Characteristics of a White Collar Criminal Essay

Anyone that has taken a class or even worked a â€Å"hint† of a white collar crimes understands that Edwin H. Sutherland is responsible for coining the term. In his book, White Collar Crime, Sutherland defines white collar crime as â€Å"[a]pproximately as a crime committed by a person of respectability and high social status in the course of his occupation.† (Benson & Simpson, 2009 ) While that definition may have held true in when he made the public definition in 1939, there are many examples in modern times that would argue against Dr. Sutherland’s characterization of the white collar criminal. In her paper to the U.S. Justice Department, Cynthia Barnett explains that even though the definition of white collar crime is , â€Å"hotly contested†, there appears to be three major categories white collar crime fits into. Those crimes are categorized by either the type of offender, the type of offense and those based upon organizational structure rather than offender or offense (Barnett, 2000). Barnett’s statement alone should tell us that the characteristics of a white collar criminal may be far too long of a list to generate. According to Barnett, the Federal Bureau of Investigation (FBI) has decided to define white collar crime as â€Å"[t]hose illegal acts which are characterized by deceit, concealment, or violation of trust and which are not dependent upon the application or threat of physical force or violence. Individuals and organizations commit these acts to obtain money, property, or services; to avoid the payment or loss of money or services; or to secure personal or business advantage† (Barnett, 2000). With a slight understanding of what white collar crime is, it is important  to highlight the characteristics of the typical white collar offender in order to establish profile when conducting an investigation. Reverting to what we have learned in previous psychology classes, we know that there are dozens of traits in an individual’s personality. It is virtually impossible to narrow down exactly which one(s) produce fraudulent behavior. Obviously, there are red flags that stick out for every behavior trait. It is important for business executives to be able to recognize or have trained personnel who can recognize these traits and develop appropriate risk management plans. According to Bauwens and Egan, there are five personality traits that are common between most individuals. Rather than define them all, it is most important to note that people who possess all five traits are what many would consider as â€Å"normal†. Those who exhibit more conscientiousness and agreeableness have the most direct influence on whether executives will or will not participate in fraudulent activity (Bauwens & Egan). According to our text, there are other characteristics that the â€Å"common† white collar offender may exhibit. White collar offenders tend to be, on average, sum 10 years older than non-violent offenders who commit common crimes (Benson & Simpson, 2009). While there are probably many theories why this may be, one could conclude that business executives may spend many years working their way up the corporate ladder and into a position opportunity. Another characteristic Benson and Simpson note is that many white collar offenders are college graduates. Again, many theories are possible; it can be assumed that a higher level of education must be achieved in order to move into a position of opportunity. Finally, it is important to consider the rate of employment between white collar offenders and offenders of non-violent, common crimes. In order to commit many of the offenses that are considered white collar, the offender must be employed by or have an extremely close relationship of trust with the victim organization. Therefore, steady employment is a necessity in order for the white collar offender to be successful. For many of the non-violent common offenders, their crimes are their employment. It can be  said that when a common criminal wakes up each day and begins committing their crimes, they are actually going to work. References Barnett, C. U.S. Department of Justice, Criminal Justice Information Services (CJIS) Division. (2000). The measurement of white-collar crime using uniform crime reporting (ucr) data. Retrieved December 8, 2013, from website: http://www.fbi.gov/about-us/cjis/ucr/nibrs/nibrs_wcc.pdf Bauwens, A., & Egan, V. (n.d.). Are white-collar criminals a homogeneous or hetrogeneous group?. Home Team Journal, 91-101. Retrieved December 8, 2013, from http://www.academia.edu/832919/Personality_and_white-collar_criminals Benson, M., & Simpson, S. (2009). White-collar crime. (pp. 5-32). New York: Routledge Taylor & Francis Group.

A Letter to His Parents by Dr. Jose Rizal Essay

PSYCHOANALYTIC CRITICISM Psychoanalytic criticism: * It adopts the methods of reading. It argues the literary texts, like dreams, express the secret unconscious desires and anxieties of the author. * A literary work is a manifestation of the author’s own neuroses. * It usually assumes that all such characters are projections of the author’s psyche. * It validates the importance of literature. * Seeks evidence of unresolved emotions, psychological conflicts, guilt, ambivalences and may result to a disunited literary work. * The author’s own childhood traumas, sexual conflicts and fixation can be traced within the behavior of the characters in his/her literary work. Key terms in Psychoanalytic criticism by Freud: 1. repression. Every human has to undergo a repression of the pleasure principle by the reality principle; for some, even whole societies, repression may become excessive and make us ill. The paradox at the heart of Freud’s work is that we come to be what we are only by massive repression of the elements that have gone into our making. A vital conception in Freud’s thought is that that which is repressed will ‘return’ in some way — among the ways are parapraxis and psychic disorders. 2. sexuality The zoning of pleasure — through oral, anal and phallic stages; a gradual organization of the libidinal drives. The object of drives is flexible, changeable. Freud considered the biologically appropriate ‘phallic’ stage to be the proper, mature phase. The drives can be ‘hung up’, as it were, on objects, which are thus fetishized, wrongly experienced as the goal of the drive. 3. self. The early years of child’s life are not those of a unified subject but are a complex, shifting field of libidinal force in which the subject has no centre of identity and has indeterminate boundaries with the external world. The self which emerges, however, from the Oedipus complex (see below) is while more stable, a split subject, torn between conscious and  unconscious being, as it is forbidden to consummate the union it desires and so must repress those desires and substitute more acceptable objects of desire. 4. the Oedipus complex. The Oedipus complex is/marks the structure of relations by which we are produced and constituted as subjects. The self must be taken in hand to exist in the world — formed as an individual, a gendered subject through the Oedipus complex, and the threat of castration. The child desires (union with) mother, the father intervenes and bars this union; the son sees his difference from mother (her lack of a phallus), adjusts to reality by seeing its capability of being like the father who is also his enemy and whose power threatens to castrate him. This is not an easy or unproblematic process but is deeply disturbing and marks the child as he represses his true desire. This process is less clear for women, who resign selves to being like the mother, and displace their desire for, in their case, the father, onto a desire to have a child. 5. dream interpretation. The aspects of a dream are condensation (focusing various meanings in one referent), displacement (something like the use of tropes, allusions), regressive transformation (replacing ideas and feelings with images), secondary revision (making everything fit into a story ): all concepts which can easily be transferred to the function of literature. 6. unconscious Produced through repression, the unconscious peaks in the world through dreams, through parapraxes (slips, ways in which the unconscious speaks despite the vigilance of our conscious selves). The unconscious is powered by libidinal drives, and is an inevitable force in our lives. 7. disorders 1. neurosis [obsessional, hysterical, or phobic]: the result of internal conflict as the ego defensively blocks the intrusion of desire; these begin during the Oedipal phase, arrested or fixated ; analysis uncovers the hidden causes and acts to re-live, re-interpret the failed development, in order to relieve the patient of her/his conflicts, so dissolving distressing  symptoms. 2. psychosis: the ego comes under the sway of the unconscious — paranoia, schizophrenia; a harder case to treat than neurosis, as the self has been virtually subsumed. 8. transference. As the patient talks to the analyst, he transfers his conflicts onto analyst: this creates a controlled situation, a form of repetition of the conflict, in which conflict the analyst can intervene; what is repaired in analysis is not quite what is wrong in real life, but the patient is able to construct a new narrative for herself, in which she can interpret and make sense of the disturbances from which she suffers. 9. the early theory of the self: According to Silverman(see particularly Ch. 2 and 4) the earlier theory of the self is a more flexible, dynamic concept than the later. In the early theory, or ‘topography’, found in The Interpretation of Dreams, the mind is divided into three areas, the memory, the unconscious, and the preconscious. There are as well two temporary conditions, memory, which leaves sensory mnemonic traces (fully accessible to the unconscious, but fully accessible to the conscious self), and the motor response. The unconscious is, of course, not itself accessible to the conscious self except in disguised form. The cultural norms and repressions are stored in the preconscious, which is somewhat available to the conscious self. It is the preconscious which substitutes attainable gratifications for unattainable ones, and which works to substitute thought for sensory and affective memories. The pleasure principle is in fact the motive to avoid discomfort, not t o seek pleasure; the discomfort is produced by the conflicts that we inevitably feel through repressions, prohibitions and so forth. 10. The later theory: the Id operates at the behest of the pleasure principle; the ego, formed through a series of identifications with objects external to the self, carries out the commands of the reality principle; the superego in an internalized ideal image of the father in his power, his privilege, his repressiveness, and his genuinely-experienced superiority.

Wal-Mart Business Model Case Study Example | Topics and Well Written Essays - 750 words

Wal-Mart Business Model - Case Study Example It set-up giant all-in-one stores in small towns which quickly gained patronage because of the service that Wal-Mart associates provide and customers are able to buy the products they need in one convenient place. Today, Wal-Mart is the world's largest retailer with $345 billion in sales, with more than 176 million customers per week visiting its more than 6,500 stores worldwide, 61,000 suppliers and providing more than 3 million American jobs. (walmartstores.com 2008) Wal-Mart's continuing success may be attributed to Sam Walton's foresight in including information technology in its business model to facilitate organizational innovation. As early as 1966, Walton was recruiting IT professionals from IBM to help him wire his company. This led to innovations in just-in-time inventory, choreographed logistics and warehousing. (Beckham 2002) Wal-Mart's business model mandates that it provides the products and services that customers would want to buy. With the company's enormous data warehouse which includes customers' purchases, Wal-Mart knows what its customer wants and "it provides merchandise and designs its stores according to customer preferences." (Felgner 2006) In support of its objective of customer satisfaction, through technology, Wal-Mart is able to process more than 20 million customers per day, with credit card approvals done in less than a second. (Scheraga 2004) In 2000, Walmart.com was founded. Aside from fostering the ideals of its parent company, its additional goal is to provide easy access to more Wal-Mart with "more than 1 million products available online" and innovative services such as Music Downloads and Photo Services which allow customers to order online and pick-up at the nearest Wal-Mart, all available to Wal-Mart's customers 24/7. (walmart.com 2008) In 2001, Wal-Mart worked with NCR for the design and deployment of kiosks in the stores to help customers scan in items for bridal and baby registries, an innovation to improve customer service. According to Walton, "People think we got big by putting big stores in small towns. Really, we got big by replacing inventory with information." (Beckham 2002) In its industry, Wal-Mart is acknowledged for its legendary replenishment and forecasting system which Ron Ireland, one of the people who built it, says is what "retailers are scrambling to do today what Wal-Mart achieved years ago." (Hickey 2006) Because of Wal-Mart's use of technology, its inventory accuracy is above 96% vs. 70% for other food retailers. Wal-Mart has improved in-stocks, reduced holding inventory, reduced manual intervention and achieved much greater profit margins, according to Ireland. (Hickey 2006) All these cut down Wal-Mart's cost of operations and contribute to lowering selling prices for its customers. With Wal-Mart's employment of technology and e-Business practices of integration and synchronization among connected players, it is able to achieve operational efficiency and revenue enhancement, according to Ralph Drayer, former vice-president of Procter & Gamble. (Hickey 2006) "Wal-Mart's success is due not just to computers, but many other things besides: the late Sam Walton's entrepreneurship; his strategy of avoiding early competition by 'putting good-sized discount stores into little one-horse towns which everybody else was ignoring"; his insistence on saturating one area with stores before moving on to the next; his drive to keep costs

Critical Thinking # 3 Essay Example | Topics and Well Written Essays - 500 words

Critical Thinking # 3 - Essay Example Through workplace diversity, employers enhance productivity and creativity and motivate employees to be loyal to the company. Moreover, workplace diversity is important since it develops competitive advantage since employees have the capacity to understand diverse customers’ needs. Companies that disregards people’s gender, race, religion, ethnic group, or sex develops competitive advantage in the diverse market. A diversified workforce is important since it allows employers to access a wide range of potential employees thus enhancing the chances of recruiting the most qualified and talented employee (Kerby and Burns 1). A market environment that includes, represents, and values employees help in motivating employees and fostering productivity. A diversified workforce promotes different cultures, creates an inclusive work environment, and reduces the costs of training and replacing employees (Kerby and Burns 1). In this case, employees understand the customers and identify with their needs to the benefit of the company. The inclusive workforce possesses different perspectives that help organizations to establish new opportunities, satisfy customers’ needs, and understand the market. As such, with the continued value of diversity in the global market, it is inherently important to recruit and retain a diversified workforce. Furthermore, employees in a diverse workplace gain various benefits. Such benefits include respect for one another that reduces the possibility of conflict in an organization (Mayhew 1). By recognizing other people’s opinion and cultures, employees in a diverse workplace establish common grounds that enhance productivity and positive working relations. The idea also helps in conflict management. In a diverse workplace, employees learn from one another, which help in adopting better working styles and developing positive attitudes in a business (Mayhew 1). Indeed, employees

5B Essay Example | Topics and Well Written Essays - 500 words

5B - Essay Example This seems to be an inconsistency in her behavior. While it is true that she is probably a very naà ¯ve little girl, even toddlers are made aware of significant dangers to avoid, such as large wolves appearing from the forest. If she is old enough to take food to her grandmother, Little Red Riding Hood is also old enough to know better than to fraternize with wolves. An alternate goal of this story might be a classic set-up job. The wolf refuses to attack children in the village where the men can easily attack him and thus rid the village of the danger he poses. At the same time, it is known that the wolf prefers young children and he is likely to go after Little Red Riding Hood if she is sent off to her grandmother’s house. If the little girl is instructed by the hunter to first tell the wolf where she’s going, the hunter can be sure to find him, making it possible to kill him. If the hunter was obliged to follow a discreet distance behind Little Red Riding Hood to be sure the wolf didn’t attack her on the way to her grandmother’s house, not knowing the wolf would run ahead and await the girl at the cottage, this would explain his late arrival and his failure to warn the old woman. In the fairy tale Rapunzel, there is no clear goal as to why the witch might demand an unborn child in exchange for the theft of some vegetables out of her garden or why she might lock the girl up in a tower once she becomes of marrying age. Associations of her as the overprotective mother are refuted by her complete refusal of Rapunzel once she learns of the prince, which should have meant a happy match for her ‘daughter’. Instead, I see the witch as obsessively consumed with ensuring she is provided with company until the end of her days. If the witch was growing the rapunzel plant as a needed ingredient for a cure for a loved one who is lost as a result of the stolen plants, this

Poetic Form Essay Example | Topics and Well Written Essays - 1250 words

Poetic Form - Essay Example The Victorian poets were very uncomfortable when more and more people shifted their attention towards scientific development, the belief that science can supersede God and his powers deeply affected the Victorian poets. Arnold conspicuously employs pathetic fallacy throughout "Dover Beach" the inanimate object has been presented in the form of sea in the poem. Sadness is a feeling which every human being experiences and sadness is being projected by Arnold in the poem, sadness is being attributed onto the sea by the poet in the poem. The poet also succeeds in creating a feeling of pathos in the poem, the readers begin to sympathize with the poet and this is how the feeling of pathos is created. â€Å"The sea is calm tonight, The tide is full, the moon lies fair Upon the straits; on the French coast the light Gleams and is gone;† (Dover Beach) The word â€Å"is† is repeated thrice in these lines and this goes to show that the poet is emphasizing on the nightly seaside sc enery. Several changes take place in the poem, the poet concludes by saying that there was light earlier but there is no light now which means darkness has descended and according to the poet it is all doom and gloom. â€Å"Gleams and is gone† The last is used clearly goes to show that the poet is trying to say that the light that was there earlier is there no more and there is nothing but darkness. Certainty also has gone with the light but this can only be understood if the poem is evaluated metaphorically. In darkness it becomes very difficult to determine one’s position and it becomes even more difficult to determine where others may be positioned. â€Å"Neither joy, nor love, nor light/ Nor certitude, nor peace, nor help for pain;" (Dover Beach) It is quite conspicuous that words like neither and nor have been repeated and usually when words get repeated in a poem it signifies emphasis and this case is no different. Neither and nor have been repeated in order to signify denial by the poet. The blank and the nihilistic view of Matthew Arnold has been presented here, he is talking about the basic human values here and believes that the basic human values have disappeared and nothing remains now and this is how the readers get to know of his nihilistic views. The poem’s language has been enriched by the poet; several adjectives have been used by Arnold. "Tremulous cadence", "eternal note of sadness" clearly signify melancholy and these adjectives have been used to increase the melancholic feeling in the poem. The readers must look for metaphors and images to understand the hidden meaning of the poem; the sea is both a symbol and a metaphor in the poem. Several transitions take place from the first stanza to the very last, initially the sea looks very beautiful under moonlight but it becomes hostile as the poem progresses. As the poem progresses the sea starts to evoke a feeling of sadness. In the third stanza it becomes "Sea of Faith" w hich has a hidden meaning as most stanzas of the poem. The certainty a religion brings with itself has been withdrawn and as usual human beings are left with nothing but darkness according to the poet. Tennyson’s â€Å"In Memoriam† is quite similar to Arnold’s â€Å"Dover Beach†. Both the poets are aghast in the poems; they pity human beings in their poems. The opening of â€Å"In Memoriam† is quite different from â€Å"Dover Beach†, Tennyson talks about faith in the opening stanza of the poem; he believed that faith is the only

Comparing Fordism and Scientific Management (Taylorism) Research Paper

Comparing Fordism and Scientific Management (Taylorism) - Research Paper Example In order to run a successful industry, call for a systematic study of the labor force and productivity. In order to make rational and sound comparisons of these theories, it is crucial to understand their economic sense that informed their designs. Fredrick Taylor is considered the father of scientific theory, as theorized in the late 1880s and 1890s; the theory has significantly impacted positively to economics on labor and production (Neilson and Rossiter 69). Taylor motivation was based on the need to have a new dimension in the production process1. After the era of rule of thumb where employees were subjected to forceful long working hours, Taylor observed that despite the long working hours, there was little reflection on the productivity. Before coming up with scientific theory, he studied employees pattern in jobs such as movement and time wastage. He recognized there was a lot of time wastage and the unskilled approach used was ineffective. Certainly, the theory was founded after systematic identification of production and output mismatch. The analysis paid attention to rationality, work ethics, standardization and removal of wasteful processes in the entire industrial processes. This harsh economic background informed his suggestion on training each employee and selecting them to undertake the best-suited jobs. In addition, the emphasis on efficiency through utilization of relevant skills and knowledge culminated into the scientific model that is relevant to modern economics and management. This theory developed substantially in 1930s following a shift in European economies to the use of machines and equipment in industrial processes (Kluvert 160). According to Charles Maler, the theory developed from its predecessor Taylorism, a suggestion that focused on organizational productivity through enhancing creativity and innovation in each process. As efficiency continued to dominate economists vocabulary, Fordism

How is the Mechanical Hound a reflection of society in Fahrenheit 451 Essay

How is the Mechanical Hound a reflection of society in Fahrenheit 451 - Essay Example Instead of employing humans to do the job of surveillance on its citizens, the government opted to use a machine that did the same role, but in a more thorough manner as it was emotionless. Basically, the machine was a government watch dog. â€Å"Its like a lesson in ballistics. It has a trajectory we decide for it. It follows through. It targets itself, homes itself, and cuts off. Its only copper wire, storage batteries, and electricity" (Bradbury 23). In addition, the Mechanical hound was basically an oppressive tool in the society depicted in Fahrenheit 451. The machine was used by the government to punish those who attempted to go against it. Mechanical hound had orders to kill any individuals that tried to stand against the laws set by the existing government. It was also more of the depiction of the oppressive state of the given government to the society, â€Å"Come off it. It doesnt like or dislike. It just functions† (Bradbury 23). All in all, Mechanical hound is a sy mbolic representation of government watchdog in the given society in Fahrenheit 451. In addition, it represents a government tool for oppressing the citizens and people who are against the government by killing them (Bradbury 76).

Masters accounting curriculum for international college Research Paper

Masters accounting curriculum for international college - Research Paper Example Accountancy is a method or manner of communicating information to stakeholders such as the shareholders on how a business is performing financially by making use of financial statements. Accountancy is thus an important aspect of any business since it helps in summarizing as well as classifying data in a simplified way. Companies that conduct business internationally are faced by numerous challenges, which include cultural diversity, competition, as well as the challenge of having to do business in a multilingual setting. This requires persons aspiring to engage in multinational or global business to be equipped to deal with the above challenges. Additionally, multinational corporations have more complicated financial statements as compared to national one. Accountants are thus required to have adequate skill to enable them audit international financial statements and make appropriate decisions on behalf of their employees. However, most existing curricula fail to address how the new ly emerging challenges should be dealt with adequately. This results in most graduates lacking knowledge on the aspects characterizing global business. It thus becomes depressing when such graduates have to work with global companies. This research paper focuses on International College, which is considering offering a Masters in Accounting for international students. The paper will give recommendations on how the college should develop a curriculum that addresses the current needs of companies who do business around the globe. Procedure To establish the aspects to include or eliminate from the existing curricula, there is need to understand the conditions that characterize the global business.... It thus becomes depressing when such graduates have to work with global companies. This research paper focuses on International College, which is considering offering a Masters in Accounting for international students. The paper will give recommendations on how the college should develop a curriculum that addresses the current needs of companies who do business around the globe. Procedure To establish the aspects to include or eliminate from the existing curricula, there is need to understand the conditions that characterize the global business. International College should establish a panel to analyze the aspects that should be included in the curriculum to enable graduates deal with global business challenges. The steps that should be followed while establishing a curriculum on global business include identification of the problems facing the global business and establishment of solutions to the problems. To identify the problems facing the global business and are not being address ed by the current accounting program, a survey can be done on recently graduated accounting master’s student. Identifying the challenges that current accountants are facing will enable coming up with a curriculum that addresses these challenges (Lubin Web). Another step should be identification of possible consequences of applying the identified solutions in global business. It is important that the measures set to resolve these challenges be realistic and easy to implement. Another step should be coming up with ways to overcome the problems that may arise while applying new accounting strategies in global business. The last step should be coming up with a detailed design of how to implement the new

Final Strategic Plan Essay Example for Free

Final Strategic Plan Essay Everyone wants to have a delicious meal that will not cost them a lot of money. There are many restaurants that try to sell you their services. Greg’s Family Restaurant is a restaurant which will provide a wholesome nutritious meal and great customer service for all our patrons. Mission Statement The mission of Greg’s restaurant is to provide wholesome meals at unbelievable prices the competition cannot compare. Our restaurant is to provide customers the service each and every one of them want and deserve. We will provide this type of service with the technology that is available to us as a business. With this technology we provide our customers with great service and delicious meals at an unbelievable price. We will become the best restaurant in the area that provides our customers with Mexican, Afro-American cuisine. The employees of Greg’s restaurant will be like family. Organization Vision Vision is the strategic planning of a company to achieving its goals. â€Å"A vision statement presents the firm’s strategic intent that focuses the energies and resources of the company on achieving a desirable future† (Pearce Robinson, 2009, p37). The aim for Greg’s restaurant is to in the next 2-4 years to be above and beyond the competition and to expand the business to other areas within the city. The future planning of the restaurant is to come up with menu items that will continue to help the business to prosper. Guiding principles: Culture, social responsibility, and ethics Greg’s restaurant is following many values and cultures according to the needs of customers. The menu items of the restaurant represent different cultures that can attract customers of different nationalities and societies. Greg’s restaurant is multi- cultural and offers a wide variety of menu items that everyone can enjoy. Greg’s restaurant gives priority to the values of honesty and integrity in full support of their valued patrons. The restaurant also offers specials throughout the week and also issues coupons to get half off on certain menu items. The business is using products that are environmentally friendly and to help protect the environment and health of the community. The vision, mission, and values statement of the restaurant will provide the framework, structure and the company’s goal. The vision is the end goal the restaurant wants to achieve whereas the mission and the values will provide the business with the everyday activities the business already performs and also the structure and framework for the strategic plan for the business. The business will address customer needs by providing good service and meals to each and every patron that enters the establishment. All customers will get the same fresh meal the first customer to the last customer. The staff will act in a professional manner and provide great customer service and our suppliers along with the restaurant will serve the freshest ingredients available. Organization Strategic Direction Without strategic direction the business will not be able to accomplish its mission or vision. So it is very important that a company has a strategic direction for the implementation of its mission and vision. Strategic direction is defined as strategies made by a business or company to fulfill its mission. Strategic direction helps the owner and employees to know what is needed or required to achieve the mission of the company. Customer needs and competitive advantage At Greg’s restaurant it is important for the business to provide a relaxed comfortable atmosphere to the customers so they can like at home. At Greg’s restaurant there has been mechanisms added to provide the customers with the necessary seating and waiting areas to help them feel more comfortable at the restaurant. It is also a positive direction the company has taken is there is no priority of any culture or religion to dine at the restaurant. Honesty is a key element that we strive when dealing with patrons. Strategy planning helps the company review the mission and vision and to make sure that the company is headed in the right direction on achieving the goals. The future planning and vision of the restaurant has an impact on the restaurant strategy and it could impact the way the business will do over the next few years. The business has to utilize its vision and mission statements to make new decisions or to improve on the decisions it makes about the future of th e business and what is going to benefit the business. SWOTT Analysis In the restaurant business and by being new to the industry which is very competitive a SWOTT analysis plays a key role and is needed for a business to succeed. Greg’s Family Restaurant sets itself apart from other restaurants by servicing their customers with excellent customer service and meals. When analyzing a business one has to look at the internal and external factors that affect the company. A SWOTT analysis provides a breakdown of all these factors even factors that could affect a business internally and externally. SWOTT analysis is a tool a company uses in forming a strategic plan. It is the most effective tool a company uses to determine and uses for a strategic plan. SWOTT stands for Strengths, Weaknesses, Opportunities, Threats, and Trends a company must face. Business can use SWOTT as a tool to create and overview of the organization strategic situation. (Pearce Robinson, 2009). For a new establishment like Greg’s Restaurant a SWOTT analysis is necessary to establish and compare where it is in a competitive market. When operating any type of business preparation is a key element: looking into as many potential options as possible is a must to prevent the company from profit loss along with the shareholders but in this case it is Greg’s stakeholders at risk. By eliminating all possible threats and creating opportunities with limited financial resources and concentrating on the long- term goal is the key to the success of the business and the future. SWOTT provides basic framework for business existing or new. More opportunities can be created by eliminating various weaknesses. External forces which are opportunities, threats, and trends are sets of uncontrollable factors the restaurant face and must overcome to succeed in the restaurant business. After conducting a SWOTT analysis legal and regulatory, economic, technology, Global and social trends were found external forces that need to be addressed. Legal and Regulatory Because of the external forces of opening a new restaurant or possible refitting and exiting building you will have to deal with the zoning laws. Restaurants need licenses and permits to operate or a food service establishment permit, alcohol license and food safety permit. Food safety health codes vary from state to state but restaurant businesses have to abide by the rules and laws that are put forth. The rules and regulations are to help protect the consumers and business. Economic Information regarding to products, services, tools, technology, and suppliers will compromise the economic environment of the restaurant. In 2001 California restaurants are projected to register 63.8 billion in sales, every $1 spent generates additional $1.19 in sales for the state economy. In 2010 there were 62, 794 eating and drinking places in California; every extra $1 million spent in California’s restaurants generates an additional 23.8 jobs in the state. In 2012 California restaurants employ 1,445,000 people (www.restaurant.org). Macroeconomics is very sluggish at this point in time. Inflation is at a high and banks are increasing interest rates. People are not spending as they did in the past they are more frugal with their finances. With the housing market in a slump, unemployment on the rise and with energy prices on the rise it is giving the restaurant industry a hard time. Changing labor conditions and cost is affecting smaller family type restaurants to eventually lose their business. Globalization Globalization shows opportunity for Greg’s restaurant to expand outside the United States. Forming a Limited Liability Company (LLC) it protects your personal assets from any liability the business incurs. If the owner plans on setting up a restaurant in different locations have separate LLC for the location. Social Socially people love to meet, dine, and have a drink and fun. But given the economic conditions of today it is hard for people to dine like they once did in the past. People are also concern about eating healthy and given the increase of a lot of food recalls in the past. Social media is also playing a big role in the marketing aspect of the restaurant industry. Technology Technology in the restaurant industry is very vital to the everyday operation. There is software available to track inventory, supplier orders, and to manage food orders. Technology is being developed every day to improve the way restaurants do business. Managers are no in more control of their staff with remote monitoring systems. Internal forces are more controllable factors a business can use to improve the operation and its path to success. After conducting an internal evaluation these were the factors the business came up with that is logical: strategy, strategic capabilities, and structures. Strategy In order for the restaurant to grow and expand a strategy has to be designed to which the business should offer products and services which customers could not receive from anywhere else. As far as strategizing the restaurant has the use of resource control which is key i.e. (operations, finance, supplies, and manpower). Strategic Capabilities Strategic capabilities play a big part in the restaurant industry. A business can create its own uniqueness through its marketing and strategic capabilities. A well- organized supply chain, a well trained staff, and a competent management team are strategic capabilities that will help the restaurant to fulfill its vision. The business also needs to consider its ability to manage working capital, expecting manpower issues and customer expectations and the ability to think ahead of the competition. As the industry changes over a period of time the threats and opportunities the restaurant will face the strategies and model of the business will have to adapt to these changes to meet the needs of the customers. It is very critical management focuses and maintain a product mix that works well for the business. The restaurant should position itself to reach specific demographic groups. Issues and Opportunities As mentioned in internal forces issues that are apparent is the lack of interactions between the employees. With these issues it allows opportunity to create meetings between employees and management. These meetings will allow staff to feel they belong and part of the family. It also allows employees to express what is working and not working for the business and what need improvement since the staff are the ones interacting with the customers. Balance Scorecard To develop a Greg’s Family Restaurant a balance scorecard is essential. It is key component for defining the goals and targets of a business as well as the mission vision and SWOTT analysis. A balanced scorecard is, â€Å"A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth† (Pearce Robinson, 2009, p. 202). Financial Perspective/ Shareholder Value A well thought out vision and mission statement will facilitate the restaurant to achieve its target. The restaurants objectives are to increase the performance of the restaurant. The responsibility of the restaurant is to seek its customer satisfaction. Increase revenue, and also achieve financial stability. Customer Value Perspective Customers determine the success of the business. The ups and downs of the restaurants as well as the delivery of the services the business provides relates to the customers satisfaction. The more the customers are satisfied the better the business will do to attract more customers. Process/Internal Operations Perspective Strategic planning is very effective to give a nutritious meal to customers. This should be done in accordance with the customer needs. The most important thing is to determine the purpose and intentions of the strategy, because this will help the business towards its goals. The restaurant should set its goals and the path while keeping in minds the values and interest of the patrons. Customer comment cards should be available so customers can express their comments and concern. Greg’s family restaurant is always taking initiatives to improve service and products to increase their customer base. Learning and Growth Perspective Learning and growth process is the prospective to know about your business and if it is developing into the type of business you dreamt of. Learning in accordance to Greg’s family restaurant means to learn about the attitudes of the employees which are internal and customers which are external. Strategic planning within the growth and learning perspective should focus on employee training to have competent employees. Balance Scorecard Shareholder Value/Financial Perspective Strategic Objectives * Market share should increase * Net revenues should increase * Financial stability should be achieved * Production cost should be minimized Performance Measure * Revenue growth * Increased operating cost * Return on interest and capital Targets * 3-6 % market share increase over the next 3 years * 20% profit margin Customer Perspective Strategic Objectives * Focus on public interest * Quality food should be delivered * Community support * Improving brand name in market Performance Measures * New Menu Items should be offered * Awareness of brand in public Targets * 100% customer satisfaction * 15% increase in customers for the next 3 years Initiatives * Restaurant should expand to other cities * Benefits rewards program Learning Growth Perspective Strategic Objectives * Employees retention increased * Technology should be improved * Employee satisfaction Performance Measures * Customer satisfaction should improve * Employee turnover rate decreased * Surveys, monitoring and training Targets * 100% participation of all employees Initiatives * Staff training * Improved customer service * Analysis of Staffing References Pearce, J. A. II, Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). New York, NY: McGraw-Hill www.restaurant.org http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx

OECD Model Tax Convention: Fixed Place of Business: Analysis

OECD Model Tax Convention: Fixed Place of Business: Analysis Criteria of a fixed place of business under OECD Model Tax Convention on  Income and on Capital 2005 Introduction The OECD Model Tax Convention on Income and Capital (The Convention) regulates the right for one Contracting State to tax both the income and capital of the enterprise of another Contracting State. Chapter two of the Convention describes main terms used throughout the text of this Convention and this includes the concept of ‘permanent establishment’. Under Article 7 of the Convention, a Contracting State may not tax the profits of an enterprise of another Contracting State unless the enterprise carries on its business from a permanent establishment situated within the taxing Contracting State. Clearly the requirement of clear guidance of the ascertainment of a permanent establishment is essential. This paper therefore explores and examines the criterion of a ‘fixed place of business’, which, under Article 5 of the Convention forms the definition of a permanent establishment. Part One of this paper will therefore examine the five tests used to determine the e xistence of a fixed place of business in order to determine liability to tax in the host Contracting State and provide a critical analysis of these criterion. Part two will question the existence of this harmonising principle in light of the political diversity o of tax policies across the globe. Part One: Analysis of the Criteria for the ‘Fixed Place of Business’ under Article 5 of the OECD Model Tax Convention A. Establishing the Fixed Place of Business Test – key considerations 1. Heritage and Moveable Property – Is there a distinction for tax purposes? Article 5(1) of the Convention states that: â€Å"For the purposes of this Convention, the term permanent establishment means a fixed place of business through which the business of an enterprise is wholly or partly carried on.† Rohatgi notes that the ‘place of business’ is one of five requirements to meet the definition of fixed place of business or permanent establishment. This essentially means that a place of business must exist in the jurisdiction of the Contracting, taxing State. As a starting point, the place of business constitutes: â€Å"..all the property and other tangible assets that are commercially used for business activities of the enterprise.[1]† Reference to the place of business including tangible assets is also found in paragraph 2 of the commentary to Article 5 of the Convention which refers to machinery and equipment. The idea that a place of business can in some way include moveable assets does at first seem strange given that a fixed place of business would indicate the presence of heritage as the exclusive test. However, this raises two points in the analysis of Article 5 of the Convention. Firstly, this Convention is an international harmonisation document that endeavours to apply a uniform set of regulations to business enterprises belonging to Contracting states and the success of this regulation is dependent upon achieving a diverse application of ‘place of business’ to cover all possible business entities. Secondly, not all business entities will include heritage as part of their operation and cannot be rendered immune to tax liability on such a trifle. Market stall vendors and outdoor performers who se operations are owned by Contracting States other than the State in which they carry out their business are obvious examples and there are further illustrations under paragraph 4 of the OECD Commentary to Article 5: â€Å"A place of business may thus be constituted by a pitch in a market place, or by a certain permanently used area in a customs depot (e.g. for the storage of dutiable goods).† Leased Equipment (a) Is there a distinction between tangible and intangible property? Paragraphs 8 of the OECD Commentary to Article 5 refers also to leased equipment constituting a permanent establishment so long as the activity is entrepreneurial: Where tangible property such as facilities, industrial, commercial or scientific (ICS)  equipment, buildings, or intangible property such as patents, procedures and similar  property, are let or leased to third parties through a fixed place of business maintained by an  enterprise of a Contracting State in the other State, this activity will, in general, render the  place of business a permanent establishment  Special Consideration of the Leasing of Containers Paragraph 9 of the OECD Commentary states that: â€Å"The leasing of containers is one particular case of the leasing of industrial or  commercial equipment which does, however, have specific features.† Indeed, the Commentary goes on to state that the consideration of the leasing of containers is discussed in the report entitled , â€Å"The Taxation of Income Derived from the Leasing of Containers.[2]† 3. Dependent Agents In addition to heritage, moveable property and leased equipment Article 5(5) of the convention and states that non-independent agents concluding contracts in one Contracting State, for and on behalf of the enterprise of another Contracting State, will themselves satisfy the criterion of a fixed place of business for the enterprise: â€Å"†¦In respect of any activities which that person undertakes for the enterprise.[3]† Analysis of this issue reveals three intriguing points on the matter of determination of the dependent agent. The first is the argument of Civil agency law versus the Common law counterpart. The second relates to the general success of harmonisation and the third is a critical analysis of the appropriateness of harmonising ‘fixed place of business’ for the purpose of establishing a uniform rule for taxation, the most political topic in existence! Each of these points is assessed in detail in relation to the appropriateness of a uniform criteria for a ‘fixed place of business’. For now, the remainder of this chapter of part one, discusses the Model Tax Convention rules on the ascertainment of an independent or dependent agent. As regards independent agents, the first thought is that these individuals are enterprises in their own right and are consequently irrelevant to the tax considerations of their clients. This point is altogether obvious and seems to be superfluously emphasised under Article 5(6). Paragraph 36 of the OECD Model Tax Convention Commentary on Article 5 states that while this factor does ‘stand to reason’ it was nevertheless added into the Convention in order to supply clarity: It is however also worth noting that the consideration of whether an agent is dependent or not is, for tax purposes, not exclusive to the paragraph 37 considerations of whether the agent is employed or self-employed. Paragraph 37 states: â€Å"A person will come within the scope of paragraph 6, i.e. he will not constitute a permanent establishment of the enterprise on whose behalf he acts only if: a) he is independent of the enterprise both legally and economically, and b) he acts in the ordinary course of his business when acting on behalf of the enterprise.† Indeed, further subjective considerations, which are set out in paragraph 38 to the OECD Convention Commentary to Article 5, are used to supply the case-by-case criteria needed to ascertain whether the agent is capable of constituting a fixed place of business. As stated by Vogel: â€Å"The characterization of a person acting on behalf of a company is typically based on the actual facts and circumstances of the relationship between the company and the person.[4]† The criteria that are set out in paragraph 38 to the Article 5 Commentary are as follows: The ‘Control’ test The Control test essentially mirrors the general principles of agency law[5]. The OECD Model Tax Code presents a number of factors that are to be used when considering the extent of principal control over the agent. Firstly, under paragraph 38.3, the agent will only be responsible to the principal for the portion of the work carried out on the behalf of the principal and all other considerations, such as employees, hours and conduct are in the hands of an independent agent. Interestingly, any exerted authority on the scale of the agent’s business by the principal will not, on its own, indicate dependence[6] but where permission is sought for ‘the manner in which the business is conducted[7]’ dependence will be indicated. In addition, dependence is obvious where the economic control over the business of the agent is in the hands of the principal[8] The ‘Number of Principals’ test A further test is to establish independence via the number of principals whereby ‘several’ would suggest more of a client/contractor relationship in which the immediate conclusion would be independence. However, the OECD Model Tax Code Commentary to Article 5 also specify that the consorted actions of several principals to control the actions of the agent cannot be overlooked as this would clearly indicate dependence. (c) Excluded Tests There are, in addition, criteria that are not used to establish independence. Article 5(7) excludes the interaction of parent companies and subsidiaries as binding each other to the jurisdictions of the States in which they are situated. Again, this point seems obvious given that parent companies and subsidiaries are linked exclusively by share ownership and are separate business enterprises in their own right. This means that they are therefore taxed independently of one another with the exception of provisions permitting the offsetting of losses between the parent and subsidiary. In addition, while there may be ongoing contracts between the parent and subsidiary, this relationship does in no way create any cross border tax liability. The principles set out in the OECD Commentary to Article 5 for the establishment of the dependent agent as a fixed place of business in its own right is distinctly discursive. Indeed, the principles laid out in the Commentary are suggestive and this is in fact a wholly appropriate style for the consideration of tax liability, which, for the purpose of preventing gaping loopholes, must provide scope for a case by case analysis. The ‘Disposal’ Test Rohagti asserts that it is a fundamental requirement that, for tax purposes, the fixed place of business is one where there exists a legal right of use for the enterprise: â€Å"The enterprise must have the legal right of use (de facto or legal), such that it cannot be removed from the place of business without its own consent.[9]† Interestingly this contrasts with paragraph 4.1 of the OECD Model Tax Code Commentary to Article 5, which states that: â€Å"†¦the mere fact that an enterprise has a certain amount of space at its disposal which is used for business activities is sufficient to constitute a place of business. No formal legal right to use that place is therefore required. Thus, for instance, a permanent establishment could exist where an enterprise illegally occupied a certain location where it carried on its business†¦Ã¢â‚¬  The fact is that Rohagti has treated the terms ‘disposal’ and ‘right of use’ as though they were interchangeable but, as illustrated in the OECD Model Tax Code Commentary, the two terms are entirely different. Disposal is in fact a tightening of the mere requirement for there to be a business presence and paragraphs 4.3-4.5 provide examples to illustrate the definition. The alternative term, ‘right of use’ is linked to legality and it would clearly be unthinkable to determine that illegal occupation of premises by the overseas enterprise would render it immune to tax liability by the taxing State! The use of examples in paragraphs 4.3-4.5 of the OECD Model Tax Code is a clear attempt to steer away from an abstract principle that, as stated above with reference to dependent agents, would increase the risk of devastating loopholes in the law[10]. Indeed, in order to illustrate the effectiveness of the use of examples, it is wholly appropriate to simply draw from comparison of, for example, the visiting salesman and the employee of one enterprise, using the office of another. In the former there is a clear host/guest relationship whereby the discussion of the sales contract happens to be conducted face to face but could quite easily have been carried out from a distance. On the other hand, the latter is a permitted use of office facilities whereby the visiting employee is free to open drawers, use the IT and other office facilities and even store files in the course of the business of his employer’s enterprise but through the premises of the other company. The facilities a re therefore, ‘at the disposal’ of the employee. There seems to be a very fine line drawn between the two examples and with such large consequences it is prudent to ask whether the test is fair. At this point it is however essential to realise that this is one of five tests which must all be satisfied in order to determine tax liability of the enterprise to the taxing Contracting State. C. The ‘Location’ Test Article 5(2) of the Convention sets out a list of establishments that are deemed to be permanent for tax purposes but upon secondary inspection, there is equally a clear indication of ‘fixed’ location within the jurisdiction of the taxing Contracting State: â€Å"The term permanent establishment includes especially: a) a place of management; b) a branch; c) an office; d) a factory; e) a workshop, and f) a mine, an oil or gas well, a quarry or any other place of extraction of natural resources.† This is supported by paragraph 2 of the Commentary to Article 5 of the OECD Model Tax Code, which states that: â€Å"this place of business must be fixed, i.e. it must be established at a distinct  place†¦Ã¢â‚¬  Further to this, paragraph 2 goes on to state that: â€Å"the carrying on of the business of the enterprise (is) through this fixed place of business. This means usually that persons who, in one way or another, are dependent on the enterprise (personnel) conduct the business of the enterprise in the State in which the fixed place is situated.† It is clear from the simple analysis of this provision of the OECD Model Tax Code that there is no interpretative ambiguity on this matter. One question to pose however is whether a travelling place of business within the geographic area of the taxing Contract State ought to satisfy the requirements for a ‘fixed place of business.’ Rohagti comments on this issue by pointing out that the list is not exhaustive[11] but a second more persuasive argument in favour of the travelling office concept is that the overall concept of the Model Tax Code is to establish parameters for the fixed place of business in order to determine tax liability and it would seem absurd that mobile administration should form a convenient loophole. D. The ‘Permanence’ Test Article 5(3) of the Convention states that: â€Å"A building site or construction or installation project constitutes a permanent establishment only if it lasts more than twelve months.† The Commentary refers to the notion of ‘a certain degree of permanence.’ In Consolidated Premium Iron Ores Ltd[12], Van Fossen, J stated that: â€Å"The descriptive word ‘permanent’ in the characterization ‘permanent establishment’ is vital in analyzing the treaty provisions. It is the antithesis of temporary or tentative. It indicates permanence and stability.[13]† E. The ‘Business Activity’ Test The requirement for there to be business activity is an essential requirement which is deeply rooted in the basic ethos surrounding income and tax on capital. This is that tax can only ever be attributable to profits and chargeable gains and tax is therefore strictly a fiscal contribution following realisation of a financial gain. Without business activity within the jurisdiction of the tax authority there would be no financial gain to speak of and, hence no tax liability. In relation to Article 5(2) and the ‘location’ and ‘permanence’ tests, the list of establishments give rise not only to a sense of geographic placing and longevity but also to business activity. This is due to the fact that the list under Article 5(2) is of obvious commercial premises. This is further illustrated by the fact that the corresponding list of examples of premises that are deemed not to be permanent clearly shows that establishments devoid of business activity will not fall within the definition of fixed place of business. This list is found in Article 5(4) and includes such items as, the use of facilities solely for the purpose of storage, display or delivery of goods belonging to the enterprise[14]; processing[15] collecting information[16], any other activity of a preparatory or auxiliary nature[17]. This concept is also evident from the early case of Consolidated Premium Iron Ores Ltd[18] in which the Canadian company in question had a postal address within the US but no office, telephone listing, no staff, bank accounts or audited accounts. The Court held that this postal address therefore could not constitute a permanent establishment as the term implied the existence of an office that was staffed and capable of carrying out day-to-day business. Van Fossen J Stated: â€Å"The term ‘permanent establishment’ normally interpreted suggests something more substantial than a licence, a letterhead and isolated activities. It implies the existence of an office staffed and capable of carrying on the day-to-day business of the corporation and its use for such purpose, or it suggests the existence of a plant or facilities equipped to carry on the ordinary routine of such business activity.[19]† Part Two: Harmonisation and the Politics of Taxation! (a) Civil versus Common Law principles of agency law! The principle of distinguishing the dependent from the independent agent, for tax purposes is related the employment status of the agent. The dependent agent is merely a member of the enterprise’s personnel and therefore forms a remote extension of the business activity of that enterprise into the fiscal territory of another Contracting State. The general civil law is used throughout the OECD Convention which departs from the Common law principles on one key point; namely, that under Civil Law, where the principal is undisclosed, his agent cannot bind him to a transaction with a third party[20]. This directly contrasts with the opposite common law point[21]. The problem however is that common law jurisdictions are free to interpret their own principles of agency law into the OECD Model Tax Code when determining a case falling within their own jurisdiction. Where this occurs, there is a clear departure from the harmonising objective of the OECD Model Tax Code and, consequently, tax consequences will differ between Contracting States. This was the finding of the legal department of the International Monetary Fund in 2004[22]. An additional finding of the IMF was the different treatment of managing partners under the two types of jurisdiction. In Civil jurisdictions, managing partners are not agents whereas, under the Common Law, the opposite holds true. This leads to yet another fundamental flaw in the harmonising objective of the Model Tax Code. The IMF failed in their observations to publish any critique on the matter but two points are raised by the issue. (i) Increasing the Success of Harmonisation The first is the wide implication of the success of harmonisation of laws of which this Convention is merely an example. Clearly one solution to the issue of whether to adopt the Civil or Common law approach is to simply pick one and announce its application. An example of this is found under Article 25 of the 1980 Vienna Convention for the International Sale of Goods (CISG), which has adopted the extremely onerous, Civil test of ‘fundamental breach’ as opposed to the Common Law principle of ‘material breach’ of a term of the contract. By virtue of UK dominance in the history of international carriage of goods, the latter is widely used in contracts of carriage by sea. Therefore, the adoption of the Civil approach in the harmonising Convention is one of the reasons why the UK is not a party to the CISG and indeed why many states expressly contract out of this convention and opt instead for English law as the governing law of their contracts. This therefore suggests that harmonisation should not aim for a single principle of law across the globe but should aim for the less daunting objective of creating international certainty with limited bilateral deviances. This less invasive option would be easily carried out in the current Model Tax Code into which the Contracting States are free, within their bilateral discussions, to fill in the blanks in the course of their own negotiations. Tax and Politics It cannot be denied that taxation policy is one of the most politically entrenched subjects given that the social persuasions of the Government of the day will have a profound impact on rates of tax. In simple terms, capitalist States such as the USA will invoke low taxation as a means to encourage investment and increased entrepreneurial risk taking. By contrast, socialist ideologies of States such as Germany incur higher rates of tax due to the ethos that enterprises are obligated to contribute heavily to the infrastructure of the jurisdiction in which they operate. In addition, taxation of foreign enterprises is highly sensitive given the implications of the Contracting States as regards their Foreign Direct Investment (FDI) policies and this in turn has huge implications for the entire economy. Taken as a whole it is clear that any move to harmonise international tax policies is a mammoth undertaking in its own right and legal interpretative differences under the law of agency is an inevitable compromise towards the wider goal of creating global certainty in bi-lateral tax agreements. Footnotes [1] [2] See Volume II of the loose-leaf version of the OECD Model Tax Convention, at page R(3)-1. [3] The Convention, Article 5(5) [4] K. Vogel, January 2003, Double Taxation Conventions, 3rd Edition, Kluwer Law International, OECD, at p 342 [5] [6] Commentary, paragraph 38.4 [7] ibid [8] ibid, paragraph 38.7 [9] [10] [11] at p 76 add [12] (1959) US 28 TC 127 (US) [13] ibid at p 152 [14] The Convention, Article 5(4)(a) [15] The Convention, Article 5(4)(c) [16] The Convention, Article 5(4)(d) [17] The Convention, Article 5(4)(e) [18] (1959) US 28 TC 127 (US) [19] ibid at pa 152 [20]For further insight see, J.F.Avery Jones and D.A.Ward, 1993, Agents as Permanent Establishments Under OECD Model Tax Convention, British Tax Review 341 [21] [22] December 2004, Tax Law Note: What is meant by the Concept of ‘Agent’ in Tax Legislation? [Available Online] At: http://www.imf.org/external/np/leg/tlaw/2004/notes/eng/agent.htm Beautiful Boxer | Movie Analysis Beautiful Boxer | Movie Analysis Beautiful Boxer is the most peaceful and warm transgender movie I have every watched. Iron Ladies which was put in full swing a few years ago, although funny, it is a sarcasm and mockery for transgender people, while our Beautiful Boxer really traces the most inner world of a transgender person. In a Bangkok clinic, $1,000 can turn a man into a woman. Some call that the price of freedom (Daffyd, 2008). Zach Hines said that But while its a plainly successful international project, it Beautiful Boxer stops short of introspection into a collective Thai subtext. On the contrary, I think that Beautiful Boxer cares more for the changes of inner world of transgender ones and of people around them even the attitude of the whole country and the world. In the 1990s, the term took on a political dimension as an alliance covering all who have at some point not conformed to gender norms, and the term became used to question the validity of those norms or pursue equal rights and anti-discrimination legislation, leading to its widespread usage in the media, academic world and law. (Valentine, 2000) Beautiful Boxer is a poignant action drama that punches straight into the heart and mind of a boy who fights like a man just in order to become a woman. It is based on the true story of Thailands famous transgender boxer, Nong Toom. Believing hes a girl trapped in a boys body since childhood, Parinya Charoenphol sets out to master the most masculine and lethal sport of Thai boxing to earn a living and to achieve his ultimate goal of total femininity. Touching, funny and packed with breathtaking Thai kickboxing sequences, Beautiful Boxer traces Nong Tooms childhood, teenage life as a traveling monk and grueling days in boxing camps. The film is adapted based on the legend of Nong Toom, a champion of Thai fight. Prestigious and legendary, he is invincible and valiant in the ring. The irony is that, it is not reaping name which attracts him, but the financial support for transgender. Growing in a poor nomadic family, Nong Toom was around the home with his family during childhood, until finally settled in Chiang Mai, Thailand. He was often bullied for dressing up as female since very young. Nong Toom was fancied by a Thai Instructor in the occasional opportunity, and attended the training camp. He became a professional boxer at 12 and Shown off his boxing talent soon. One day, he walked onto the ring with a makeuped face, which naturally attracted ridicule and mockery but he shut all of them up with victory of his crisp in the end. His agent realized that it was a great gimmick, so encouraged him to continue to make-up boxing. Sweeping away almost all the obstacles, Nong won twenty times of twenty-two games which m ade him the most famous boxer in the country. Surprisingly, he chose to resolutely retire at the height of his official career and used the money earned hardly from boxing on gender changing operation. Many transsexuals believe that to be a true transsexual one needs to have a desire for surgery (Gaughan, 2006). After that operation, Nong participated in beauty pageants in Thailand four times. Thanks to the naturally model figure and a prominent profile, she won the prize of beauty queen in Thailand for 3 times, even named as the hottest Queen. She is now in Bangkok as an actor, model and Muay Thai instructor. The Beautiful Boxer is the controversial 2003 biopic detailing the helter-skelter life of transgender (kathoey) Muay Thai fighter, Nong Thoom. The film, while winning awards and nominations in Europe, Asia and America raised temperatures in Thailand where censors felt aggrieved by the extreme frontal nudity which made the film popular elsewhere. Still the film did win several high profile Thai film awards in 2004 including awards for Best Actor and Best Makeup. Elsewhere the movie picked up awards in Torinos Gay/Lesbian/Transgender movie festival and new director Ekachai Uekrongtham picked up a prestigious Outfest award for Outstanding Emerging Talent. Simply take the view of its achievement, Beautiful Boxer is a film should not be missed. For those who succeed, there is the promised rewardbefore their battered bodies burn out around 25of modest wealth and seeing their names on the marquees of Bangkok or Chiang Mai. In a country that loves the ancient sport of Muay Thai as Americans do baseball, this is the road to redemption and glory (David, 2010). Although some critics say putting pubescent boys into the ring to beat each other silly represents an exploitation of children, a dark side to a gentle, tolerant country that refers to itself as the Land of Smiles, Muay Thai is part of Thais culture, and these boys are protecting that tradition and getting opportunity at the same time. Although theyre not exactly ostracized, transsexuals live on the fringes of Thai society and struggle to be accepted as women. The movie ties transgender person together with boxing, which is contradiction itself. At the beginning of the movie, director use the way of and comparing to show the controversy of the hero and the two elements of the film, boxing and transgender, Asanee Suwan. Muscle and nail polish, hemp rope and silk stocking, skirt and shorts, strong arms and earrings, the headband and necklace all occurred alternately. It is just a beginning, but it foreshadowed the conflicts of the whole story. The opening of the film was enough to strongly aroused peoples concern for the transgender. There are many scenes that impressing me so much. One of them is the meetings of the little girl with a flower on her hair, maybe just a fantasy of Suwan. The first time they met, Suwan was attracted by her beauty and searched for her trace in the crowd, which lead him to a completely different world from previous days, the girls heaven. That maybe the first time Suwan was aware of he should be a beautiful girl, which changed his whole life. Our hero met his little girl again on the way of traveling monk. What a wishful expressions on his face! He began to realize that what he was doing then was far from what he wanted. The last time they met was on the mountain, while Suwan was trying to make him stronger for fighting. This time, girl left completely, suddenly and sparing no pains. If Suwan kept boxing life, his dreaming will disappear just like the girl. At the end of the movie, two Suwan were talking. Masculine one was going to leave. Feminine one was regret but satisfying. She di d not hate the previous life, but enjoy instant life with a cherishing heart. In my opinion, this kind of mental status is the most perfect one for the transgender person. On the one hand, searching for his or her own way of life, on the other hand, cherishing all the favor granted by God. Another attractive element in this film is dancing. From peeping at dancers making up to performing on the stage, Suwan realized a transition of felling on transgender from disgraced to proud. Before a very serious game, Suwan danced in the old Thai traditional style called Ram Muay which shown his respect to his teacher and bowed to Buddha to ask for protection for himself and his opponent and for an honorable fight. The kissing was also impressive. Audiences were exiting for his extraordinary behavior, while did not know that kissing means his sorry to them. But in the ring, you have no choice this monologue reflected how desperate was he. Boxing do not fit for Suwan, although he was valiant in physical, soft in mental. The challenge tournament held in Japan with a woman was more like a Colosseum. People treated them as playthings, like all entertainment frolic. That was the first time I won the womanà ¢Ã¢â€š ¬Ã‚ ¦who I was or what I had become, a woman in a boxing body or an animal in the circle show. Long Tang had just awaken to know that only when set out from the deep heart, can a person get the maximum pleasure in his life. Beautiful Boxer cares a lot for people around the transgender. Around our hero, there are many great people who have helped him. The first one is a lady called Sister Ni, who is also a transgender. She was so kindhearted and warm, appeared in Suwans life as an angle, providing food, helping his mother leave prison. Sister Ni changed her sex to beg the love from a man. It makes my heart ache and angry to see such sacrifice. She changed sex for others instead of herself, which maybe the reason why she looks so lonely and painful. The Coach and Sister Bo are also kind person to others. It is Coach Cai who led Suwan into the boxing world while we could say that it is Sister Bo who led Suwan into the female world. Cai was tough but full of love to those children in the training camp. He taught them how to be a strong man and how to defeat others. Sister Cai accompany Suwan to do girls things, such like cooking, knitting and making up. She taught him to be brave when facing on the deep desire of the heart and facing on others strange eyes. Days in training camp must be very happy although tough. Since there are those kind-hearted and lenient people, transgender person could face the deepest desire honest. These two person encouraged Suwan to box with a making up face, and his prowess won him a name of beautiful boxer. That made him known around the country, and then defeated Nat, the one he did not want to beat most. Nat was also a student in camp, and a special one to Suwan. He never laughed at Suwan but shown friendly to him. I cannot tell that Suwan loved or just friendly like Net. But I am sure that Suwan developed a special emotion to him in training camp. But this kind of beautiful emotion was completely destroyed by Nets cheat which punched heavily on Suwans heart. Here comes the point I would not appreciate of this film. Maybe it was a true story happened on Nong, but I do not think this plot do any function on the theme of this film. Suwans mother was a great woman. I need not to emphasize her respect on sons choice. The most impressing words from mother were that, I did not blame you behaving like a girl, but how can you allow others to bully yourself? I am not able to accompany you and protect you for your whole life. I think it is these words that impelled Suwans courage to Thai fight and take responsibility of supporting family cost in the later years. I have to say that I have misunderstood Suwans father as an arbitrary and severe man until he signed his name after making sure Suwans safety in the ending part of the film. That indeed shocked me strongly. What I see in the end is a father who loved his son so deeply. At that moment, I knew he loved Suwan all the time, but he just do not know how to express it to a son different from other boys. At the ending part of the film, a boy danced on the ring imitating Suwan. Suwan walked though him and asked did he want to do it voluntarily. Little boy shook his head and peeped at his coach with fear. Suwan told him if wanted to be happy, he should do everything obeying the inner voice of himself. It remind me of the answer from Suwan on the question of what is the most difficult thing. He said that: it is hard to be a man, difficult to be a woman, but the most difficult is trying not to forget who we really want to beà ¢Ã¢â€š ¬Ã‚ ¦ This is the preaching of this film without any prevalent custom nor intentionally. Sex change is only an attitude towards life, not hypocritical speculation. Although the film makes transgender as the gimmick, human life and attitude as the proposition of Beautiful Boxer terminally leads the film to a true sense of the distillation. Just like I said on the beginning of this paper, the Beautiful Boxer is indeed the most peaceful and warm one among transgender films. It tells the one who really want to change sex from others who have to do so. Nong Thoom continued to rise to fame as a successful lady-boy boxer at the prestigious Lumprini Boxing Stadium in Bangkok. At the epicenter of all things Muay Thai, the Beautiful Boxer went on to become a champion in mid 1998. Having revitalized the Muay Thai scene in Thailand (and across the globe), the Beautiful Boxer announced a shock retirement when she had enough money to release her parents from financial hardship and she finally underwent her reassignment operation in early 1999. Nong Thoom is now a model and actress based in Bangkok. She no longer has to hide in toilets to put on her makeupà ¢Ã¢â€š ¬Ã‚ ¦

Gender and Underdevelopment in Non-western Societies :: Gender Equality Women Third World Essays

In Western societies women usually hold respectable jobs, the ability to make the choices of having and taking care of the children, cleaning their homes, cooking meals, doing the laundry and, most importantly, are allowed to be seen as an equal in society. In non-western societies women usually hold degrading jobs, deliver and take care of the children, clean their homes, cook meals, do the laundry and are seen as unequal. In Third World countries, women are seen as the poorest of the poor. They are rarely ever given the same opportunities as the women in western countries, or even the ones their own husbands have. There are two main problems which afflict non-western women. The first is the lack of access to productive resources. This means that the women of less developed countries have no capability to possess resources such as land, capital or skills. Land is not available to them because it is considered a male inheritance only. Capital is more accessible than land, due to the recent ability of women to own credit cards. Until recently, though, money was not something women could obtain very easily. Money, like land, is mostly controlled by the males of the society. Skills are not an option to women because it entails schooling which brings up the next difference. Unequal access to education and health care is the last difference. Schooling is not usually offered to women in less developed countries. The rate of illiteracy in women is a considerable amount higher than men. In some countries the rate between illiterate women and men is doubled. Health care is more available for male children. Baby girls often die at birth, either from lack of health care or by murder. The disappointment of the family's newborn being a girl often leads to murder. Male children are seen as more valuable than female children in Third World countries. Violence and injustices also greatly affect non-western women. Female circumcision, polygamy, the ease of divorce and violence against women, as well as the lack of access to productive resources and unequal access to education and health care, plague the women of the less developed countries. For the modernization of these non-western countries women must play a larger role than they do now. Without equality for women less developed countries cannot move forward. These affiliations are severe but they are resolvable. The Grameen Bank is a possible solution.

Attitudes Towards Women in Fragment VII of Canterbury Tales :: Canterbury Tales Essays

Attitudes Towards Women in Fragment VII of Canterbury Tales    One of the most prominent themes in Fragment VII of the Canterbury Tales is the attitudes of the pilgrims towards women. There are two distinct sides in the dispute: that women are simply objects of lust that must never be trusted, and that women are highly respectable and loving.    The Shipman's Tale starts off this debate with his depiction of women, which was less than favorable. The woman who is depicted in this tale is the wife of a merchant. She is not treated well by her husband, but certainly is not trustworthy or honorable herself. She sells her body to the best friend of her husband for a measly 100 francs. Her faithfulness to her husband was worth only a few extravagant garments for her to wear. It is her greed for these material goods that drives her into cuckolding her unsuspecting husband. Her worldly desires are more important than her marriage, and in the end she is hardly punished at all. She does manage to keep her husband from finding out, by saying that the Monk was simply repaying his debt and she used the money to buy some clothes. So, she gets away with a crime that would have dealt her a far greater punishment. This outcome, while it certainly wasn't perfect for the wife, was much less than she deserved.    The Prioress steps in with the next tale, and takes a much different view. The Prioress herself is a very humble and well-mannered woman, as she is described in the General Prologue. She is also extremely compassionate towards all of God's creatures. Her tale is a tribute to the greatest woman of all, the Virgin Mary. While it is a tribute to the Virgin, the focus of the story is more on the little boy and his widowed mother. The mother is greatly distressed at her son's disappearance, and is eventually led by Jesus himself to the place where her son has been tossed. The idea that Jesus himself was consorting with this woman and answering her prayers makes a strong statement. Jesus certainly would not aid an evil person, so this widow must have been virtuous and humble.

Essay --

Escaping the confinements of a gallery wall, we leave the formalistic ideals of limitations that art set by the existing parameters. Thinking beyond the white walls allows a bridge between humanity and art enabling them to have a direct relationship and become one. They become a harmony of two voices, clarity; a marriage. â€Å"The form, material and even the birth process of the work takes the location into account. The surrounding space in itself may act as an artistic element†(Jokela). The locale of a work of art is not just a particular setting but something that completely becomes involved within the work. Their direct relationship is unifying, feeding off each other while not allowing the characteristics of one becoming more important than the characteristics of the other. The significance is what the viewer sees and the artist’s purpose for the work. The gaps are blurred. Art in the natural environment captivates one’s attention as to the way that the elem ents of true reality play a role in it. The idea of art moving to the outdoor world leaves no restrictions to a certain style, and it abandons formal and traditional artistic ideas and values. Works of art escaping simplistic white walls of a gallery was a branch off of minimalism in the 1960s and 1970s, taking concepts such as experiencing space around a form to the next level (Nisbet.) This particular movement of art converging into daily life linked spacial and environmental awareness on a physicality and conceptual level. When art is experienced outdoors, it is not sequestered but brought together with physical existence. The work becomes a mental and bodily experience for the viewers to really observe. Conversely, in a gallery, the walls already exist in the peripheral vis... ... the wind and light creating dialogue between each other. This art closely pays attention to the â€Å"living beauty† and in transitioning from one of the structures to the other (Castro). â€Å"The artist’s connection to nature is respectful, almost sacral. It is as if the work refers to nature’s own beauty or significance. The work of art opens one’s eyes to see something ordinary and everyday in a new way†(Jokela). Central park was of major importance to this piece in being made, and it became a part of others lives who lived there and saw Central Park on a daily basis. According to the couple, art is meant to be a life experience for themselves and for the viewers, which is something that can’t completely be fulfilled within a gallery system. When the work is completed, it incorporates itself into something that perpetuates into nature and all its environmental effects.

Ptsd in Soldiers Returning from Combat

Assignment 1Carrie Mowatt Introduction PTSD is classified as a severe anxiety disorder which is likely to develop when a person is exposed to one or more traumatic events. This study consists of surveys which measure the levels of posttraumatic stress and depressive symptoms in soldiers returning from active duty in both Iraq and Afghanistan. The research will attempt to show soldiers returning from an extended tour of duty are at high risk for developing these mental issues. As discussed in class, stress is any challenge to the system and has an effect on one's emotions as well as their physical well being. Measuring the effects of war on a soldier is sure to expose signs of stress. If a soldier should show signs of posttraumatic stress they could most likely experience things such as anxiety, aggression, with drawl and impaired cognitive performance which would effect their everyday lives and due harm to their physical wellbeing. Hypothesis The purpose of this study was to identify soldiers who were most at risk of experiencing posttraumatic stress and depressive symptoms after serving time in a combat zone. Their goal was to gather information so they may develop intervention programs which would be beneficial in assisting troops who have displayed signs of posttraumatic stress and or depressive symptoms. Participants The participants in this study consisted of 4,089 United States soldiers returning from active duty in Iraq and or Afghanistan. Over half of those who participated were white males. The remainder of the subjects were Black, Hispanic, Pacific Islander, Asian, Native American, Biracial or other. Only a few surveyed were female. Methods Participants were given surveys in a classroom setting. The information gathered consisted of the soldiers age, gender, ethnicity, marital status, military rank, time served and number of children living at home. In order to measure the levels of posttraumatic and depressive symptoms, participants were asked a series of questions such as, if they had seen any counselor since returning including counselors for personal problems. Soldiers were asked to rate their feelings when exposed to certain situations, such as, whether they felt isolated or nervous around other people, or if they experienced bad dreams involving the horrible things which they endured while serving their time in either Iraq or Afghanistan. They also answered questions which involved rating their satisfaction with life. Results After the research was calculated it was determined that almost half of the participants reported symptoms of posttraumatic stress, depressive symptoms or both. Soldiers returning from Iraq reported higher levels of posttraumatic stress than those returning from Afghanistan and were more likley to seek counseling. However, soldiers returning from Iraq were more satisfied with life than those returning from Afghanistan. It was shown in soldiers returning from both Iraq and Afghanistan that being separated or divorced was related to higher levels of posttraumatic stress and depressive symptoms. Soldier who were single or separated were more likely to seek counseling than soldiers who were married. Soldiers of a higher ranking were less likely to report symptoms. Those who had counseling prior to redeployment were more likely to report symptoms. Problems One problem with this study would be that the soldiers involved volunteered to participate in this research. I believe it would have been better to test soldiers at random therefore you would possibly have a much different outcome if the soldiers tested were not already willing to offer up this personal information. Or by handpicking the participants the researchers would have a more controlled experiment. I see the ratio of white males to ethnic males in this study to be a problem also. More than half of the soldiers in this study were white males. They should include a higher number of men from other ethnic groups or do a separate study on each ethnic group of soldiers in order to have a more accurate conclusion which could be referenced by the appropriate group. A clear issue to me is the almost invisible female presence in this study and that only six percent of soldiers involved were women. It is obvious the researchers should either include more women or make this study specifically male oriented. Lastly, the lack of knowledge concerning the lives of the soldiers before they were deployed threatens the results of this study. Not knowing what their exact mental state was before being exposed to highly stressful situations makes it hard to determine if the results are accurate. As for trying to determine a solution for this, it is difficult to say what could be done to measure this. Conclusion After reading this article I would conclude that soldiers returning from war are highly likely to show signs of posttraumatic stress and or depressive symptoms. The research showed that soldiers who weren't married were more likely to report depressive symptoms. I am not sure if this means they are more depressed or if it is just that married soldiers are less likely to report the depression. It could be that married men choose not to come forward and admit symptoms in order to appear strong and continuously brave to their family. The results could also mean having a family and a strong social support system could help aid the soldiers. I feel there were many faults in this study and it is mainly directed towards soldiers who are male, white and married. Also, the strictly volunteer basis of this study makes it hard to determine acurately how many soldiers actualy suffer from PTSD or are likely to show symptoms after returning from war. Reference Page Lapierre, C. B, Schwegler, A. F, and LaBave, B. J (2007). Posttraumatic Stress and Depression Symptoms in Soldiers Returning from Combat Operations in Iraq and Afghanistan. Journal of Traumatic Stress, 20, 933-943.

Financial Reporting HSBC Bank Essay

HSBC bank is a branch of HSBC Holdings plc and has its headquarters based in London. The bank provides a wide range of financial products and services to individuals, governments, non-governmental organizations and companies. It provides banking products and services in the domestic as well as the international market (Gianaris, 2001). HSBC group of banks is one of the organizations of its kind that offers the largest banking and financial services all over the world. The company has 8,500 offices in 86 countries and territories in Europe, Hong Kong, Asia, Middle East, North America and Latin America. The company has been listed in the stock exchange markets of London, Hong Kong, New York, Paris, and Bermuda (Jao, 2001). The company has about 220,000 shareholders in 119 countries and territories. The company provides a wide range of products to its over one hundred million customers. The company has four categories of customer groups and businesses: Personal Financial Services, Commercial Banking, Global Banking and Markets and private Banking (Gardener & Versluijs, 2001). Financial reporting is the process of compiling the formal records of the financial activities of an organization or an individual. It involves preparing the financial statements of a company. The organization aims at finding out its financial position in the short run or in the long run period. The HSBC bank prepares its financial reports according to the generally accepted accounting principles of Canada (Mcmenamin, 1999). Financial Reporting History The company prepares financial reports annually, semi-annually and quarterly. The company files interim reports after every three or six months, that is, semi annual and quarterly financial reports. These reports reveal the financial performance of the company for the stipulated period of time (Das, 2004). The companies linked with HSBC bank are required to prepare semi-annual reports. On the other hand, quarterly reports are not compulsory for all countries. Regulations regarding the format of interim reports differ in each country. The interim reports may be short or long depending with the country. The date for filing the interim reports also vary with the different countries (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The history of preparing interim reports by the bank can be traced back to the mid-year of 2002. The quarterly reports started being in operation with the first quarter of year 2003. The financial reports are essential to the researchers and that is why the company requires adequate filing of all financial statements of the bank (Mcmenamin, 1999). The company maintains timely preparation of its financial reports. It uses web crawler technology to track and update the financial records. The system of preparing financial reports is very functional since it uses PDF format. This computer program allows the documents to be searched easily and can be copied into other documents more easily. The size of the PDF documents allows them to be downloaded more easily. The financial reports are presented in full-color native PDF for ease in reading them. The interim reports are easily obtained through the Global Reports Library on Research and Markets (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The accounting policies of the HSBC bank comply with the International Financial Reporting Standards. The interim consolidated financial statements are prepared according to IAS 34, according to International Accounting Standards Board (IASB) and the European Union (EU) (Das, 2004). The bank has abandoned the IAS 32 since March 2009 since this standard required the bank to offer its shareholders rights so that they could be identified as derivative financial liability. This was done to ensure that the reports presented position of the bank as being true and fair, also, to ensure that the reports give a true and fair view of the assets, liabilities, financial position and profit or loss of the company (Jao, 2001). The International Financial Reporting Standards (IFRSs) endorsed by the IASB may differ with those endorsed by the EU. But recently there have been no amendments on the standards endorsed by IFRS and those endorsed by the EU. The IFRSs make up the standards provided by IASB and the interpretations provided by International Financial Reporting Interpretations Committee (IFRIC). The interim consolidated financial statements must include comparative information. This is a requirement by the IAS 34, UK Disclosure and Transparency Rules and the Hong Kong listing rules (Gianaris, 2001). Estimates and assumptions about the future state of financial affairs are used when preparing financial information. The estimates are prepared from the information available as well as use of judgment of the people preparing them. However, the real results might be different from the estimates in the future (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The interim consolidated financial statements of the bank consolidate the financial statements of HSBC Holdings and its subsidiaries. The company adopts the revised and amended standards of IASB and endorsed by the EU. The application of the revised standards is done as per the acquisition date of the business or after the beginning of the first annual financial period of the year (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). Accounting Policies Interest income and expense- This refers to all financial instruments except for those classified as held for trading or designated at fair value in the income statement using the effective interest method. Through the effective interest method, the financial liability is calculated and interest income is allocated over the relevant period (Gianaris, 2001). Non-interest income- This comprises the Net trading income which is composed of all gains and losses from changes in the fair value of financial assets and financial liabilities held for trading as well as the related interest income, expense and dividends. Net income from financial instruments designated at fair value and dividend income also comprises the non interest income (Jao, 2001). Segment reporting- The HSBC holdings conduct its businesses in several countries and offer a wide range of consumer products. Segment income and expenses must be transferred accordingly. Gains and losses for each segment must be accounted for separately so as to achieve the profitability of each (Das, 2004). Determination of fair value. Fair value of financial liabilities is determined using the quoted market prices where available or using valuation techniques. The fair values include assessment of market participant concerning the appropriate credit spread to apply to the liabilities of the company (Gianaris, 2001). Loans and advances to banks and customers- These include loans and advances initiated by HSBC which are not grouped as either held for trading or designated at fair value. Loans and advances are recognized when cash is advanced to borrowers (Gardener, & Versluijs, 2001). Impairment of loans and advances. Losses for impaired loans are recognized when there is objective evidence that the loans have been impaired. Impaired loans are recorded as charges to the income statement. Losses expected from future events are not recognized (Jao, 2001). Corporate Governance Analysis The bank has established commitments to maintain high standards of corporate governance. Over the last financial year, the bank has maintained compliance with the Combined Code on Corporate Governance released by the Financial Reporting Council. It has also complied with the Code on Corporate Governance Practices in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (Pietrobelli, Ffrench-Davis, Zamagni, & Ocampo, 2000). The management of HSBC bank has appointed several committees to deal with several corporate activities of the bank. The board committees consist of directors, group managing directors and co-opted non-director members. The principal committees are Group Management Board, Group Audit Committee, Remuneration Committee, Nomination Committee and Corporate Sustainability Committee (Das, 2004). The directors have the duty to conduct internal control within the bank. They also review how effective the internal control system is operating. Controls have been designed to safeguard assets from unauthorized use and disposal. These controls ensure that proper financial accounts are maintained and that the financial information contained in the records is reliable. The system of internal control is designed to prevent frauds, errors, material misstatement or losses in the business. The system also ensures compliance with rules set up by the Financial Services Authority, which is the body which regulates the activities of HSBC (Jao, 2001). There are corporate policies to safeguard the bank against operational and Reputational risks. The bank has set up procedures to ensure that the risks are minimized. These risks are concerned with the issues relating to the environment, social and governance activities. The bank follows guidelines provided by the Association of British insurers concerning the best response to the issues affecting the company and its stakeholders (Das, 2004). The company aims at managing the risks associated with the health and safety standards of its operations. The bank is responsible to get rid of risks concerning fire, injury and accidents that may affect its workers and visitors. Group Corporate Real Estate sets up the rules concerning health and safety of the company. The implementation of these policies is done by Health, Safety and Fire Coordinators who are located in every country the bank operates. The bank has remained prepared to protecting its employees from terrorists. There are security review functions which have been set up to assist manage health and safety of the staff, assets and buildings of the company (Gianaris, 2001). The bank maintains a good communication network with its stakeholders. Individual and institutional customers are regularly informed about the operations of the bank. Timely response to the customer needs is given a priority to ensure good relationship is maintained. Annual general meetings are held to ensure that all stakeholders are informed of all activities of the bank over a given period of time (Gardener, & Versluijs, 2001). Conclusion The general organization of HSBC company stands no doubt that it will remain successful in the future. The corporate governance ensures that the mission and vision of the company are achieved. The accounting policies of the bank are in compliance with the international standards. The accounting policies ensure that the accounting procedures are carried out in a professional manner. The company has performed well in the market and if it continues with these strategies it will achieve much. References Mcmenamin, J, 1999, Financial Management: An Introduction. Routledge. London. Pietrobelli, C, Ffrench-Davis, R, Zamagni, S, & Ocampo, J, A, 2000, Financial Globalization and the Emerging Economies, United Nations. Santiago. Jao, C, Y, 2001, The Asian Financial Crisis and the Ordeal of Hong Kong. Quorum Books. Westport, CT. Das, D, K. 2004, Financial Globalization and the Emerging Market Economies. Routledge. New York. Gianaris, N, V, 2001, Globalization: A Financial Approach. Praeger Publishers. Westport, CT. Gardener, E, P, M, & Versluijs, P, C, 2001, Bank Strategies and Challenges in the New Europe. Palgrave. New York.