Before and After the Cellphone Essay Example for Free

Before and After the Cellphone Essay Cellphones have gradually become an imperative part of peoples lives today. 70% of the worlds population have cellphones. These days, people and their mobile phones seem to be inseparable. Texting or calling someone when we wake up has become a usual habit just like brushing our teeth in the morning. For many of us, its hard to imagine a time before cellphones. Having a cellphone has changed our manners, the way we communicate, and our safety. Before cellphones there seemed to be more peace and quite. People seemed to have manners. Today people dont always remember their manners when using their cellphones. People constantly carrying on personal conversations in a public place can be very annoying. Some people talk really loud and dont care that everyone around them can hear every word they are saying. It can be extremely disturbing to someone when they are walking in a mall or down a street and someone starts speaking right beside or behind them. They turn to respond, only to find out he or she beside them has an earbud active. Before we had cellphones people would actually write letters. During my elementary school days it was â€Å"cool† to pass notes. We actually used complete sentences and words that were in the dictionary. Also before cellphones if someone was to leave the house, they didn’t make a phone call unless they popped 10 cents into a pay phone. People never received any calls away from home. People actually had to be out of touch with friends and family when they weren’t at home. Now that we have cell phones letters are rarely sent. Today note passing is rare. If kids want to communicate during school they simply just shoot each other a text message. Also, today if someone is to leave the house, making a phone call is easy. With a quick dial on a cellphone people can make a call at any time. Cellphones have not only changed the way we communicate but they have changed our safety. Texting and driving has become common and has caused many deaths in the United States. It was reported in 2005 that cellphone distraction causes 2,600 deaths and 330,000 injuries in the United States every year. Another safety issue with cellphones is privacy. Say someone’s at an airport, or on the bus. Several people are on their cellphones, some talking business, and others talking about personal information. Any information shared has now become available to anyone else who might have been around to hear their phone call. Others may now know their address, information about their family, or financial records. Before cellphones life were more safe. Before cell phones people didn’t have to constantly worry about someone overhearing their conversation. Also people didn’t have to worry about others driving them off the road because of the careless mistake of texting while driving. The cellphone is loved by many and hated by the few for ruining society. Although cellphones have changed society I have a hard time imagining my life without one. Cellphones have had a major impact on our lives and have vastly changed our manners, the way we communicate and our safety. Many of these changes are apparent, while others we may not even be aware of.

Lufthansa Strategy Analysis

Lufthansa Strategy Analysis Lufthansa is one of the premier airlines of the world and one of the largest in Europe, in terms of the number of passengers carried by it. The flag carrier of Germany derives its name from Luft (the German word for air) and Hansa (the Hanseatic Trade Organization that was active in Northern Europe, during the medieval period). Headquartered in Cologne, the major hub of the airline is located at Frankfurt Airport, in Frankfurt am Main. The airline boasts of having the third largest passenger airline fleet in the world and consists of modern aircrafts. The airline is a founding member of Star Alliance, one of the leading airlines alliances in the world. Check out the article to know more about the profile and history of Lufthansa airlines. The generously sized and comfortable seats, the extensive range of entertainment: with the Lufthansa Product Showroom you can now get to know the benefits of our Economy Class on long-haul flights in more detail even before your flight. Take a virtual journey through our offer from booking, to our services at the airport and on board, right through to your arrival at our Frankfurt hub Comfortable seats On  short and medium-haul routes  youll enjoy plenty of room. In Economy Class, too, the slim construction of the seat backs provides greater leg room, making it easier for you to stretch your legs. On  long-haul routes  a seat cushion width of over 40 cm, as well as the individually adjustable headrests on every seat, ensure your comfort. When you tilt your seat back, the seat is raised, giving you optimal support Varied entertainment On long-haul flights, as well as reading our in-flight magazine you can enjoy our extensive In-flight Entertainment Programme during the flight.   Meals Drinks We offer you menus that suit your departure time and destination. The meals are rounded off by a wide selection of complimentary drinks.   On selected routes we will also serve you a movie snack during the In-flight Entertainment. Your in-flight entertainment programme in First and Business Class First and Business Class passengers enjoy a comprehensive entertainment programme with the extended Lufthansa Media World. The four categories: Watch Enjoy, Listen Relax, StudyPlay  and Fly Lufthansa  can be individually downloaded onto the screen at each seat: 65 video options with 30 cinema films in up to eight languages, 25 TV programmes and 10 music magazines from all over the world, 100 CDs, a variety of audio books, 30 radio programmes with numerous international channels, games of skill, action games and board and strategy games as well as language courses are readily available. In Business and First Class every passenger also receives the monthly Lufthansa media world programme listing. Marketing challenges arise because of the uniqueness Safety Cost Cleanliness Price Destination Strategies are adopted by your chosen company to deal with those challenges They are putting forward more and more innovative methods to preserve safety up-to-date Regarding cost they are trying to cut off their profit margin and working on low profit margin They are dealing it with the best and effective way that will flourish mind of customer with cleanliness in all perspectives According to price they should consider their brand name and they will maintain price according to that which will not affect their brand image Their run in only busy international routes How do marketers of your chosen service company deal with the demand and supply? Mismatch? During the time of recession the faces problem but as they are a big establishment they came out that and they wisely meet the needed and wants by implementing so many innovative ideas The service product mix of your chosen company They concentrate on only one product mix What are its product lines? They only focus on one product line because they only have one product line Its service brands They have only one brand its called Lufthansa they are concentrate on airlines Its pricing strategy They gave concession for regular travel and gave various discounts to them and gave attractive offer for them and they implement a greater way process out these pricing strategy The service product distributed Magazines Video advertisement Television ads Internet The target segment for the service products Manley focused Business class peoples Those who want luxurious travel experience who prefer more and more comfort The service products positioned Deutsche Lufthansa AG is an aviation company with operations worldwide. The Group operates in five business segments, which provide mobility and services for airlines. The business segments Passenger Airline Group, Logistics, MRO, IT Services and Catering each hold leading positions in their markets. In addition, the Lufthansa Group includes over 400 subsidiaries and associated companies. The strategic business segments Passenger Airline Group and Logistics provide mobility for passengers and freight. The airlines in the Lufthansa Group are positioned as quality carriers in their respective segments. In order to strengthen Lufthansas position still further, new partners from the European home market were added to the Group. Lufthansa Cargo is also a market leader in international airfreight. It offers a global network, shortest transport times and high quality standards in many, often highly specialised, product areas. Companys Marketing Communication Mix We guarantee high quality of our products and professional consulting services. Regular trainings of our staff ensure instant implementation of innovations and detailed knowledge of the product. We provide organisation and prepare all necessary components of your travel. The role of People in your chosen company They are the real king of these airlines because mostly it is an expensive airline without people they can work it out so people plays an important role in the fields of these .They make it more and more popular in case of every factor which support these . Process which involved in the service production They prefer good interaction with customers Good way of treating passengers They know how handle business class passenger They are well expertise in handling services in an proper way There way of welcoming is more attractive and mind bloging They introduce many new ideology to make service more better and effective  Physical Evidence is used by the company to compensate for the intangibility  of the service To ensure that passengers who are not German speakers and who are boarding or transferring at Frankfurt or Munich, can always find their way around the airport quickly, Lufthansa offers the Lufthansa Guide Service as well as the Lufthansa Family Service, which is designed to meet the needs of families travelling together. Lufthansa Guide Service: we speak your language Lufthansa offers a Guide Service to international passengers, business travellers, groups and passengers who may, for example, need help finding their way to a connecting flight at the airport or who would like an exclusive passenger chaperone service. They will be met by a special Lufthansa guide directly at their gate or at another rendezvous point and accompanied to their destination for example, to a connecting flight, train, hotel, shuttle bus or to the airport lounge. Lufthansa guides will always be on hand to answer your questions and in more than 50 languages. A charge is made for the Lufthansa Guide Service. Lufthansa Family Service: relaxed travel with the whole family Lufthansa Family ServiceThe Lufthansa guides from the Lufthansa Family Service ensure a relaxed start to a holiday by helping families, who are boarding or transferring at Frankfurt or Munich, to find their way around the airport.   Parents travelling alone with children, in particular, find this a huge help. For example, the guides take them to check-in, where they explain the security regulations, accompany them to their gate and, on landing, to baggage reclaim, but also to restaurants, hotels or car rental companies.   The Lufthansa Family Service is also very happy to help older members of the family. If the passenger can only walk slowly, the guides gauge the time needed to change flights or if required, accompany the elderly person to the chemist or to a seat.   The Lufthansa Family Guides are on hand with help and advice in more than 50 languages, making this service above all a helpful support to families from abroad World premiere at ITB: In-flight entertainment via Wi-Fi On-board entertainment is an important part of an airlines service for tourists and business travellers alike. At the ITB, Lufthansa Systems presents, its cost-efficient new in-flight entertainment (IFE) system which opens up a new world of opportunities for on-board communication. Condor will be the first airline to install on its Boeing 767 aircraft. The innovative infotainment system is based on a Wi-Fi network which passengers can log on to through seat-back screens or their own laptops, tablet PCs, smart phones or other Wi-Fi-enabled devices to access a wide range of video and audio on demand, games and other content. Also makes it possible for airlines to offer new forms of customer communication, information and services. New services can generate additional revenues for airlines, and airlines can also customize their contact with each passenger. In-flight entertainment is an important part of the travel experience and a way to stand out from the competition, particularly in the tourism industry; said Rainer Krà ¶pke, Head of Project Management and Marketing at Condor GmbH. opens up entirely new possibilities for us. In addition, the system costs much less to install and operate than other solutions. Unlike conventional IFE systems, Board Connect does not need to be wired into every seat. The cabin of a Boeing 767, for example, will only need five access points which are connected to a central server. The system is much easier to install because there is no wiring required. It can be integrated during a regular maintenance check, so theres no need for extra downtime, said Dr. Jà ¶rg Liebe, CIO of Lufthansa Systems AG. Board Connect is also very reliable and gives airlines maximum flexibility as regards cabin rearrangement, the integration of new technologies and the development of new services. The elimination of wiring and data distribution hardware can lead to weight savings of nearly half a ton for a Boeing 767-300. This reduces annual fuel consumption by around 20 tonnes per aircraft. To create this pioneering IFE solution, Lufthansa Systems drew on its experience with the Mobile Infotainment System which it developed for cruise ships. The technology behind Board Connect is not restricted to the aviation industry; it can also be used on other forms of public transportation, such as trains, buses and ferries. On aircraft equipped with broadband Internet access, passengers can also surf the Web, send and receive e-mail and interact with friends on social networks. Airlines can also provide individual passengers with information about their connecting flights or offers tailored personally to them. Conclusion Airlines are the fastest way of transportation now a days there come so many airline industry to these field but whatever come till know Lufthansa is the 1st place so try to keep up that place safely

Strategic business management and planning

Strategic business management and planning 1. Introduction: Easy jet is the leading cheapest flight service company in European Airline Companies. The mission of the company is â€Å"to offer Low cost airline service to the masses†. Easyjet was established by Sir Stelios Haji-Ioannou   in 1995 .Easy jet is the fourth leading European airline, the UKs leading budget airline and one that contests the ‘number two LCC in Europe. Easyjet board had been disagreement of extension with his creator sir stellios since last two years (daily mail 2010). Newly joined(2010,July 14th ) chief executive Carolyn McCall with aid of easy jet chairman sir mike rake made a deal with brand licensing (daily mail 2010). She is very fresh for airline industry. Now I am going to critically evaluate how she is going to face future challenges ahead of her. Source: Map of the destination points www.easyjet.com 1. a) Strategy: in art of war book sun Tzu giving answer for what is strategy? A way of thinking; an aware and deliberate process; a concentrated implementation technique; the art of ensuring future success. According to Mintzberg H., (1994)† Strategy is a unified, comprehensive, and integrated plan and designed to ensure that the basic objectives of the enterprise are achieved†. A strategy or general plan of action might be formulated for broad, long-term, corporate goals and objectives, for more specific business unit goals and objectives. Easy jet believes that people make the difference. Its through the efforts of all our people to deliver our four strategic priorities such as Safety is our No.1 priority, Build Europes No.1 air transport network, Develop a winning customer proposition, Deliver low cost and maximise margins that we will realise our vision: to become the best low fares airline in the world.(Easyjet 2009) 1. b) Strategic Business planning: Strategic business planning serves to bridge the gap between development goals and planning for implementation of specific tactical measure. Internationalization: Welch and Luostarinen (1988), defined as ‘the process of increasing involvement in international markets. Internationalization and strategic management: Welch and Welch (1996) have tried to develop a longitudinal theoretical model to identify the interrelationships between the two flows of international business inquiry, that is,They give meaning of ‘strategic foundations (knowledge, skills and experience, networks, etc.) of the enterprise and its external environment, and identify planned and unplanned routes to internationalization, with networking important in both. They conclude by calling for ‘empirical studies that specifically focus on strategy and internationalization Process interconnections (Welch and Welch, 1996: 25). Bell et al (1998): Internationalization and Business Strategy EasyJet have influenced by both internal and external environment in any strong grow stage. Internal environment: decision-maker characteristics has more influence in easyjet. We can say particularly sir stellos founder of easyjet and who has 38% share in easyjet. He had been last two years dispute with easy jet board for expansion of easy jet. (Thisismoney,2010).he has no problem with strategy of easy jet. EasyJet announced that it had agreed to purchase the entire share capital of GB Airways from the Bland Group. The deal was worth  £103.5 million and was used to expand EasyJet operations at London Gatwick Airport (anna.euro,2007) Easyjet has grown internationally acquiring GB airways on 25 october 2007. Sir stellos not happy with board accounting policy. He didnt like approach of board single cash generating unit. He insisted to be a he macro-economic climate to benefit of all shareholder.(abtn 2009) â€Å"EasyJet had reached an agreement on the pace of growth with Sir Stelios after he had questioned the strategy. The LCC now plans to increase future capacity by 7.5% per annum, following yearly increases of 15% from 2005 to 2008 and will increase its fleet to 207 aircraft by 2012. Sir Stelios declared himself â€Å"a lot happier† with the carriers shift to a more modest growth strategy† and insisted it was more resilient than that of Ryanair, which cancelled a large order with Boeing in 2009, though it will continue to receive aircraft from previous orders for several years to come†.then he changed his mind and resign from the board on may 2010 and again start his backward, too much over speed of   growth plan(capa 2010) Easy-jet influence by management competencies: No stability management in easyjet due to the action of sir stellos .management changes four year who worked hardly to develop the company Andy Harrison punished by sir stellos who has more share in the company. Sir stellos concentrated on account department he changed account management people. The shake-up will result in all three of the companys top jobs changing within the space of a year, following the departure in May of Jeff Carr, Easyjets chief financial officer(uk.yahoo,2009) .(abtn 2009) http://uk.finance.yahoo.com/news/easyjet-unveils-management-shake-up-ftimes-9106396619e0.html Rrapid management change create the conflict between management and employee External environment: Global influence: (Richard L. D,aft 1997 ) explaning that No company out-of-the-way from global influence. All international company influenced by global governing body. OPECs (Organization of the Petroleum Exporting Countries) set prices of oil and gasoline. OPECs globally influencing the airline industry.(tucker l,2008) CAA (Civil Aviation Authority) and IATA (International Air Transport Association) those bodies regulating the airline industry all over world. BAA is a leading airport monopoly company. We own six airports in the UK including the largest, London Heathrow, and we have interests in a number of others overseas. IATA and CAA fixing or reviewing price fare the airlines(price regulation). EasyJet Claims that   (CAA)Regulator Favoured BAA Over Fees and supporting monopoly company(gardian,2009 pg 28) Global warming: Global warming refers to the documented historical warming of the Earths surface based upon worldwide temperature records that have been maintained by humans since the 1880s.Its Is the combined result of Anthropogenic (Human-Caused) emissions of greenhouse gases and solar irradiance in exchange According To The World Meteorological Organization (WMO), The Decade Of The 2000s (2000-2009) Is the warmest one record. The global mean surface temperature for 2009 IS Currently Estimated at 0.44  ° C/0.79  ° F above-the 1961-1990 Annual average of 14.00  ° F C/57.20 (Ecoearth3009), Volcanic ash cloud: Global warming may prompt more hazardous geological events such as volcanoes, earthquakes and landslides, scientists have warned- Prof McGuire (telegraph3010) acid rain: volcanic explosion can change the Earths climate both for short periods and long periods. Volcanoes that release large amounts of sulfur compounds as sulfur oxide or sulfur dioxide in the atmosphere more strongly than those that eject just dust. The sulfur compounds are gases that rise easily into the stratosphere. Once there, they combine with water (limited) available to form a mist of fine droplets of sulfuric acid (volcanoes 2010) Andy Harrison said that â€Å"Easy Jet is planning to cut CO2 emissions by 50% by 2015.The aviation industry have an excellent record in reducing the environmental footprint of aircraft. Todays aircraft are typically 70% cleaner and 75% quieter than their 1960s counterparts. Now we are planning the next generation that will help towards taking the plane out of the emissions equation. Easy Jet is already setting the environmental standard in the airline industry. Our fleet of 131 aircraft has an average age of only 2.3 years the youngest of any major airline in Europe. We have recently called for over 700 of the dirtiest aircraft to be banned from Europes skies† (ecojet2010) Ash cloud crisis: Andy Harrison gave Q3-IMS-2010-Analyst-presentation-final report saying that how global warming affected the easyjet limited. Significant impact on results from volcanic ash 7,000 flights cancelled impacting one million passengers Estimated cost and lost contribution  £65 million Future challenges on 21st century: Drucker p., (2007) observe that In the middle of 19th century they exposed to many radical changes as we compare to this transition period. As during world warII many structural changes have been occured,then here comes the second industrial revolution started. According to Drucker argumentation, the future is not soo far because for the formation of business strategy there are five social and political certaintiesThe collapse of the birthrate in the developed world, changes in the distribution of disposable income and a redefinition of corporate performance, international competitiveness and the rising conflict between economic and political reality.Then he looks at the leadership requirements, the characteristics of information revolution,   Productivity of knowledge worker and finally their responsibilities in the system management. 1. Rivals for EasyJet now airberlin grown as a competitor in eroupe region looking share price movement on 3rd November 2010(capa2010a). The Challenge Facing (mccall) tougher has-been made by exchange at Ryanair CEO Michael OLeary WHERE IS planning a move to larger Airports near city centers, scrapping A Strategy is based Solely less-costly, out-of-town airports (businessweek2010) 2. Stability management competence frame in EasyJet. * â€Å"McCall will also want more boardroom stability following a spate of resignations. Chairman Colin Chandler and Finance Director Jeff Carr resigned in 2009, Stelios and his nominee Bob Rothenberg stepped down in May and Cor Vrieswijk, the operations chief, quit two weeks ago after just 3 1/2 years at the company† (businessweek,2010) * There is a some money changes in management last two years. 3. Globalization impact: The impact of globalization will lead to make a major challenge strategically to culture and language in the environment   business 4. Managing Across borders: The main creteria of an organisation is to survive in the 21st century and to succeed the workforce in business environment. 5. Revolution of Information Technology: The usage of internet, e-commerce and wireless are supported by a new world of infrastructure. 6. Security issues and increase demand for knowledge worker in an oranizations. 7. Leadership Challenges â€Å"Generational leadership managing an older workforce, as well as the digital generation Sustainability Defending todays environment and addressing consumers needs The developing world responding to a changing economy Diversity leading a workforce comprising ethnic minorities, mature workers, etc Globalisation managing an extended workforce, and social responsibility.† Organizations facing rapid change, unprecedented global competition, unpredictability and the constant threat of acquisition. At the same time, it is becoming increasingly aware of corporate social responsibility and global sustainability challenges in the broad sense. The 21st century is one in which we will need a servant leaders more than ever. It is difficult, fascinating and full of possibilities. If organizations are to thrive and survive, they must innovate. They need all the energy and creativity of their people. This requires a revolution in culture in the workplace the workplace that limit, deter the poor and those that release energy, enterprise and spirit. They also need to be led by world citizens. The best people want to work for ethical organizations that meet the needs of society and avoid prejudice. Sustainability focus on environment, charity corporate and social safety in EasyJet: Environment: Easyjet is giving high priority for environment safety. To be environmentally efficient in the air and on the ground as well. To lead shapes a greener future for aviation. Charity: EasyJet supports a charity of the year. The airline gives a corporate donation and provides access to staff and passengers to raise funds, and promotes the charity through brand awareness. Following a Europe-wide staff vote, EasyJet is proud to announce that our current ‘charity of the year is the Alzheimers Society. Corporate and social Safety: Safety is our first priority for both customers and staffs. Easyjet aims to provide its customers with safe, good value, point to point air services and believes in the goal of excellence of achievement in all its activities. Easyjet sees starving for excellence in environmental, social and ethical activities as a key behaviour for a successful and sustainable business Recommendation: Entrepreneur: the person who has great vision with innovation with optimistic personality. An entrepreneur is a person in charge of creating value, not only for him, but also for his investors, clients and for the society Entrepreneurship: entrepreneurship, which is defined as the pursuit of opportunities, acquisition of resources, construction of a team and discovery of markets adapted to offer the specific product (Dr.Zacharakis A,2009) Why it is important for Entrepreneurship: Its very important for global entrepreneurship to monitor the projects over all. Loyalty to customer, employee and government also paying right tax. To compete and set the goals to meet the globalization competitor To develop a acquire company. Bell et al.,(1998) state that organic growth and acquisition are good tool to make organization successful in internationally with entrepreneurship skill of management. Strategy: 1 Diversification strategy: Pils F (2009) discussing about Diversification, impact of diversification, advantage of diversification .diversification for company is a form of corporate strategy . It aims to increase profitability through higher sales volume resulting from new products and new markets. Diversification can take place either at the business unit or enterprise level. At the business unit, it is more likely to develop into a new segment of an industry where the company is already at the firm level, very interesting to enter a promising venture outside the scope of Business Unit. Sir stellios have been insisting about future of fleet expansion. When the fleet and the route to increase, we have more customers in the summer (six months) and festivals time, remaining six months, flights are in the ground(Businessweek2010). My opinion sir stellios has matured person in airline industry and also stellos Haji-Ioannou is a member of the New Enterprise, a group established to advise the Conservative Party on business policy (market watch3007). He is not against strategy of the company but against fleet expansion (capa2010) .so McCall can go for other sector diversification expect fleet. She has to considered about rivals also, when rivals increasing the fleet and route, mccall also has go for it. Otherwise she cant compete with her rivals .now easy jet share growing. Now main rival of EasyJet is ryanair share reduced in Europe.(capa2010a). Good news for easyjet: 1. Ryan air, the second airline in the United Kingdom, announced its intention to reduce the ability of winter in the UK by 16% compared to November of 2010, outlining the decision will result in the loss of over 2 million Passengers at airports across the UK during the winter of 2010 on a year-on year basis. (capa2010b). 2. New deal with sir stellos brand licensing ,easy brand not for flight,easyjet can use ther purpose aswell. new deal creates a lot opportunity for new ceo Carolyn mccall .she can go for cobranding, removing ancillary revenues(the so called 75:25 rule), â€Å"freedom for easyJet to lease-in non easyJet-branded aircraft to meet operational requirements within annual limits without the need for easyJet Group consent†,new product and new services.(capa2010c). Strategy 2: According to Sun Tzu art of war: â€Å"If your enemy is secure at all points, be prepared for him. If he is in superior strength, evade him. If your opponent is temperamental, seek to irritate him. Pretend to be weak, that he may grow arrogant.† Strategy: 2 divided boards strategy. Its not a best strategy not when the dissenter controls nearly 40% of the voting stock (capa2010) Sir Stelios is used to make his way. He now argues for drawing on growth. In some ways it may be perfectly justified in seeking to improve his win by EasyJet, a company that has not paid any dividends money although it has generated considerable revenue from the IPO, as well as royalty payments. In this regard, his argument against the expansion only up batteries if a more static fleet would turn into immediate dividends and will continue to provide under Sir Stelios strategy slow growth. He probably did his homework, he believes (and other shareholders) would be the winners, if not in the long term, at least in the coming months. However, so far it seems to be still in the minority, as the company continues to occur. If following a public campaign as now seems likely it will surely be disruptive. A public war is not what every company needs. The company is difficult enough as it is. The board of directors and chief executive officer of the airline however insist that the growth agenda had been agreed before Stelios commonly alleged change tack probably because of the difficult situation. The Chairman, Sir Michael Rake, in a letter to shareholders on 18-May-2010, said: â€Å"The Board is both surprised and disappointed to find itself in a public debate over strategy as Sir Stelios and I had agreed principles of engagement in May 2009 specifically to avoid such situations. In the view of the Board there are simply no grounds for a dispute.† New CEO insisting Easyjet never paid dividend. Stelios rising question our rivals paying the dividend, why cant we do that? (Business week, 2010)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Strategy 3: (osama el kadi 2008) strategizing using sun tzu art war. About stunning growth : strategizing the easyjet pocess of negotions,sales and innovations.easy can develop the company international level with most sucessful.   Strategizing Wynn Ellis said that† EasyJet still has capacity to enlarge capacity 5 percent to 10 percent a year, an analyst at Numis Securities in London with a hold recommendation on the stock.McCall needs to weigh the interests of all shareholders in making her decisions and be prepared to stand up to Stelios if necessary. The U.K. market may be relatively mature but there are opportunities in overseas markets.† (Business week, 2010)   Easy jet share growing well in Europe (capa2010a).easyJet shares were up 1.3%, while airberlin was up 1.2%. Ryanair shares lost 0.4%, with the carrier reporting strong traffic growth. Aer Lingus shares dropped 1.3%.So mccall strategizing the company to make stunning growth   using this method. Conclusion: After resovling the dispute of brand licencing with sir stellos ,carolyn mccall got more support from shareholder; because the deal creates more corporate-governance flexibility in EasyJet decision making in future. She got bit releaxed achieveing deal with founder easy jet .now she has to concentrate set up the managemtment competence framework. If she follow servent leadership at this present.she can resolve all the conflict in organization easily get the way to obtain new corporate strategy to achive vision with orgnational people.as I discussed in recommendation she can choose any one the strategy or both. My opinion she can go for diverfication and strategizing.because she is has strong negotion power(Sun Tzu: â€Å"The ultimate art of war is to restrain the opponent without fighting.†), sales techniquie (I can see her ability from gmg grop development , her vission and care about sustainability(gardian,2010)) and innovation. finally:mccall has to have answer for this que stion, what makes a business functioning in this sector victorious? While deciding diversification.

Marketing Research Paper: Kudler Fine Foods :: Marketing Research Paper

"Kudler Fine Foods has experienced significant growth and is now focused on expanding the services, improving the efficiency of its operations and increasing the consumer purchase cycle as a means to increasing the loyalty and profitability of its consumers" (, ). This paper will justify the importance of marketing research in the development of Kudler Fine Foods marketing strategy and tactics. It will also identify the areas where additional market research is needed and analyze the importance of competitive intelligence and analysis in regards to the development of Kudler Fine Foods marketing strategy and tactics. Kudler is offering parties in the store to show customers how to prepare specialty foods. The draw for the consumers is to be trained by world-renowned chefs, local celebrities, other food experts, and even Kathy Kudler herself, and to be invited to exclusive, upscale events. The anticipated outcomes will be to increase the customer purchase rate of high margin food and beverage items and to get consumer to make an evening at Kudler Fine Foods part of their social network. This increased time in the store will increase the overall revenue per visit and increase the frequency of visits to the store. Consumers will receive multiple entries in high-ticket item contests by bringing a friend to the parties. While the firm’s preference is to have the events in-store, guests can have Kudler cooking classes at their home for a price premium. Programs such as this encourage consumer loyalty and word-of mouth marketing† (, ). As Kudler aims towards higher scale consumers using ins titutional advertising techniques, the draw of consumers would have to be analyzed due to day to day schedules of its consumers. Would consumers take time out of their busy lives to watch Kathy Kudler prepare dishes or would you have to have a high profile chef or celebrity present to actually draw the consumers in? Is Kudler the only establishment providing this feature? Additional research using surveys specifically orientated towards the area of finding out what consumers would visit the store if a well known chef or celebrity provided a cooking class. Knowing that famous chefs or celebrities are not cheap to come by, having consumers extend their stay at the store might outweigh the cost of putting the class on. â€Å"Kudler’s new initiative is tracking purchase behavior at the individual customer level and providing high value incentives through a partnership with a loyalty points program.

Clockworks Orange :: Free Essays Online

Clockworks Orange In the 1960's our developing world faces many of it's impurities. The youth of this nation fight for equal right, equality of the races and freedom of speech. But not all the protests are legal. Many people are guilty of treason and must be punished but with an over crowded prison system were will these political prisoners be sent. The common criminals are flooding the system with there petty robbers, assaults and murders. We need to deal with the common criminal before we can deal with the political. The novel The Clockwork Orange written by Anthony Burgess depicts the life of a child of the night (Alex). Him and his droogs (friends) see life as something worthless as they rape, assault and murder their way though their teenage-hood. To help cure this problem the government comes up with a new way a deal with criminals. This method included the relation between crime and physical pain. The method is first used on Alex when he was arrested. It works and he is released into society a violence free man. In the end Alex grows out of the treatment and goes back on a crime spree. He continues this until he grows out of teenage hood. The novel itself is well written, though it is a hard read. It contains over 200 Russian words that the reader must decipher themselves due to the fact that Anthony Burgess will not allow a glossary in any of his printings. The novel which is narrated by the man character pulls you into his life and shows the reader what goes through the mind of the criminally insane. The flow of the novel is easy to follow with little confusion on what is in each section. Many insights can be derived from this book and it can be used to support many different topics. A well rounded book that gives the reader wanting more. The power of youth is growing in the 60's. Teenager fight for their rights but when they have nothing more to fight for they will need something else to do. Most teens when bored turn to drug and crime as a source of pleasure. To deal with this me must stop it by sending the youth to correctional facilities. When these don't work adult punishments must be given. But what if we could trace back into the mind and find why we commit crimes.

Power and Authority that affects English Language Essay

All languages change over time, and vary from place to place. In my opinion, English language is the most influenced by the change. I must say lots of factors affect language. It may be because of political or social pressures, such us invasions, imigration and colonisation. It may also change because of latest inventions, such as transport, domestic appliances and industrial equipment, or new sports and entertainment, because they also need new vocabluary. But, language can change by less obvious things. Language changes whenever speakers come into a communication with each other. Every person speaks differently from others, everybody has there own ‘idiolect’. There are no people who speak identically: people from different geographical places clearly speak differently, but even within the same small community there are variations according to a speaker’s age, gender, ethnicity and social and educational background. English language was changing from the days of Roman empire. Then anglo-saxon invasions also affected it bringing every day life words like: woman, house, loaf, then Christian missionary came in, bringing latin language and using some of its words. After that, Vikings came along bringing thousands of new words. Inavasion of William the Conqueror in 1066 brought many new words to English language from French. The 100 year war against France that happened after, also changed English language a lot. As we all know William Shakspeare about 2000 words and phrases. Shakespeare showed the world that English language was a rich and beautiful language, with limitless expressions and emotional power. It was a huge affect on English language was when in 1611 King James made a new translation of Bible so everybody will read and understand it. In 1660’s there were a lot of scientists in England and it brought a whole new words to the language. The English people started to explore the world and travel, where they found new words. Then british went to America and invented new words for new animals and things they found there. Then the new technologies took place. New inventions like radio, television, fridge needed new vocabluary. Speaking of a technology, their role in our lives is astonishing. Its effect on the way we communicate has changed the English language forever. The way we speak today is really different from the way we spoke before the internet became so widely used. Phone calls, to my mind, changed little: we still use the same methods to  greet and say good bye, for example. What is deffinitely different, however, is the way we write today. That is the area where technology has had a HUGE impact. It brought with it a whole new etiquette, as well as new conventions and new abbreviations, such as IMO (in my opinion) and FYI (for your information). And it introduced the idea that WORDS IN UPPER CASE MEAN WE ARE SHOUTING, while lower case writing is the accepted form. Mobile phones has had a much bigger impact. The way we write our text messages is now so widely accepted that it has become a mainstream: OMG (oh my God), idk (I don’t know), Ikr (I know right), and etc. And then we have the sudden rise of blogging. There are now millions of blogs worldwide. Add to that the even-more-baffling growth of the key social networking websites – Instagram, Twitter, Tumblr, Facebook. So, to sum up: email + texting + blogging + social networking sites = people writing more how they speak and less like they used to write. Writing correctly still happens when it is either for your Boss, parent or a teacher. After people started using Television almost everywhere, language started changing depending on what TV shows are you watching or what channels are you watching. It might be a BBC News or Royal Family News where they all speak RP(recieved pronuanciation) to be more clear to people or it might be for example a cooking programme when people start using cookers terminology. Inventions like radio and iPod also made music more available to everybody. So the type of music you listen will affect on how your language will change. Popular singers are icons mostly for younger generation, so they have the authority to change language. New technologies made it more easier to communicate with outside world: trains, plains, ships made it much easier to travel and communicate with a wide range of different people, which obviously has a different idiolects and diolects. Also our language changes depending on to whom, where and why we speak. Through our interactions with these different speakers, we encounter new words, expressions and pronunciations and integrate them into our own speech. For example when you speak to your parents, your speach is more  formal and correct. But it is much different when you speak to your friends or peers. Your speach and words are more informal and pronouncation of words is different. The type of school we’ve studied in, also affects our language. In private shools, because children are from higher social classes and their background is more wealthy, they speak more posh and ‘correct’. When people from public schools speak more ‘chavy’ and use more slang. Also your ethnicity and the area you live or lived in: urban or city area, has really big affect on our dialect. Ethnicity affects because your dialect changes depending on who your ancestors were and what is your actual language. For example if you are french you have a specific accent and dialect. Also if you live in a city the way you speak is different than if you were from an urban area. Because in city there are much more people more influences, tourists bring different words and traditions, fast pace of life, they have own technical or city jargon, when in rural areas they a kind of country language, things take long time to change. This affects language change. The job or your interests change dialect, the words you use and how you say them. Because different jobs use different terminology and some people may use them in their everyday lifes and create a kind of new slang. Scoial class plays a big role aswell. The higher the person is on the social ladder, the more educated that person is likely to be. With a better education, a person will likely speak more properly. His or her sentences will be well formulated and slang will be at a minimum. The lower person is on a social ladder, the less educated a person is likely to be. And with less education, a person will likely speak with a looser form of a language. But it doesn’t happen always, people can be different. All of this things change our language. Language always changes and Every successive generation makes its own small contribution to language change and when sufficient time has elapsed the impact of these changes becomes more obvious. But will the same things change our language in future, and how fast it will change. Will language be completely different from the one we speak today, or will it change a little. We don’t know what people in future will think how is correct to say and write. Language is the most unpredictable and rapidly changing thing and the way it changes depends on us.

Accounting Standard in Bangladesh

A REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS [pic] DEPARTMENT OF FINANCE UNIVERSITY OF DHAKA REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS FINANCIAL ACCOUNTING –I F-103 Submitted To Dr. H. M. Mosarof Hossain Associate Professor Department of Finance Faculty of Business Administration University of Dhaka Submitted By Members of Group-3 Section-B 14th Batch Department of Finance Names |Roll No | |Upoma Antara Husain |14-052 | |Zubairia Khan |14-050 | |Nazmul Ehsan Omiya |14-054 | |Monowar Hossain |14-008 | |Md. Rubel Ahmed |14-030 | DATE OF SUBMISSION 1 May 2008 TABLE OF CONTENTS CHAPTER I: ? INTRODUCTION ? OBJECTIVES OF APPLYING BAS IN BUSINESS ? IAS ADDOPTED AS BAS ? SHORT DESCRIPTION OF BASs CHAPTER II: ? ABOUT PRIME BANK LIMITED ? BAS USED IN PBL ? APPLICATION OF BASs IN PBL ? IMPORTANCE OF APPLYING BAS IN PBL ? CONCLUSION CHAPTER III: ? ANNEXURE ? BIBLIOGRAPHY CHAPTER I INTRODUCTION The rules and guidelines adopted and im plimented worldwide in accounting record keeping and statement preparation ror maintaining uniformity are known as International Accounting Standared (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC). Bangladesh Accounting Standards (BAS) are adopted From IAS by Institute of Chartered Accountants of Bangladesh (ICAB) for preferred accounting practices in all kinds of business in bangladesh. To standardize the accounting system with the level of IAS, the ICAB (Institute of Chartered Accountants of Bangladesh) has been adopting BAS since 1984. The Institute of Chartered Accountants of Bangladesh is a professional accountancy body in the Bangladesh. It is the sole organisation in the Bangladesh with the right to award the Chartered Accountant designation. The ICAB updated and adapted many important and the time demanding standards in several time BAS is a set of standards which controls the system of accounting in Bangladesh. In our country Companies listed with Dhaka & Chittagong Stock exchange are to prepare their accounts according to the Securities and Exchange Rules 1987 and the International Accounting Standards (IAS) as adopted by the Institute of Chartered Accountants of Bangladesh known as Bangladesh Accounting Standards (BAS). At present the (TRC) Technical research Committee of ICAB screens and evaluates IFRSs and recommends particular IFRS to the council of the ICAB for adoption. Prime Bank Limited is one of the promising banks in our banking sector. It is listed with Dhaka and Chittagong Stock Exchange. The financial statements of the Bank are prepared under the historical cost convention except investments and in accordance with the Bank Companies Act, 1991, Bangladesh Bank Circulars, International Accounting Standards and International Financial Reporting Standards adopted by the Institute of Chartered Accountants of Bangladesh as BAS, Companies act 1994, SEC Rules 1987 and other laws and rules applicable in Bangladesh. IAS ADOPTED AS BAS BAS are developed by the ICAB and are based on older IASs – generally those developed by the IASC rather than the improved IASs and new IFRSs developed by the IASB. The Technical and Research Committee of the ICAB develops the standards. Adoption requires approval of the ICAB Council. A list of IASs Adopted as BASs is shown below. IAS |Version of IAS |BAS Number |Remarks | | |Adopted in Bangladesh| | | |IAS 1: Presentation of Financial |1987 |BAS 1 |2003 revisions not yet considered | |Statements | | |by ICAB | |IAS 2 : Inventories |1992 |BAS 2 |2003 revisions not yet considered | | | | |by ICAB | |IAS 7 : Cash Flow Statements |1992 |BAS 7 |— | |IAS 8 :Accounting Policies, Changes in |1993 |BAS 8 |2003 revisions not yet considered | |Accounting Estimates, and Errors | | |by ICAB | |IAS 10: Events After the Balance Sheet |1999 |BAS 10 |— | |Date | | | | |IAS 11: Construction Contracts |1993 |BAS 11 |— | |IAS 12: Income Taxes |2000 |BAS 12 |— | |IAS 14: Segment Reporting |1997 |BAS 14 |— | |IAS 16: Property, Plant and Equipment |1997 |BAS 16 |2003 revisions not yet considered | | | | |by ICAB |IAS 17: Leases |1998 |BAS 17 |2003 revisions not yet considered | | | | |by ICAB | |IAS 18: Revenue |1993 |BAS 18 |— | |IAS 19; Employee Benefits |2002 |BAS 19 |2003 and later revisions not yet | | | | |considered by ICAB | |IAS 20; Accounting for Government Grants |1983 |BAS 20 |— | |and Disclosure of Government Assistance | | | | |IAS 21: The Effects of Changes in Foreign |1993 |BAS 21 |2003 and later revisions not yet | |Exchange Rates | | |considered by ICAB | |IAS 22: Business Combinations |1998 |BAS 22 |IAS 22 has been superseded by IFRS | | | | |3, which has not yet been | | | | |considered by ICAB | |IAS 23: Borrowing Costs |1993 |BAS 23 |— | |IAS 24: Related Party Disclosures |1994 |BAS 24 |2003 revisions not yet considered | | | | |by ICAB | |IAS 25: Accounting for Investments |1987 |BAS 25 |IAS 25 has been superseded by IAS | | | | |39, which has not yet been | | | | |considered by ICAB | |IAS 26: Accounting and Reporting by |1987 |BAS 26 |— | |Retirement Benefit Plans | | | | |IAS 27: Consolidated and Separate |1998 |BAS 27 |2003 revisions not yet considered | |Financial Statements | | |by ICAB | |IAS 28: Investments in Associates |1998 |BAS 28 |2003 revisions not yet considered | | | | |by ICAB | |IAS 29:Financial Reporting in |Not yet Adopted |— |— | |Hyperinflationary Economies | | | | |IAS 30 :Disclosures in the Financial |1990 |BAS 30 |IAS 30 has been superseded by IFRS | |Statements of Banks and Similar Financial | | |7 (effective 2007), which has not | |Institutions | | |yet been considered by ICAB | |IAS 31: Interests In Joint Ventures |1999 |BAS 31 |2003 revisions not yet considered | | | | |by ICAB | |IAS 32 :Financial Instruments: Disclosure |Not yet adopted |— |— | |and Presentation | | | | |IAS 33: Earnings Per Share |1999; |BAS 33 |2003 revisions not yet considered | | | | |by ICAB | |IAS 34: Interim Financial Reporting |1998 |BAS 34 |— | |IAS 35: Discontinuing Operations |1998 |BAS 35 |IAS 35 has been superseded by IFRS | | | | |5, which has not yet been | | | | |considered by ICAB | |IAS 36: Impairment of Assets |1998 |BAS 36 |2004 re visions not yet considered | | | | |by ICAB | |IAS 37: Provisions, Contingent Liabilities|1998 |BAS 37 |1998 | |and Contingent Assets | | | | |IAS 38: Intangible Assets |1998 |BAS 38 |2004 revisions not yet considered | | | |by ICAB | |IAS 39: Financial Instruments: Recognition|Not yet adopted |— |— | |and Measurement | | | | |IAS 40: Investment Property |2000 |BAS 40 |2003 revisions not yet considered | | | | |by ICAB | |IAS 41: Agriculture |Not yet adopted |— |— | SHORT DESCRIPTION ON BAS †¢ BAS 1: Presentation of Financial Statements This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. A complete set of financial statements comprises: (a) a statement of financial position as at the end of the period; (b) a statement of comprehensive income for the period; (c) a statement of changes in equity for the period; (d) a statement of cash flows for the period; e) notes, comprising a summary of significant accounting policies and other explanatory information; and (f) a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. †¢ BAS 2: Inventories The objective of this Standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognized as an asset and carried forward until the related revenues are recognized. This Standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories. Inventories shall be measured at the lower of cost and net realisable value. †¢ BAS 7: Cash Flow Statements The objective of this Standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the period from operating, investing and financing activities. †¢ BAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity’s financial statements and the comparability of those financial statements over time and with the financial statements of other entities. †¢ BAS 10: Events After the Balance Sheet Date The objective of this Standard is to prescribe: a) When an entity should adjust its financial statements for events after the reporting period; and (b) The disclosures that an entity should give about the date when the financial statements were authorized for issue and about events after the reporting period. The Standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting period indicate that the going concern assumption is not appropriate. †¢ BAS 11: Construction Contracts The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods. Therefore, the primary issue in accounting for construction contracts is the allocation of contract revenue and contract costs to the accounting periods in which construction work is performed. This Standard shall be applied in accounting for construction contracts in the financial statements of contractors. †¢ BAS 12: Income Taxes The objective of this Standard is to prescribe the accounting treatment for income taxes. For the purposes of this Standard, income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, associate or joint venture on distributions to the reporting entity. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: (a) the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in an entity’s balance sheet; and (b) Transactions and other events of the current period that are recognized in an entity’s financial statements. †¢ BAS 16: Property, Plant and Equipment The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognized in relation to them. †¢ BAS 17: Leases The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases. The classification of leases adopted in this Standard is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. †¢ BAS 18: Revenue The primary issue in accounting for revenue is determining when to recognize revenue. Revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This Standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognized. It also provides practical guidance on the application of these criteria. Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants. This Standard shall be applied in accounting for revenue arising from the following transactions and events: (a) the sale of goods; (b) the rendering of services; and c) the use by others of entity assets yielding interest, royalties and dividends. †¢ BAS 19: Employee Benefits Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees. The object ive of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognize: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) An expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. †¢ BAS 20: Accounting for Government Grants and Disclosure of Government Assistance This Standard shall be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of the entity. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this Standard does not include benefits provided only indirectly through action affecting general trading conditions, such as the provision of infrastructure in development areas or the imposition of trading constraints on competitors. †¢ BAS 21: The Effects of Changes in Foreign Exchange Rates An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In addition, an entity may present its financial statements in a foreign currency. The objective of this Standard is to prescribe how to include foreign currency transactions and foreign operations in the financial tatements of an entity and how to translate financial statements into a presentation currency. The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. †¢ BAS 22: Business Combinations The objective of this standa rd is to prescribe the accounting treatment for business combinations (both acquisitions and, in exceptional instances in which the acquirer cannot be identified uniting of interests). It provides guidance on the classification of a business combination, which includes whether an acquirer can be identified, and whether shareholders of the combining entities share mutually in the risks and benefits of the combined entity. BAS 23: Borrowing Costs Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense †¢ BAS 24: Related Party Disclosures The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties. †¢ BAS 26: Accounting and Reporting by Retirement Benefit Plans This Standard shall be applied in the financial statements of retirement benefit plans where such financial statements are prepared. Retirement benefit plans are arrangements whereby an entity provides benefits for employees on or after termination of service (either in the form of an annual income or as a lump sum) when such benefits, or the contributions towards them, can be determined or estimated in advance of retirement from the provisions of a document or from the entity's practices. The financial statements of a defined contribution plan shall contain a statement of net assets available for benefits and a description of the funding policy. †¢ BAS 27: Consolidated and Separate Financial Statements The objective of BAS 27 is to enhance the relevance, reliability and comparability of the information that a parent entity provides in its separate financial statements and in its consolidated financial statements for a group of entities under its control. The Standard specifies: (a) the circumstances in which an entity must consolidate the financial statements of another entity (being a subsidiary); (b) the accounting for changes in the level of ownership interest in a subsidiary; (c) the accounting for the loss of control of a subsidiary; and (d) the information that an entity must disclose to enable users of the financial statements to evaluate the nature of the relationship between the entity and its subsidiaries. †¢ BAS 28: Investments in Associates This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates held by: (a) venture capital organizations, or (b) Mutual funds, unit trusts and similar entities including investment-linked insurance funds. †¢ BAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions The objective of BAS30 is to prescribe appropriate presentation and disclosure standards for banks and similar financial institutions as a supplement of the requirements of other standards. It provides the Requirement for classification of items in the income statement and balance sheet by their nature, and for the balance sheet in order of relative liquidity. Identifies the income statement and balance sheet line items requiring disclosure. ? Additional disclosure requirements, including concentration of assets, liabilities and off-balance items, losses on loans and advances, and general banking risks. †¢ BAS 31: Interests in Joint Venture: This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of ventures and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to ventures’ interests in jointly controlled entities held by: 1. (a) venture capital organizations, or 2. b) Mutual funds, unit trusts and similar entities including investment-linked insurance funds. †¢ BAS 33: Earnings Per Share The objective of this Standard is to prescribe principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same reporting period and between different reporting periods for the same entity. The focus of this Standard is on the denominator of the earnings per share calculation. This Standard shall be applied by entities whose ordinary shares or potential ordinary shares are publicl y traded and by entities that are in the process of issuing ordinary shares or potential ordinary shares in public markets. An entity that discloses earnings per share shall calculate and disclose earnings per share in accordance with this Standard. †¢ Bas 34: Interim Financial Reporting The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity. This Standard applies if an entity is required or elects to publish an interim financial report in accordance with International Financial Reporting Standards. Interim financial report means a financial report containing either a complete set of financial statements (as described in IAS 1 Presentation of Financial Statements (as revised in 2007)) or a set of condensed financial statements (as described in this Standard) for an interim period. Interim period is a financial reporting period shorter than a full financial year. †¢ BAS 35: Discontinuing Operations The objective of this standard is to enhance the ability to make financial projections by segregating information about discontinuing operations from information about continuing operations. BAS 35 does not establish any recognition or measurement principles in relation to discontinuing operations-these are dealt with under other BAS. In particular, BAS 35 provides guidance on how to apply BAS 36, Impairment of Assets, and BAS 37, Provisions Contingent Liabilities and Contingent Assets, to discontinuing operations. †¢ BAS 36: Impairment of Assets The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset. If this is the case, the asset is described as impaired and the Standard requires the entity to recognize an impairment loss. The Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures. †¢ BAS 37: Provisions, Contingent Liabilities and Contingent Assets The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount. IAS 37 prescribes the accounting and disclosure for all provisions, contingent liabilities and contingent assets, except: (a) Those resulting from executory contracts, except where the contract is onerous. Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent; (b) Those covered by another Standard. †¢ BAS 38: Intangible Assets The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognize an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and requires specified disclosures about intangible assets. An intangible asset is an identifiable non-monetary asset without physical substance. †¢ BAS 40: Investment Property The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) Sale in the ordinary course of business. OBECTIVES OF USING BAS IN BUSINESS †¢ Standardized Accountings : The objective of applying BAS in business is to standardize the accounting issues and preparation of financial statements. †¢ International Recognition: To keep consistency with International Business the use of International Accounting Standards adopted as BAS is important. It helps the businesses to gain international recognition. †¢ Maintaining Uniformity: Accounting standards are maintained in order to ensure uniformity in recording accounts and preparing financial statements within the businesses both in country and abroad. †¢ Ensuring Transparency: An important objective of applying BAS is to ensure proper disclosure of necessary information in the financial statements. It provides transparency in the statements. †¢ Providing Reliability: The application of BAS provides reliability and consistency in the accounting record keeping and financial statements to the outside parties. CHAPTER II [pic] ABOUT PRIME BANK LIMITED The Prime Bank Limited (â€Å"the Bank†) was incorporated as the public limited company in Bangladesh under companies Act, 1994. It commenced its banking business with one branch from April17, 1995 under the license issued bi Bangladesh Bank. Presently the Bank has 61 branches all over Bangladesh and a booth located at Dhaka Club, Dhaka. The Bank had no overseas branches as at 31 December 2007. The Bank went for Initial Public Offerings in 1999 and its share is listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited as a publicly traded company for its general class of shares. VISION The vision of the Bank is to be the best Private Commercial Bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity. MISSION The mission of the Bank is to build Prime Bank Limited into an efficient, market driven, customer focused institution with good corporate governance structure. Continuous improvement in the business policies, procedure and efficiency through integration of technology at all levels. STRATEGIC PRIORITY The strategic priority of the Bank is to have sustained growth, broaden and improved range of products and services in all areas of banking activities with the aim to add increased value to share holders’ investments and offer highest possible benefits to the customers. CORE VALUE †¢ For customers It refers to become most caring Bank by providing the most courteous and efficient services in every area of our business. For employees It promotes well-being of the employees. †¢ For shareholders It ensures fare return on the investments of the shareholders through generating stable profit. †¢ For the community As a socially responsible corporate entity the Bank maintain s close adherence to national policies and objectives. [pic]BAS FOLLOWED IN PRIME BANK The Institute of Chartered Accountants of Bangladesh (ICAB) is the sole authority for adoption of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). While preparing the financial statements, Prime Bank allied most of IAS and IFRS as adopted by ICAB. Details are given below: Name of the BAS | BAS no | Status | |Presentation of Financial Statements | 1 | Applied | |Stationeries | 2 | Applied | |Cash Flow Statements | 7 | Applied | |Accounting Policies, Changes in Accounting Estimates and Errors | 8 | Applied | |Events after the Balance Sheet Date | 10 | Applied | |Construction Contracts | 11 | N/A | |Income Taxes | 12 | Applied | |Segment Reporting | 14 | Applied | |Property, Plant and Equipment | 16 | Applied | |Leases | 17 | Applied | |Revenue | 18 | Applied | |Employee Benefits | 19 | Applied | |Accounting for Government Grants and Disclosure of Government Assistance | 20 | N/A | |The Effects of Changes in Foreign Exchange Rates | 21 | Applied | |Borrowing Costs | 23 | Applied | |Related Party Disclosures | 24 | Applied | |Accounting for Investments | 25 | Applied | |Accounting and Reporting by Retirement Benefit Plans | 26 | Applied | |Consolidated and Separate Financial Statements | 27 | Applied | |Investments in Associates | 28 | N/A | |Disclosures in the Financial Statements of Banks and similar Financial Institutions | 30 | Applied | |Interests in Joint Ventures | 31 | N/A | |Earnings per share | 33 | Applied | |Interim Financial Reporting | 34 | Applied | |Impairment of Assets | 36 | Applied | |Provisions, Contingent Liabilities and Contingent Assets | 7 | Ap plied | |Intangible Assets | 38 | N/A | |Investment Property | 40 | Applied | |Agriculture | 41 | N/A | | Name of the BFRS | BAS no | Status | |Share Based Payment | 2 | N/A | |Business Combinations | 3 | N/A | |Non-current Assets Held for Sale and Discontinued Operations | 5 | N/A | |Exploration for and Evaluation of Mineral Resources | 6 | N/A | *N/A=not applicable [pic] APPLICATION OF BAS IN PRIME BANK LIMITED For the convenience of discussion we are showing the effect of some important BASs in record keeping and accounting of Prime Bank Limited. †¢ BAS No. 1: Preparation of Financial Statements: The financial statements of the bank are prepared in accordance with BAS-1 to give a fair view of the state of the Bank’s affairs and of the results of the operations and cash flows. The financial reports for the year ended in 31 December 2007 are given as annexure for viewing. †¢ BAS No. 7: Cash Flow Statement Cash flow statement has been prepared in accordance with the BAS-7 â€Å"Cash Flow Statement† under direct method as recommended in BRPD Circular No. 14, dated June 25 2003 issued by the Banking Regulation and Policy Department of Bangladesh Bank. †¢ BAS No. 12: Income Taxes Provision for current income tax has been made @ 45% as prescribed in the Finance Act, 2007 on the accounting profit made by the Bank after considering some of the add backs to the income and disallowances as expenditure as per income tax laws in compliance with BAS-12 â€Å"Income Taxes†. †¢ BAS No. 16: Property, Plant and Equipment All fixed assets are stated at cost less accumulated depreciation as per BAS-16 â€Å"Property, Plant and Equipment†. The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use inclusive of inward freight, duties and non-refundable taxes. †¢ BAS No. 17: Leases Leases are classified as finance leases whenever the ‘terms of the lease’ transfers substantially all the risks and rewards of ownership to the lessee as per BAS-17 â€Å"Leases†. ? The Bank as lessor Amount due from lessees under finance leases are recorded as receivables at the amount of the Bank’s net investment in the leases. The Bank as lessee Assets held under finance lease s are recognized as assets of the Bank at the date of acquisition or if lower, at the present value of the minimum lease payments. †¢ BAS No. 18: Revenue ? Interest income In terms of the provisions of the BAS-18 â€Å"Revenue†, the interest income is recognized on accrual basis. ? Investment income Interest income on investments is recognized on accrual basis. ? Fees and commission income Fees and commission income arises on services provided by the Bank are recognized on a cash receipt basis. ? Dividend income on share Dividend income on share is recognized during the period in which declared and ascertained. Interest paid and other expenses in Conventional Banking In terms of the provision of the BAS-1 â€Å"Presentation of Financial Statements† interest and other expenses are recognized on accrual basis. ? Profit paid on deposits in Islamic Banking Profit paid to mudaraba depositors is recognized on accrual basis as per provisional rate. †¢ BAS No. 19: Employee benefits The retirement benefits accrued for the employees of the Bank as on reporting date have been accounted for in accordance with the provisions of BAS-19, â€Å"Employee Benefit†. Bases of enumerating the retirement benefit schemes operated by the Bank are outlined below: ? Provident fund Provident fund benefits are given to the permanent employees f the Bank in accordance with Bank’s service rules. All confirmed employees of the Bank are contributing 10% of their basic salary as subscription to the fund. The Bank also contributes equal amount of the employees’ contribution. ? Gratuity fund Actuarial valuation of gratuity scheme had been made to assess the adequacy of the liabilities provide for the scheme as per BAS-19, â€Å"Employee Benefits†. ? Welfare fund Prime Bank’s employees’ welfare fund is subscribed by monthly contribution of the employees. The Bank also contributes to the Fund from time to time. Disbursement from the fund is done as per rules for employees’ welfare fund. ? Incentive bonus Prime Bank started an incentive bonus scheme for its employees. 10% of net profit after tax is given to the employees in every year as incentive bonus. This bonus amount is being distributed among the employees based on their performance. †¢ BAS No. 21: The Effects of Changes in Foreign Exchange Rates Foreign currency transactions are converted into equivalent Taka using the ruling exchange rates on the dates of respective transactions as per BAS-21, â€Å"The Effects of Changes in Foreign Exchange Rates†. Foreign currency balances held in US Dollar are converted into Taka at weighted average rate of inter-bank market as determined by Bangladesh Bank on the closing date of every month. Balances held in foreign currencies other than US Dollar are converted into equivalent US Dollar at buying rates of New York closing of the priviou7s day and converted into Taka equivalent. †¢ BAS No. 33: Earnings per Share Basic earnings per share have been calculated in accordance with BAS-33, â€Å"Earnings per Share† which has been shown on the face of the profit and loss account. This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares are standing during the year. The bonus shares issued during the year 2007 were treated as if they had been in issue in previous year also (declared for 2006 result). Hence, in computing the basic earning per share of 2006, the total number of shares including the said bonus shares has been considered as weighted average no. f shares outstanding during the year 2006 as per BAS-33, â€Å"Earning per Share†. †¢ BAS No. 37: Provisions, Contingent Liabilities and Contingent Asset s A provision is recognized in the balance sheet when the Bank has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligations, in accordance with the BAS 37, â€Å"Provisions contingent Liabilities and Contingent Assets†. [pic] IMPORTANCE OF APPLYING BAS IN PBL †¢ Abiding By The Rules: Adopted BASs are enforceable for listed companies by SEC rules. So proper application of BAS in PBL is maintained to abide by the regulations of the nation. Guideline For Accounting Issues: BAS provides guidelines on different accounting issues to contribute to a common strategy and framework of reference for accountancy development and ensures transparent financial reporting, in accordance with sound corporate governance. †¢ Presenting Relevant & Reliable Information: Applying BAS in the record keepings and preparation of financial statements makes the accounting information relevant and reliable to all involved parties. †¢ Assistance in International Business: Application of BAS is important for keeping up to the International Standards which is important for International business. †¢ Co-operation Between Different Parties: The use of BAS helps promote co-operation between governments, the accountancy and other professions, the international financial institutions, regulators, standard setters, capital providers and issuers. CONCLUSION In the world of globalization it is essential for businesses around the world to standardize the accounting record keepings and preparation of financial statements. The government of Bangladesh has made the International Accounting Standards adopted by Institute of Chartered Accountants of Bangladesh as Bangladesh Accounting Standards enforceable for all listed companies in order to ensure transparency and standard in accounting issues. Like other listed companies of our country Prime Bank Limited record their accounts and prepare their financial statements in compliance with these standards. The effects of these standards provide guidance and reliability in the accounting information. CHAPTER III ANNEXURE [pic] Balance Sheet As at 31 December 2007 2007 2006 PROPERTY AND ASSETS Taka Taka Cash In hand (including foreign currencies) 663,028,189 452,560,474 Balance with Bangladesh Bank and its agent bank(s) (including foreign currencies) 4,755,788,872 3,662,426,602 5,418,817,061 4,114,987,076 Balance with other banks and financial institutions In Bangladesh 1,625,581,391 627,964,960 Outside Bangladesh 791,887,088 485,749,435 2,417,468,479 1,113,714,395 Money at call and short notice – 1,490,000,000 Investments Government 12,090,285,095 7,673,700,299 Others 607,735,533 170,682,648 12,698,020,628 7,844,382,947 Loans and advances/investments Loans, cash credits, overdrafts, etc 53,814,967,656 41,307,504,065 Bills purchased and discounted ,868,053,856 3,702,713,983 57,683,021,512 45,010,218,048 Fixed assets including premises, furniture 660,490,066 412,107,309 Other assets 710,613,052 914,107,309 Non-banking assets – – Total assets 79,588,430,798 60,899,475,793 2007 2006 LIABILITIES AND CAPITAL Taka Taka Liabilities Borrowing from other banks, financial institutions 390,869,490 345,944,757 Deposits and other accounts Current/ al-wadeeah current deposits 10,590,463,357 8,261,264,165 Bills payable 1,144,540,968 528,231,748 Savings bank 6,027,260,878 4,125,622,204 Term deposits 52,750,109,722 41,808,962,467 Bearer certificate of deposit – – Other deposits – – 70,512,374,925 54,724,080,584 Other liabilities 3,411,909,021 1,969,561,728 Total liabilities 74,315,153,436 57,039,587,069 Capital/ Shareholders’ equity Paid-up capital 2,275,000,000 1,750,000,000 Statutory reserve 1,873,543,597 1,404,170,652 Revaluation gain 2,723,913 – Other reserve – – Retained earnings 1,112,009,852 705,718,072 Total Shareholders’ equity 5,273,277,362 3,859,888,724 Total liabilities and Shareholders’ equity 79,588,430,798 60,899,475,793 Balance Sheet as at 31 December 2007 [pic] 2007 2006 Taka Taka OFF-BALANCE SHEET ITEMS Contingent liabilities Acceptances and endorsements – – Letters of guarantee 10,480,381,241 9,476,314,713 Irrevocable letters of credit 21,193,628,862 17,392,748,116 Bills for collection 1,414,716,406 1,060,486,687 Other contingent liabilities – – 33,088,726,509 27,929,549,516 Other commitments Documentary credits – – Forward assets purchased – – Undrawn ote issuance – – Undrawn formal standby facilities – – Liabilities against forward purchase and sale – – Others – – 33,088,726,509 27,929,549,516 Other memorandum items Value of travellers’cheques in hand 141,383,952 14,284,764 Value of Bangladesh Patras in hand 1,348,897,500 346,193,975 1,490,281,452 360,478,739 Total 34,579,007,961 28,290,028,255 Profit and Loss Account For the year ended 31 December 2007 [pic] 2007 2006 Taka Taka Interest income 7,170,099,616 5,198,790,368 Interest paid on deposits (5,226,592,564) (3,698,441,036) Net interest 1,903,507,052 1,500,349,332 Investment income 1,294,205,056 419,496,059 Commission, exchange 1,198,942,404 998,117,247 Other operating income 419,555,862 314,073,525 Total operating income (A) 4,816,210,375 3,232,036,163 Salaries and allowances 725,285,435 561,930,122 Rent, taxes and insurances 159,529,399 113,987,335 Legal expenses 24,728,362 4,951,307 Postage, stamp 60,999,650 47,690,052 Stationery 121,691,050 63,382,686 Managing Directors’ salary 9,131,448 6,400,000 Directors’ fees 2,224,444 2,734,300 Auditors’ fees 791,725 570,990 Charges on loan losses – – Depreciation and repair of Bank’s assets 102,185,026 71,657,509 Other expenses 352,779,110 227,768,616 Total operating expenses (B) 1,559,345,650 1,101,072,827 Profit/ (Loss) before provision(c=A-B) 3,256,864,725 2,130,963,336 Provision for loans/investments Specific provision (350,000,000) (210,000,000 General provision (350,000,000) (180,000,000) Provision for off-balance sheet items (210,000,000) – (910,000,000) (390,000,000) Provision for diminution – – Other provision – – Total provision (D) (910,000,000) (390,000,000) Total profit / (loss) before taxes(C-D) 2,346,864,725 1,740,963,336 Provision for taxation Current tax (1,015,000,000) (592,362,815) Deferred tax 68,800,000 96,709,995 Net profit after taxation 1,400,664,725 1,051,890,526 Retained earnings (previous) 180,718,073 2,020,213 1,581,382,073 1,053,910,739 Appropriations Statutory reserve 469,372,945 348,192,667 General reserve – – 469,372,945 348,192,667 Retained surplus 1,112,009,852 705,718,072 Earnings per share (EPS) 61. 57 46. 24 Cash Flow Statement For the year ended 31 December 2007 [pic] 2007 2006 Taka Taka A) Cash flows from operating activities Interest receipts in cash 7,076,601,586 5,616,509,362 Interest payments (5,266,592,564) (3,698,441,036) Dividends receipts 7,976,958 1,777,066 Fees and commission receipts in cash 1,198,942,404 998,117,247 Recoveries of loans 415,867 – Cash payments to employees (729,416,883) (596,830,122) Cash payments to suppliers (286,567,522) (175,315,699) Income taxes paid (476,148,788) (590,139,079) Receipts from other operating activities 419,555,862 314,067,381 Payments for other operating activities (470,041,003) (296,680,802) Cash generated from operating activities 1,474,725,917 1,573,064,318 Increase/ (decrease) in operating assets and liabilities Statutory deposits – – Purchase of trading securities (1,197,259,262) (1,161,365,969) Loans and advances to other banks – – Loans and advances to customers (12,672,803,463) (13,094,105,540) Other assets (3,796,358,897) 2,494,489,750) Deposits from other banks /borrowings 62,890,500 (490,439,000) Deposits from customers 15,171,985,121 18,833,626,261 Others liabilities accounts of customers 616,309,220 (140,262,287) Trading liabilities – – Other liabilities 1,437,147,293 (177,440,778) (378,089,488) 1,275,522,937 Net cash from operating activities 1,096,636,429 2,848,587,255 B) Cash flows from operating activities Debentures 4,932,282 5,000,000 Proceeds from sale of securities – – Payments for purchase of securities (430,320,723) (58,856,689) Purchase of property (333,719,898) (98,473,598) Payment against lease obligation (2,785,500) (1,995,468) Proceeds from sale of property 277,045 325,900 Net cash used in investing activities (761,616,794) (153,999,855) C) Cash flows from financing activities Dividend paid – – Net cash from financing activities – – D) Net increase/(decrease) in cash and cash equivalents 335,019,635 2,694,587,400 E) Effects of exchange rate – – F) Cash and cash equivalents at beginning of the year 7,468,239,215 4,773,651,851 G) Cash and cash equivalents at the end of the year 7,803,258,850 7,468,239,215 Cash and cash equivalents at the end of the year Cash in hand 663,028,189 452,560,474 Balance with Bangladesh Bank 4,755,788,872 3,662,426,602 Balance with other banks 2,382,784,489 1,061,064,639 Money at call and short notice – 1,490,000,000 Reverse repo – 800,000,000 Prize bonds 1,657,300 2,187,500 7,803,258,850 7,468,293,215 Statement of Changes in Equity Particulars |Paid up capital |Statutory reserve |Revaluation |Retained earnings |Total | | |(Taka) |(Taka) |gain/loss |(Taka) |(Taka) | | | | |(Taka) | | | |Balance as at 1 January 2007 |1,750,000,000 |1,404,170,652 | – |705,718,072 |3,859,888,724 | | | | | | | | |Changes in accounting policy | | | | | | | | | | | | | | | | | | | | |- |- |- |- |- | |Restated Balance |1,750,000,000 |1,404,170,652 | – |705,718,072 |3,859,888,724 | | | | | | | | |Surplus on revaluation of |- |- |- |- |- | |properties | | | | | | | | | | | | | |Surplus of investments |- |- |12,723, |- |12,723,913 | | | | |913 | | | |Currency translation differences | | | | | | | |- |- |- |- |- | |Net gains and | | | | | | |losses(Unrecognized) |- |- |12,723, |- |- | | | | |913 | | | |Net profit for the year | | | | | | | |- |- | |1,400,664, |1,400,664,725 | |Dividends | | |- |725 | | | | | | | | | |Issue of share capital |525,000,000 – | |(525,000, |- | | | | |- |000) | | |Appropriation | | | | | | | |- |- | |- |- | | | | |- | | | | |- |469,372,945 | |(469,372, |- | | | | |- |945) | | |Balance as at 31 December 2007 | | | | | | | |2,275,000,000 |1,873,543,597 |12,723,