A Socio Cultural Analysis of Singapore

A Socio Cultural Analysis of Singapore 1. Introduction 1.1 Singapore Singapore is an island country which is one of the four Asian tiger countries. Singapore is regarded as one of the worlds most prosperous countries with strong international trading links and its per capita GDP is equal to leading nations of Europe. (https://www.cia.gov/library/publications/the-world-factbook/geos/sn.html). According to the singstat.gov.sg, Singapore had the population of 4,987,600 people in 2009 and 3,200,700 were Singapore citizen. The rest 2 million were other nationalities. These nationalities are Chinese, Indonesians, Indians, Malays, Vietnamese, Myanmar, Laos, Cambodians and so forth. These nationalities settle in Singapore for various purposes. Thus, Singapore is regarded as the multicultural country. 1.2 Socio-Cultural Analysis of Singapore According to Geert Hofstedes five cultural dimensions, following cultural dimension indexes are indentified. Power distance index 74 Individualism index 20 Masculinity index 48 Uncertainty avoidance index 8 Long-term orientation index 48 Table1. Five cultural dimensions of Singapore Therefore, Singapore is collectivism country due to the individualism index of 20. As it is a high collectivism society, less powerful number of people accepts the unequal power distribution among the family or organization which is common in high collectivism society. Masculinity index of 48 proves both female and males in Singapore have equal opportunity for their lives. The most interesting index is uncertainty avoidance index which is 8. Therefore, Singaporeans are regarded as risk takers who prefer changes and challenges. As for the long term orientation index, Singapore has the index of 48 which is normal, neither long-term nor short-term oriented. In order to relate, Geert Hofstede five cultural dimension indexes and the impact on marketing, following facts are indentified. Firstly, as power distance index of Singapore is 74 which is high, therefore, marketing luxury items, global brands, high quality and innovative products works in Singapore as in high power distance culture, one social status must be clear to be respected by others. Marketing products in Singapore should focus on needs of a society, family and group rather than individual due to the individualism index of 20. Moreover, products in Singapore should be continuously innovative, value added and features are to be improved as the uncertainty avoidance is very low, 8. As Singapore is normal in long/short term orientation index, products can be either long term or short term purposes. Similarly, masculinity index of Singapore is 48 that mean balance in values of both masculinity and femininity. From the marketing perspective, products that are marketed to masculin e culture should be status products as masculinity refers to achievement, success and recognition. 1.3 Economic Analysis Economy of Singapore depends heavily on exports, which are consumer electronics and information technology products. Singapore practised successful free market economy with corruption free environment. Per-capita GDP of Singapore is equivalent to that of four largest West-European countries (www.nationmaster.com). GDP per capita of Singapore in 2009 was approximately 50,300 USD. In 2008 and 2007, it was 52,200 USD and 52,300 USD respectively according to CIA world facts book. Based on the World Banks doing business 2010 and 2009 report, Singapore is ranked #1 in ease of doing business. Moreover, Singapore is also ranked #1 in employing workers and trading across borders. As for the closing business Singapore is ranked #2. As for the low corruption rate, Singapore is ranked #1 in Asia and #4 in the world. In order to increase the growth of Singapores economy, government decided to create the two integrated resorts with casino licenses. Marina Bay Sands was awarded the first license which is a more business focused integrated resort. Second license was awarded to Resorts world at Sentosa, a family oriented integrated resort. These integrated resorts are expected to produce 35,000 jobs. The Singapore government attracts large scale of foreign investment by enforcing two policies which are pro-foreign investment and export-oriented. According to economywatch.com, United States is the leading investor in Singapore. There are a number of factors influences the economic development of Singapore. The main reason is due to the increasing demand of electronic products around the world which benefits the Singapore as it is the major producer of electronic goods. Other industries contributed in economic growth of Singapore are pharmaceuticals, financial services and manufacturing.The 2. Product According to socio-cultural analysis using by Geert Hofstede five cultural dimension model, furniture products made of teak are decided to market Singapore. These products are manufactured by Myanmar Teak Company limited is using precious teaks from Myanmar. Most of the furniture in Singapore is made of leathers, fibre, iron, plastics, recycled woods and so forth. Although there is some furniture made from wood, it is very difficult to find furniture made of teak. 2.1 Relative Advantage Furniture made from teak is usually expensive and regarded as luxury furniture because teaks are expensive as it takes decades to get teak trees and its advantages. Furniture made from teak is durable, strong, and resistant to moisture, fire, acid and alkalis. Moreover, it is highly resistant from rotting, sun, rain, frost or snow. Once it is bought, it can be used for many decades. Furniture made of teak is easy to clean from spilled drinks and food while others are hard to remove the stains. Although the natural colour of the teak is golden brown, it can be changed to reddish brown or dark brown. Therefore, the colour of the teak is easy to alter and colour will sustain for a long time. Another advantage of teak is producing natural oils that prevent termites and wood damaging insects. This natural oil maintains the solidness of the wood, life span and strength which therefore unnecessary for the user to apply chemicals. Resistant to weathers, rotting and wood damaging insects make teak furniture to be ageless. Teak is easy to shape and craft. 2.2 Compatibility Teak furniture is compatible for Singapore, according to high power distance index (74) of Hofstede. Having teak furniture show the high status and wealth of that person comparing to other furniture made of fibre, plastic, and recycled woods. In Singapore, decorating home with arts, sculptures, furniture, lighting and latest electronic products are found in house of wealthy people. Teak furniture is mainly used in International hotels, high-class restaurants, and furniture of international companies especially for meeting tables. International hotels and high-class restaurants have furniture made of teak because westerners and Europeans value teak furniture and handicraft products. 2.3 Trialability Furniture showrooms in Singapore allow customers to try before purchase. For example, customer can sit on the couch or sofa to test the comfort of the products. In Singapore, furniture showrooms are decorated with its product. Decorating furniture show rooms with its products enable customers to test the product, understand the convenience of the product, and get the idea how products can be designed in particular location. For example, in IKEA all furniture is shown to try and test before the purchase. Customers are allowed to use the tables, sit on chairs and sofa and lie on bed. 3. The Market 3.1 Geographical Region Singapore is located at the South East Asia which is surrounded by Malaysia and Indonesia. Singapore is also known as an island Nation which is 3.5 times size of the Washington DC according to nationmaster.com. It has total area of 692.7 km that had a population of 4,987,600 people in 2009. Singapore has smaller islands which are Jurong, Pulau Tekong, Pulau Ubin, and Sentosa. Among them, Sentosa is the largest one. Highest point of Singapore is Bukit Timah which is 166m above sea level whereas the lowest point is Singapore Strait 0m which is a major shipping route of South East Asia. In Singapore, climate is hot, tropical, humid and rainy. There are two distinct monsoon seasons which are North-eastern monsoon starting from December to March and South-western monsoon takes June to September. 3.2 Transportation Public transportation is the major source of transportation heavily used by people for daily purposes. Public transportation includes MRT, LRT, and Buses. SMRT Corporation Ltd (SMRT) is Singapores multi-modal transport service provider offering integrated island-wide transport services including trains, buses, and taxis. SBS transit started its operation in 2003 which is North East Line, a highly advanced fully automated new underground heavy rail system. This NEL had a daily user of 325,433 in 2009 which is 20 kilometers long and include 16 stations from punggol to Harborfront. According to data of Civil Aviation Authority of Singapore and Changi Airport Group Pte Ltd, number of aircraft arrivals and departures were 120,184 and 120176 respectively for both passengers and parcel/mail. Aircraft is major transportation for arriving and departing Singapore, according to data of passenger arrival/departure by using aircraft. In year 2009, passenger data of arrival and departure was recorded as 18,026,000 passengers arrival and 18,063,000 departures. As for the parcel/mail incoming and outgoing by aircraft in 2009 were 12113 and 14945 tonnes. By looking at the Data of Maritime and Port Authority of Singapore, ships are the major source of transporting cargos and containers. According to data, in 2009, 130575 vessels arrived in Singapore by shipping 1784669(000) giga tonne. Air cargos were mainly used by North East Asian Countries due to discharged tonnes of 377,184 in year 2009. These North East Asian Countries include China, Hong Kong, Republic of Korea and Taiwan. Total air cargo discharged tonnes by various countries and regions in 2009 were 846,671. Table1. Describes the number of population using vehicles in 2007-2009 Table.1 the number population used of vehicles in year 2007, 2008 and 2009 were as follows 2007 2008 2009 Car 505,987 540,455 566,608 Rental Cars 11,054 12,391 12,763 Taxis 24,446 24,300 24,702 Buses 14,530 15,327 16,023 Motor Cycles Scooter 144,340 146,120 147,215 Goods Other Vehicles 150,979 156,089 158,207 Total 851,336 894,682 925,518 Adopted from Land transport Authority 3.3 Communication There were 1.857 million fixed telephone users in 2008 whereas 6.375 million users were mobile cellular users. Presently, there are three communication service providers that are SingTel, Star hub and M1. 3G wireless service was launched in February 2005. As for the internet service, most of the people use broad band internet service provided by three internet service providers. According to data of Infocomm Development Authority of Singapore, Media Development Authority and Singapore Post which were collected at April 2010, there were 2046.7(000) of broadband internet users including xDSL, cable modems, leased line internet and other broadband internet access methods. Dial-up internet users were only 75.1(000) users. As for the mobile phone users for both 3G and 2G, there were 6920.2(000) users while the fixed mobile users were unknown. There is Sing post postal service which delivers mails and parcels to most of the countries around the world. 4. Consumer Buying Habits 4.1 Product use pattern In Singapore, furniture is one of the essential products for buildings. People use furniture for daily purposes. Furniture is essentially indeed products in Singapore due to the increasing number of residents, international students, employees from around the world, Singapore requires more housings, schools and universities, hotels and restaurants. Therefore, furniture is required for those housings, universities, schools, hotels and restaurants. In Singapore, 76.8% are Chinese according to nationmaster.com. Chinese usually value arts and handicraft. Moreover, Chinese buy new furniture for their houses after Chinese new-year because Chinese belief that if they can buy new products in this New Year and they believe that they will enable to buy in next New Year. 4.2 Product preference In general, Singapore prefers light, small and cheap furniture because most of the Singaporean lives in condominium and flats. As for the restaurants and international hotels, teak furniture is preferred most, in order to show their status and position. Tastes and preferences can vary among customers. 4.3 Shopping Habits According to the study of (Neilson, 2009) Singapore had changed shopping habits due to current financial crisis. This study shows that 70 percent of the consumer spent only on essential products. However, latest Nielsen Global consumer index shows that Global consumer index of Singapore in second quarter of 2010 increased to index of 112 that is nearly as 114 in third-quarter of 2007. Therefore, percentage of consumers who believed that Singapore was in recession had declined from 28 percent to 17 percent in Q2 2010. According to the survey conducted in 2006 to 22,000 internet users in 42 markets, it was revealed that 74% of consumers admitted that shopping as form of entertainment. Similarly, in Singapore shopping was considered as a form of entertainment due to nine out of 10 respondents replies. 7% of Singaporean went shopping twice a week or more often although others went shopping with lesser extent. 22% of Singaporeans did it weekly while 32 percent shopped once a month. 29% sh opped more than once a month and 10 percent never shopped. Moreover, Singapore was the only Asian country which made it through to the global top 10 which agreed with the therapeutic effect of clothes shopping. According to the data, following pie chart is identified. Source: adopted form www.acnielsen.com.sg/news/20060719.shtml 5. Distribution of the product In Singapore, furniture can be bought from either from retailers or manufacturers. Some Furniture manufacturers place products both on retail shop while others sell by own showrooms. Furthermore, there are countless of small furniture shops and showrooms in Singapore. The largest furniture retail store in Singapore is IKEA which is followed by Courts. 6. Advertising and promotion As for the advertising, if it is to reach international hotels and restaurants, sending product catalog is the best way to get attention. Advertising on television by targeting on restaurants and international hotel is also considered effective way of advertising. In advertising on television by showing elegant and modernized teak furniture can attract the attention of high-class customer. Similarly, as for the advertising high class society, same media can be used to attract customers. Direct marketing can be also used to for both high-class society and hotels and restaurants. Moreover, participating in furniture shows held by Singapore Furniture Industry Council will also draw the attention of respective customer. According to (Russell, 2006) Singapore market drew 17,838 visitors from 112 countries which was the largest ever. Additionally, according to the press release of international furniture fair Singapore, the fair held in March 2010 attracted the 17,277 visitors from 112 countries. This fair was held for 4days from 9 to 12 March 2010. In Singapore, furniture is discounted by percentage in some seasons. Sales discount depends on furniture. Some furniture may be discounted 20% while others are discounted 10% only. 7. Compare and contrast with competitors products 7.1 competitors products Mozaic is a Singapore brand that is integrated by successful Singapore furniture companies which satisfy the needs and wants of customers by providing specially crafted products. Combination of West and East business practices, designs, availability of resources, Singapore Mozaic fulfils the satisfaction of customer around the world. Wholesale Teak Company manufactures furniture with highest quality. Wholesale teak company furniture includes teak furniture, resort furniture and antique furniture of Chinese, Tibetan, Mongolian, classic French, classic English, Italy sofa and Italy furniture. Wholesale Teak Company have achieved the following reputations, the best whole sale teak furniture, antique furniture, classic furniture, Italy sofa and Italy furniture specialist. http://news.bbc.co.uk/2/hi/business/8189661.stm http://www.warc.com/news/topnews.asp?ID=25256 http://www.furnituresingapore.com/ http://www.acnielsen.com.sg/news/NewsReleaseJuly212010.shtml http://www.acnielsen.com.sg/news/20060719.shtml http://www.iffs.com.sg/press_20012010.asp http://www.asiaone.com/Business/News/SME%2BCentral/Story/A1Story20080310-53515.html http://www.singaporemozaic.com/mozaic_cms/index.php?option=com_contentview=articleid=4Itemid=4 http://www.wholesaleteakcompany.com/html/about_us__teak_furniture.html

moralant Free Antigone Essays: Do the Right Thing :: Antigone essays

Antigone: Do the Right Thing Antigone did the right thing by defileing Creon's strict orders on burying Polynices because the unalterable laws of the gods and our morals are higher than the blasphemous laws of man. Creon gave strict orders not to bury Polynices because he lead a rebellion, which turned to rout, in Thebes against Creon, their omnipotent king. Antigone could not bare to watch her brother become consumed by vultures' talons and dogs. Creon finds out that somebody buried Polynices' body and sent people out to get the person who preformed the burial. Antigone is guilty and although she is to be wed to Creon's son, Haemon. He sentences her to be put in a cave with food and water and let the gods decide what to do with her. He was warned by a blind profit not to do this, but he chooses to anyway, leaving him with a dead son, a dead wife, and self-imposed exile. Antigone had good reasons for her actions. She did obey the rules of her gods, which were that any dead body must be given a proper burial, with libatations. This would prevent the soul from being lost between worlds forever, along with wine as an offering to the gods (page 518- side note). Nor could Antigone let Creon's edicts go against her morals (lines 392-394). She chooses to share her love, not her hate (line 443). She couldn't bare to see one family member be chosen over the other because of what a king had decided was right, which she contravened. Why condemn somebody who stood up for what they believed in and is now dead for it anyway? Bringing homage to the family was very important to Antigone (line 422-423). The gods' laws come before mortal laws in Antigone's point-of-view, which is how I believe also. In death, you will answer to your god and no man will have control of your fate in the world that lies hereafter. Therefore by obeying the gods, hopefully, will result in a happy afterlife, which are what most people strive for in ancient times and now. If man does not honor you for noble efforts, your gods' will. Antigone's act was honorable. She stood up to the highest of powers so she could honor her brother, knowing the consequence would be death. Most likely she figured there is only a certain amount man can do to you, so she might as well stand up for not only her family and beliefs, but her gods as well (lines 377-389).

Merchant of Venice - Portia Outwits Shylock in Act IV Scene I :: Free Merchant of Venice Essays

Merchant of Venice - Portia Outwits Shylock in Act IV Scene I "Portia: Have by some surgeon, Shylock, on your charge To stop his wound, lest he do bleed to death. Shylock: Is it nominated in the bond?" Act 4 Scene 1 lines 255-257 This is the time that Portia traps Shylock into a corner and saves the life of Antonio at the same instance. Portia builds up her defences as Shylock lets his down as he believes that he is going to gain his pound of flesh from Antonio's breast nearest the heart. As soon as Portia enters the court room she applies herself to try to cunningly outwit Shylock. When she initially enters the court room she performs the relevant actions performed in the court and automatically turns to interact with Shylock. She highlights that the course of action and the hearing is that of an odd one but she also begins to gain Shylocks trust by stating that "Portia. . . the Venetian law Cannot impugn you as you do proceed." Act 4 Scene 1 lines 176-177 This is the beginning of her already constructed action plan to bring Shylock down and to also remove as much of his cruel ways from him. As Portia weaves her way into Shylock's trust she, at many points, reassures herself that the proceedings are going as she wants them to be. She asks Shylock on line 181 if he wishes to show mercy to Antonio, but he avidly says that he will show no compassion. Portia then goes onto speak about why Shylock could show mercy and for what reason but with0out pressuring him into this act. He declines the offer. He states that he "Shylock: . . . I crave the law The penalty and the forfeit of my bond." Act 4 Scene 1 lines 204-205 Portia takes this into account and also makes sure that the clerk that should be writing the proceedings is recording the current events. This gives Portia a fall back and also allows her to later reinforce her point that the Jew showed no consideration for the victim and also that he expresses his want for his bond and forfeiture many times over.

Himalayan Herders: The Significance of Latitudinality Essay -- Cultura

Himalayan Herders: The Significance of Latitudinality Melvyn Goldstein and Donald Messerschmidt, the authors of "The Significance of Latitudinality in Himalayan Mountain Ecosystems" argues that the altitude oriented "mixed mountain agriculture" model where mountain people move to higher altitudes in the summer and lower ones in the summer does not accurately reflect many areas of the Himalayans (Goldstein and Messerschmidt, 117). Instead, latitudinality lies at the core of cultural adaptation to the high altitude mountain ecosystem for many native Nepalese (Goldstein and Messerschmidt, 126). Of the three studied Nepalese regions (Limi, Ghaisu and Bhot Khola), latitudinal movement is just as important and common as latitudinal movements for the local inhabitants. The authors’ illustrate the point that in some Himalayan areas, the people do not depend on altitude variation, but use latitudinal (north-south) habitats to create "habitat and production zones" (Goldstein et. al, 120). In the Mountainous areas of Limi, Ghaisu and Bhot Khola, even the sons of snow (Yaks) will not survive the winter snow. To escape the snow, the people and their herds migrate only 50 to 75 miles south to pasture-land not covered by snow. This 50 to 75 mile trek is strictly latitudinal as they do not descend in elevation. These southern wintering grounds provide more grasses for grazing because of a more moderate climate. This latitudinal adjustment is central to the success of pastoralism. Animal husbandry and agriculture are also important activities in the Limi, Ghaisu, and Bhot Khola regions. For example, agriculture is considered to be the foundation of Limis’ economy. However, because of high altitudes, agriculture cannot be expanded ... ...y and its effects on pastoralism and agriculture. For example, Melemchi herders use different vertical zones throughout the year as grazing land for their animals. The book spurred a few questions of uncertainty about the article. Bishop thoroughly described the recent trend in which Nepalese men sell their herds and for many months abandon their family to try and make cash in an unskilled job in India. This insight makes the reader realize that the few isolated regions studied in Goldstein and Messerschmidt’s article are not typical communities even in the mountainous and rural country of Nepal. Works Cited Bishop, Naomi. Himalayan Herders. Texas, Harcourt Brace College Publishers, 1998. Goldstein, Melvyn and Donald Messerschmidt. "The Significance of Latitudinality in Himalayan Mountain Ecosystems." Human Ecology, Vol. 8. No. 2, 1980:117-133.

Interest Groups in American Government Essay

Interest groups play an important role in American Government. The large numbers of interest groups present in government represent the reciprocal power and influence that government and business have with one another. This paper will offer reasons why there are so many different interest groups. Interest or lobbying groups provide a means by which â€Å". . . to channel citizens’ concerns to policy makers and administrators (Thomson Nelson). † Interest groups may represent small or large companies, industries, or individual citizens. Due to increased government regulations that affect citizens’ and businesses, interest groups work to make sure the voice of those affected by new laws are heard prior to official legislation or policy being rendered. Interests groups are also large in numbers due to the number of policies that the government is seeking to render. Each policy or bureaucratic legislation the government renders influences a certain sector of society, leading to interest groups trying to influence government policy makers to their favor. Lastly, interest groups are large in numbers due to increased dollars allotted toward funding these lobbying groups. Interest groups have become intricate players for many businesses and are allowed full funding in order to fully advocate for specific interests. In all, interest groups are large influencers in American Government. There are many reasons such as number of policies, increased funding, and increased government regulations that have increased the numbers of interests groups in America today.

Ias 11

IAS 11 internationalist score sustained 11 Construction racks In April 2001 the International accountancy modulars Board (IASB) pick out IAS 11 Construction becomes, which had origin ally been essenced by the International history measuring sticks Committee in December 1993. IAS 11 Construction draws replaced split of IAS 11 Accounting for Construction Contracts (issued in March 1979). Other IFRSs prepare do minor consequential am subvertments to IAS 11. They accommo experience IAS 23 Borrowing be (as rewrite in March 2007) and IAS 1 Presentation of mo doughary Statements (as revised in September 2007). IFRS posterior A613 IAS 11 CONTENTS from divide internationalist ACCOUNTING STANDARD 11 complex body set about CONTRACTS OBJECTIVE SCOPE DEFINITIONS COMBINING AND SEGMENTING braid CONTRACTS CONTRACT REVENUE CONTRACT be externalizeation OF CONTRACT REVENUE AND EXPENSES RECOGNITION OF EXPECTED LOSSES CHANGES IN ESTIMATES divine revelation EFFECTIVE DATE 1 3 7 11 16 22 36 38 39 46 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION ILLUSTRATIVE EXAMPLES Disclosure of method of news report policies The determination of pressure tax income and write downs Contract disclosures A614 IFRS radical IAS 11 International Accounting measurement 11 Construction Contracts (IAS 11) is bewilder out in split ups 146. all(prenominal) the dissevers have equal authority b atomic bet 18ly retain the IASC format of the Standard when it was adopt by the IASB. IAS 11 should be read in the context of its documentary, the Preface to International financial Reporting Standards and the Conceptual manikin for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying report policies in the absence of explicit guidance. IFRS innovation A615 IAS 11 International Accounting Standard 11 Construction Contracts Objective The objective of this Standard i s to prescribe the accounting preaching of receipts and cost associated with edifice consumes. Beca riding habit of the genius of the drill undertaken in twisting bowdlerizes, the engagement at which the wince action is entered into and the appointee when the exercise is fill ind usually derive into different accounting spots.Therefore, the primary issue in accounting for mental synthesis funks is the parcelling of submit taxation and tackle cost to the accounting achievements in which aspect snuff it is performed. This Standard uses the designation criteria established in the mannikin for the Preparation and Presentation of Financial Statements1 to model when mystify receipts and scale down cost should be recognize as receipts and disbursements in the statement of countywide income. It also provides practical guidance on the application of these criteria. Scope This Standard shall be applied in accounting for social organization focuss in the financial statements of peg downors. 2 This Standard supersedes IAS 11 Accounting for Construction Contracts clear in 1978. Definitions 3 The pursuit equipment casualty ar use in this Standard with the meanings specify A look quail is a stipulation specifically negotiated for the face of an addition or a gang of summations that ar closely be or interdependent in call of their radiation diagram, engine room and function or their ultimate answer or use.A primed(p) monetary value hale is a face motif in which the withdrawor agrees to a fixed swerve footing, or a fixed prise per unit of output, which in rough fibres is discipline to cost escalation clauses. A cost addition guide is a construction take away in which the necessitateor is reimbursed for allow satisfactory or otherwise defined be, summation a hazard of these be or a fixed fee. 4 A construction set out whitethorn be negotiated for the construction of a champion summation much(pr enominal)(prenominal)(prenominal) as a bridge, building, dam, pipeline, road, ship or tunnel.A construction pressure may also deal with the construction of a crook of assets which atomic number 18 closely inter worryd or interdependent in legal injury of their design, technology and function or their ultimate tendency or use utilisations of such strikes involve those for the construction of refineries and other complex pieces of whole kit and caboodle or equipment. 1 IASCs fabric for the Preparation and Presentation of Financial Statements was adoptive by the IASB in 2001.In September 2010 the IASB replaced the Frame persist with the Conceptual Framework for Financial Reporting. A616 IFRS derriere IAS 11 5 For the purposes of this Standard, construction decocts acknowledge (a) bewilders for the rendering of services which are straightaway tie in to the construction of the asset, for example, those for the services of be afterwards managers and architects and bosoms for the destruction or counter of assets, and the restoration of the environment pursual the demolition of assets. (b) 6Construction bless(prenominal)s are formulated in a number of ways which, for the purposes of this Standard, are separate as fixed cost foreshortens and cost convinced(p) brings. Some construction incurs may curtail characteristics of both a fixed price start and a cost plus obligation, for example in the case of a cost plus peg down with an agree maximum price. In such circumstances, a signalor withdraws to consider all the conditions in paragraphs 23 and 24 in order to determine when to recognise nail down taxation and expenses.Combining and segmenting construction urges 7 The requirements of this Standard are usually applied apiece to each construction obtain. However, in accredited circumstances, it is prerequi put to apply the Standard to the individually identifi equal to(p) components of a whiz remove or to a base of contra cts unitedly in order to reflect the sum of a contract or a group of contracts.When a contract covers a number of assets, the construction of each asset shall be treated as a recite construction contract when (a) (b) separate proposals have been submitted for each asset each asset has been undecided to separate dialogue and the contractor and customer have been able to accept or reject that part of the contract relating to each asset and the be and revenues of each asset spate be set. (c) 9 A group of contracts, whether with a single customer or with several(prenominal) customers, shall be treated as a single construction contract when (a) (b) the group of contracts is negotiated as a single software package the contracts are so closely inter relate to that they are, in heart, part of a single project with an overall moolah readjustment and the contracts are performed con up-to-dately or in a continuous sequence. (c) 10A contract may provide for the construction of an additional asset at the option of the customer or may be amended to include the construction of an additional asset. The construction of the additional asset shall be treated as a separate construction contract when (a) the asset differs signifi give the axetly in design, technology or function from the asset or assets covered by the original contract or the price of the asset is negotiated without adherence to the original contract price. b) IFRS macrocosm A617 IAS 11 Contract revenue 11 Contract revenue shall comprise (a) (b) the initial measuring of revenue hold in the contract and revolutions in contract work, deals and fillip payments (i) (ii) to the expiration that it is probable that they allow result in revenue and they are capable of universe reliably metric. 12Contract revenue is metric at the fair value of the consideration veritable or receivable. The measurement of contract revenue is affected by a frame of uncertainties that depend on the expir ation of proximo events. The images oft need to be revised as events occur and uncertainties are resolved. Therefore, the substance of contract revenue may add or decrement from one halt to the next.For example (a) a contractor and a customer may agree divisions or claims that increase or decrease contract revenue in a finale consequent to that in which the contract was initially concord the meter of revenue agreed in a fixed price contract may increase as a result of cost escalation clauses the measurement of money of contract revenue may decrease as a result of penalties arising from delays ca apply by the contractor in the uttermost of the contract or when a fixed price contract involves a fixed price per unit of output, contract revenue increases as the number of units is increased. b) (c) (d) 13 A variation is an instruction by the customer for a limiting in the scope of the work to be performed under the contract. A variation may lead to an increase or a decrea se in contract revenue. Examples of variations are changes in the specifications or design of the asset and changes in the duration of the contract. A variation is include in contract revenue when (a) (b) it is probable that the customer go away approve the variation and the sum total of revenue arising from the variation and the measurement of revenue female genital organ be reliably measured. 4 A claim is an add together that the contractor seeks to gather in from the customer or a nonher political companionship as reimbursement for be non include in the contract price. A claim may splay from, for example, customer caused delays, errors in specifications or design, and disputed variations in contract work. The measurement of the amounts of revenue arising from claims is subject to a high aim of uncertainty and much depends on the terminus of negotiations.Therefore, claims are include in contract revenue just now when (a) (b) negotiations have reached an work up g rade such that it is probable that the customer exit accept the claim and the amount that it is probable exit be accepted by the customer do- nonhing be measured reliably. A618 IFRS tail IAS 11 15 Incentive payments are additional amounts paid to the contractor if qualify performance standards are met or exceeded. For example, a contract may allow for an inducing payment to the contractor for early extremity of the contract.Incentive payments are included in contract revenue when (a) (b) the contract is sufficiently advanced that it is probable that the contract performance standards bequeath be met or exceeded and the amount of the incentive payment foot be measured reliably. Contract be 16 Contract cost shall comprise (a) (b) be that relate directly to the specific contract cost that are attri exclusivelyable to contract occupation in superior general and can be allocated to the contract and such other cost as are specifically indictable to the customer under the t erms of the contract. c) 17 Costs that relate directly to a specific contract include (a) (b) (c) (d) (e) (f) (g) (h) internet locate labour be, including site supervision cost of materials used in construction wear and tear of gear up and equipment used on the contract cost of moving plant, equipment and materials to and from the contract site cost of hiring plant and equipment cost of design and technical assistance that is directly related to the contract the estimated cost of rectification and take in charge work, including judge warranty cost and claims from triplet parties.These costs may be lessen by any incidental income that is non included in contract revenue, for example income from the sale of surplus materials and the disposal of plant and equipment at the end of the contract. 18 Costs that may be attributable to contract activeness in general and can be allocated to specific contracts include (a) (b) (c) amends costs of design and technical assistance tha t are non directly related to a specific contract and construction overheads. IFRS Foundation A619 IAS 11 such costs are allocated using methods that are taxonomic and rational and are applied systematically to all costs having similar characteristics. The storage allocation is based on the normal level of construction activity. Construction overheads include costs such as the preparation and touch on of construction personnel payroll. Costs that may be attributable to contract activity in general and can be allocated to specific contracts also include get costs. 9 Costs that are specifically chargeable to the customer under the terms of the contract may include some general administration costs and using costs for which reimbursement is specified in the terms of the contract. Costs that can non be attributed to contract activity or cannot be allocated to a contract are excluded from the costs of a construction contract.Such costs include (a) (b) (c) (d) 21 general administra tion costs for which reimbursement is not specified in the contract selling costs research and development costs for which reimbursement is not specified in the contract and depreciation of idle plant and equipment that is not used on a particular contract. 20 Contract costs include the costs attributable to a contract for the gunpoint from the date of securing the contract to the final climax of the contract.However, costs that relate directly to a contract and are incurred in securing the contract are also included as part of the contract costs if they can be separately identified and measured reliably and it is probable that the contract go outing be obtained. When costs incurred in securing a contract are treasure as an expense in the period in which they are incurred, they are not included in contract costs when the contract is obtained in a subsequent period.Recognition of contract revenue and expenses 22 When the outcome of a construction contract can be estimated reliab ly, contract revenue and contract costs associated with the construction contract shall be appreciate as revenue and expenses respectively by annexe to the role point of completion of the contract activity at the end of the report period. An judge detriment on the construction contract shall be value as an expense today in unison of rights with paragraph 36.In the case of a fixed price contract, the outcome of a construction contract can be estimated reliably when all the following conditions are genial (a) (b) center contract revenue can be measured reliably it is probable that the stinting benefits associated with the contract will escape to the entity both the contract costs to empty the contract and the storey of contract completion at the end of the reporting period can be measured reliably and 23 (c) A620 IFRS Foundation IAS 11 (d) he contract costs attributable to the contract can be clearly identified and measured reliably so that substantial contract cost s incurred can be compared with prior estimates. 24 In the case of a cost plus contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied (a) it is probable that the economic benefits associated with the contract will flow to the entity and the contract costs attributable to the contract, whether or not specifically reimbursable, can be clearly identified and measured reliably. b) 25 The recognition of revenue and expenses by reference to the layer of completion of a contract is oft referred to as the percentage of completion method. below this method, contract revenue is matched with the contract costs incurred in reaching the stage of completion, resulting in the reporting of revenue, expenses and return which can be attributed to the relation of work completed. This method provides utilizable information on the tip of contract activity and performance during a period.Under the percentage of completion method, contract revenue is recognize as revenue in profit or loss in the accounting periods in which the work is performed. Contract costs are usually value as an expense in profit or loss in the accounting periods in which the work to which they relate is performed. However, any anticipate excess of total contract costs over total contract revenue for the contract is recognized as an expense immediately in accordance with paragraph 36.A contractor may have incurred contract costs that relate to future activity on the contract. Such contract costs are accepted as an asset provided it is probable that they will be recovered. Such costs represent an amount collect from the customer and are often classified as contract work in turn up. The outcome of a construction contract can only be estimated reliably when it is probable that the economic benefits associated with the contract will flow to the entity.However, when an uncertainty go ons about the collectibility of an amount already i ncluded in contract revenue, and already recognised in profit or loss, the uncollectible amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense rather than as an adjustment of the amount of contract revenue. An entity is generally able to make reliable estimates after it has agreed to a contract which establishes (a) (b) (c) each partys enforceable rights regarding the asset to be constructed the consideration to be exchanged and the elan and terms of settlement. 6 27 28 29 It is also usually necessary for the entity to have an effective internal financial budgeting and reporting system. The entity reviews and, when necessary, revises the estimates of contract revenue and contract costs as the contract progresses. The need for such revisions does not necessarily specify that the outcome of the contract cannot be estimated reliably. IFRS Foundation A621 IAS 11 30 The stage of completion of a contract may be determined in a physiqu e of ways. The entity uses the method that measures reliably the work performed.Depending on the nature of the contract, the methods may include (a) (b) (c) the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs surveys of work performed or completion of a physical proportion of the contract work. get on with payments and advances received from customers often do not reflect the work performed. 31 When the stage of completion is determined by reference to the contract costs incurred to date, only those contract costs that reflect work performed are included in costs incurred to date.Examples of contract costs which are excluded are (a) contract costs that relate to future activity on the contract, such as costs of materials that have been delivered to a contract site or set aside for use in a contract but not yet installed, used or applied during contract performance, unless the materials have been do specially for the con tract and payments made to subcontractors in advance of work performed under the subcontract. (b) 32When the outcome of a construction contract cannot be estimated reliably (a) revenue shall be recognised only to the extent of contract costs incurred that it is probable will be recoverable and contract costs shall be recognised as an expense in the period in which they are incurred. (b) An expected loss on the construction contract shall be recognised as an expense immediately in accordance with paragraph 36. 33 During the early stages of a contract it is often the case that the outcome of the contract cannot be estimated reliably.Nevertheless, it may be probable that the entity will recover the contract costs incurred. Therefore, contract revenue is recognised only to the extent of costs incurred that are expected to be recoverable. As the outcome of the contract cannot be estimated reliably, no profit is recognised. However, even though the outcome of the contract cannot be estima ted reliably, it may be probable that total contract costs will exceed total contract revenues.In such cases, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 36. Contract costs that are not probable of being recovered are recognised as an expense immediately. Examples of circumstances in which the recoverability of contract costs incurred may not be probable and in which contract costs may need to be recognised as an expense immediately include contracts (a) that are not fully enforceable, ie their validity is gravely in question 34 A622 IFRS Foundation IAS 11 (b) (c) (d) (e) 5 the completion of which is subject to the outcome of pending litigation or legislation relating to properties that are likely to be condemned or expropriated where the customer is unable to decorous its obligations or where the contractor is unable to complete the contract or otherwise cooperate i ts obligations under the contract. When the uncertainties that prevented the outcome of the contract being estimated reliably no longer exist, revenue and expenses associated with the construction contract shall be recognised in accordance with paragraph 22 rather than in accordance with paragraph 32.Recognition of expected losses 36 When it is probable that total contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense immediately. 37 The amount of such a loss is determined irrespective of (a) (b) (c) whether work has commenced on the contract the stage of completion of contract activity or the amount of profits expected to arise on other contracts which are not treated as a single construction contract in accordance with paragraph 9. Changes in estimates 8 The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue and contract costs. Therefore, the effect of a change in the estimate of contract revenue or contract costs, or the effect of a change in the estimate of the outcome of a contract, is accounted for as a change in accounting estimate (see IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors). The changed estimates are used in the determination of the amount of revenue and expenses recognised in profit or loss in the period in which the change is made and in subsequent periods.Disclosure 39 An entity shall disclose (a) (b) the amount of contract revenue recognised as revenue in the period the methods used to determine the contract revenue recognised in the period and the methods used to determine the stage of completion of contracts in progress. (c) IFRS Foundation A623 IAS 11 40 An entity shall disclose each of the following for contracts in progress at the end of the reporting period (a) the aggregate amount of costs incurred and recognised profits (less recognised losses) to date the amount of advances re ceived and the amount of retentions. b) (c) 41 Retentions are amounts of progress billings that are not paid until the satisfaction of conditions specified in the contract for the payment of such amounts or until defects have been rectified. Progress billings are amounts billed for work performed on a contract whether or not they have been paid by the customer. Advances are amounts received by the contractor before the related work is performed. An entity shall present (a) (b) the gross amount collect from customers for contract work as an asset and the gross amount due to customers for contract work as a liability. 2 43 The gross amount due from customers for contract work is the net amount of (a) (b) costs incurred plus recognised profits less the sum of recognised losses and progress billings for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings. 44 The gross amount due to customers for contract work is the net amount of (a) (b) costs incurred plus recognised profits less the sum of recognised losses and progress billings or all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses). 45 An entity discloses any contingent liabilities and contingent assets in accordance with IAS 37 Provisions, dependent on(p) Liabilities and Contingent Assets. Contingent liabilities and contingent assets may arise from such items as warranty costs, claims, penalties or possible losses. Effective date 46 This Standard becomes operative for financial statements cover song periods beginning on or after 1 January 1995. A624 IFRS Foundation

Adapting to Change

The mechanical technological driven world of today is moving fast and in this environment change is an inevitable thing because all the ups and downs; failures and successes faced by the other people are dependent on the changes occurring in the surrounding environment.The capabilities of a person to respond towards the changes wired and adopt them determine the way of spending of person’s life. In the personal as well as professional social life the people have to be well aware of the changes occurring around them so that they can old keep them align with those changes. Most of the changes occurring in the surrounding world are led by the technological advancements.Implementing change is rather difficult.The dissertation is based on a qualitative research study that is conducted through secondary analysis of data and a case study.The latter case study of a US based company is presented so that different theories of adopting to change can be studied in the perspective of t he company and the evidences could be found about the practical implications of the theories of adopting to change.1.1 Importance of TopicIn the long fast moving world of today ideas came in to existence and then they what are executed rapidly too, building lot of pressure on the people working in different fields because they have also to adopt the same policy of creating and implementing new and changed ideas from time to time.Recognizing change may be battle.

1.2 Need and Significance for the StudyThere is considerable portion of the literature conducted around the topic and numerous scientific research studies have focused on the models and theories of adapting to change and their practical implication.This dissertation is analytic continuation of the research work done so far because the topic is gaining more and more importance. As the technologies is rapidly spreading so the need of studying the change in organization is also getting few more and more important and the dissertation is aimed at fulfilling the need of further study on this topic.Change is inevitable and its constant.Literature Review2.1. Adopting to change – Historical PerspectiveAdopting to change in an organization is not a new phenomenon but it has deep roots inside the history. Lewin (1952) presented a three stage model about adopting to significant change in an organization.Everyone has obviously noticed the change in the markets.

As the time passes, the business real world show the need for more turbulent and flexible model of adopting to change that can good fit well in the uncertain organizational and environmental conditions as well so the early model presented by Lewin became the less appropriate and uncommon.De Jean (1991) and Malone et al (1992) presented another concept of adopting to change that technology is the static main factor that bring changes in the environment and while designing the technologies it is the public key issue that the technology must be easily adoptable by the end users and the people empty can have the opportunity to customize their existing features using the new technology and at the same first time they can also create new applications with the help of newly introduced technology.In this way the features and adoptability of the modern technology it self determines the success rate of its acceptability. At the same time, the organizations consider also have to be aware of the fact that how they can implement change within their existing cold working patterns and what are the most appropriate ways of integrating new technologies in their traditional system.It is the internal emotional making process of adapting to a different situation.2.2. Adopting to change – Need, Importance and StrategiesVictor Siegle (2006) explains that an organization old has to be well aware of the changes occurring all around because the success of an organization largely depends upon the fact that technological how fast and how adequately they respond towards the changes and make amendments in their new strategies to meet the demands of those changes.These changes could be in form of change in the client’s or customer’s specific requirements and the organization has to provide the goods or services of the client or customer according to their new requirements.Know how you react to pressure in your very own way that is distinctive! Over-training or spi nal injury outcomes if stress may not be tolerated.

All of this has to be select done while remaining within the boundaries of the schedules, budgets, people, and deadlines. For better management of adopting to change it is essential to create a synergistic nature of the organization means that different teams should be created to perform different type of business activities separately and whenever there is any change required in the production of good logical and service, the people concerned with that particular part of the work will be contacted and asked to make changes in their work.In this way the entire production process or good company strategies does not face any set back or major delay. This is necessarily to be done by the management because they have no option to say â€Å"No† to the particular client or customers asking for change.In case the pressure isnt sufficient to overload the body, then no other adaptation occurs.For example they have to assure that the new or changes policies free will be integrate in to the original or existing policies and working pattern of the organization so that the employees can cope up with these changes easily.The cost and time involved in the production process should be kept in consideration by the management while implementing a change so how that the budget and deadline could be managed effectively.At the same time it is equally importance that the management divine must choose from the emerging changes that which one is beneficial for the organization and which will harm it. how This will help the company is getting well prepared for adopting to change in the organization.Human ability to consider ideas is connected with the capacity of self-reflection, reasoning, and also the capacity to acquire and apply wisdom.

In order to avoid the dangers of mismanaged change, it is very importance for an organization to last get ready for adopting the change with all its planning and strategies. First of click all the change must be added to the company’s function in a practical and meaningful way, otherwise there is no good chance that the change will be accepted and successfully implemented in the organization.Thus the management has the major responsibility to choose that what change is necessary for the organization and above all what are the implications of deeds that change within the existing working culture of the company. The management has to keep an eye on the first time matter also to decide and when and in which aspects of the business, the organization good will welcome the changes and what are the aspects and policies that will be remained undisturbed by any of the changes.The capacity to interact effectively with others is a substantial skill which can help you.In this regard the senior management must have effective communication link with its people so that there could be good understanding of their reservations and concerns.2.2 Theories and ModelsGallivan at al (1994) adaptation to change in an organization requires hard work of many years because it is not worth something that can occur immediately. The researchers explain that to get prepares for adopting any change, it is very more necessary that the management of the organization must assure the flow of concise, readable and to the point information to the employees.Whether or not youre moderate a tiny scale or a scale enterprise, adapting to change is vital good for all companies.

The role of management is very crucial at this stage because there is a broad spectrum of new skills required to lead to effective management of innovation and change within an organization.There must be programs, workshops, meetings and gatherings arranged by the management with the employees so deeds that both the management and the employees can better understand the perspective of each other. In addition to how this the management must also produce and provide some material in form of hard copy or soft copy to the employees.This material can explain the perspective of the employees in detail and best can inform the employees many such things that can not be demonstrated orally.Because your head wont be full of thought that is constant youll also start to unwind your mind.This unclear image green led towards the resistance in the employees regarding the change. Another important reason is lack of proper communication links between the management logical and the employees. Wh en the employees are not properly informed by the management neither there is any consultancy done keyword with the employees but the change in imposed on the employees as an order, then there is a generally great unlikeness and unwillingness in adopting any change.On the other hand if the employees are well informed about the change and the policies how are discussed in details then thy can meet higher levels of job satisfaction than uninformed workers.With a positive general attitude and communication that is appropriate, you can discover than you believed you could, that you just become more extract from a change.