other limitation is that, the historical cost does not consider the changes that may take place in the marketplace (Chea, 2011). Along with this, the income statements that are arranged with the help of historic cost measurement principle are unable to disclose the actual profitability of the organizations. In this way, in my views, the above discussed are the most important problems with financial statements that are based on the historic cost method of US GAAP. Yes, I consider, the principle accounts must be a sign of economic reality as a core principle of measurement in accounting. It is because of economic reality involves all the business circumstances in order to evaluate the financial statements of business corporations. Moreover, it also takes into the consideration the fair value of accounting standards rather than historical costs. It is well known that historical cost method does not provide a clear picture of the profits or revenues of the firms. Historical costs are obsolete and therefore they are not applicable as a core principle of measurement in accounting (Kaur, 2013). Along with this, in the area of business accounting, the major purpose of accounting is only to present a fair and comprehensive image of the economic condition of an organization. In this situation, economic reality will work to provide an inclusive image of a company's economic condition. On the other hand, rarely, some conflicts may take place between accounting and economic reality conflict. But, it does not mean that, in that situation, economic reality would not be a key principle of measurement. It will always be a core principle of accounting. It is because of in the absence of economic reality, business firms face a lot of critical challenges to deal with the investors as well as analyst of the corporation. Moreover, some business organizations believe that economic reliability creates confusion at the time of preparation of financial statements. They become unable to decide that which item should be in the asset and balance sheet of the company (Fahnestock and Bostwick, 2011). But, in that case, the GAAP ignores the consequence of economic reality. It also increases the importance of economic reality; and therefore it can be measured a core standard of measurement in accounting. In real, there is no need to evaluate economic reality. It is because of it has been established its deep roots in the accounting standards. For that reason, standard setting bodies, practitioners, and financial experts believe that economic reality provides an unbiased representation of the financial statements of the companies. But, if there is a need of the measurement of economic reality then there are some methods or techniques that may be useful to measure economic reality effectively. For case, the first method is that economic reality works on the principle of the fair value. The fair value of assets can be helpful to evaluate economic reality (Eades, Laseter, Skurnik, Rodriguez, Isabella and Simko, 2010). On the other hand, valuation of assets such as: monetary assets, intangibles assets and assets traded in the markets also contribute their roles to measure the economic reality in the current situations of the marketplace. Moreover, the measurement of economic reality also depends on the required information of people. For example, investors will use cash flows to measure the economic reality. But, traders and manufacturers will use current market selling and buying price respectively to assess the economic reality (Russell, 2008). Also, historical transactions will also be used by the auditors to compute the economic reality. Hence, there are different measures that are useful in the measurement of economic reality. On the basis of the given case scenario, reliability in accounting indicates towards the quality of information. In other words, reliability in accounting means the accounting information that the business organizations provide to investors/users must be accurate and free from the errors. Along with this, the accounting information must be balanced as well as unbiased; and also competent to present the clear meaning of the accounting information. The reliability of the information depends on the constancy and also represents the clear meaning of the information for which they are proposed (Maali and Jaara, 2014). Moreover, bank statements, purchase receipts, and so on are the major examples of reliability in accounting. In addition to this, there are some important components of accounting reliability. But, verifiability and constancy are the two core components of accounting reliability. Accounting reliability refers to the credibility of the financial statements. It plays a major role in order to verify the accounting information. It is also beneficial to evaluate the trustworthiness of information and also use that information to make important decisions that are related to the investments (Jones, 2015). Overall, it can be assumed that, constancy in accounting information is reliability in accounting. On the basis of the given case study, it can be believed that, in current, issues related to environment are increasing on the regular basis. In view of that, business organizations are obliged to think about the environmental issues that are faced by all over the world. So, companies must take into consideration specific provisions to fulfill their environmental liabilities in an appropriate manner. These provisions would also be beneficial to identify the major elements that are responsible for increased environmental issues (Carmichael, Whittington and Graham, 2007). Apart from this, the FASB calls for companies to record a provision regarding environmental costs of retiring an asset on its estimated fair value. I think companies can estimate such a provision by taking appropriate actions into considerations. For case, to estimate such provision, companies should present these provisions in front of the stakeholders (shareholders, employees, community, government, company, etc.) a nd also give them instructions that they are required to adopt such provisions to record the major elements that are responsible for environmental issues. On the other hand, in my opinion, such provisions would be helpful to fulfill the future gains and to estimate fair value of an asset. Moreover, some important provisions that are also involved in the estimation are appropriate planning as well as costing of the assets. The company should also measure the on-demand performance of the assets. Business companies should also provide guarantees that their recourses and assets are eco-friendly (Patton, 2017). Along with this, companies should use a discounted present value and also apply the principle of the time value of money to estimate such a provision in an effectual and an appropriate manner. In the given case study, it is clear that, the business organizations in the US are bound to fulfill their liability towards the environment. Along with this, in the give case, it is also given that, the business corporations are obliged to pursue the important standards that are proposed by the US FASB (Financial Accounting Standard Board). Moreover, companies are also obliged to follow specific provisions that are developed by the US FASB with regard to detection of the environmental liability of the businesses. According to these provisions, the business organizations are forced to preserve environmental liabilities that are connected with the ultimate retirement of an asset (Repetto and Dias, 2006). Moreover, the business firms those are carrying out practices as regards asset retirement obligations are also obligatory to reserve their environmental liabilities in order to maintain recognition of a liability. In addition to this, in the given case scenario, it is clarified that, if the business firms estimate the fair value of the assets then their liabilities towards environment are held in reserve. Moreover, the estimation of fair value of assets also indicates towards the recognition of environment liability. These types of provisions also point towards the development of the environmental liability within the business processes (Hoffman, Raabe, Maloney and Young, 2016). In this way, the above discussed policies or provisions are the major aspects of the requirements that were used by US companies to extend appreciation of a liability. The implementation of these policies would be also beneficial for the companies in order to expand their business in the international market also. On the premise of the given case study, it can be analyzed that the development of environmental sustainability measures may increase the cost of the business companies. It is because of business firms need to spend huge amount of money in the implementation of such measures. But, this thing would be beneficial for the future of the companies. Moreover, the recognition of the liability regarding future restitution activity may affect the current and future net profits cash flows of the companies. For case, business organizations will spend huge funds to implement provisions related to the environmental sustainability (Pearce, Barbier and Markandya, 2013). This may reduce the current net profits of the companies. The main reason behind it is that the implementation of these measures will increase the costs of the companies. But, there may be seen high increase in the net profits of future years. It is because of due to the implementation of environmental sustainability measures, the goodwill of the organizations will increase in the upcoming years and this thing would increase the future net profits of the companies. In the same manner, the implementation of environmental sustainability measures will also influence the cash flows of the business organizations. For case, the implementation of the sustainability measures will increase the total amount of outflows at the start. As a result, it can be estimated that the cash flow of the companies will go outwards in the beginning. On the other hand, it is also projected that the prosperity of the companies will go up in future; and therefore the movement of the cash flows would be in the favor of the businesses (Glasson, Therivel and Chadwick, 2013). In this way, the recognition of environmental liability will improve net profits and cash flows of the companies in the upcoming years. The given case scenario expresses that, it is very important to recognize the environmental liability to the companies. The main reason behind it is that environmental liabilities play a significant role to save the environment from the dangerous chemicals or toxins. Along with this, the environmental liability will force to the business organizations to not release a large amount of waste during the production process. It is the penalty that must be given to the companies for spoiling the environment. So, the companies must recognize their liability towards the environment and they should implement effectual measures to fulfill their responsibilities related to environmental sustainability (Hammit, Rogers, Sand and Wiener, 2013). Moreover, to high extent the disclosure about the liability is adequate. There must be strict rules regulations to fulfill the environmental liability. Business companies should also understand that the fulfillment of environmental liability is not decreas ing their profits. However, it is increasing the goodwill and future profits of the companies. References Bazley, M., Hancock, P. and Robinson, P. (2014). Contemporary Accounting PDF. Australia: Cengage Learning Australia. Bromwich, M., Macve, R. and Sunder, S. (2008). The Conceptual Framework: Revisiting the Basics. In The British Accounting Association Financial Accounting and Reporting Special Interest Group Symposium on The Future of Financial Reporting. Bullen, H.G. and Crook, K. (2005). 'Revisiting the concepts: A new conceptual framework project.' Available At: https://www.fasb.org/cs/BlobServer?blobcol=urldatablobtable=MungoBlobsblobkey=idblobwhere=1175818825710blobheader=application%2Fpdf [Accessed On: 26th Jan. 2017] Carmichael, D.R., Whittington, O. R. and Graham, L. (2007). Accountants' Handbook, Volume 2: Special Industries and Special Topics. USA: John Wiley Sons. Chea, A.C. (2011). Fair value accounting: its impacts on financial reporting and how it can be enhanced to provide more clarity and reliability of information for users of financial statements. International journal of business and social science, 2(20). Eades, K.M., Laseter, T.M., Skurnik, I., Rodriguez, P.L., Isabella, L.A. and Simko, P.J. (2010). The Portable MBA (5th ed.). USA: John Wiley Sons. Fahnestock, R.T. and Bostwick, E.D. (2011). An analysis of the fair value controversy. Journal of Finance and Accountancy, 8, p.1. Gebhardt, G., Mora, A. and Wagenhofer, A. (2014). Revisiting the fundamental concepts of IFRS. Abacus, 50(1), pp.107-116. Gianni, R. (2016). Responsibility and Freedom: The Ethical Realm of RRI. UK: John Wiley Sons. Glasson, J., Therivel, R. and Chadwick, A. (2013). Introduction to environmental impact assessment. NY: Routledge. Hammit, J., Rogers, M., Sand, P. and Wiener, J. B. (2013). The Reality of Precaution: Comparing Risk Regulation in the United States and Europe. NY: Routledge. Hoffman, W.H., Raabe, W.A., Maloney, D.M. and Young, J.C. (2016). South-Western Federal Taxation 2017: Corporations, Partnerships, Estates and Trusts. USA: Cengage Learning. Jack, L., Davison, J. and Craig, R. (2013). The Routledge Companion to Accounting Communication. NY: Routledge. Jones, S. (2015). The Routledge Companion to Financial Accounting Theory. NY: Routledge. Kaur, J. (2013). The Fairness of the Fair Value Concept. International Journal of Business and Commerce, 3(3), pp.1-10. Laux, C. and Leuz, C. (2009). The crisis of fair-value accounting: Making sense of the recent debate. Accounting, organizations and society, 34(6), pp. 826-834. Maali, B. and Jaara, O. (2014). Reality and Accounting: The Case for Interpretive Accounting Research. International Journal of Accounting and Financial Reporting 4(1), pp. 155-168. Patton, L. (2017). Zurich: Disclosure of Environmental Liability. Available At: https://www.the-chiefexecutive.com/projects/ceo008_insurance/ Accessed On: [26th Jan. 2017] Pearce, D., Barbier, E. and Markandya, A. (2013). Sustainable development: economics and environment in the Third World. NY: Routledge. Repetto, R. and Dias, D. (2006). Trueva: a new integrated financial measure of environmental exposure. Yale School of Forestry Enveronmental Studies 2006, pp. 1-22. Russell, M.J. (2008). The Trend toward Fair Value Accounting. Journal of Financial Service Professionals 62 (3), p16. Warne, R.C. (2008). The Effects of Fair-market Valuations on the Judgments of Commercial Lenders and Nonprofessional Investors. USA: ProQuest. Wolk, H.I., Dodd, J.L. and Rozycki, J.J. (2008). Accounting Theory: Conceptual Issues in a Political and Economic Environment, Volume 2. USA: SAGE.