...Management Control Systems 20 Fo rI B ICFAI UNIVERSITY S U se O nl y C la s s of 09 Principles of Management Control Systems 20 Fo rI B ICFAI Center for Management Research Road # 3, Banjara Hills, Hyderabad – 500 034 S U se O nl y C la s s of 09 The Institute of Chartered Financial Analysts of India, January 2006. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from Institute of Chartered Financial Analysts of India. Fo ISBN 81-7881-995-3 Ref. No. PMCS/A 01 2K6 31 For any clarification regarding this book, the students may please write to ICFAI giving the above reference number, and page number. While every possible care has been taken in preparing this book, ICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility Transfer Pricing 3 15 28 42 57 71 87 PART II:...
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...Management Control Systems 20 Fo rI B ICFAI UNIVERSITY S U se O nl y C la s s of 09 Principles of Management Control Systems 20 Fo rI B ICFAI Center for Management Research Road # 3, Banjara Hills, Hyderabad – 500 034 S U se O nl y C la s s of 09 The Institute of Chartered Financial Analysts of India, January 2006. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means – electronic, mechanical, photocopying or otherwise – without prior permission in writing from Institute of Chartered Financial Analysts of India. Fo ISBN 81-7881-995-3 Ref. No. PMCS/A 01 2K6 31 For any clarification regarding this book, the students may please write to ICFAI giving the above reference number, and page number. While every possible care has been taken in preparing this book, ICFAI welcomes suggestions from students for improvement in future editions. rI B S U se O nl y C la s s of 20 09 Contents PART I: AN OVERVIEW OF MANAGEMENT CONTROL SYSTEMS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Introduction to Management Control Systems Approaches to Management Control Systems Designing Management Control Systems Key Success Variables as Control Indicators Organizing for Adaptive Control Autonomy and Responsibility Transfer Pricing 3 15 28 42 57 71 87 PART II:...
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...ANNUAL REPORT 2014 Introduction and financial and corporate responsibility highlights INTRODUCTION AND FINANCIAL AND CORPORATE RESPONSIBILITY HIGHLIGHTS This is the Annual Report of TNT Express N.V. for the financial year ended 31 December 2014, prepared in accordance with Dutch regulations. The preceding Annual Report of TNT Express N.V. for the financial year 2013, was issued on 18 February 2014. Unless otherwise specified or the context so requires, ‘TNT’, the ‘company’, ‘it’ and ‘its’ refer to TNT Express N.V. and all its Group companies as defined in article 24b of Book 2 of the Dutch Civil Code. TNT is domiciled in the Netherlands, which is one of the Member States of the European Union (EU) that has adopted the euro as its currency. Accordingly, TNT has adopted the euro as its reporting currency. In this annual report the euro is also referred to as ‘€’. As required by EU regulation, the consolidated financial statements of TNT have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. PricewaterhouseCoopers Accountants N.V. has been appointed as the external independent auditor of the financial statements of TNT, and has been engaged to provide reasonable assurance on certain metrics and limited assurance on other metrics of CR. Enquiries related to this annual report may be addressed to Investor Relations and Corporate Communications to the attention of Mr Gerard Wichers (gerard.wichers@tnt.com). ...
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...« Official Organ of The Institute of Cost and Works Accountants of India established in year 1944 (Founder member of IFAC, SAFA and CAPA) Volume 45 No. 5 May 2010 ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ IDEALS THE INSTITUTE STANDS FOR q to develop the Cost and Manage-ment Accountancy profession q to develop the body of members and properly equip them for functions q to ensure sound professional ethics q to keep abreast of new developments. The views expressed by contributors or reviewers in this Journal do not necessarily reflect the opinion of The Institute of Cost and Works Accountants of India nor can the Institute by any way be held responsible for them. The contents of this journal are the copyright of The Institute of Cost and Works Accountants of India, whose permission is necessary for reproduction in whole or in part. ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ the management accountant, May, 2010 Cost Management for Growth of SME in Textile Sector by R. Gopal 387 Performance Monitoring in SME Sector by I. Mohamed Ibrahim 388 Cost Management : Key to Survival in Current Global Meltdown by S. Jeyaraj 392...
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...Working Paper Series Fall of Lehman Brothers – reasons why the failure could not be stopped Arif Ahmed South Asian Management Technologies Foundation August, 2011 1 Contents Abstract ............................................................................................................................................ 3 Background....................................................................................................................................... 4 Genesis of the Problem .................................................................................................................... 5 The Abettors of Failure..................................................................................................................... 9 Controls that failed ......................................................................................................................... 12 Preventing another Lehman........................................................................................................... 16 Conclusion ...................................................................................................................................... 19 Reference ....................................................................................................................................... 22 2 Abstract Failure of Lehman Brothers marks an important point of modern economic history. In a matter of eight months a successful and...
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...E THE ACCOUNTING ENVIRONMENT Accounting is the most employable, sought-after major for 2009, according to entrylevel job site CollegeGrad.com. One reason for this interest is found in the statement by former Secretary of the Treasury and Economic Advisor to the President, Lawrence Summers. He noted that the single-most important innovation shaping our capital markets was the idea of generally accepted accounting principles (GAAP). We agree with Mr. Summers. Relevant and reliable financial information is a necessity for viable capital markets. Without it, our markets would be chaotic, and our standard of living would decrease. This textbook is the market leader in providing the tools needed to understand what GAAP is and how it is applied in practice. Mastery of this material will be invaluable to you in whatever field you select. Through many editions, this textbook has continued to reflect the constant changes taking place in the GAAP environment. This edition continues this tradition, which has become even more significant as the financial reporting environment is exploding with major change. Here are three areas of major importance that are now incorporated extensively into this edition of the text. A New Way of Looking at Generally Accepted Principles (GAAP) Learning GAAP used to be a daunting task, as it is comprised of many standards that vary in form, completeness, and structure. Fortunately, the profession has recently developed the Financial Accounting Standards...
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...Chapter One Introduction 1.1 INTRODUCTION Foreign exchange refers to the financial transaction where currency value of one country is traded into another country’s currency. The whole process gets done by a network of various financial institutions like banks, investors and governments. The exchange rate varies according to the value of each country’s currency which is based on the health of that particular country’s economy. Any individual or company engaged in overseas business should be aware of the risks of currency fluctuations. Customers without commercial contracts expressed in domestic currency (or fixed by an agreed rate of exchange) are fully exposed to what is known as an exchange risk. Exchange risk may arise because of exchange rate movements in the period from the original commercial contract, to the time of settlement of the domestic equivalent of the foreign currency amount. Foreign exchange risk management is designed to preserve the value of currency inflows, investments and loans, while enabling international businesses to compete abroad. Although it is impossible to eliminate all risks, negative exchange outcomes can be anticipated and managed effectively by individuals and corporate entities. Businesses do so by becoming familiar with the typical foreign exchange risks, demanding hard currency, diversifying properly and employing hedging strategies. No countries of the world can produce all their necessary commodities and services. So it has to buy the commodities...
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...Sarbanes-Oxley SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE.—This Act may be cited as the ‘‘SarbanesOxley Act of 2002’’. (b) TABLE OF CONTENTS.—The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. Sec. 3. Commission rules and enforcement. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. TITLE I—PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD 101. Establishment; administrative provisions. 102. Registration with the Board. 103. Auditing, quality control, and independence standards and rules. 104. Inspections of registered public accounting firms. 105. Investigations and disciplinary proceedings. 106. Foreign public accounting firms. 107. Commission oversight of the Board. 108. Accounting standards. 109. Funding. 201. 202. 203. 204. 205. 206. 207. 208. 209. 301. 302. 303. 304. 305. 306. 307. 308. TITLE II—AUDITOR INDEPENDENCE Services outside the scope of practice of auditors. Preapproval requirements. Audit partner rotation. Auditor reports to audit committees. Conforming amendments. Conflicts of interest. Study of mandatory rotation of registered public accounting firms. Commission authority. Considerations by appropriate State regulatory authorities. TITLE III—CORPORATE RESPONSIBILITY Public company audit committees. Corporate responsibility for financial reports. Improper influence on conduct of audits. Forfeiture of certain bonuses...
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...Sarbanes-Oxley SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE.—This Act may be cited as the ‘‘SarbanesOxley Act of 2002’’. (b) TABLE OF CONTENTS.—The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. Sec. 3. Commission rules and enforcement. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. TITLE I—PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD 101. Establishment; administrative provisions. 102. Registration with the Board. 103. Auditing, quality control, and independence standards and rules. 104. Inspections of registered public accounting firms. 105. Investigations and disciplinary proceedings. 106. Foreign public accounting firms. 107. Commission oversight of the Board. 108. Accounting standards. 109. Funding. 201. 202. 203. 204. 205. 206. 207. 208. 209. 301. 302. 303. 304. 305. 306. 307. 308. TITLE II—AUDITOR INDEPENDENCE Services outside the scope of practice of auditors. Preapproval requirements. Audit partner rotation. Auditor reports to audit committees. Conforming amendments. Conflicts of interest. Study of mandatory rotation of registered public accounting firms. Commission authority....
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...Melhorn Hillary Newman Harry Nolan Wendy Lai Ingrao Associates This book was set in 10/12 ITC Garamond light by MPS Limited and printed and bound by RRD/Jefferson City. The cover was printed by RRD/Jefferson City. This book is printed on acid free paper. Copyright © 2013, 2010, 2007, 2002, 1999 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, (201)748-6011, fax (201)748-6008, website http://www.wiley.com/go/permissions. To order books or for customer service, please call 1-800-CALL WILEY (225-5945). ISBN 13 9781118369975 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 This book is dedicated to the Newest Generation:...
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... | Financial Structure is the framework of various types of financing employed by a Oil company to acquire and support resources necessary for its operations, commonly, it comprises of stockholders’ investments, long- term loans, short-term loans and short-term liabilities as reflected on the right hand side of the Oil company balance sheet. Financial Structure is different from capital structure in the sense that it also includes current liabilities. Therefore, financial structure is the combination of two main components 1) Capital structure and 2) Current liabilities. To provide an understanding of the concept of financial structure in Oil sector specifically capital structure of Padma Oil Company Limited, the balance sheet, debt and equity, working capital, cost of capital and opportunity cost are need to be explained. The capital structure is how an Oil company finances its overall operations and growth by using different sources of funds. It is a mix of a company’s long-term debt, specific short-term debt, common equity and preferred equity. Debt comes in the form of bond issues or long-term notes payable, while equity is classified as common stock, preferred stock or retained earnings. Short-term debt such as working capital requirements is also considered part of the capital structure. Working capital is defined as the difference between current assets and current liabilities. Current assets are the most liquid of Oil company assets...
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...Southern Cross University ePublications@SCU Theses 2004 The contribution of business/management education, to small enterprise solvency Peter Ellis Southern Cross University, PeterEllis@YSP.com.au Suggested Citation Ellis, P 2004, 'The contribution of business/management education, to small enterprise solvency', DBA thesis, Southern Cross University, Lismore, NSW. Copyright P Ellis 2004 For further information about this thesis Peter Ellis can be contacted at peterellis@ysp.com.au ePublications@SCU is an electronic repository administered by Southern Cross University Library. Its goal is to capture and preserve the intellectual output of Southern Cross University authors and researchers, and to increase visibility and impact through open access to researchers around the world. For further information please contact epubs@scu.edu.au. Southern Cross University Doctor of Business Administration The contribution of business/management education, to small enterprise solvency Peter Ellis Submitted to Graduate College of Management Southern Cross University, in partial fulfilment of the Degree of Doctor of Business Administration. 2004 Copyright “The contribution of business/management education, to small enterprise solvency.” Copyright © 2004 by Dr Peter Ellis, who reserves all rights and asserts his right under the Copyright, Design and Patents Act 1988, to be identified as the author of this work. No part of this work may be used or reproduced...
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...p are rep d fo r s ent tud s of D ho r. T ma Any s. yer sB oth e e r us se The pre na limi ry p s age are p are rep d fo r s ent tud s of D ho r. T ma Any s. yer sB oth e e r us is p r bite ohi d. Technology Ventures From Idea to Enterprise d. Thomas H. Byers Stanford University se The pre na limi ry p s age are p a Richard C. Dorf . Thom f Dr University of California, Davis so t den stu r d fo Andrew J. Nelson are rep University of Oregon Any s. yer sB oth e e r us is p r bite ohi TECHNOLOGY VENTURES: FROM IDEA TO ENTERPRISE, THIRD EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright @ 2001 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2008 and 2005. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOC/DOC 1 0 9 8 7 6 5 4 3 2 1 0 ISBN 978–0–07–338018–6...
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...to the Stakeholders CFO's Letter to the Stakeholders Board of Directors Sustainability Highlights 2012-13 Management Discussion & Analysis Directors Report Corporate Governance Report Business Responsibility Report Standalone Financial Statements Consolidated Financial Statements Consolidated Financial Statements under IFRS Glossary 2 4 8 10 12 14 16 22 24 41 55 85 106 147 183 231 This Annual Report is printed on 100% recycled paper as certified by the UK-based National Association of Paper Merchants (NAPM) and France - based Association des Producteurs et des Utilisateurs des papiers et cartons Recycles (APUR). Certain statements in this annual report concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas...
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...uncompromising affordable connectivity innovative technology developing world class talent Our goal is to advance Asia via telecommunications and technology. The road ahead is exciting and full of possibilities. In the years to come, we at Axiata, hope to explore new frontiers of communications and to get more people connected across Asia and beyond. To move ahead towards a better, brighter future. Axiata Group Berhad (242188-H) Corporate inForMation BOARD OF DIRECTORS Chairman Non-Independent Non-Executive Director tan sri dato’ aZMan HJ. MoKHtar Managing Director/President & Group Chief Executive Officer Independent Non-Executive Director JUan VillalonGa naVarro Independent Non-Executive Director dato’ sri JaMalUdin iBraHiM Independent Non-Executive Director daVid laU nai peK Independent Non-Executive Director tan sri GHaZZali sHeiKH aBdUl KHalid Senior Independent Non-Executive Director MUHaMad CHatiB Basri Non-Independent Non-Executive Director datUK aZZat KaMalUdin dr. Farid MoHaMed sani GROUP COMPANY SECRETARY AUDITORS sUrYani HUssein ls0009277 REGISTERED OFFICE Level 5, Axiata Centre 9 Jalan Stesen Sentral 5 Kuala Lumpur Sentral 50470 Kuala Lumpur Tel : +603 2263 8888 Fax : +603 2263 8903 SHARE REGISTRAR pricewaterhouseCoopers (AF: 1146) Level 10, 1 Sentral Jalan Travers Kuala Lumpur Sentral 50706 Kuala Lumpur Malaysia Tel : +603 2173 1188 Fax : +603 2173 1288 WEBSITE www.axiata.com tricor investor...
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