The Dispute Regarding African History From African and...

Currently in the XXI century, several researchers are still trying to study and discover more about the history of Africa, which is a huge continent with historical, cultural, linguistic, racial and geographical diversity. However the methods used to discover the history of a continent varies among European or African historians. Such researchers have different ways of seeing what really proves the history of the people, if the best way is by vivid history, archaeological, written or oral records. Due to the different point of view of European nation, that prefer to believe in concrete materials for study like written sources, arises the doubt whether Africa actually had real history is the past and not just after the colonization by them, when the population was ‘’educated’’ in European models and started to make written registration of their history. A further study about Africa can reveal all its cultural and historical richness. Their knowledge about land management, the discovery of agriculture in the Sahara desert 5000b.c, the development of livestock in regions of southern Africa as in Kenya(1). In addition the north of Africa is been considered the oldest region of the earth. Charles Darwin studies about the human evolution and archaeological sources shows that this region was probably the first one where Homo sapiens appeared(1). Detailed studies about African history can brings the knowledge about the development of the north Africa and how the islamism in regions

Customer Service Recovery Essay - 870 Words

Providing great customer service and having the ability to retain customers require consistency in delivering the anticipated services. Customer service encompasses having the ability to provide a service or product to customers by means in which it was promised. However, there are times when unforeseen circumstances may occur, resulting in customer service breakdowns. Understanding the effectiveness of customer service relations provides the assurance needed to handle complicated service related issues. A well qualified customer service representative has the acquired skill to effectively defuse a potentially damaging service related matter. Service recovery influences customer retention and improves customer satisfaction. Service†¦show more content†¦Customer loyalty increases the opportunity for organizations to build upon its customer base, and boost the return of its existing customers. Repeat business is evidence of satisfied customers. Satisfied customers are happy with the services and/or products they received, resulting in the likelihood of their return to purchase additional items. Upon each return visit, they anticipate the delivery of quality products and/or service. In addition, communication is also critical element of the service recovery process. Communication creates the foundation for a positive customer service experiences. It helps create realistic expectations for both the organization and the customer alike. Open lines of communication encourage customers to express their concerns, expectations, likes and/or dislikes about the services they receive. There are several methods for collecting communication data, the following are common collection methods; surveys, company websites, also the basic CSR and customer interactions. Creating a venue for customers to express their opinions is an ideal method for customers to evaluate your establishment, in its entirety. Opinion assessments not only allow customers to express their unbiased views, it also provides an opportunity for organizations to become familiar with their customers’ expectations. The collectedShow MoreRelatedThe Hospitality Industry : The Quality Of A Product And Service Essay1497 Words   |  6 Pagesa product and service. Unfortunately, the majority of customers are dissatisfied by the way companies resolve problems. Moreover, research has proven that customers often have more negative impressions after they go through the service-recovery process(Tax and Brown, 1998). Nonetheless, each companies utilize divergent methods for service recovery in order to please a customer. In an establishment, in this case a restaurant, it is significant for employees to notice when a customer is being dissatisfiedRead MoreCustomer Experience Management At The Food And Beverage Staff1691 Words   |  7 Pagestheir experiences of service recovery. Service recovery is important in managing negative moments of truth to achieve high service standards. However, to achieve high service standards, effective communication and teamwork are competencies that all Food and Beverage attendants should possess. In addition, staff training programs can assist in ensuring that all staff members have these attributes to achieve high service standards. Lastly, contributing to achieving high service standards is the effectiveRead MoreService Recovery1291 Words   |  6 PagesService Recovery: Online Shopping Mall in Korea Loyal customers are a vital asset of service companies. The most effective way to ensure repeat customers is to provide a product and service that meets or exceeds that customer’s expectations every time. Although this fact is important, effective application of recovery strategies may enable service mangers to maintain or even increase loyalty. Generally, good service recovery not only turns angry and frustrated customers into loyal ones, but itRead MoreCustomer Complaints And Why It Is Important For Improving Customer Experience For The Future1738 Words   |  7 PagesIntroduction: I have chosen to write my reflective essay on customer complaints and why it is important to handle them effectively, how to learn from complaints and how my workplace can use a complaint as a way of improving customer experience for the future. Reflective learning encourages development and new approaches to learning (Brockbank et al, 2002). From what I understand, the purpose of reflective writing is to help us recognise the way we work at a deeper level. It is a process in whichRead MoreSummary on Service Encounter Journal1242 Words   |  5 PagesSummary of Service Encounter Journaling Service encounter is person-to-person interactions between customers and service providers. Over the past six weeks, I realized my interaction with the service providers played a vital role in improving my perceptions regarding service quality, as they also influenced my satisfaction and brand perception. As a result, the good service I received had increased my long-term loyalty, lead to positive word-of-mouth and higher profitability for the service organizationsRead MoreAcme Mexico City Employee Essay1453 Words   |  6 PagesAcme Mexico City Employee Assignme Executive Summary In effort to increase profits, Acme Home Improvement expanded operations into the international market. Acme Mexico City (AMC) opened a new store in Mexico City, Mexico and will be providing customers with all their home improvement needs. Acme Home Improvements operations analysts working with the AMC advance planners have proposed a standard day assignment schedule. The proposed schedule is complaint with Mexican law and corporate policy inRead MoreService Failures And Service Recovery Strategies1365 Words   |  6 Pagesmatter the case, service failure is a serious matter, which organisations are dealing with on daily bases. Tracking and identifying occurrences of service failures, as well as the severity of each, are the cases of which service organisations need in order to mend the customer relationship and to restore commitment. 2.4 Service Recovery Strategies As Lovelock states, service recovery is an umbrella term for systematic efforts by a firm to correct a problem following a service failure and retainRead MoreCustomer Service And Building Loyalty Essay1562 Words   |  7 Pagessolving for customers by preparing ahead of time. Keep your customers happy, prevent dissatisfaction: start by investing in your employees training opportunities to respond to incidents before they occur. You can overcome unavoidable service breakdowns via a process known as service recovery. Through service expert Solomon’s (2014) method we can utilize the acronym A.R.F.D.: Apologize, Review the complaint, Fix the problem (also Follow-up), and Document. Additionally, good customer service and buildingRead MoreShouldice Hospital Case1684 Words   |  7 PagesThe Shouldice Hospital was created by Dr. Edward Earle Shouldice who is the inventor of the Shouldice method which is a hernia surgery designed to reduce recovery time and improve surgical resu lts. The method was in response to men who couldn’t enlist in the military due to complications and it would quickly restore their physical fitness for military training. Due to high demand and scarce hospital space, Dr. Shouldice decided to open up his own hospital specializing in his unique hernia repairRead MoreThe Not So Lucky Blarney Stone1129 Words   |  5 PagesPatrick’s Day, the service provided by the business is subpar. Unlike the legend that kissing the official Blarney Stone in Ireland will give a person good luck and eloquence, the Blarney Stone Restaurant in O’Neill, Nebraska is a service provider that needs a push in the right direction. (Blarney Castle Gardens, n.d.). The Story Behind the Poor Service The service provided when going to the establishment can be a hit and miss. According to Fisk, Grove, and John (2014, p.7), â€Å"A service is a deed, a

Financial Report Analysis free essay sample

Incitec Pivot Limited (IPL), is leading global chemical manufacturer supplying agricultural fertilisers and industrial chemicals to the Australian and overseas markets. The objective of this report was to analyse and understand how the accounting policies and strategies implemented by IPL impacted their financial performance. The analysis is based on IPL’s annual report which outlines the selected accounting policies, business strategy and performance. Firstly, the report summarises IPL’s activities and strategies during the financial years ending 30th September 2009 and 2010. Secondly, the report identifies the key accounting policies and assesses management’s flexibility in selecting them. Also, the report evaluates the quality of disclosure in IPL’s annual report, identifies potential questionable numbers and attempts to undo any possible distortions in the numbers. Finally, the report examines the financial press discussion of IPL’s performance and accounting numbers. The absence of any impairment [write-down] of intangible assets [13 per cent of Goodmans total asset base, and included in the covenant gearing calculation] was a surprise, Deutsche Bank said. Read more: http://www. smh. com. au/business/writedown-is-not-a-dirty-wordjust-look-at-goodman-group-20090227-8kb1. html#ixzz1YvZOrW5P 1. Summary of IPL’s activities and strategies Incitec Pivot Limited is a leading global chemicals company which has nitrogen-based manufacturing as its core activity. (Incitec Pivot Limited, 2009) The company is involved in the manufacture, trading and distribution of fertilisers, industrial explosives and chemicals. It was formed as a result of the merger between Incitec Fertilizers and Pivot in 2003 and 2006 and expanded by purchasing Southern Cross Fertilizers. IPL owns a portfolio of recognised and trusted brands and is the number one supplier for fertilizers and the number three supplier of explosives in Australia as well as being the prime supplier of explosive products and services in North America. (Incitec Pivot Limited, 2009) The company operates in Canada, USA, Mexico and Australia and has 4500 employees worldwide. The company has grown due to international demand for the four F`s: food, feed, fibre and fuel. IPL supplies 50% of Australia’s agricultural nutrient needs and also assisted Australian farmers to develop sustainable farming. The volatility of the market during the global financial crisis had an adverse impact on IPL. NPAT (excluding individually material items) decreased by 46% from $647. 5m in 2008 to $347. 8m in 2009. IPL’s Velocity efficiency program enabled it to make a significant return to the market in 2010 with a NPAT of $442. 8m (excluding individually material items), which was an increase of $95m. (IPL, Annual report, 2010). 2. Key accounting policies and Accounting Standards 2. 1 Revenue Recognition – AASB 118 Revenue is measured at the fair value of the consideration received or receivable. Trade allowances, amounts collected on behalf of third parties and net of returns comprise the revenue. Revenue is recognised as sales revenue, interest income and dividend receivable. Sales revenue is recognised when the considerable risks and rewards of the ownership have been transferred to the buyer. Interest income is recognised on an accrual basis, while dividend receivable recognition occurs when it is declared or received. 2. 2 Foreign Currency Translation – AASB 121 Items presented in the financial statements of each of the Group`s entities are measured using the functional currency. IPL’s presentation currency is the Australian dollar, the currency used to present its consolidated financial statements. Foreign currency transactions are translated into the functional currency at the exchange rate on the day the transaction occurs. Foreign exchange gains and losses are recognised in the statement of comprehensive income, except when they are `deferred in equity as qualifying cash flow hedges`. These have been calculated following the AASB 121 `The effects of changes in Foreign exchange rates` and AASB 139 `Financial instruments – recognition and measurement`. 2. 3 Income Taxes – AASB 112 The current and deferred tax constitutes the income tax expense which is shown in the statement of comprehensive income. The current tax comprises tax that has to be paid on the taxable income for that period at tax rates as of the reporting date. It also includes adjustments of the past period’s tax payable relating to deferred tax assets and liabilities. The balance sheet method is used to calculate deferred tax. . 4 Consolidation – AASB 127 According to AASB 127, â€Å"consolidated financial statements shall include all subsidiaries of the parent† the financial statements of IPL adhere to this. Furthermore, all inter-company transactions, unrealised gains and losses (unless they occurred as a result of impairment of assets) and balances are eliminated. Investments in subsidiaries are recorded at cost. 2. 5 Impairment of Assets – AASB 136 The impairment test of goodwill is conducted annually or more frequently, if events or changes in circumstances indicate that it might be impaired. Assets subject to amortisation are tested for impairment when events demonstrate that the carrying amount cannot be recovered. Where the asset’s carrying amount exceeds its recoverable amount, an impairment loss would be recognised. 3. Management’s flexibility in selecting key accounting policies If management can be flexible in selecting accounting policies, they can significantly influence financial performance. As per the 2010 Annual Report, the managers of IPL had various levels of flexibility with the items below: 3. 1 Foreign currency transactions – Low Flexibility Foreign currency transactions are a crucial element in the development of IPL as a multinational company, because every movement in the exchange rate has an impact on its performance. As stated in the Annual report 2010, any gains or losses from the settlement of the transactions and the translation of the exchange rates of the assets and liabilities denominated in foreign currency are recognized in the income statement. The flexibility of management regarding this accounting policy is low, because the transactions are translated at a functional currency using the exchange rates valid at the date of the transaction. . 2 Derivative financial instruments – Low Flexibility Derivative instruments have been used by the Group in order to hedge its exposure to foreign exchange, commodity price and interest rate risks occurring as a result of the operational, investment and financing activities. While hedging motivates management’s flexibility to lock in company profits and pro tect them from the volatile exchange rates, it subtracts the profits made under the falling exchange rates. 3. 3 Interest Bearing Liabilities – Medium Flexibility The current interest bearing liabilities decreased significantly from $432. m in 2009 to $108. 5m in 2010. This was a consequence of the company’s issue of the US$800m 144A Bond in December 2009, which increased the diversity and tenor of their debt. During the year ended 30 September 2010 interest of $25. 2m was capitalised relating to interest bearing liabilities used specifically to fund qualifying assets as defined in AASB 123 Borrowing costs. 3. 4 Intangible Assets – Goodwill – High Flexibility As per the 2010 Annual Report, intangible assets represent the largest item of IPL’s total assets at 56%. They consist predominantly of Goodwill at 85%. Adjustments made to goodwill include additions, acquisition of business, impairment of assets and foreign exchange movement. IPL does not amortise goodwill but impairs it annually and as a result in 2010, the company recognised a non-cash impairment charge of $nil compared to $490. 6m in 2009. 4. Accounting strategy employed by management and incentives The accounting strategy management chooses will have a positive or negative impact on financial performance and business operations. The managers at IPL implemented accounting policies that enhanced financial performance in the long term. . 1Evaluation of accounting strategy employed by management Management implemented a strategy to reduce debt levels and improve the gearing ratio of Net Debt/EBITDA by issuing a 10 year bond worth $800m in December 2009. The proceeds from this bond issue were used to repay and cancel the Working Capital Facility with the remaining proceeds used to partially repay the Syndicated Facility. (IPL, Annual report, 2010). The gearing ratio was 1. 39 in 2010 and 1. 97 in 2009. As per the 2010 Statement of Financial Position, Net debt decreased by $366. 3m from $1,463. m in 2009 to $1,097. 1m in 2010. This was as a result of improved operating cash flows and the benefit of carrying the debt in US dollars rather than the Australian dollar which appreciated during 2010. 4. 2 Evaluation of incentives strategy employed by management IPL’s aim is to generate competitive returns for its shareholders through its strategy, and their philosophy is that the remuneration strategy should support the objectives of the business. The majority of the Executives remuneration is â€Å"at risk† and linked to performance and the creation of sustained shareholder value. For example, the Long Term Incentive Plan measured in 2010 Plan was established in 2007 and the Plan required IPL’s total shareholder returns (TSR), measured over the three year period to 30 September 2010, to be greater than 10% per annum compounded over the period. The Company’s TSR was 2. 64% per annum and, accordingly, no awards were made to Executives under the 2007/10 LTI Plan. (Annual Report , 2010) Refer Appendix 1 for table of % of Total Remuneration Annualised. This incentive is related to the strategy to improve financial performance. 5. The quality of the disclosure made in the accounts IPL Limited is listed on the Australian Securities Exchange (ASX) and is therefore subject to continuous disclosure obligations (corporate governance statement, remuneration report, shares, etc) under the ASX Listing rules and Corporations Act 2001. IPL’s Board has implemented the proper and timely disclosure of information to shareholders and the market. IPL uses its website (as well as) other sources to communicate via annual/half yearly reports, share price movements, sensitive and other relevant announcements to ASX. The financial report of IPL Limited highlights its business strategy. It is well structured and informative and in accordance with AASB 101 â€Å"Presentation of Financial Statements†, International Financial Reporting Standards and the Corporation Act 2001. The disclosure quality in the IPL annual report was adequate and informative and complied with ASX, the Corporation Act 2001, IFRSs, IASB and AASB. Table 1: Examples of IPL’s high and low quality disclosures Quality| Disclosure| High| â€Å"Restatement of prior year tax benefit† clearly describes the reason for the change and varied result in terms of Net Profit After Tax for 2009. Refer Appendix 2. High| Operating Segments AASB 8 replaces Segment Reporting AASB 114; this disclosure clearly outlines the change of IPL’s composition from 2 main businesses to four segments. Refer appendix 5. | Low| Deferred Tax Assets and Liabilities Notes 19 and 24 are circular and less than transparent. As these numbers are not explained, it is very difficult to understand how the numbers were calculated. | 6. Potential questionable numbers 6. 1Deferred Tax Assets amp; Liabilities In 2010 financial report both deferred tax assets and liabilities decreased by 80% and 65% respectively. The quality of the disclosure is low and questionable. (see table above) Like other companies listed on ASX, IPL could have an exclusive arrangement with the ATO that they are unable to disclose. As a result, DTA and DTL balances would be questionable in almost all annual reports. Refer appendix 3. 6. 2 Cash and cash equivalents In the year from September 2009 to 2010, the amount of cash and cash equivalents decreased 157% which is significant. Currently, the company has $48. 7m which represents 39% of the cash and cash equivalents in 2009. For a company whose business strategy focuses on growth, financing the acquisition of Nitromak with cash is a questionable decision. An alternative strategy could have been to finance the acquisition with debt, preserving cash resources. 7. Undoing distortions in the numbers On thorough review of 2010 annual report, IPL did not have any obvious areas of distortion. However, the acquisition of Nitromak is a possible area of distortion with regard intangible assets. When reviewing the stated fair value of the 50% equity interest held before acquisition, the consideration amount paid of $97. 1m is $22. m higher than the fair value amount of $74. 8m. Refer appendix 5. Considering IPL held the original 50% interest at fair value it is interesting that the remaining 50% would attract such a premium, hence intangible assets could be overstated. As per note 18, goodwill allocated to Nitromak is $142. 9m, considering the total consideration was $171. 9m, it is very high at 83% and it may have been fair to recognise an impairment loss in 2010. We can support this assumption that asset values may be distorted in the reports due to the write down in 2009 in the carrying value of the Dyno Nobel goodwill of $490. m, the year after acquisition. Table 2: Possible distorted items and adjustments | +/- adjustment| Notes| Intangible Assets| -$22. 3m (overstated)| | Cash amp; Cash Equivalents| +$22. 3m (understated)| The amount IPL paid for the remaining 50% should have equalled the fair value being 74. 8m. | 8. Summary of financial press discussion of IPL’s performance and accounting numbers During the GFC, IPL reported a full-year loss of $179. 9m to September 30, 2009 compared with a profit of $604. 6m in the prior year. IPL wrote down $490. 6m in the non-cash mark to market carrying value of Dyno Nobel goodwill. In 2009, net profit excluding material items slumped 46% to $347. 8m, as sales from the fertiliser business fell 32% to $1. 59 billion due to the challenging conditions in Australia and seasonal conditions in North America. The company is quoted as stating it would also benefit from its Velocity program, with $US60m ($A65. 05m) of savings targeted for fiscal 2010. (SMH, 2009) In 2010, IPL bounced back into profit despite the surging Australian dollar. The company announced a $412m profit compared with a loss of $179. 9m that was restated upwards to $221m in 2009.