Assessment of how managing the human Essay Example for Free

Assessment of how managing the human Essay This part of assignment assesses how managing the human, physical and technological resources that have been researched so far can improve the performance of Marks Spencer. Human Resources Human Resources are the people (employees) in the business. Monitoring the performance of employees in Marks Spencer has showed the way to a number of advantages. These essential advantages are assessed below. The employees in Marks Spencer are being monitored by CCTV and therefore watched by managers or directors which led to an increase in customer focus. Monitoring employees makes sure that they are carrying out the job tasks correctly. This could be for the reason that employees do not want to upset and get embarrassed when their managers or directors are observing them through CCTV; as a result they try to work and perform to the best of their ability. Employees in the stores of Marks Spencer know that they are being observed and monitored throughout the work day so this encourages employees to serve customers more adequately as well as to provide assistance at all times. In addition, employees in the stores are likely to think that they could get bonuses and rewards if they perform to the best of their ability. For instance, Marks Spencer could give incentives during the work which would likely make employees encouraged and complete the tasks given because incentives usually motivate employees to work to the best of their ability on whatever tasks are they completing. Marks Spencer offers gift vouchers that are the perfect choice to help reward congratulate and motivate people in a way they will appreciate. Marks Spencer vouchers are perfect incentive to increase sales, recruit new customers and generate new business. This is the best way to promote performance from the staff and encourage more positive outlook in the workplace. These incentives include the sick pay leave if needed as well as the holidays. (See appendix 4) Employees that work in Marks Spencer normally have 20% off discounts of the products and items that they buy. In addition, in order to increase their performance they offer deals and voucher tickets to their employees who are working to the best of their ability. These bonuses, fair wages and discounts that employees get makes them work even harder which means the motivation increases. Human resources includes the need of Marks Spencer having suitable employees in the organisation that work in the store in order to increase the performance of the business. Therefore, Marks Spencer should employ correct employees with the right skills, abilities and experience to complete tasks to the best of their ability. Having appropriate recruitment process – making adverts the most attractive as possible and having clear job descriptions with clear tasks would possibly bring the right people to Marks Spencer. When they choose an employee or employees to work for a business they need to make sure that interview procedure is correct and that short-listing table is used in order to compare all the candidates and choose the best one when looking at the criteria. Marks Spencer needs to make sure that they get the person to work for them that is intelligent, respectful and diligent. Candidates that apply for a job in marks Spencer need to complete the application form on the Marks Spencer’s website (www.marksandspencer.com) where an applicant would fill its personal details, grades and achievements and the experience. Retailers like Marks and Spencer have complex recruitment needs and have to deal with high volumes of applications to fill a large number of similar positions. Marks and Spencer manages all applications for store jobs via WCN’s Applicant Tracking System. The system is based on complex two way integration with the Marks and Spencer HR system. The system allows candidates who are successful after applying and completing online tests, to book their own interview within an hour of completing their application. Stores input vacancies and give available assessment times on the Marks and Spencer HR system, this data is then transferred to the WCN system and displayed to candidates online. Therefore, candidates that are successful they are either going to be contacted with the assessment times where they are going to be given different tasks including team work activities. In addition, their interview is going to take place at some time in the day too. After assessment day, usually the candidates will be told either by phone, e-mail or letter whether they got the job or not. In order to increase performance of the business the employees that are already working in Marks Spencer would need to be trained from time to time as they will be kept up to date with their tasks and will know how to complete them correctly. Knowing how to complete tasks correctly will eventually give motivation to them because they will have more understanding when completing their tasks and duties. However, if employees would not be sure of how to carry certain duties then the managers would not be happy with their work. Therefore, an appropriate training would be suitable in order to solve this problem. Training will give knowledge to employees about their job and introduce new tasks or duties that are needed to be completed. When employees go off for training they are normally working as a team by working together and completing certain tasks together; as a result, they are likely to develop more team work. Each store in Marks Spencer has different groups or teams and each group or team has their own responsibilities and tasks. Because each team has their own responsibilities this makes them know what they are doing and how they are approaching issues during their work day. Marks Spencer also have team members whose responsibilities are divided because they are specialists in their job; therefore, this means that Marks Spencer is likely to achieve its aims and objectives consistently and obviously, on time. On top of that, the employees that are part of Marks Spencer’s crew also help to achieve the targets of Marks Spencer. This could be for the reason that managers or directors have a span of control on supervisors and sales assistants in Marks Spencer stores. As a result, having the span of control will mean that managers are in charge for setting duties and tasks, controlling and observing employees, for instance, sales assistants and supervisors. For the reason that this happens they have their own responsibilities and tasks that has to be met and there is no need to worry themselves about other employees’ responsibilities and tasks in the store. As a result target achievement is met by a better task focus that takes place. In Marks Spencer the CCTV monitors the employees that are working and therefore, the managers in Marks Spencer’s store observes employees. This fact has increased Marks Spencer’s profit in the way as employees work to the best of their ability and perform well while they are working because they know that they are being observed. Employees need to perform well in order to get bonuses for their good work and to avoid the disappointment of their managers; therefore, they treat customers very well and serve them at all times when they are available. As a result, customers that are treated well tend to buy the items, such as food and clothing from Marks Spencer. This could be for the reason that when customers need help with their shopping, normally employees help them with where to find certain products, or where to find the right shoe sizes and clothing for them. In addition to this, Marks Spencer stores that provide clothing have fitting rooms which means employees that usually stand in front of the fitting rooms are there to help customers with the sizes of their clothing and even the styles. Marks Spencer usually observes the employees’ that are being late and therefore monitors them; normally, an employee that works for Marks Spencer will have an ID card. The lateness of employees’ can also be observed by asking them to sign time-sheets each day when they start and finish work; this helps Marks Spencer to organize all the employees that are expected to be on time and in their work place. Observing and monitoring employees’ makes them to start working on time for the reason that they might not want to have arguments or conflicts with their managers in the store. Because Marks Spencer stores have enough employees on the store floors this helps Marks Spencer to serve the majority of the customers properly. This is for the reason that fewer employees would be placed to serve customers in fitting rooms and most of the employees would be placed on the store floor placing products on shelves and helping customers to find certain products if they need help. For the reason that employees are divided into different areas in the whole store of Marks Spencer they can serve customers and help with their shopping at all times. However, if there aren’t enough employees on the store floor the customers will be disappointed due to the fact that they will not be served very well and not given much help concerning their shopping. For instance, if all of Marks Spencer’s employees’ in the store serves customers only in fitting rooms then there would not be enough employees on the store floor which will lead to a real untidiness and muddle in the store. In conclusion, observing employees’ punctuality makes them to keep up with their attendance and be punctual. This makes Marks Spencer have better image because their employees serves customers well and manages to keep up with the tidiness on the store floors. Physical and Technological resources Physical and technological resources that Marks Spencer uses have quite a lot of advantages as Human Resources. Physical resources are the things that business uses to complete its activities every day in the store, for instance, buildings and equipment. Technological resources are things such as computers with its software such as Microsoft Office. Physical and technological resources are assessed below. Marks Spencer has got a transactional website (technological resource) (www.marksandspencer.com) which means that the business is expanded in many ways which increased its performance. This could be for the reason that clients or consumers that are able to access the website can purchase its products. Marks Spencer online shopping offers UK online shoppers many choices. Their large clothing and home ware line has earned respect and loyalty from shoppers from the United Kingdom as well as worldwide. Consumers can shop online for thousands of Marks Spencer online products from the convenience of their home because people can look through the website to see new clothes and items and the new deals and offers are also promoted on the website so that customers know what is offered in the stores. In the website, it is also possible to contact Marks Spencer if consumers have a question regarding a product or an item. Therefore, this expand the business as anyone can access the website from any country of the world if they have internet connection and it also increases performance because consumers can stay at home not visiting the stores which means Marks Spencer would receive money from costumers anyway, which would increase in sales and this means Marks Spencer would make more profit. Marks Spencer stores has got many tills in their stores and employees that works on them, therefore, having many tills prevents in having long customer queues because as employees are able to work on the tills they can serve the customers very quickly. Therefore, the more tills Marks Spencer has, the better customer service because it serves customers quickly leaving them happy and it is likely to make them to come into the store the next time as they received good customer service. Eventually, if they continue visiting the store this means they will buy more products which will increase in sales and make higher profits. In addition to this, normally there are lifts in Marks Spencer stores that helps customers quite a lot too because their shopping can be more convenient. Lifts are useful because it helps customers with pushchairs and disabled customers to shop, especially in the stores where Marks Spencer has got four floors. For instance, one of the shopping malls in Plymouth has got Marks Spencer store of four floors; the first being men clothing, the second is women clothing, the third is lingerie and fourth floor is children clothing and toys, home ware and the cafà ©. On the fourth floor they also have a tunnel leading directly to the car park so it means customers can avoid the busy lifts that they will find in the shopping mall itself. Therefore, by having lifts Marks Spencer makes it convenient for customers to shop and they are likely to visit the store more often due to comfortable surroundings and resources available to them. In addition to this, Marks Spencer always has employees with samples of different items in the store for customers to try. This would also increase in providing better customer service as the products are promoted and customers will want to try out the new products. They will be happy that Marks Spencer offers samples to try out because customers would feel important in the store by employees showing attention and offering products to customers. As a result, customers that try the samples are likely to like the product and purchase it making Marks Spencer’s sales eventually grow and profits increase. On the top of that, customers want a good value for the products they buy which would be high quality and reliable. They also want to get good quality service provided to them at the stores and that staff always would be available for assistance if needed. Customers also want a good environment around them in which they would be comfortable to shop and buy high standard products provided; therefore, better customer service would be increased by employees being motivated and providing assistance and by having resources such as lifts which increase the shopping convenience and this would keep customers happy. The availability of communication through Internet and telephone allows Marks Spencer to correspond quicker and easier. Managers in Marks Spencer are able to send and receive information from other Marks Spencer branches as well as departments. For instance, e-mails allow managers to attach financial statement and transfer them to finance department which might be situated in another city. In addition to this, Internet and telephone connection gives an advantage to customers as well. This is for the reason that customers are able to contact Marks Spencer either by e-mails or by giving a call to Marks Spencer store. A number of customers feel the need to contact Marks Spencer because they want to ask about particular product, for example, if Marks Spencer has black jacket in size ten. If it happens that Marks Spencer has this type of an item in store the customer might ask to put it on hold which Marks Spencer will be happy to do. However, if it happens that Marks Spencer does not have it in store then the customer can order it and Marks Spencer will be happy to provide instructions how to do it. When the delivery arrives, Marks Spencer will contact the customer by informing him about the arrived jacket. Therefore, the customer would be happy because they are given quality service and because Marks Spencer is trying the best to serve customers well; this would make customers feel important. Marks Spencer has insurance against thefts, fire damages and vandalisms; therefore this makes employees feel safe in their working environment. Because of this employees are able to work and perform up to the highest possible standard. For instance, an employee who knows that he or she is protected from thieves that could appear in the store and be dangerous to lives of people that appear in the store will be able to serve customers without fair and stress. In addition, customers who know that Marks Spencer has insurance they would feel safe and protected when shopping in the store. This would increase Marks Spencer’s performance, as employees want to be safe, they want staff would be always available for assistance and they want good environment around them that is comfortable to shop in. Therefore, having insurance from thefts, fire damages and vandalisms would make sure that customer’s desires are fulfilled and employees would work to the best as they can knowing that they are protected. Therefore, as customers would visit the store more because they feel safe at the store, they would buy more products due to safety and getting quality assistance from employees and as a result sales will eventually increase which would lead to higher profit and increased performance. Equipment of Marks Spencer and the machinery would increase in productivity as well as the performance and reputation of the business. Marks Spencer would need to have the latest equipment and machinery in order to carry day to day activities correctly. Marks Spencer would use equipment and machinery such as self check-out machines, electronic tills and trolleys to carry products. The machinery in warehouses would be used in order to make items to the highest possible quality. These machines would need to be updated regularly so that they would not break down and cause day to day activities to slow down. Ultimately, if machinery and equipment are looked after and updated regularly then this means Marks Spencer would be able to operate effectively; customers are likely to buy their items and products which would eventually increase in sales and profit. If customers are going to be happy due to the service provided because of good machinery and equipment then they are likely to stay with Marks Spencer by visiting their stores regularly which would mean Marks Spencer’s reputation will grow over time and once again the sales and profits will increase. In addition to this, Marks Spencer stores have got employed security guards which make a store a safer place to work because there is an instant access to help. Having security is important for marks Spencer because products and items have security tags attached to them on the electronic bars; therefore, if people decide to steal a product or an item the alarm is going to go off at the entrance of the store which would mean that a customer has stolen something. Therefore, security guards will take care of this and make sure that the thief does not run away. In addition, CCTV cameras take great care of being secure at work as well. CCTV cameras operate all day through in Marks Spencer recording everything that is going on. Eventually, having security guards and CCTV cameras increases in performance of Marks Spencer as the employees will feel safe and happy at work and as a result carry out tasks to the best of their ability. Marks Spencer normally has quite big buildings that consist of two, three or even four floors, especially in shopping malls. In addition to this, if there are separate floors such as four floors building it allows Marks Spencer to set a particular floor for particular products and items. For instance, one of the shopping malls in Plymouth has got Marks Spencer store of four floors; the first being men clothing, the second is women clothing, the third is lingerie and fourth floor is children clothing and toys, home ware and the cafà ©. Besides, as the floors are quite big in terms of space, this allows Marks Spencer to have room in order to display a range of styles of the products. If Marks Spencer is able to display a large number of products this means that the performance is going to be increased because as the products are promoted the customers that walk around the store would see the product or an item and might get interested. Customer is likely to be attracted by the product because of the suitable displaying of products in Marks Spencer and as a result they would purchase it. In addition, customers that walk pass the store, might see the display of products in the shop windows of Mark Spencer and this would attract them to come in to the store to look at the product in more detail. Therefore, as customers are likely to buy more products due to displaying this is likely to increase sales and make a higher profit. If the business makes higher profit then this would increase the performance of Marks Spencer. Eventually, human, physical and technological resources have a big impact on Marks Spencer as a business. However, the inability that could to use these resources effectively could appear and this will cause many problems and difficulties rather than advantages.

Educational Philosophy :: Education Educating Teaching Essays

Educational Philosophy Today’s educators are setting the pace for their students’ tomorrow. Educators are expected of so much more today than they were twenty years ago. It is the teachers’ responsibility to provide their students with an education as well as a personal identity, and a sense of comfort. Every student that walks into a classroom contains a different set of needs that their teacher must meet. The educational aspect of teaching is a given, but the teacher must also aid their students in being individuals and appreciating who they are and where they come from. Teachers must also provide comfort and security for their students. The more comfortable that a student feels with their teacher, the more apt they will be to share issues they are struggling with in their lives. One of the reasons that I want to be an educator is because I want to fill every one of my students with confidence. I intend to pack the minds of my students with an endless supply of knowledge as well as e ncouragement in every aspect of their life. They will be taught to love themselves and appreciate their background. Another reason that I want to be an educator is because I truly love spending time with children. I was born the third of six children. I have experienced the role of being the baby sister and the big sister. I feel that I can relate with children very well because I spent so much time with my family. My final reason for wanting to be an educator is to explore different teaching style. I have been especially interested in creating a classroom for cooperative learning and Existentialism. My classroom will be the perfect learning environment. I will paint the room in light pastels and place carpet on a section of the floor. The carpeted section of the room will contain couches and beanbags. This area will be used mainly for group discussion. I will fill the walls with inspirational quotes and artwork provided by the students. I will have tables in my room instead of desks. I encourage cooperative learning because I feel that group work improves problem-solving and reading skills. Students will be graded on their participation inside of the group as far as working together and assisting group members. When it is time for the class to be evaluated, I will ask the students to leave their groups and select a special place in the room where they can go and work independently.

A Study of Cash Flows Statement

I. Introduction The purpose of this paper is to present and explain the statement of cash flows by incorporating the statements No. 95, 102 and 104 that establish standards for cash flows reporting issued by FASB[i]. FASB Statement No. 95 (FAS 95) â€Å"Statement of Cash Flows† supersedes APB Opinion No. 9, Reporting Changes in Financial Position, and requires a statement of cash flows as part of a full set of financial statements for all business enterprises[ii] in place of a statement of changes in financial position and classify cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category. FASB Statement No. 102 (FAS 102) amends FAS 95, to exempt from the requirement to provide a statement of cash flows (a) defined benefit pension plans covered by FASB Statement No. 5, Accounting and Reporting by Defined Benefit Pension Plans[iii] , and certain other employee benefit plans and (b) high ly liquid investment companies that meet specified conditions. This Statement also requires that cash receipts and cash payments resulting from acquisitions and sales of (a) securities and other assets that are acquired specifically for resale and carried at market value in a trading account and (b) loans that are acquired specifically for resale and carried at market value or the lower of cost or market value be classified as operating cash flows in a statement of cash flows. FASB Statement No. 104 (FAS 104) amends FAS 95 to permit banks, savings institutions, and credit unions to report in a statement of cash flows certain net cash receipts and cash payments for (a) deposits placed with other financial institutions and withdrawals of deposits, (b) time deposits accepted and repayments of deposits, and (c) loans made to customers and principal collections of loans. This Statement also amends FAS 95 to permit cash flows resulting from futures contracts, forward contracts, option contracts, or swap contracts that are accounted for as hedges of identifiable transactions or events to be classified in the same category as the cash flows from the items being hedged provided that accounting policy is disclosed. II. Purpose of a Statement of Cash Flows The purpose of a statement of cash flows is: 1. To provide relevant information about the cash receipts and cash payments of an enterprise during a period 2. To help investors, creditors, and others to assess; 2. 1. The enterprise's ability to generate positive future net cash flows 2. 2. The enterprise's ability to meet its obligations, its ability to pay dividends, and its needs for external financing 2. 3. The reasons for differences between net income and associated cash receipts and payments 2. 4. The effects on an enterprise's financial position of both its cash and noncash investing and financing transactions during the period. So the objectives of standards of financial accounting and reporting is to require the presentation of information about the historical changes in cash and cash equivalents of an enterprise by means of the statement of cash flows which classifies cash flows during the period according to operating, investing and financing activities. III. Focus on Cash and Cash Equivalents A statement of cash flows explains the changes in cash[iv] (cash on hand and demand deposits) and cash equivalents during a period. Cash equivalents comprise the short-term, highly liquid investments that are (i) readily convertible to a known amount of cash and (ii) that are subject to an insignificant risk of changes in value. Generally an investment normally meets the definition of a cash equivalent when it has a maturity of three months or less from the date of acquisition. Equity investments are normally excluded, unless they are in substance a cash equivalent (e. g. preferred shares acquired within three months of their specified redemption date). Bank overdrafts which are repayable on demand and which form an integral part of an enterprise's cash management are also included as a component of cash and cash equivalents. Examples of items commonly considered to be cash equivalents are treasury bills, commercial paper, money market funds, and federal funds sold (for an enterprise with banking operations). Cash purchases and sales of those investments generally are part of the enterprise's cash management activities rather than part of its operating, investing, and financing activities, and details of those transactions need not be reported in a statement of cash flows. An enterprise shall establish a policy concerning which short-term, highly liquid investments that satisfy the said definition of cash equivalents. For example, an enterprise having banking operations might decide that all investments that qualify except for those purchased for its trading account will be treated as cash equivalents, while an enterprise whose operations consist largely of investing in short-term, highly liquid investments might decide that all those items will be treated as investments rather than cash equivalents. An enterprise shall disclose its policy for determining which items are treated as cash equivalents. Any change to that policy is a change in accounting principle that shall be affected by restating financial statements for earlier years presented for comparative purposes. IV. Gross and net cash flows Generally, information about the gross amounts of cash receipts and cash payments during a period is more relevant than information about the net amounts of cash receipts and payments. However, the net amount of related receipts and payments provides sufficient information not only for cash equivalents as noted in section III, but also for certain other classes of cash flows that have quick turnover, large amounts and short maturities. For certain other items such as demand deposits of a bank and customer accounts payable of a broker-dealer, the enterprise is substantively holding or disbursing cash on behalf of its customers. Only the net changes during the period in assets and liabilities with those characteristics need be reported because knowledge of the gross cash receipts and payments related to them may not be necessary to understand the enterprise's operating, investing, and financing activities[v]. Items that qualify for net reporting because their turnover is quick, their amounts are large, and their maturities are short are cash receipts and payments pertaining to (a) investments (other than cash equivalents), (b) loans receivable, and (c) debt, providing that the original maturity of the asset or liability is three months or less[vi]. Banks, savings institutions, and credit unions are not required to report gross amounts of cash receipts and cash payments for (a) deposits placed with other financial institutions and withdrawals of deposits, (b) time deposits accepted and repayments of deposits, and (c) loans made to customers and principal collections of loans. When those enterprises constitute part of a consolidated enterprise, net amounts of cash receipts and cash payments for deposit or lending activities of those enterprises shall be reported separate from gross amounts of cash receipts and cash payments for other investing and financing activities of the consolidated enterprise, including those of a subsidiary of a bank, savings institution, or credit union that is not itself a bank, savings institution, or credit union. V. Classification of Cash Receipts and Cash Payments A statement of cash flows shall classify cash receipts and cash payments as resulting from investing, financing, or operating activities[vii]. |Cash Flows from Investing Activities[viii] | |Cash inflows from receipts including; |Cash outflows for disbursements / payments including; | | | | |1. ollections of loans made by the enterprise |1. making loans by the enterprise | |2. sales of other entities' debt instruments (other than cash |2. acquire debt instruments of other entities (other than cash | |equivalents and certain debt instruments that are acquired |equivalents and certain debt instruments that are acquired | |specifically for resale) that were purchased by the enterprise |specifically | |3. ales of equity instruments of other enterprises (other than |for resale) | |certain equity instruments carried in a trading account) |3. acquire equity instruments of other enterprises (other than | |and from returns of investment in those instruments |certain equity instruments carrie d in a trading account) | |4. sales of property, plant, and equipment and other productive |4. t the time of purchase or soon before or after purchase[ix] to | |assets. |acquire property, plant, and equipment and other productive | | |assets[x]. | | | | | | |Cash Flows from Financing Activities |Cash inflows from; |Cash outflows for; | | | | |1. Proceeds from issuing equity instruments |1. Payments of dividends or other distributions to owners, including | |2. Proceeds from issuing bonds, mortgages, notes, and from |outlays to reacquire the enterprise's equity instruments | |other short- or long-term borrowing. |2. Repayments of amounts borrowed | | |3. Other principal payments to creditors who have extended long-term | | |credit[xi]. | | | |Cash Flows from Operating Activities[xii] | |Cash inflows includes; |Cash outflows includes; | |1. Cash receipts from sales of goods[xiii] or services, |1. Cash payments to acquire materials for manufacture or goods[xiv] | |including receipts from collection or sale of accounts and both |for resale, including principal | |short- and long-term notes receivable from customers arising |payments on accounts and both short- and long-term notes payable to | |from those sales |suppliers for those materials or goods | |2. Cash receipts from returns on loans, other debt instruments |2. Cash payments to other suppliers and employees for other goods or | |of other entities, and equity securities—interest and dividends |services | |3. All other cash receipts that do not stem from transactions |c. Cash payments to governments for taxes, duties, fines, and other | |defined as investing or financing activities, such as amounts |fees or penalties | |received to settle lawsuits; proceeds of nsurance settlements |3. Cash payments to lenders and other creditors for interest | |except for those that are directly related to investing or |4. All other cash payments that do not stem from transactions defined| |financing activities, such as from destruction of a building; |as investing or financing activities, such as payments to settle | |and refunds from suppliers. |lawsuits, cash contributions to charities, and cash refunds to | | |customers. It is notable that certain cash receipts and payments may have aspects of more than one class of cash flows. For example, the ac quisition and sale of equipment to be used by the enterprise or rented to others generally are investing activities. However, equipment sometimes is acquired or produced to be used by the enterprise or rented to others for a short period and then sold. In those circumstances, the acquisition or production and subsequent sale of those assets shall be considered operating activities. Cash flows relating to extraordinary items should be classified as operating, investing or financing as appropriate and should be separately disclosed. The exchange rate used for translation of transactions denominated in a foreign currency and the cash flows of a foreign subsidiary should be the rate in effect at the date of the cash flows. [xv] Cash flows of foreign subsidiaries should be translated at the exchange rates prevailing when the cash flows took place. As regards the cash flows of associates and joint ventures, where the equity method is used, the cash flow statement should report only cash flows between the investor and the investee; where proportionate consolidation is used, the cash flow statement should include the venturer's share of the cash flows of the investee. Financial statements shall not report an amount of cash flow per share. Neither cash flow nor any component of it is an alternative to net income as an indicator of an enterprise's performance, as reporting per share amounts might imply. VI. Content and Form of the Statement of Cash Flows A statement of cash flows for a period shall report net cash provided or used by operating, investing, and financing activities[xvi] and the net effect of those flows on cash and cash equivalents during the period in a manner that reconciles beginning and ending cash and cash equivalents. In reporting cash flows from operating activities, enterprises are encouraged to use Direct Method to shows each major class of gross cash receipts and gross cash payments[xvii]. The operating cash flows section of the cash flow statement under the direct method would appear something like this: |Cash receipts from customers |xx,xxx | |Cash paid to suppliers |xx,xxx | |Cash paid to employees |xx,xxx | |Cash paid for other operating expenses |xx,xxx | |Interest paid |xx,xxx | |Income taxes paid |xx,xxx | |Net cash from operating activities |xx,xxx | Enterprises that do so should, at a minimum, separately report the following classes of operating cash receipts and payments: Enterprises that choose not to provide information about major classes of operating receipts and payments by the direct method shall determine and report the same amount for net cash flow from operating activities indirectly by adjusting net income to reconcile it to net cash flow from operating activities (the indirect or reconciliation method). The Indirect Method adjusts accrual basis net profit or loss for the effects of non-cash transactions. The operating cash flows section of the cash flow statement under the indirect method would appear something like this: |Profit before interest and income taxes |  |xx,xxx | |Add back depreciation |  |xx,xxx | |Add back amortization of goodwill |  |xx,xxx | |Increase in receivables |  |xx,xxx | |Decrease in inventories |  |xx,xxx | |Increase in trade payables |  |xx,xxx | |Interest expense | |xx,xxx | |Less Interest accrued but not yet paid | |  xx,xxx | |Interest paid |  |xx,xxx | |Income taxes paid |  |xx,xxx | |Net cash from operating activities |  |xx,xxx | That requires adjusting net income to remove (a) the effects of all deferrals of past operating cash receipts and payments, such as changes during the period in inventory, deferred income, and the like, and all accruals of expected future operating cash receipts and payments, such as changes during the period in receivables and payables[xviii], and (b) the effects of all items whose cash effects are investing or financing cash flows, such as depreciation, amortization of goodwill, and gains or losses on sales of property, plant, and equipment and discontinued operations (which relate to investing activities), and gains or losses on extinguishment of debt (which is a financing activity). If the direct method of reporting net cash flow from operating activities is used, the reconciliation of net income to net cash flow from operating activities shall be provided in a separate schedule. If the indirect method is used, the reconciliation may be either reported within the statement of cas h flows or provided in a separate schedule, with the statement of cash flows reporting only the net cash flow from operating activities. If the reconciliation is presented in the statement of cash flows, all adjustments to net income to determine net cash flow from operating activities shall be clearly identified as reconciling items. Except for items described in section IV paragraphs 2 and 3, both investing/financing cash inflows and outflows shall be reported separately in a statement of cash flows—for example, outlays for acquisitions of property, plant, and equipment shall be reported separately from proceeds from sales of property, plant, and equipment; proceeds of borrowings shall be reported separately from repayments of debt; and proceeds from issuing stock shall be reported separately from outlays to reacquire the enterprise's stock. VII. Information about Noncash Investing and Financing Activities Information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period shall be reported in related disclosures. Examples of noncash investing and financing transactions are converting debt to equity; acquiring assets by assuming directly related liabilities, such as purchasing a building by incurring a mortgage to the seller; obtaining an asset by entering into a capital lease; and exchanging noncash assets or liabilities for other noncash assets or liabilities. Some transactions are part cash and part noncash; only the cash portion shall be reported in the statement of cash flows. VIII. Exemptions from the Requirement to Provide a Statement of Cash Flows A statement of cash flows is not required to be provided by a defined benefit pension plan that presents financial information in accordance with the provisions of Statement 35. Other employee benefit plans that present financial information similar to that required by Statement 35 (including the presentation of plan investments at fair value) also are not required to provide a statement of cash flows. Employee benefit plans are encouraged to include a statement of cash flows with their annual financial statements when that statement would provide relevant information about the ability of the plan to meet future obligations (for example, when the plan invests in assets that are not highly liquid or obtains financing for investments). For an investment enterprise (an investment company, an investment enterprise, a common trust fund, variable annuity account, or similar fund maintained by a bank, insurance company, or other enterprise in its capacity as a trustee, administrator, or guardian for the collective investment and reinvestment of moneys) to be exempt from the requirement to provide a statement of cash flows, all of the following conditions must be met: a. During the period, substantially all of the enterprise's investments were highly liquid (for example, marketable securities, and other assets for which a market is readily available). b. Substantially all of the enterprise's investments are carried at market value[xix]. c. The enterprise had little or no debt, based on the average debt outstanding[xx] during the period, in relation to average total assets. d. The enterprise provides a statement of changes in net assets. IX. Classification of Cash Flows from Acquisitions and Sales of Certain Securities and Other Assets Banks, brokers and dealers in securities, and other enterprises may carry securities and other assets in a trading account[xxi]. Cash receipts and cash payments resulting from purchases and sales of securities and other assets shall be classified as operating cash flows if those assets are acquired specifically for resale and are carried at market value in a trading account. Some loans are similar to securities in a trading account in that they are originated or purchased specifically for resale and are held for short periods of time. Cash receipts and cash payments resulting from acquisitions and sales of loans lso shall be classified as operating cash flows if those loans are acquired specifically for resale and are carried at market value or at the lower of cost or market value[xxii]. Cash receipts resulting from sales of loans that were not specifically acquired for resale shall be cla ssified as investing cash inflows. That is, if loans were acquired as investments, cash receipts from sales of those loans shall be classified as investing cash inflows regardless of a change in the purpose for holding those loans. X. Net Reporting of Certain Cash Receipts and Cash Payments According to FAS No. 95, information about the gross amounts of cash receipts and cash payments during a period generally is more relevant than information about the net amounts of cash receipts and cash payments. However, for certain items, the net amount of cash receipts and cash payments may provide sufficient information. For example, gross cash flows need not be reported for demand deposits of a bank or for investments, loans receivable, and debt of any enterprise if the original maturity of the asset or liability is three months or less. As a result banks, savings institutions, and credit unions are not required to report gross amounts of cash receipts and cash payments for (a) deposits placed with other financial institutions and withdrawals of deposits, (b) time deposits accepted and repayments of deposits, and (c) loans made to customers and principal collections of loans. When those enterprises constitute part of a consolidated enterprise, net amounts of cash receipts and cash payments for deposit or lending activities of those enterprises shall be reported separate from gross amounts of cash receipts and cash payments for other investing and financing activities of the consolidated enterprise. XI. Classification of Cash Flows from Hedging Transactions The Board received requests from various enterprises to reconsider the classification of cash flows from an item that is intended as a hedge of another item. Those requests generally focused on cash flows from a futures contract or forward contract that is accounted for as a hedge of an inventory transaction. FAS 104 modifies FAS 95 to permit cash flows resulting from futures contracts, forward contracts, option contracts, or swap contracts that are accounted for as hedges of identifiable transactions or events (for example, a cash payment from a futures contract that hedges a purchase or sale of inventory), including anticipatory hedges, to be classified in the same category as the cash flows from the items being hedged provided that accounting policy is disclosed. If for any reason hedge accounting for an instrument that hedges an identifiable transaction or event is discontinued, then any cash flows subsequent to the date of discontinuance shall be classified consistent with the nature of the instrument. Endnotes ———————– i]- â€Å"Portions of various FASB Statements, copyright  © by the Financial Accounting Standards Board, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, USA, are reproduced with permission. Complete copies of these documents are available from the FASB. † [ii]- A statement of cash flows is not required for defined benefit pension plans and certain other employee benefit plans or for certain investment companies as provided by FAS 102, Statement of Cash Flows—Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale. [iii]- The financial reporting requirements of defined benefit pension plans are addressed in Statement 35. Paragraph 6 of that Statement specifies that the annual financial statements of a plan shall include: (a) A statement that includes information regarding the net assets available for benefits as of the end of the plan year (b) A statement that includes information regarding the changes during the year in the net assets available for benefits (c) Information regarding the actuarial present value of accumulated plan benefits as of either the beginning or end of the plan year (d) Information regarding the effects, if significant, of certain factors affecting the year-to-year change in the actuarial present value of accumulated plan benefits. Statement 35 also states that existing generally accepted accounting principles other than those discussed in that Statement may apply to the financial statements of defined benefit pension plans. iv]- Consistent with common usage, cash includes not only currency on hand but demand deposits with banks or other financial institutions. Cash also inclu des other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. All charges and credits to those accounts are cash receipts or payments to both the entity owning the account and the bank holding it. For example, a bank's granting of a loan by crediting the proceeds to a customer's demand deposit account is a cash payment by the bank and a cash receipt of the customer when the entry is made. v]- cash flows from investing and financing activities should be reported gross by major class of cash receipts and major class of cash payments except for the following cases, which may be reported on a net basis: Cash receipts and payments on behalf of customers (for example, receipt and repayment of demand deposits by banks, and receipts collected on behalf of and paid over to the owner of a property). Cash receipts and payments for items in which the turnover is quick, the amounts are large, and the maturities are short, generally less than three months (for example, charges and collections from credit card customers, and purchase and sale of investments). cash receipts and payments relating to fixed maturity deposits. Cash advances and loans made to customers and repayments thereof. Investing and financing transactions which do not require the use of cash should be excluded from the cash flow statement, but they should be separately disclosed elsewhere in the financial statements. vi]- For this purpose, amounts due on demand are considered to have maturities of three months or less. For convenience, credit card receivables of financial services operations–generally, receivables resulting from cardholder charges that may, at the cardholder's option, be paid in full when first billed, usually within one month, without incurring interest charges and that do not stem from the enterprise's sale of good s or services–also are considered to be loans with original maturities of three months or less. [vii]- Generally, each cash receipt or payment is to be classified according to its nature without regard to whether it stems from an item intended as a hedge of another item. For example, the proceeds of a borrowing are a financing cash inflow even though the debt is intended as a hedge of an investment, and the purchase or sale of a futures contract is an investing activity even though the contract is intended as a hedge of a firm commitment to purchase inventory. However, cash flows from futures contracts, forward contracts, option contracts, or swap contracts that are accounted for as hedges of identifiable transactions or events (for example, a cash payment from a futures contract same category as the cash flows from the items being hedged provided that accounting policy is that hedges a purchase or sale of inventory), including anticipatory hedges, may be classified in the disclosed. If for any reason hedge accounting for an instrument that hedges an identifiable transaction or event is discontinued, then any cash flows subsequent to the date of discontinuance shall be classified consistent with the nature of the instrument. [viii]- Investing activities exclude acquiring and disposing of certain loans or other debt or equity instruments that are acquired specifically for resale, as discussed in Statement 102. [ix]- Generally, only advance payments, the down payment, or other amounts paid at the time of purchase or soon before or after purchase of property, plant, and equipment and other productive assets are investing cash outflows. Incurring directly related debt to the seller is a financing transaction, and subsequent payments of principal on that debt thus are financing cash outflows. x]- Payments to acquire productive assets include interest capitalized as part of the cost of those assets. [xi]- Refer to footnote 8 which indicates that most principal payments on seller-financed debt directly related to a purchase of property, plant, and equipment or other productive assets are financing cash outflows. [xii]- Operating activities include all transactions and other events that are not defined as investing or financing activities in paragraphs 15-20. Operating activities generally involve producing and delivering goods and providing services. Cash flows from operating activities are generally the cash effects of transactions and other events that enter into the determination of net income. xiii]- The term goods include certain loans and other debt and equity instruments of other enterprises that are acquired specifically for resale, as discussed in Statement 102. [xiv]- The term goods include certain loans and other debt and equity instruments of other enterprises that are acquired specifically for resale, as discussed in Statement 102. [xv]- Paragraph 12 of FASB Statement No. 52, Foreign Currency Translation, recognizes the general imprac ticality of translating revenues, expenses, gains, and losses at the exchange rates on dates they are recognized and permits an appropriately weighted average exchange rate for the period to be used to translate those elements. This Statement applies that provision to cash receipts and cash payments. xvi]- Separate disclosure of cash flows pertaining to extraordinary items or discontinued operations reflected in those categories is not required. An enterprise that nevertheless chooses to report separately operating cash flows of discontinued operations shall do so consistently for all periods affected, which may include periods long after sale or liquidation of the operation. [xvii]- a. Cash collected from customers, including lessees, licensees, and the like b. Interest and dividends received c. Other operating cash receipts, if any d. Cash paid to employees and other suppliers of goods or services, including suppliers of insurance, advertising, and the like e. Interest paid f. Inc ome taxes paid g. Other operating cash payments, if any. xviii]- Adjustments to net income to determine net cash flow from operating activities shall reflect accruals for interest earned but not received and interest incurred but not paid. Those accruals may be reflected in the statement of financial position in changes in assets and liabilities that relate to investing or financing activities, such as loans or deposits. However, interest credited directly to a deposit account that has the general characteristics described footnote 1, is a cash outflow of the payor and a cash inflow of the payee when the entry is made. [xix]- Securities for which market value is determined using matrix pricing techniques, which are described in the AICPA Audit and Accounting Guide, Audits of Investment Companies, would meet this condition. Other securities for which market value is not readily determinable and for which fair value must be determined in good faith by the board of directors would not. [xx]- For the purpose of determining average debt outstanding, obligations resulting from redemptions of shares by the enterprise from unsettled purchases of securities or similar assets, or from covered options written generally may be excluded. However, any extension of credit by the seller that is not in accordance with standard industry practices for redeeming shares or for settling purchases of investments shall be included in average debt outstanding. [xxi]- Characteristics of trading account activities are described in FASB Statement No. 9, Financial Reporting and Changing Prices, and in the AICPA Industry Audit Guide, Audits of Banks, and Audit and Accounting Guide, Audits of Brokers and Dealers in Securities. [xxii]- Mortgage loans and mortgage-backed securities held for sale are required to be reported at the lowe r of cost or market value in accordance with FASB Statement No. 65, Accounting for Certain Mortgage Banking Activities. References 1. Statement of Financial Accounting Standards No. 95 Statement of Cash Flows November 1987 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P. O. BOX 5116, NORWALK, CONNECTICUT 06856-5116 2. Statement of Financial Accounting Standards No. 102 Statement of Cash Flows—Exemption of Certain Enterprises and Classification of Cash Flows from Certain Securities Acquired for Resale an amendment of FASB Statement No. 95 February 1989 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P. O. BOX 5116, NORWALK, CONNECTICUT 06856-5116 3. Statement of Financial Accounting Standards No. 104 Statement of Cash Flows—Net Reporting of Certain Cash Receipts and Cash Payments and Classification of Cash Flows from Hedging Transactions an amendment of FASB Statement No. 95 December 1989 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P. O. BOX 5116, NORWALK, CONNECTICUT 06856-511

Decision Making And Planning Of The Military Essay

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