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ACC 380 AU Week 5 NACUBO Organization & Professional Engagements Discussions
ACC 380 AU Week 5 NACUBO Organization & Professional Engagements Discussions.
I’m working on a accounting discussion question and need an explanation to help me study.
review the NACUBO (Links to an external site.) website.
Research the NACUBO organization. Describe in your own words the reason this organization exists, what impact it has on college and university financial reporting, and the authority it has over standard setting for financial reporting for colleges and universities. 300 words
Describe which organizations have authority over government and not-for-profit auditing standards. There are four categories of professional engagements: financial audits, attestation engagements, performance audits, and non-audit services. Explain in your own words what each of these audit types involves, and give an example of each to illustrate.
ACC 380 AU Week 5 NACUBO Organization & Professional Engagements Discussions
Concept of social entrepreneurship
help me with my homework “Understanding the concept of social entrepreneurship will be of value in whichever career path I choose” As the concept of entrepreneurship becoming important sources in economic fields, many existing businesses have been trying to implement that concept onto their own running business. It is not simple to define or decided ‘entrepreneurship’ as only one set word or concept, because it has wide range of meaning and is the method that contains complex mixture of fundamental economic principle. In addition to that, when the concept is applied in certain industry it could be developed in many different ways depending upon which industries are targeted. Finally, the misunderstanding of implementing that entrepreneurship concept may lead the outcome that entrepreneur planed it in the process to unexpected situation, could be negative or coincidently positive for them. The concept of entrepreneurship has been studied for many years and it was illustrated by the classic theory of development worked by author named Benjamin Higgins; By entrepreneurship is meant the function of seeing investment and production opportunities: organizing an enterprise to undertake a new production process; raising capital, hiring labor, arranging for a supply of raw materials, finding a site, and combining these factors of production into a going concern; introducing new techniques and commodities, discovering new sources of natural resources; and selecting top managers for day-to-day operation (1997 ,228p) In putting another word simply, entrepreneurship basically means to start companies and organizations based on the findings of the entrepreneur of certain niches in the marketplace, and willing to assume the risks of a business to take significant opportunities for success. Moreover, entrepreneurs also create their own niches for the products or services they want the company to produce. (Hodgetts R.M, 2004) It is not surprised anymore hearing the term of entrepreneurship in the success stories in the real many different type of business industry. That is, it is just part of example that how entrepreneurship is important concept should be concerned to success, besides it is required to understanding the true concept of this topic. Entrepreneurship could be classified by under 5 categories in order to clarify that how actual processes which the entrepreneurship contains is working in the certain business; Entrepreneur traits, creativity, innovation, business planning and growth management. These elements can be representing the segments of characteristic of entrepreneur. In Entrepreneurial creativity part, it is required to have different view of perception and thinking of something and a paradigm shift in order to create new ideas. There 4 critical processes to get the concept of innovation can be classified as invention, extension, duplication and synthesis. Strategic planning is the key sources that to access the entrepreneur’s position through internal/external factors then identify these factors to implement a strategy. Finally, in the management, it is required that identify what size of company will be through, the capability of which how direct control the company is afforded and how entrepreneurial spirit can be retained in a growing business.( Bailey, J. 2003) Once entrepreneur concept is cleared, to move on to a ‘Social entrepreneur’ is next step. What is a social entrepreneur? They act similar to entrepreneur does, such as facing risks, inspiration and creativity, in order to take hidden or uncovered significant opportunities. What the social entrepreneur seeks for value in the certain market is the changeable factors that would result positive effect on disadvantaged communities, ultimately, society at large. (Martin.R,2009) It will be given some particular examples about how entrepreneur have been successfully in implementing the concept of entrepreneurship into real-world business industry. That would be able to help clear understanding then, furthermore developing the ideas of fundamental business principle. There is the national food business named Food Connect, aim is to supply local, sustainably produced food tothe community in South East Queensland. They are creating a new, more equitableway of distributing local produce in a socially responsible way. The seasonal produce comes from local farmers livingwithin a five hour radius of Brisbane who are paid afair price for their hard work andwho are encouraged to farm using the most sustainable methods possible.Our subscribers know where their food comes from and are invited to see for themselves on regular farm tours. Moreover, there are as an entrepreneurial way of which they run the business practices are markedly different from thosein other corporateorganizations: Our staff presents educational talks and seminars to the general public about food issues. Weorganize regular farm tours and other eventsfor our subscribers. Individuals cannot profit from Food Connect, except in terms of earning a fair wage for fair work. We provide, when feasible, opportunities for people with disabilities to participate in the daily life of the Homestead (our headquarters). Staffs have a major say in the running of Food Connect, particularly at our staff review days which are held every three months. We are environmentally aware in the Homestead, recycling everything possible. We even have our own worm farm for food scraps. (Food Connect,2008,story of food connect) As it describe at above, the Food Connect company has faced some niches as in terms of entrepreneur point of view that the other competitors does not challenge it due to failure of changes, which briefly are; creating the new way of satisfying the local distribution channels and to guarantee providing the best quality products with reasonable price for everyone, not only customer but also employee. As the results, the company could have had strong faith from consumers due to finding out risky factors to run the business according to their created entrepreneurial processes and they made huge changes after implementing it into real business. Muhammad Yunus, he is the one that begin offering microloans model to the indigent Bangladesh in 1976. How the microloans work was that loaned money to the people was small adequate amount of money that they were able to take out the loan. As the result, he could have helped the people to become self-employed. According to this case, it can be recognized that entrepreneur also can take the role of a leader, not only government, which to make a social change or movement that supporting opportunities and benefit to the people in certain categories. The achievement that he has contributed to the society is not only for gaining profit himself but also involving more people having the beneficial opportunities. Another example can be found out in India. Social entrepreneur Bunker Roy who built the Barefoot College in India to educate uneducated people such as illiterate and semiliterate, whose lose the opportunity of education due to social situations. There are many successful achievements the college has develop and improve the level of Indian society, for instances, teachers, workers and architects have installed and maintain solar-electrification systems that about 100,000 people in over 500 villages could have received the benefits by the college. The last example will be Ann Cotton, who made a effort of the right for female education(Campaign for Female Education : Camfed) in Africa. The launched programs by Camfed, which is providing opportunities of having education for whose cannot afford to pay school fee or join a school throughout awarding a scholarship, could have supported many numbers of young girls, approximate 700,000 students, in Zimbabwe, Ghana, Zambia and Tanzania in the educational sector. Some of graduated students returned to this community as leaders and over 5,000 started their own business. In terms of business point of view, it can be seen entrepreneurs as only a pragmatist because they are the people who born to seek for success and benefits in the business. However, that is just general ultimate purpose of entrepreneurs. The points according to examples are the process how and ways they achieve to drive the business successful. A common denominator of among entrepreneurs in these examples is that they are not afraid of facing current and potential risks to make changes. In addition, the social entrepreneurs have emphasis on the processes of creating a new idea throughout inspiration, creativity, courage in order to reach the final goal that ensure that everyone have social benefits and opportunities, called a new equilibrium.(Social Enterpreneur,2009)
Enterprise Corporation’s Salary Negotiations Essay
Reflecting about negotiation processes The negotiation party involved five agents representing the interest of the five employees of Enterprise Corporation as the Salary Committee. I represented the interests of Max Eberly, who is the only design engineer for the company and has two years of work experience. The negotiation team had a difference in allocation of increment to the five employees because of differences in salary scale and number of experiences within the company. There need to negotiate for a fair settlement for the five employees, since each had a critical role within the Enterprise Corporation. To settle for an amicable allocation, we, as members of the salary committee negotiated by allowing each agent to present his or her case for why the employee being represented should have a salary increment. Each negotiator was given two minutes to present his or her case. The negotiators then highlighted years of experience and responsibility at the company as the primary factors that will influence the amount of salary increment to be added to each employee. This decision was arrived at following a unanimous agreement that more experienced employees should get higher salary increments as a reward for loyalty and steadfast commitment to company production culture. However, there was disagreement on the scale to use in allocating increment based on responsibility in the company. Specifically, as the negotiator for Max Eberly, I present my worries to the committee that should we allocate salary increments to this employee that is below the current offer by a rival company, we will lose the talented engineer. After the pro and anti arguments on job responsibility salary allocation formula, the committee agreed that for the sake of equality and designing a uniform increment basis at present, all the five employees will be awarded a similar increment of $2,100 on top of the same increment as attached in appendix 1. Conflicting interests almost hindered the settlement process. Understanding some core aspects of negotiation From the arguments of the salary committee members, I learned that a strategic negotiation process is completed through compromise and flexibility since I had to settle for an equal salary increment for Max Eberly, despite the fears him leaving the company. The eventual settlement challenged my previous knowledge of negotiation as a free-flowing process. Similar to the negotiation process I carried out alongside Khalid, I had to compromise after listening to the arguments of the other four negotiators. I am convinced that the negotiation unfolded the way it did because each agent was determined to get the best deal for their clients. If I was to be involved in a similar negotiation, I will become more proactive and persuasive to get a better deal since these principles put a negotiator in a strategic settlement position. The use of video-conferencing media was better than the text-based media because each party had time to study the body language and instant feedback from each negotiator. However, the multiple-user video-conferencing was more challenging than a duo-video conferencing since I had to put up with multiple interruptions. As technological process advice when using video-conferencing for negotiation with multiple participants, there is a need to observe self-discipline among the participants, in terms of observing allocated time and staying within the negotiation premises. In terms of technology, there is a need to expand the video-conferencing interface to ensure that multiple users appear on the screen at once. Appendix 1 Settlement Sheet
Financial Insight Into Ferrari World Theme Park
The grand theme park, Ferrari World is an immediate tourist attraction of Abu Dhabi. This is the first of its kind measure from the iconic world renowned carmaker Ferrari. Abu Dhabi attempts to lure millions of vacationers from across the globe, a year after hosting its first ever Formula One racing championship. The humongous efforts taken to build this spectacle of for all the speed loving multitudes can be gauged by the fact that its world’s largest indoor theme park in existence to date. Ferrari world stands next to the another marvel Yan Marina circuit, which credits itself with holding the inaugural Grand Prix of Abu Dhabi in November 2009. Cost of building the Ferrari World Ferrari world was opened for public use on 4th November, 2010. The fantastic Ferrari world is put up under a huge triangular red roof build on the 40 billion Yan Marina Island Development properties. The Ferrari world is expected to draw large multitudes, especially from the neighbouring countries which have a population which is interested in racing. (The theme park, 2010) Finanical sources Ferrari world is being seen as an interest stimulator among the tourists around the globe and is viewed as an ultimate destination for people passionate about racing. This could promote the tourisms in Abu Dhabi. As said by Grant Salter, the general manager of Grant Thornton, “Ferrari World is a good thing for Abu Dhabi’s tourism offering in because as there is not much at all”. A year later from conducting its first formula one racing, this can be seen as another attempt to increase tourism in Abu Dhabi. These endeavours can viewed as attempt to attract the speed loving masses that are passionate about racing from round the globe, especially those from neighbouring nations. About 10,000 people were expected to descend down what Ferrari says as the only officially declared theme park of the region. Ferrari world at any given day can accommodate an estimate of 20,000 people, stating on the basis of the availability of the space in the theme park as mentioned by Claus Frimand, the Ferrari World’s General Manager. But such great number is not expected to be seen on the normal day to day basis, except may be on summer holidays and festivals seasons like Eid, etc. hence we can see that government and the tourism is expected to experience an increase in profitability and economic improvements. Although it may be speculated that considering the recession period hitting world economy, it might not be a good time to start the theme park. But administration of Ferrari is confident in its success saying its beneficial time for opening of theme park as world economy is recovering. (Ghale Group, 2010) Investors Towards the end of the year 2005, Ferrari and Aldar Properties were reported to have signed an agreement in order to build the first official Ferrari theme park in Middle East, situated at Abu Dhabi. According to initial planning and designing of Ferrari theme park was suppose to open on 28th October, 2008, but due to unavoidable circumstances and delays, it finally opened on 4th November,2010 . Its construction work started in November 2008 and its construction was completed in time duration of less than two years. In the middle of the year 2010, announcement was made that Ferrari World would be made open to public on October 28, 2010. The opening of Ferrari world was further delayed by a week due to the demise of Ras al-Khaimah a day prior to the opening. Ferrari World, the world’s biggest theme park, was officially made open to the public on 4th of November, 2010. Ferrari world greatly encourages the improvement of tourism and economic for Emirates, hence it had support from the Government. It also leads to flourishing several other industries and provides more employment to the people. These industries include hotels and hotel management, retails, restaurants, transports, etc. Hence it can be seen that Ferrari world was a welcomed venture by all. (Arabian business, 2010) Use of public Money Ferrari World theme park is a venture between Ferrari and Aldar Properties which causes beneficiary results to Government and people of Emirates. Yet it is a project between Ferrari and Alder properties. The Ferrari World, being branded by iconic carmaker, is a 200,000 square metre magnet for tourists across the globe. As of date it stands as the largest theme park of the world and it contains about twenty rides, which includes the world’s fastest roller-coasters, the first duelling roller coaster of the region and a sensational 4-D sensational phenomenon called ‘Speed of Magic’. These all point towards the unique experience this place provides resulting in mutual benefits for all those who are involved with it. (Mankiw, 2006) Impact of Global Financial/Economic Crisis on the construction of Ferrari World Owing to the bad time, the world economy faced and is still making its way through it; construction of such a huge theme park was being speculated. Recognizing the fact that some global established theme parks suffered lose and had hard times due to world financial crisis, Claus Frimand made a statement saying that he was positive about the fact that the Ferrari World is being opened at a beneficial times as the world economy is now slowly recovering. (Mankiw, 2006) Government incentives and its cost to economy Abu Dhabi has a population of about 1 million people and 8 percent of the world’s oil reserves making it one of the largest wealth funds. Still it is putting money into the field of developing the Ferrari theme park so as to develop tourist attractions and manufacturing so as to break away from its sole dependence on crude oil exports for earning. Hence, Ferrari World is one of many spots of tourism attractions lined up by Abu Dhabi, so as to entice tourists with entertainment, culture and art. (Arabian business, 2010) It is being estimated that by year 2015, Abu Dhabi’s non-oil businesses will be contributing up to 50 percent in its gross domestic product giving an additional about $167 billion a year, as projected in its 2030 plan. It involves spending $500 billion on infrastructure and development. It is the capital and largest member of the United Arab Emirates. It is aiming to build as many as 60 new hotels by 2015 and targeting tourist strength of around 3 million tourists a year. Considering this attempt and aim, Abu Dhabi Airports Co. opened the 1 billion-dirham ($272 million) Terminal 3 last year, in order to boost the airport’s capacity to accommodate more than 12 million passengers a year. (Arabian business, 2010) Impact on employment and GDP Ferrari World theme park is expected to boost real estate prices for the region in Abu Dhabi’s Yas Island, by an estimated amount of 25 percent, as told to Arabian Business by the real estate agents and land and property analysts. (Arabian business, 2010) According to Loshini Lawrence, manager of operations in the real estate agency known as the Better Homes in Abu Dhabi, Ferrari World would be certainly having an on impact on the Abu Dhabi’s real estate and property market in that the region surrounding Yas Island including places like Al Raha Beach and many others will appeal more to visitors enable these new communities for gaining greater attention, as told to Arabian Business. According to him, property and value of land in these neighbourhood locations will definitely appreciate in time, especially after the communities are fully-developed. He believes that, the impact on the properties’ prices closer to the Ferrari World theme park could be anywhere, ranging from 20 to 25 percent more than similar properties but lacking these services. (Mankiw, 2006) However, Jesse Downs, the director at Landmark Advisory, was a bit conservative concerning the short-term impact the park can have but firmly affirms that the unique attraction would have beneficial charm in the average to long term. Based on their analysis, the establishment of Ferrari World might not have expected short term affect on selling prices and lease bulks and sales masses or leases. If development plans go forward as expected, they expect to see benefits and earnings in the long to medium term. (Ghale Group, 2010) Dr Cedwyn Fernandes, an Associate Professor at Middlesex University Dubai, told Gulf news that, Ferrari World would enjoy a large number of visitors in the time to come, considering the fact that Ferrari is a globally recognized iconic brand worldwide. He added that due to this, there would be tourists throughout the year and not during racing events or for entertainment shows, hence, flourishing the hotels and other connected businesses in the region. Hence we can see that there is a definite profit for the Government leading to an increase in GDP. (Mankiw, 2006) Source of material used for construction Ferrari world is built under a huge triangle red roof on the 40-billion-dollar land belonging to Yas Island development. According to Claus Frimand, it can be viewed as an indoor matter with an outdoor experience. Visitors will not even realize that they inside a building as the roof top is as high as between 35 to 50 metres (115 and 165 feet) above them and it also doesn’t have support structures. Centre of the building has an area with daylight, coming out of a big funnel; visitors can feel the G force tower. (Ghale Group, 2010) It covers an area over 86,000 square metres (925,696 square feet).The red roof displaying the world’s largest logo of Ferrari with its prancing horse spreads over two hundred thousand square meters. It has about 20 attractions. These include two roller coasters based on the F1-themed Formula Rossa which is about to become the fastest ever of its kind, with a high speed of 240 kilometers / hour. The second set of the roller coasters are stretching beyond the its perimeter, featuring two tracks consisting of two Ferrari-shaped trains, side by side to each other, taking into account the weight of the passenger, either of them will cross the finish line first. The whole experience provides the G-force which the drivers feel during the race. Another ride is made like a Ferrari California Spyder convertible which takes the guests through Bell’Italia which can be seen as a replica of the Italian countryside consisting of model villages and other tourism highlights. Elsewhere a huge reproduction of the Maranello factory displays the entire manufacturing sequence starting from the design stage and going up to the finished product. Motoring enthusiasts can experience the thrill in a Ferrari V12 engine in one of the rides. Jack Rouse Associates, made most of the park’s 20 rides. He is a Cincinnati based design firm. All the opening day events and attraction were made on July 20, 2010 by Ferrari World. The map of the material is as shown below: Present senario: Number of people visiting the park, ticket price and taxes About 10,000 people were expected to descend down what Ferrari says as the only officially declared theme park of the region. Ferrari world at any given day can accommodate an estimate of 20,000 people, stating on the basis of the availability of the space in the theme park as mentioned by Claus Frimand. According to Dr.Cedwyn Fernades, the number of visitors of Ferrari is expected to peak up to 3.6 millions in a year. (The theme park, 2010) Tickets can be purchased online or at the park. Ticket prices are basis of height. General Admission Tickets: For guests who are taller than 1.5m. General Admission Junior Tickets: For guests who are under 1.5m. General Admission: The ticket is valid for guests who are 1.5m and over. AED 225 General Admission Junior: The ticket is valid for guests who are less than 1.4m and for AED 165 Premium Admission: Additional access to the exclusive VIP Lounge. The one is for guests who are 1.5m and over .AED 375 Premium Admission Junior: Additional access to the exclusive VIP Lounge. The ticket is valid for guests who are less than 1.5m. AED 270 Abu Dhabi is venturing into the field of tourism so that the revenues obtained can be an additional earning and crude oil exports are not the only source of income. Impact on tourism It is being estimated that by year 2015, Abu Dhabi’s non-oil businesses will be contributing up to 50 percent in its gross domestic product giving an additional about $167 billion a year, as projected in its 2030 plan. It involves spending $500 billion on infrastructure and development. (Ghale Group, 2010) Ferrari World theme park is expected to boost real estate prices for the region in Abu Dhabi’s Yas Island, by an estimated amount of 25 percent. Ferrari World would be certainly having an on impact on the Abu Dhabi’s real estate and property market in that the region surrounding Yas Island including places like Al Raha Beach and many others will appeal more to visitors enable these new communities for gaining greater attention. Tourism and other industries It leads to flourishing several other industries and provides more employment to the people. These industries include hotels and hotel management, retails, restaurants, transports, etc. It is also expected to boost the real estate business. Construction and maintaining Ferrari world would be providing a lot of employment to people. (Mankiw, 2006) A growth in tourism has lead to increase in profit for motels already in existence in the region. As a result hotels are benefitting from higher occupancy all year round. New hotel entrants are being with larger capacities and facilities. As the guests to Ferrari World are estimated to reach up to 3.6 million a year, an estimate of 500,000 more room demands is being speculated. Effect on Environment As such nothing is being said regarding any severe environmental damage being caused by the Ferrari world. So far we can assume that no heavy environmental cost is being suffered due to the Ferrari World. Porter’s Diamond theory The porter’s diamond model is as shown below. The below is a discussion on Ferrari world based on the model provided. Factor Condition: factor condition comprise of availability of human resource, capital and infrastructure. As mentioned in the report, the government is the key source of finance for the project. The country has huge labor force available and thus there are no concerns related to HR availability for the project. Demand Condition: Entertainment is always an essential element in the society and with the pace UAE is emerging as a tourist destination, the demand of the product is quite high. Related and supporting industries: As mentioned in previous heading that UAE is emerging as a new tourist hub in the world. The tourist industry is booming handsomely. Other projects like palm islands, Burj Dubai will attract customers for Ferrari world too. Firm’s strategy, structure and rivalry: The company/project understands the needs of the tourist related to entertainment and thus is based on a high tech amusement park. The firm is first of its kind, tough there would be competition from many entertainment projects in Dubai like skiing place and similar. Government: Government’s support is completely there for the project as government is the key investor in the project. Chance: With the growth of tourist industry in UAE and need to entertainment, the project is very likely to get successful. Conclusion: From the above discussion, it is clear that construction of this project has cost the government a great amount. The huge sum of money involved in the construction of the project contributed in the stagnant liquidity in the country at time of recession. The probable advantages brought are high growth in tourism industry which also facilitated the growth of other sectors of the industry. The project will also contribute handsomely in GDP of the country. Linkage of the report with chapters in book: The book by N. Gregory Mankiw teaches few very basics of economics. The concerned chapter’s talks about unemployment and nation’s GDP. Throughout the report we considered the sources of finance for the project, the revenue from various aspects of the project and the probable contribution in the GDP. These all are closely associated with the learning from the book. The report also mentioned the probable advantages that Ferrari World Park will bring like entertainment in life and related stuff which is associated with quality of life and GDP related discussion from the book. The heading concerning sources of finance is related to book’s monetary system chapters. In those chapters we studied that various sources of finance, interest rate mechanism and related topic. In the report, the investors in the project, their contribution, money employed, role of government etc is clearly stated which again brings the report close to the book. In the end, the use of Porter’s Diamond theory also covers many economical principles covered in book.
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