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Life Expectancy At The Philippines - 1795 Words

Other reason why there was a deficiency in the SSS was because investments are linked to political and social considerations, limiting income and growth. Labor law, rules and regulations that protect workers’ economic security provides ways for employers to avoid the cost of social insurance, hence poor enrollment in SSS (DeCastro, 2015). Unlike Indonesia, the Philippines have a mandatory retirement age at 65 years old, even though individuals can retire as early as 60. But the life expectancy at birth for the Philippines is lower compared to Indonesia. The 2013 life expectancy at birth for the Philippines was 68.7 years , although the estimate life expectancy at the age of 65 using a life table was 13.5 years . The pension age for Indonesia is 9 years lower than the Philippines right now, but will gradually increase to 65 by 2043. According to the UN Population Division, the Philippines are currently experiencing decreasing child dependency ratio, while old-age dependency ratio will hover below 10% until it starts rising to 14% around 2050. Conclusion Unlike Thailand, Indonesia and Vietnam, the Philippines have a relatively complicated benefit calculation. Replacement rates were too high for non-high earners, up to 78.1% for an average earner, therefore not achieving the pension goal of providing old-age financial security. Learning from the Philippines, we see that actuarial valuations need to be done every few years to review the sustainability of the pension fund andShow MoreRelatedThe Republic Of The Philippines1600 Words   |  7 PagesIntroduction The Philippines, officially known as the Republic of the Philippines, is a sovereign island that comprises an archipelago of 7,107 islands located off Southeast Asia, between the Philippine Sea on the east and the South China Sea on the west. 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M alnutrition has been an issue there for many years as a result of the country’s overwhelming poverty rates (about 27.9 percent of the populace) depriving its people of food, and raging typhoons (such as Super Storm Haiyan) have only exasperated

Business Accounting Cash Generating Units

Question: Discuss about the Business Accounting for Cash Generating Units. Answer: Part A: Impairment Loss Introduction Impairment loss is a difference between carrying amount and recoverable amount with respect to the assets and cash generating units. Carrying amount is determined by deducting the depreciation amount from the value of the asset to recognize in the statement of financial position of the organization. Besides, recoverable amount is determined by deducting the cost of sale of the asset from the fair value. It is also determined by using value in use that is expected future cash flows to be derived from the sale of asset. AASB 136 regulates nature of impairment loss, measurement of the value of impairment loss and required disclosures (Song, Zhang and Wang 2015). Discussion Profit making companies are required to comply with the principles of AASB 136 as well as IAS 36 for recognizing and recording impairment loss. On the contrary, companies that are non-profit company may avoid the compliance of IAS 36 for recognizing the impairment loss of the assets. The principles of accounting on impairment loss are applicable to all the fixed assets of the organizations including goodwill (Martnez-Vega et al. 2015). The assets should be in the nature of cash generating unit that excludes inventories, deferred tax assets, investments. Assets or cash generating units are required to be impaired by the companies if the annual assessment reflects any indication for the impairment. Such indicators can be derived from external sources, internal sources or any relevant indicators from subsidiary or associate companies. Indicators from external sources include significant decline in the market value of the asset. In case, there are negative modifications in the equipment technology, industrial market, economic conditions and corporation laws then the companies are required to impair the assets. Additionally if there is increase in rates of interest or rates of return then also companies should recognize the impairment loss for assets and cash generating units (Ballas, Panagiotou and Tzovas 2015). Indicators from internal sources that require the organizations to impair the assets that include the financial performance or condition of the asset is bad than the same was expected. If the asset has been damaged physically or if the same has been obsolete then the impairment loss should be recognized. Another internal impairment indicator is that if the asset is in not in operating condition or if the asset has been discontinued from working then the organizations have to recognize the impairment loss. Besides, if the amount of investments reflected in the separate balance sheet is higher than it is disclosed in the consolidated balance sheet then the pa rent company is required to analyze and recognize impairment loss. Further, if the amount of dividend is higher than the total comprehensive income of the subsidiary company then the organization is required to measure the impairment loss as per AASB 136 (Morris and Shin 2016). At the time of determining the impairment loss, the organization is required to estimate the recoverable value of the impaired asset. However, in case of intangible assets that has useful life for indefinite period should be examined for impairment in each accounting year. Further, in case of goodwill, impairment should be examined in each financial year whether its useful life is limited or unlimited (Zhuang 2016). Higher of the amount of value in use and fair value reduced by sales expense is regarded as recoverable value. Further, the value of impairment loss is determined by deducting the carrying amount of the asset from its recoverable amount. If the carrying amount is higher than the recoverable amount then the amount of difference is regarded as impairment loss. It is recorded in the books of accounts in the income statement for the assets that have been revalued. Moreover, the amount of impairment loss should also be adjusted with the amount of depreciation or amortized valu e of the asset (Beauchamp et al. 2015). Impairment loss should be determined for the assets, the recoverable of which is not possible to measure. In such case, the recoverable amount can be measured by considering the cash-generating unit for the similar class of asset (Linnenluecke, et al. 2015). For instance, goodwill that is purchased by the organizations as a result of merger and acquisition should be allocated to cash-generating unit. Valuation of impairment loss for the assets under cash-generating unit is similar to that in case of other fixed depreciable assets. After measuring the amount of impairment loss, it is required to be allocated to the assets in cash- generating unit on the proportionate basis (Mannà ¢Ã¢â€š ¬Ã‚ Jiles, Thompson and Lester 2015). Apart from the assessment on indicators for impairment of the assets, the organizations also required to analyze the indicators for reversing the loss of impairment. Such assessment is required to be carried at the date of reporting except the analysis on goodwill. If the factors to determine the impairment condition is seemed to have altered then only recognition of reversal impairment can be applied to the assets. The organization is required to measure the amount of reversal and eliminate the same that have been recording previously (Bond, Govendir and Wells 2016). Considering the principles and rules of AASB 136, organizations are required to disclose the facts on impairment loss as per paragraph 126. Disclosure with respect to the class of each assets, amount of impairment loss and amount of reversal is required to be mentioned in the financial statements. The companies also required to disclose the events and indicators that enabled to impair the assets along with the facts about the nature of the asset. Further, the entities are also required to disclose the measures of estimate for the tangible and intangible assets with the disclosure on the useful life of such assets (Knauer and Whrmann 2015). Conclusion Based on the discussion on impairment loss it can be concluded that impairment loss reflects the significant economic efficiency of the assets of the companies. Since the efficiency and effectiveness of the asset declines with the constant use in business activities, it is important to measure such value. Accordingly, AASB 136 on impairment of asset regulates the valuation of impairment loss and the principles to recognize the accounting of impairment loss. Companies should analyze and disclose the indicators of impairment loss considering the external and internal sources during the accounting year. Part B: Journal Entries Journal entries in the books of Crossbow Ltd as at 30 June 2015 Dr. Cr. Amount $ 1 Impairment Loss A/c Dr. 29,000.00 To Land A/c 29,000.00 (Being amount of impairment loss on land has been recognized in the income statement of the company) 2 Impairment Loss A/c Dr. 20,000.00 To Goodwill A/c 20,000.00 (Being amount of impairment loss on cash generating units have been allocated to Goodwill of the company) Table 1: Journal entries (Source: Created by author) Workings 1 Impairment Loss valuation for Land Amount $ Carrying amount of Land 200,000.00 Less: Fair value as deducted by cost of disposal (171,000.00) Impairment Loss 29,000.00 Table 2: Impairment loss on Land (Source: Created by author) 2 Impairment Loss valuation for CGU Amount $ Total carrying amount of the business asset 1,680,000.00 Less: carrying amount of Land (200,000.00) Less: Goodwill (40,000.00) Total value of Cash- generating unit 1,440,000.00 Less: Recoverable amount (1,420,000.00) Impairment Loss 20,000.00 Table 3: Impairment loss on CGU (Source: Created by author) Notes As per AASB 136 on Impairment on assets loss on impairment is computed is there are indicators of impairment. In the present case, Crossbow Ltd analyzed indicators impairment as at 30 June 2015 therefore, principles of ASSB 136 are applicable to measure and recognize the impairment loss on assets. According to the AASB 136, impairment loss is determined by deducting the recoverable value from the carrying amount. Further, the recoverable amount is computed as higher of value in use or fair value reduced by the cost of disposal (Buratti et al., 2015). In case of Crossbow Ltd., value in use of land is not provided therefore the fair value reduced by the cost of sale has been considered as recoverable value. Moreover, the carrying amount of land at 30 June 2015 is higher than the recoverable value hence, the impairment loss is required to be recognized. The principles on AASB 136 states the impairment loss to be recognized for cash generating unit and the amount of loss is required to be allocated on proportionate basis. However, the amount of loss shall be allocated to Goodwill first and then the balance amount to be allocated to the other class of assets based on their carrying value (Fchtemeier et al. 2015). Total carrying amount of the asset of the company Crossbow Ltd at 30 June 2015 amounted to $1,680,000 that should be reduced by the amount of Land and Goodwill. The loss on impairment would be calculated on the balance value of cash generating unit, which is higher than the recoverable value as estimated by the company. Additionally, the amount of impairment loss $20,000 would be allocated to Goodwill first but as the entire loss on impairment has been allocated to Goodwill, allocation for other class of asset cannot be done. Reference List Ballas, A., Panagiotou, V. and Tzovas, C., 2015. Accounting Choices for Tangible Assets: A Study of Greek Firms.SPOUDAI-Journal of Economics and Business,64(4), pp.18-38. Beauchamp, M.H., Brooks, B.L., Barrowman, N., Aglipay, M., Keightley, M., Anderson, P., Yeates, K.O., Osmond, M.H. and Zemek, R., 2015. Empirical derivation and validation of a clinical case definition for neuropsychological impairment in children and adolescents.Journal of the International Neuropsychological Society,21(08), pp.596-609. Bond, D., Govendir, B. and Wells, P., 2016. An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136.Accounting Finance. Buratti, L., Balestrini, S., Altamura, C., Viticchi, G., Falsetti, L., Luzzi, S., Provinciali, L., Vernieri, F. and Silvestrini, M., 2015. Markers for the risk of progression from mild cognitive impairment to Alzheimer's disease.Journal of Alzheimer's Disease,45(3), pp.883-890. Fchtemeier, M., Brinckmann, M.P., Foddis, M., Kunz, A., Po, C., Curato, C., Dirnagl, U. and Farr, T.D., 2015. Vascular change and opposing effects of the angiotensin type 2 receptor in a mouse model of vascular cognitive impairment.Journal of Cerebral Blood Flow Metabolism,35(3), pp.476-484. Knauer, T. and Whrmann, A., 2015. Market reaction to goodwill impairments.European Accounting Review, pp.1-29. Linnenluecke, M.K., Birt, J., Lyon, J. and Sidhu, B.K., 2015. Planetary boundaries: implications for asset impairment.Accounting Finance,55(4), pp.911-929. Mannà ¢Ã¢â€š ¬Ã‚ Jiles, V., Thompson, K. and Lester, J., 2015. Sleep impairment and insomnia in sickle cell disease: A retrospective chart review of clinical and psychological indicators.Journal of the American Association of Nurse Practitioners,27(8), pp.441-449. Martnez-Vega, R., Garrido, F., Partearroyo, T., Cediel, R., Zeisel, S.H., Martnez-lvarez, C., Varela-Moreiras, G., Varela-Nieto, I. and Pajares, M.A., 2015. Folic acid deficiency induces premature hearing loss through mechanisms involving cochlear oxidative stress and impairment of homocysteine metabolism.The FASEB Journal,29(2), pp.418-432. Morris, S. and Shin, H.S., 2016. Illiquidity component of credit risk.Princeton University William S. Dietrich II Economic Theory Center Research Paper, (081_2016). Song, M., Zhang, J. and Wang, S., 2015. Review of the network environmental efficiencies of listed petroleum enterprises in China.Renewable and Sustainable Energy Reviews,43, pp.65-71. Zhuang, Z., 2016. Discussion of An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136.Accounting Finance,56(1), pp.289-294.

Recognition Scheme and Leadership Approach

Question: Discuss about the Recognition Scheme and Leadership Approach. Answer: Introduction: The aim of the study to focus on the Human Resource Management theories and models related to employee attraction and retention along with career progression, remuneration and reward. The purpose of the study is to explore the effectiveness of the HRM practices in the present dynamic business environment. This particular study is based on the case study of retaining talent with salary packaging by McDonald and the Spastic Centre. In order to carry out the study, a secondary research based on a number of HRM theories and models will be done. Discussion on the recognition scheme that supports McDonald's culture and attracts future leaders As evident from the case study, salary packaging plays an effective role in attraction and retention strategies of the employees. A number of other means of rewarding and retention process has also been mentioned in the case study. It has been found that the most popular means of salary packages include vehicle benefits, providing laptops or PDAs. This type of payment scheme has been evident in Spastic Centre. The employees only had to pay $1 a week to avail the scheme related to food outlets and other life necessities (Brown Capozza, 2016). However, an important thing has to be mentioned here that Spastic Centre is a non-profitable organization and keeping the same perspective in mind, the organization does not aim at increasing their profit. On the other hand, if the situation of McDonalds is considered, it has to be said that it is a profit making organization, thus, it has to think of various ways to compete with the other competitors of the market. The Organizational culture at McDonalds has provided unique pay and reward recognition scheme that has helped to motivate the employees of the organization. The Reading Lovewell-Tuck, (2013), it was understood that the fast food restaurant has always successfully managed to motivate the employees and engage them into the organizational activities. This has even boosted the productivity and performance of the organization. As commented by Wery and Thomson, (2013), this reward and recognition scheme falls under the organizational strategies of McDonalds. In fact, the reward programs aligned to the organizational strategy won the award for Employee Benefits Award and since then the strategy never lost its focus (Malik, Butt Choi, 2015). There was an increase in the sales of the products of McDonalds and thus, the motivating strategies can be easily considered as the important tool for the future managers as well to learn from. The management has always focused on making the work place resonate for the employees to work for the particular organization (Grbz, ?ahin Kksal, 2014). Organizational culture at McDonalds supports the goals and objectives of the Organization. Being the biggest fast food restaurant, the Organizational culture has to be designed in a way to attract more customers and eligible employees (Lawter, Kopelman Prottas, 2015). In the same manner, the organizational and the work culture at McDonalds is designed to encourage a learning process. The incentives and the other motivating factors reflect the effectiveness of the firms ability to achieve the desired level of human resource capabilities and excellence. Certain characteristics of the culture at McDonalds can be mentioned here. As mentioned by Crawford, (2015), the culture at McDonalds emphasizes human efficiency and human resource development. The management prioritize towards people-centricity, individual and organizational learning along with diversity and inclusion among the employees of the organization. The organizational culture at McDonalds has enabled the Organization to take advantage of the human resource and improve their quality as well by individual learning as well as organizational learning process (Faisal Ahammad et al., 2015). Therefore, it can be easily considered as the most effective and meaningful success factor in the business of McDonalds. From the above analysis and understanding, it can be easily said that the motivating factors that are used by McDonalds are definitely the best motivating schemes for the employees. Moreover, as known from the case study, the managing directors themselves had worked for the Organization since the time, they were young (Joseph Zacharia, 2013). Thus, they have the knowledge about the culture and the working of the Organization. Futures leaders definitely have true identification of rewarding and motivating employees. Discussion on theory (ies) that would support McDonald's recognition scheme. If the case study of McDonalds is considered, it has to be said that the management of McDonalds focuses on motivating the employees and increase productivity of the employees as much as possible. Therefore, motivational theories can be applied in this respect. Some of the employee motivational theories can be discussed in this respect. Expectancy theory: The Vrooms expectancy model proposes that an individual acts or behaves in a way they are motivated. Therefore, it is important to understand the specific behavior of a person that could determine the desirability of the outcome of the motivational factor. In this matter, Joseph and Zacharia, (2013) commented that understanding the behavior by the means of cognitive process produces desirable outcome. The motivational elements differ from person to person and thus, the outcome cannot be considered as the sole factor for determining the decision on behavior of an individual. Motivation is instrumentally important for achieving better result in terms of performance of an individual and the desirability of achieving the result is known as the valance. As stated by Grachev and Rakitsky, (2013), the management of an organization is highly responsible for taking care of the needs and the motivational factors of the employees. Whatever is promised to the employees should be ensured to them. The management should understand the needs of the employees that might include training or supervising the employees. The perception of the employees towards the management should be clear enough that the employees stay motivated to work at the particular workplace (Aitken, 2014). Motivational approach made by the management of McDonalds has helped to motivate the employees largely. As it has been evident from the case study that apart from providing monetary incentives to the employees, the management also recognizes the employees based on their performance. Recognizing the employees by different titles like Employees of the Month encourages the employees largely and is an impactful motivational factor that future leaders can learn from. Taylors Scientific Management: The Scientific management theory of management analyzes and synthesizes the workflow in an organization. The main objective behind this theory is to improve the economic efficiency focusing on the labor productivity. This attempt was made to apply a number of scientific thinking into the productivity of the organization (Grachev Rakitsky, 2013). The analysis includes logical and rational approach towards the work in an organization. The theory mainly focuses on increasing the efficiency of the workforce by transforming the craft production into mass production. A transfer of knowledge among the employees of an Organization helps to meet standardization of best practices to protect the social status of the particular workers with particular skills and abilities (Aitken, 2014). The theory also focuses on the accomplishing the improvement of the organizational management by improving the productivity of the workplace. If the motivational factor undertaken by McDonalds is considered, it can be said that the management has been focusing on improving the skills of the employees and at the same time, always try to motivate the employees by providing some monetary benefits. Therefore, the motivational factors that are used by McDonalds have helped to motivate the employees greatly and the result can be easily seen from their productivity. Herzbergs Two Factor Theory: Herzbergs Two Factor Theory talks about the important factors that act as the root of motivational factor for the employees of an organization. The motivation-hygiene theory is consistently related to job satisfaction. Kim, Kim and Heo, (2015) pointed out a number of factors that motivate the employees of n organization. These factors are achievement, recognition, responsibility, advancement and growth. When these mentioned factors are completely fulfilled by the management of an organization, there remains a greater chance that the employees get motivated and they focus on improving the organizational productivity (Cerasoli, Nicklin Ford, 2014). In addition to this, there are a number of factors that creates dissatisfaction among the employees (Band et al., 2016). These factors are certain Company policies, the work condition, insufficient salary, poor security and others. Therefore, the management should focus on eliminating or improving the situation that would create dissatisfac tion among the employees of an organization (Olafsen et al.2015). It is when the employees of an organization finds job enlargement and enrichment along with certain level of empowerment, the motivation level increases and the organizational activities increases considerably. The motivational factors that are evident at McDonalds are based on the expectations of the employees. It has been observed that the employees of the Organization have been promoted to the managerial position as well. This is one of the most impactful motivational factors that the Organization had undertaken. As commented by Kim, Kim and Heo, (2015), when the eligible employees are recognized and they are included in making important decisions for the organization, the employees get highly motivated and they focus on the improvement of the organization as well. Therefore, it can be said that the Herzbergs Two Factor Theory can be rightly applicable to the motivational factors of McDonalds. Theory X and Theory Y: The Theory X and Theory Y model is another exceptional motivational theory that is used by major organizations to motivate their employees. The theory suggests that the management style of an organization is strongly influenced by the beliefs and assumptions of the employees. It has been assumed that employees automatically get motivated if they like the work and they get unmotivated if they do not like the work at all (Band et al., 2016). In case, if there remains an authoritarian approach in the management style, there remain lesser chances of acceptability among the employees. Theory X assumes that employees are less intelligent and that they can be made intelligent if they are trained well. The average workforce can be easily motivated to perform better by the application of a number of motivational factors. In this respect, Turan, (2015) commented that it is in fact suitable for the management as well to find out various ways to motivate the employees and increase the productivi ty of the organization. Theory Y talks about the internal organizational structure of an organization. As stated by Aitken, (2014), employees are the most efficient and effective resource of an organization and thus, they should be rewarded for their part of work in order to boost their morale. If the employees get motivated, there remains a greater chance that the organization will prosper. Assuming the factors of X and Y, it can be easily said that McDonalds motivational factors are inclined towards improving the condition of the employees and has resulted in creating a relationship between the employees and the management. The motivational schemes like performance based pay scheme or rewarding them with the right title and designation has resulted in motivating the employees which in turn has improved the organizational capability to a great extent (Dobre, 2013). The theories explained in this part of the paper helps to understand the importance of motivational factors in improving the productivity of an organization. It can be rightly said that incentives and monetary schemes are greatly recognized by McDonalds to motivate their employees. Therefore, it can be said that it is the motivational factors that has helped McDonalds to reach the mark where the Organization presently stands. Application of McDonald's approach to managing human resources in a not-for profit organization such as the Spastic Centre. Justification of the answer The motivational factors used by the non-profit organization Spastic Centre was based on salary packages. In addition to this, childcare centers, gym and food and drink packages were aloes included in the packages for the employees of the organization. The employees have to pay very less amount to avail the services of food packaging. On the other hand, the motivational and the recognition schemes of McDonalds are based on the profit earned by the Organization. If the situation of McDonalds is considered, it has to be said that it is a profit making organization and the Company also have to fight against the intense competition from other fast food retailers as well (Grachev Rakitsky, 2013). Customer servicing is one of the major criterion that they have to perform in order to boost their sales and dominate the market. As stated by Lawter, Kopelman and Prottas, (2015), for a non-profit organization, the managerial responsibility remains to reduce the costs and expenses of the organization because not much is gained from the business activities or operations. Therefore, coming up with certain motivational schemes that include huge expenses levied on the employees will automatically increase the expenses of the non-profit organization. This might result in high payoff for the particular organization. As commented by Grbz, ?ahin and Kksal, (2014), that one of the most important work from the managerial perspective is to minimize the cost of the particular agency and move towards better benefits and increase the profitability of the particular organization. In case, if the non-profit organization, Spastic Centre adopts the motivational techniques as adopted by McDonalds, there remains a greater chance that the Company has to suffer monetarily. In this respect, Wery and Thomson, (2013) commented that pe rformance based pay and behavior oriented schemes are important in an organization to follow in order to boost the performance of the employees in an organization. However, the application of the major attractive and motivation al schemes are largely depended on the type of organization and the needs of the organization (Graves, Sarkis Zhu, 2013). With the analysis, it can be said that for every organization, motivating the employees is indeed very important and it is only by the means of motivating the employees, there remains better chances of increasing the productivity of the organization (Grbz, ?ahin Kksal, (2014)). However, it has to be understood that there remains a huge difference between a profit and non-profit organization. As it has been evident that McDonalds business largely focuses on increasing its profit margin and thus, expenses made on the employees fall under needs of the organization but for a non-profit organization, including monetary expenses for motivating the employees is not feasible at all. Conclusion: A detailed analysis had been done on the understanding of motivational factors that an Organization undertakes to motivate the employees. The case study on McDonalds has been taken into consideration for understanding the important factors that motivate the employees of the Organization. A number of motivational theories have been discussed as well to understand the theoretical perspective of the motivational factors. It has been observed that McDonalds has been utilizing a number of motivational factors either by the means of providing incentives or by recognizing the employees. If the same situation is considered in case of a non-profit organization, it can be said that the motivational factors might differ because providing money to the employees might not be feasible for the particular organization. References: Aitken, H. G. (2014).Scientific Management in Action: Taylorism at Watertown Arsenal, 1908-1915. Princeton University Press. Band, G., Shah, N. 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