Timberland †Corporate Social Responsibility Essay Example for Free

Timberland – Corporate Social Responsibility Essay How do Timberlands social responsibility efforts and high ethical standards benefit the company? Timberland’s CSR (Corporate social responsibility) efforts benefit the company in a number of ways: By involving all stakeholders be it consumers, employees or stock holders, Timberland ensures that it is not â€Å"business as usual† but much more towards giving back to the community from which it derives sustenance. By contributing to the local community through PIES (Partners in education and service) and other projects, it ensures that the local community is made to feel like â€Å"part of the family† Timberland is undertaking thirteen different projects with the local community and the employee’s involvement sparks what the management calls a â€Å"revolution† in social justice. Over the past several years, corporate America has been shaken by a series of scandals involving the top management and the whole image of these companies had taken a severe beating. Timberland, by its CSR efforts has ensured that all its stakeholders have a positive approach towards the company and this helps it in its business efforts.       Why is the leader’s personal involvement key? By aligning themselves with the social responsibility efforts, Timberland’s management has ensured that: Their personal involvement ensures that the employees are motivated and â€Å"follow the leader† in their efforts towards CSR By letting employees get a paid leave of 40 hours to contribute towards CSR efforts, the leadership of Timberland is sending a strong message to all the stakeholders about its sincerity and commitment towards the community projects The fact that the leadership was present at the meeting of volunteers to kick off the CSR efforts is a signal that â€Å"everyone is involved†. Timberland is striving to create a brand identity for itself as a caring and ethical company. Towards this, the leadership wants to ensure that it does not fall into the quagmire of profit driven unethical behavior and instead engage themselves with the community at large.

Political and Emotional Dictatorship within Junot Diazs Brief and Wond

Political and Emotional Dictatorship within Junot Diaz's Brief and Wondrous Life of Oscar Wao Works Cited Missing Junot Dà ­az published his first novel and second book The Brief Wondrous Life of Oscar Wao in 2006, forty-five years after the 1930-1961 rule of Trujillo over the Dominican Republic collapsed. That's the central theme of the novel: dictatorship. It concerns not only political, man-over-man, Trujillo-brutal dictatorship (though that is a haunting image throughout), but also psychological despots: the dictatorship of fear, of orphanage, of blighted love, of displacement, of cancer, of nerdiness, of ostracization, of obesity, of unrequited love, of male sexual hunger (both under- and over-supplemented), and, above all, of fukà º?a general "curse or doom," as Dà ­az explains in his introduction, that "they say [...] came from Africa, carried in the screams of the enslaved, [they say it] was the death bane of the Tainos, uttered just as one world perished and another began" (1). But Dà ­az is disciplined in his craft: he doesn't just scatter despots higgledy-piggledy throughout the novel, no, Dà ­az presents the theme following a definitive structure that resembles a V?starting at one point (one despot) and expanding to encompass several. The main characters of the novel?those of and around the Cabral-Wao lineage?are subject (victim) to this pattern. Fukà º, of course, is not simply and superstitiously a "general curse", really it represents the cultural upheaval (to say the least) of the Dominican Republic and the rest of the Latin American world that started "when the Spaniards 'discovered' the New World?or when the U.S. invaded Santo Domingo in 1916" (212). So fukà º is imperialism. Dà ­az couldn't possibly chronicle within a... ...car Wao is powerless against that. Junot Dà ­az himself clearly sympathizes with the victims of oppression, is no totalitarian, hierarchic right-winger. This is evident simply in his narrative style: a slang-wielding, street-friendly, straight-forward minimalist, unafraid to use what others would consider ?unworthy? of literature. His liberal approach, executed of course with an immense talent and discretion (just using the word ?Homedog? doesn?t make a literary genius), delivers a visceral intimacy of the environment and dispositions of his characters that require no decoding to enjoy, accomplishes what Wordsworth and Whitman intended: free literature from its academic stronghold. Dà ­az?s non-hierarchical stance is incandescent, but, as history has shown, the above goal likely won?t be achieved by a single hand. And that?s only part of the struggle for democracy.

An Imaginary Life By David Malouf

â€Å"An Imaginary Life† by David Malouf is a delicately beautiful story of the urbane and irreverent Poet Publius Ovidius Naso (Ovid), banished by Augustus for unspecified transgressions to Tomis, the very outposts of the known world, near the Black Sea.Notwithstanding his real life supplications to the emperor for remission of punishment, it is this grey unreported period that Malouf has explored with such lyrical acuity, with significant ahistorical departures to meet plot imperatives.Ovid's Metamorphoses is a group of stories where Change is the only constant and Ovid’s intention in recounting myths is established from the very beginning. â€Å"Prima ab origine mundi, ad mea perpetuum†¦ tempora carmen†- â€Å"from the very beginning of the world, in an unbroken poem, to my own time† (Metamorphoses 1.3-4).Book One of Ovid's Metamorphoses establishes the book's theme of metamorphoses and transformations with a creation tale that progresses into huma n stories leading to the current state of man.The creation piece is followed by a flood story and a discussion of the ages of mankind. The ages of mankind – gold, silver, bronze, and iron – describe man's slow progression from a good, wholesome society into a miserable, self-destructive one. The next stories concern tales of gods and goddesses and their manipulations of the human population and each other.In Malouf’s story of Ovid’s exile, the most accomplished of Roman poets, whose tongue had found such perfect form in metre and verse in a language that isolated and analysed the finest nuances, is forced to learn a ruder and barbarian vernacular, which was more assimilative and integrative than analytical.In fact they had no word for the concept of freedom, as in their worldview, nothing was free, all things being integrally dependent on all other things. This is the first of the transformations where the limitations of language are brought home to the s ophisticate.One day, while on a hunt with the tribesman, he comes upon a wild child one day which he adopts and cares for â€Å"as if he had been handed a new past.† In the very first paragraph of the book, the poet recounts how he has had repeated dreams and visions of â€Å"the unchanging other† which may represent both the historical Jesus Christ and the contemporary spiritual consciousness of the New Age.The poet is trying to reinvent his past and seeks redemption in his original, uncorrupted, state. This is a defining moment for the second transformation of the poet, who will progressively realise the essentiality of grounding oneself in nature to realise one’s true identity.

Organizational Behavior And Management Consolidated Life...

MGT 701 Organizational Behavior and Management Consolidated Life Case: Caught Between Two Cultures BJ Stabler University of St. Mary Individuals in organizations face different reason for why they do their job the way they do. Effective leaders are able to find what motivates these individuals and get them to go in the direction that they need to go. Without the proper human resource from the organization’s leaders, culture and behavior could become affected in a way that is not in favor for growth. In the consolidated life case, any manger could have an impact on the culture of the organization such as Jack Greely did. Whenever there is a change in the organizational structure there could be a possible change in the†¦show more content†¦In the terms of Group Behaviors, we have learned that these types of groups are formed because of managerial actions, and also because of individual efforts (Ivancevich, J., Konopaska, R., Matterson M. (2013), p.23) Although he was granted permission to move forward with the forum, Jack did not like the idea of the employees creating their own union so he wanted to put a stop to it immediately but ultimately decided to guide the Forum in the direction to make it lose interest of the employees. This idea was proposed by Rick Belkner whether or not if he had the power to do so. This group could have beneficial to the organization if the managers would use negotiation skills to keep groups functioning effectively. After hearing how his supervisors felt about the Forum, Mike still felt the need to proceed with the forum but to tailor it to the point where Rick receive the praise from vendors. The group improved at 8 months and became known as one of best trained groups in the division. With all of the praise on the performance of the group, Mike’s decision to proceed with the forum was not a way to justify his behavior as explained in Exhibit 2.6 of the Intervention Points to Influence a Culture Change. Whether the situation was wrong or right it was in Mike’s best interest to follow Jack’s beliefs and values if he want to stay with the organization. It was clearly stated that Jack reputation is tough but fair andShow MoreRelatedManagement Course: Mba−10 General Management215330 Words   |  862 PagesManagement Course: MBA−10 General Management California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−58539−4 Text: Effective Behavior in Organizations, Seventh Edition Cohen Harvard Business Review Finance Articles The Power of Management Capital Feigenbaum−Feigenbaum International Management, Sixth Edition Hodgetts−Luthans−Doh Contemporary Management, Fourth Edition Jones−George Driving Shareholder Value Morin−Jarrell LeadershipRead MoreThe Sony Corporation a Case Study in Transnationa Media Management9950 Words   |  40 PagesThe Sony Corporation: A Case Study in Transnational Media Management by Richard A. Gershon, Western Michigan University, U.S.A. and Tsutomu Kanayama, Sophia University, Japan The transnational corporation is a nationally based company with overseas operations in two or more countries. What distinguishes the transnational media corporation (TNMC) from other types of TNCs, is that the principle product being sold is information and entertainment. The following paper is a case study analysis of the SonyRead MoreThe Impact of Economic Meltdown on the Nigeria Banking Industry (a Case Study of Intercontinental Bank Plc).13502 Words   |  55 Pagestends to unravel the effects of economic meltdown on employee productivity in the Nigerian banking system using the August 14, 2009 CBN intervention into commercial banks (as a result of the meltdown originating from unsecured credits and poor bank management in the Nigerian commercial banking system) as a benchmark to analyze the effects. Data was collected from journals, interviews and direct data from specific units of the bank. 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Matthews The Complete Guide to Acquisitions Management FrancesRead MoreHuman Resources Management150900 Words   |  604 PagesChanging Nature of Human Resource Management After you have read this chapter, you should be able to: ââ€"  Identify four major HR challenges currently facing organizations and managers. List and define each of the seven major categories of HR activities. Identify the three different roles of HR management. Discuss the three dimensions associated with HR management as a strategic business contributor. Explain why HR professionals and operating managers must view HR management as an interface. Discuss whyRead MoreEmotional Intelligence ( Eq ) Essay10457 Words   |  42 Pagesare created, are transferred to the front region of the brain where however cannot be stopped, the communication between two areas of the brain is very tight and the goal is to produce an appropriate response to some situation. However due to the intensity of some emotions, sometime the rational and logic thinking is inhibited. Emotional intelligence requires effective communication between the rational and emotional centers of the brain. When emotional intelligence was first discovered, it served asRead MoreFundamentals of Hrm263904 Words   |  1056 Pagescom/college/quickstart Technical Support 24/7 FAQs, online chat, and phone support www.wileyplus.com/support Your WileyPLUS Account Manager Training and implementation support www.wileyplus.com/accountmanager MAKE IT YOURS! Fundamentals of Human Resource Management Tenth Edition David A. DeCenzo Coastal Carolina University Conway, SC Stephen P. Robbins San Diego State University San Diego, CA Tenth Edition Contributor Susan L. 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The Truth of Society - Free Essay Example

Sample details Pages: 3 Words: 782 Downloads: 7 Date added: 2019/04/01 Category Society Essay Level High school Tags: Truth Essay Did you like this example? It is to be told that society is changing through time. Heres the thing. Is it changing for the best or for the worst? Many people have mentioned that the world is advancing and speeding up the process of tasks which is making life easier. Don’t waste time! Our writers will create an original "The Truth of Society" essay for you Create order On the other hand, others have mentioned that society is going through its worst moments in time. It keeps getting worse. The author of Fahrenheit 451 wrote this science fiction book to explain how their society is controlled and its changes arent beneficial to the people. Science fiction demonstrates what authors or writers assume the future will hold for the people. Ray Bradbury, in Fahrenheit 451 is notifying the reader that society is affected through technology, lack of communication, and the loss of valuable life. Technology has been advancing fast and still is up to this very day. It has made life much easier and everyone loves it. Even though technology is benefical towards the people, it comes with its downside and consequences. Society uses technology 24/7. our population is increasing every day and all these billion consumers demand either a mobile phone or a computer in their homes or office (Ramey, 2012). There isnt a single moment in life today where technology isnt being used. People of all ages need technology, including babies too. A mother now has to keep a device with them in case the babies start to cry. They have the device set up and it quiets them down. Adults use technology for everything. From learning how to cook to selling drugs and illegal items. Technology is a person that keeps society distracted from the real world. Bradbury in Fahrenheit 451 shows the reader how technology distracts a main character in the book, Mildred, from realizing what the government is doing to the society that shes living in. As the books gets deeper into details, Mildred is always focused on her family. It is based on a show that she watches on her TV wall. It keeps her focused from her untrue happiness. Thats my family (Bradbury, 1995, p. 46). Mildred mentions that the actors on the TV wall is her family. It is a relationship with no physical emotion. The government uses technology as a rebellion to keep society happy and under their control. Technology isnt the only thing that has a downside towards society. The lack of communication between people has fallen and is going to keep on getting worse. Many people have decided to isolate themselves out from the world. They like to divert themselves and keep a distance from everyone else. Now a days, people dont have much communication between one another because they are focused on a certain thing. The majority of the people would rather send out a text or call then to ask a question or talk about a topic in person. The ways that people work and communicate via computer networks destabilize many conventional social categories ( King, R. (Ed.), 1996, p. 427). Many social lives are decreasing because of technology. It is one of the main reasons why society is negativly affected. The lack of communication is decreasing everyday as new inventions are created. Many companies continue on creating products to keep their costumers busy and entertained. But if everyone gets caught up with something, how will the world be? Will society lose its interest in communication with one another? Montag and Mildreds relationship is an example of los s of communication. Montag had asked Mildred one night if she remembered the first time they met (p. 40). She responded with a no. Montag himself doesnt remember where they met. Both characters had lost interest in one another. Was there any love to begin with? Montag brings up a wall being in between him and mildred. That wall is where Mildred says she has her family. The walls were always in the way between Mildred and himself (p. 42) Its what kept their communication decreasing. The lack of communication between society is a problem, but it isnt the worst conflict that needs to be solved. Societys population is losing the loss of peoples valuable life. Society doesnt value life as much as it should be. People every second of each day lose their life. Whether its a homocide, suicide, accidents, slavery death continues to happen every where. In Fahreneheit 451, Mildred tries to commit suicide and doesnt succeed at it. Montag believes that it was an accident and says that Mildred probably forgot she took some pills and kept taking more. This is not the case. Mildred is unhappy and careless but she just doesnt know it because she is being brainwashed by the government. They want everyone to be happy. It a rule, not a given choice.

Sustainability Is The Continuance Of A Defined Behavior

Sustainability is the continuance of a defined behavior or action with the ability to maintain a balance of what and how that specific behavior is being completed (Business Dictionary, 17). As this definition is general, we can apply it using a qualitative breakdown of its importance to biology and ecology. The importance of sustainability in biology and ecology is to ensure that the relationship in which we utilize our natural resources does not surpass the Earth’s abilities to produce those materials due to our consumption. This is the idea of sustainable development. Per Environmental sustainability; practice global implications, â€Å"we cannot generalize environmental sustainability with the interpretation that we must ensure that we can†¦show more content†¦Moreover, it reveals an acceptance of diversity and reassures that well-being, growth, and cooperation is prevalent among all individuals in a society. â€Å"Environment Sustainability is the rates of renew able resource harvest, pollution creation, and non-renewable resource depletion that can be continued indefinitely† (Environmental Sustainability). Human activities should not interfere with the proper health of the environment. Creating less pollution, minimizing harvesting renewable and nonrenewable sources, avoid damaging ecological features will increase the maintenance and sustainability of the environment.â€Å"Economic Sustainability is the ability of an economy to support a defined level of economic production indefinitely† (Economic Sustainability). GDP (Gross Domestic Product), observing average GDP Per person, and Poverty Threshold are indicators used for observing whether economic sustainability is maintained and strong. Economic Sustainability demonstrates that each person is at least given the minimum level of comfort to live satisfactorily. Due to global warming, the climate of Kiribati has changed dramatically causing the sea levels to rise and a decreas e in the freshwater lenses used for both crops and human consumption. The people of Kiribati including Loane Teitiota have found it difficult to survive due to the changes to the environmental condition. Loane Teitiota was close to becoming the first climate change refugee until he was deported from NewShow MoreRelatedIt Is No Secret That Google Has Been Declared One Of The893 Words   |  4 Pagessecret that Google has been declared one of the best places to work. The public knows it, the competition knows it, and Google employees know it for certain! Job satisfaction levels are through the roof for Google creating longevity and long-term sustainability. In order to maintain the status of being one of the best places to work, Google is very selective about hiring competent employees who contribute to a positive workplace culture. Thus, Google employees are well paid, receive many perks, as wellRead MoreThe National Border Industrialization Program1370 Words   |  6 Pagesbe sold in Mexico without being subject to duty. The Mexican government had its own regulations, within those regulations the maquilas were not allowed to sell completed products in Mexican markets with the risk of losing their registration and continuance of importing goods free of duty. This regulation began to lose its standards in the 1970s. According to Hanson, once the rules weren’t practiced like before its import changed and allowed the use of maquiladoras as part of its Border IndustrializationRead MoreSocial Sustainability : Is An Oxymoron As The Very Definition Of Sustainability?1926 Words   |  8 PagesThomas Wilson Professor Hamer English 2010 26 October 2014 Social sustainability is an oxymoron as the very definition of sustainability is â€Å"Sustainability is the ability to continue a defined behavior indefinitely.†(1) This is most certainly an unattainable goal if we try to achieve this by the above definition. Without the foresight and understanding that any sustainability would require constant change you could define sustainability as insanity. Insanity is to repeat the same actions and expectingRead MoreImplement Anc3952 Words   |  16 PagesAssessment 2 Project 1 Easy question – write a response to the following quote from unlimited sustainable develop solution. Organisation today are begin asked to address an increasingly complex set of environmental issues, as noted in the quote. Sustainability is achieved when we understand the economic environmental and social consequences of our actions and make deliberate choice that allow, all people to lead heathy productive and enjoyable lives. Your response should include a discussion of: Read MoreAddiction And Its Effects On Drug Abuse Essay2065 Words   |  9 Pagescompulsive drug seeking and use, despite harmful consequences to the addicted individual and to those around him or her† (Drug Facts). Codependency disorder and drug addiction often go hand in hand; they feed into each other’s obsessions and unhealthy behaviors. The brains of those afflicted exhibit similar flaws within the prefrontal cortices. There has been speculation whether or not addiction is a disease due to the addicts’ initial decision to abuse a substance. What demands examination is the innerRead MoreAddiction : Decision Or Disease Essay2021 Words   |  9 Pagesdrug seeking and use, despite harmful consequences to the addicted individual and to those around him or her† (Drug Facts, 2012). Codependency disorder and drug addiction often go hand in hand; they feed into each other’s obsessions and unhealthy behaviors. The brains of those afflicted exhibit simila r flaws within the prefrontal cortices. There has been speculation as to whether or not addiction is a disease due to the addicts’ initial decision to abuse the substance. This paper aims to explore theRead MoreNeutrogenas Leadership: Vision, Mission, Value , and Swot Analyses Alignment with Jnj4783 Words   |  20 Pagesvision paved the way for unbeatable competitive advantage by creating a relationship with Dermatologists. The legacy of Neutrogena originated from the visions of two different men to provide high-quality products; Neutrogena’s core value. The sustainability of the company required modifications to the mission; revising selling strategies to increase â€Å"marketing and research efforts to create a line of safe, mild, premium quality skincare products† (â€Å"Why Neutrogena,† n.d.). The recognition from DermatologistsRead MoreThe Quality Management Theory with an Emphasis on Kaizen and Efqm4130 Words   |  17 Pagesefforts to bring a bout alignment between management and employees. Through the use of experiments, analysis, and inference, the authors made some relevant conclusions important to the early use of kaizen. Primarily, they found that consistency and continuance were two factors necessary for the future impact of kaizen, and determined that providing education, engaging people, and promoting communication was essential to its success. They conclude by stating that kaizen â€Å"offers the potential to launchRead MoreBusiness Ethics Test Questions with Answers Essay22425 Words   |  90 Pagesthe ethics program. c. 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Organizations with this culture are systematic in their processes, well-structured and procedural. It is power-oriented; 2. An innovative culture—this is a culture that allows much

Emerging Economies Asia Pacific Countries †Myassignmenthelp.Com

Question: Discuss About The Emerging Economies Asia Pacific Countries? Answer: Introducation Chand (2005) stated that the need for harmonisation of accounting standards has arrived due to developing single set of high-quality accounting standards that can be used by business corporations around the world. The harmonisation of accounting standards will help in achieving congruence between the financial reporting systems of different business entities that making it easy for the end-users to analyse and interpret the financial information disclosed by any business entity. The IASB (International Accounting Standards Board) has directed the business corporations around the world to prepare their financial reports as per the IFRS (International Financial Reporting Standards). However, the adoption of IFRS in different countries is largely influenced by the country-specific contextual issues that are restricting the harmonisation of IFRS. As such, it can be said that the harmonisation of IFRS is possible with the combined efforts of regulators, standard-setters, financiers, busin ess community and the accounting professionals. The various countries in the Asia-Pacific region have successfully adopted IFRS for enhancing the global competitiveness of their business corporations (Chand, 2005). As per the Albu, Albu, and Alexander (2014), the implementation of the IFRS standards by the Asia-Pacific countries has presented various challenges in front of the accounting professionals regarding the use of fair value accounting. As such, the use of fair value accounting in Malaysia has reported many challenges due to country-specific issues. The IFRS 13 standard has directed business entities to use fair value accounting as it provides realistic information about the current market price of assets and liabilities. The fair value accounting is regarded to be better method as compared to historical cost approach that records the historical price of assets and liabilities. The accounting-standard setting bodies in Malaysia are emphasising on the use of fair value accounting with the increasing need for protecting the interests of the end-users. There are various other emerging Asia-Pacific economies that are adopting the use of fair value accounting approach besides Malaysia such a s Australia, New Zealand and Singapore with the only exception of Bangladesh (Albu, Albu, and Alexander, 2014). According to He, Wong and Young (2012), the historical cost accounting method reflects the initial price of assets and liabilities at the time of their purchase and does not provide any information relation to the current market valuation. As such, it lacks reliability and therefore fair value accounting method is largely preferred by the business corporations in the Asia-Pacific countries to match the needs and expectations of the end-users of realising reliable information to be used in making investment decisions. The use of fair value measurement techniques by the business entities in Malaysia has facilitated the easy comparison and evaluation of assets and liabilities through the general purpose financial statements. It has helped in developing a systematic approach for valuing the financial instruments of a business entity that provides reliable and comparable information about its financial performance. Also, the fair value of assets and liabilities also help in estimating the predicting their future values that can help the investors and creditors to make informed decisions (He, Wong and Young, 2012). Qu et al. (2012) stated that the regulatory Authority of Malaysia and the Malaysian Accounting Standards Board has mandated the public listed companies under the securities commission Malaysia for the use of fair value accounting but still it remains optional for private companies. Thus, it can be said that fair value accounting is still not adopted completely in the business corporations of Malaysia. This is due to some criticism regarding the use of fair value approach during the preparation of the general purpose financial statements. The major criticism as argued by many accounting professionals regarding the use of this approach is that it introduces high volatility in the financial statements. This is because the valuation provided by this approach is not adequate sometimes and thus it is said that volatility is the price of investor confidence (Qu et al., 2012). Fair Value Measurement implemented by the 2 Malaysian Companies and 2 Australian Companies In order to analyze the use of fair value accounting in the 2 Australian companies and 2 Malaysian companies, there is need to select such companies from the list available from the respective countries stock market. The 2 Australian companies selected for this purpose are Wesfarmers and Woolworths and 2 Malaysian companies selected are BERHAD and MISC BERHAD. There is need to understand the adoption of IFRS by the Malaysian Accounting Board before comparing the accounting of two countries. Before the adoption of IFRS, Malaysian Accounting Board follows the US GAAP to perform their accounting reporting work. After the implementation of IFRS by the IAB for all the countries and made them mandatory for all, Malaysian Accounting Board has decided to take IFRS and made their own country Malaysian GAAP which will be applicable on the listed companies under the Malaysian stock exchange. The standards referred to in the Malaysian GAAP are known as Malaysia Financial Reporting Standards. In Australia, AASB takes care of the adoption of the accounting standard and their implementation in their financial reporting guidelines. After the introduction of IFRS, AASB has decided to make changes in their AASB (Accounting standard) so that there will similarity between them. The use of fair value of measurement as described under IFRS 13 has helped a lot i n valuing the assets and liabilities in the books of accounts (AASB13, 2015). This has enhanced the capability of users of the annual report to interpret the financial information and to measure the profitability of the company. There is almost similarity between the Australian GAAP and Malaysian GAAP regarding the disclosures made for the fair value measurement as both the countries has adopted the standards defined in IFRS. After looking at the financial reports of both the companies of Malaysian companies (Pensonic Holding BERHAD and MISC BERHAD) it has been found that MFRS 13 is used for measuring the fair market value of assets and liabilities. MFRS 13 (Accounting of Financial Instruments) has been upgraded in year 2011 keeping in view the IFRS 13 standards regarding the same (MASB, 2017). MFRS 139 allows the mixed measurement of the three main categories and they are measurement of comprehensive income, realized profit or loss and amortized cost (MISC BERHAD, 2016). In relatio n to measurement of the financial instruments, the higher of cost or last known market price in case the active market quotes are not known to the company. In addition to this there are many assumptions that are needed to make by the company before presenting the financial report (Pensonic Holding BERHAD, 2016). This includes use techniques of valuation that is related to use of inputs from market and other estimates. The fair value accounting used by both the Malaysian companies is given under notes to accounts with detailed description of each measurement (MISC BERHAD, 2016 and Pensonic Holding BERHAD, 2016). On the other hand, Australian GAAP (AASB 13) defines the concept of fair value measurement. Mostly all the points have been copied from the IFRS 13 with some small differences to adjust with requirement of Australian companies. In order to better present the difference, the following table will help a lot (Wesfarmers, 2016 and Woolworths Group, 2016). Difference between Fair Value Measurement by the Australian Companies and Malaysian Companies Component of Income Statement of balance sheet AASB 13 implication upon and as implemented by the Australian Companies MFRS 13 implication upon and as implemented by the Malaysian Companies Preparation of Consolidated Financial Statements Australian companies have presented their financial items at historical cost basis other than the financial instruments that are available for sale (Wesfarmers, 2016 and Woolworths Group, 2016). Malaysian Companies have also presented their financial items at historical cost basis but their no description about the financial instruments (MISC BERHAD, 2016 and Pensonic Holding BERHAD, 2016). Items related to business combination Australian Companies use the fair market value concept to measure the value of company to be acquired but there are no defined guidelines regarding the same, such as if business combination has been carried out in installment than there will no concept of revaluation of assets or financial instruments. Malaysian companies have followed the set of clearly defined assumptions regarding the cost of acquisition and their measurement in books of accounts. Goodwill and other intangible assets There is separate accounting standard that deals with the accounting of intangible assets. Goodwill is measured after the business combination at cost (initially) and after that it is treated with any impairment loss (Wesfarmers, 2016 and Woolworths Group, 2016). Here, goodwill is measured in same way as Australian companies do but there is difference of presentation under notes to accounts. Depreciable Assets Assets that are presented under the non-current assets section are measured after deducting the depreciation for the year from their book value. There is also a concept of charging depreciation according to their remaining useful life in some cases (Wesfarmers, 2016 and Woolworths Group, 2016). Malaysian Companies follows same concept as Australian companies do, but depreciation is charged at predefined rate without giving effect of useful life of year (MISC BERHAD, 2016 and Pensonic Holding BERHAD, 2016). Financial Assets These assets are measured according to the risk management system and are divided on the basis of years of maturity (Wesfarmers, 2016 and Woolworths Group, 2016). Separate accounting standard (MFRS 139) is used to measure these assets (MISC BERHAD, 2016 and Pensonic Holding BERHAD, 2016). Here are some of pictures from the Annual reports that provide use of fair value measurement concept by the Australian companies Measurement of Financial Assets Goodwill and Other Intangible assets Property, Plant and Equipment Here re some of pictures from the Annual reports that provide use of fair value measurement concept by the Malaysian companies Business Combination Depreciation rate of fixed assets Goodwill and other intangible assets Financial Assets Use of fair value accounting since IFRS harmonisation in Malaysia in improving the quality of information disclosure The publicly-traded firms are adopting the use of fair value accounting (FVA) approach since IFRS harmonisation for improving the quality o their financial reports. The FVA is being widely recognised as a method of providing more accurate, comprehensive and timely information relative to the asset price by incorporating the effect of market movements during their valuation. The increasing complexity and volatility in the markets is causing the need for investors to determine the actual worth of an asset. The use of fair value accounting method is advocated by the accountants who seek implementing more precision in the assets and liabilities valuation. As such, it has improved the quality of financial disclosure by depicting the value of assets and liabilities as per the economical conditions. The business entities operating in Malaysia are subject to their different accounting frameworks, that are, old Financial Reporting Standards (FRS), private equity reporting standards (PERS) and Malaysia Financial Reporting standards (MFSR). The MFRS has only achieved congruence with the IFRS standards and is presently implemented only by the publicity-listed companies in Malaysia (Dignah et al., 2016). As such, it can be said that integration of IFRS by Malaysia has increased the reliability of accounting through the use of fair value accounting approach. The FVA approach has improved the quality of disclosure by decreasing the trading risk and thereby enhancing the trading volume. The increased transparency in the business operations through the use of fair value accounting approach has resulted in improving its shareholder base and also promoting foreign direct investment. Besides, this it has helped to large extent to the Malaysia government for economic planning through improving the interpretation of the financial accounting by the regulators, businesses and professionals (Alaryan et al., 2014). It has facilitated in developing a positive business environment and improved the global competitiveness of the Malaysian business entities. Also, the FVA approach as improved the direct investment by achieving the trust and confidence of foreign investors and thereby leading to busine ss expansion. The expansion of business firms has helped in improving the job opportunities in Malaysia and thereby promoting the economic growth and development of the country (Hassan Percy and Stewart, 2006). However, the use of fair value accounting in the publicly traded companies is regarded to be difficulties it requires gaining large number of assumptions and disclosing the information relating how they are derived. Also, there exists a possibility of underlining the overall worth of a business entity at the expenditure of assessing the performance of the management. The approach continuously assesses the influence of market fluctuations on the assets and liabilities thereby resulting in incorporating high volatility in the financial reports (Hanefah and Singh, 2012). The use of fair value approach through regarded to a better technique for predicting the realistic value of assets at a time for investors but they allow want historical value of assets for measuring the cash flows. Also, historical method helps the management in accurately determining whether it has achieved its stated operational goals and objectives. Thus, the improvement in quality of financial disclosure by the use of fair value accounting is still a topic of debate. The accounting-standard setting bodies is recommend to adopt the use of both the fair value and historical cost accounting method for achieving the stakeholder trust and confidence. Also, the regulators need to emphasize on the use of fair value accounting in private companies for promoting transparency in their business operations as well (Sidik, and Rahim, 2012). References AASB13. 2015. [Online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB13_08-15.pdf [Accessed on: 20 September, 2017]. Alaryan, L. A., et al. 2014. The Relationship between Fair Value Accounting and Presence of Manipulation in Financial Statements. International journal of accounting and financial reporting 4 (1), pp. 221-237. Albu, C. t. l. N., N. Albu, and D. Alexander. 2014. When global accounting standards meet the local context? Insights from an emerging economy. Critical Perspectives on Accounting 25 (6), pp. 489-510. Chand, P. 2005. Impetus to the success of harmonization: the case of South Pacific Island nations. Critical Perspectives on Accounting, 16(3), pp. 209-226. Dignah, A., et al. 2016. Fair Value Accounting and the Cost of Equity Capital of Asian Banks. Jurnal Pengurusan 48, pp. 125 135. Hanefah, H. M. M. and Singh, J. 2012. Convergence towards IFRS in Malaysia: issues, challenges and opportunities. International Journal of Business, Economics and Law 1, pp. 43-47. Hassan, M. S., Percy, M.,and Stewart, J. 2006. The value relevance of fair value disclosures in Australian firms in the extractive industries. Asian Academy of Management Journal of Accounting and Finance 2 (1), pp. 41-61. He, X., T. J. Wong, and D. Young. 2012. Challenges for Implementation of Fair Value Accounting in Emerging Markets: Evidence from China. Contemporary Accounting Research 29 (2), pp. 538-562. MASB. 2017. [Online] Available at: https://www.masb.org.my/pages.php?id=19 [Accessed on: 20 September, 2017]. MISC BERHAD. 2016. Annual Report 2016. [Online] Available at: https://www.misc.com.my/media/1554/misc-ar-31-12-2016.pdf [Accessed on: 20 September, 2017]. Pensonic Holding BERHAD. 2016. Annual Report 2016. [Online] Available at: https://www.pensonic.com/phocadownload/Annual-Report/PENSONIC%20Annual%20Report%202016-Part%202.pdf [Accessed on: 20 September, 2017]. Qu, W., et al. 2012. Does IFRS convergence improve quality of accounting information? - Evidence from the Chinese stock marketing. Corporate Ownership Control 9 (4), pp. 187- 196. Sidik, M. H. J., and Rahim, R. A. 2012. The Benefits and Challenges Of Financial Reporting Standards In Malaysia: Accounting Practitioners Perceptions. Australian Journal of Basic and Applied Sciences 6 (7), pp. 98-108. Wesfarmers. 2016. Annual Report 2016. [Online] Available at: https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4[Accessed on: 20 September, 2017]. Woolworths Group. 2016. Annual Report 2016. [Online] Available at: https://wow2016ar.qreports.com.au/xresources/pdf/wow16ar-financial-report.pdf [Accessed on: 20 September, 2017].