The Issue Of Voting Right Act Of 1965, By Thomas R. Dye...

1. Thomas R. Dye and Susan A. Macmanus states, â€Å" courts are political institutions because they attempt to resolve conflicts in society. Courts make public policy in the process of resolving conflicts. Some of the nations most pivotal policy decisions that we follow today have been made by courts rather than legislative or executive bodies at both the federal and state levels. 2. There has been many issues where policy decisions have been determined by courts. For example, federal courts have taken the lead in eliminating racial segregation and guaranteeing individual voters an equal voice in government. Little Rock Nine exemplifies the U.S. Supreme Court decision in Brown v Board of Education of Topeka Kansas tied to the 14th Amendment that segregated schools are unconstitutional. Voting Right Act of 1965 is a prime example of the policy decision that guarantees individual voters in equal voice in government. 3. A felony is a crime punishable by at least a year’s imprisonment. A misdemeanor is a crime punishable by a fine or less than a year’s imprisonment. 4. Loser pay law is a requirement that the losing party in a civil suit pay the legal fees of the winner. The loser pay law system that is currently in place discourages frivolous law suits that are often designed for people to con innocent parties to pay the damages rather than incur even higher cost of defending themselves. 5. The U.S. has evolved into the most litigious society because of the rise in number

Central Michigan University Acceptance Rate, SAT/ACT Scores, GPA

Central Michigan University is a public research university with an acceptance rate of 69%. Located in Mount Pleasant, Central Michigan is part of the Michigan Association of State Universities. Central Michigan offers over 200 undergraduate programs through eight colleges. In athletics, the Central Michigan Chippewas compete in the NCAA Division I  Mid-American Conference  (MAC). Considering applying to Central Michigan University? Here are the admissions statistics you should know, including average SAT/ACT scores and GPAs of admitted students. Acceptance Rate During the 2017-18 admissions cycle, Central Michigan University had an acceptance rate of 69%. This means that for every 100 students who applied, 69 students were admitted, making Central Michigans admissions process somewhat competitive. Admissions Statistics (2017-18) Number of Applicants 17,858 Percent Admitted 69% Percent Admitted Who Enrolled (Yield) 22% SAT Scores and Requirements Central Michigan University requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 86% of admitted students submitted SAT scores. SAT Range (Admitted Students) Section 25th Percentile 75th Percentile ERW 510 610 Math 490 590 ERW=Evidence-Based Reading and Writing This admissions data tells us that most of Central Michigans admitted students fall within the top 35% nationally on the SAT. For the evidence-based reading and writing section, 50% of students admitted to Central Michigan scored between 510 and 610, while 25% scored below 510 and 25% scored above 610. On the math section, 50% of admitted students scored between 490 and 590, while 25% scored below 490 and 25% scored above 590. Applicants with a composite SAT score of 1200 or higher will have particularly competitive chances at Central Michigan. Requirements Central Michigan University recommends, but does not require, the SAT writing section. Note that Central Michigan does not superscore SAT results, your highest composite SAT score from a single test date will be considered. SAT Subject tests are not required by Central Michigan University. ACT Scores and Requirements Central Michigan University requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 24% of admitted students submitted ACT scores. ACT Range (Admitted Students) Section 25th Percentile 75th Percentile English 19 26 Math 18 26 Composite 20 27 This admissions data tells us that most of Central Michigans admitted students fall within the top 48% nationally on the ACT. The middle 50% of students admitted to Central Michigan received a composite ACT score between 20 and 27, while 25% scored above 27 and 25% scored below 20. Requirements Central Michigan recommends, but does not require, the ACT writing section. Note that Central Michigan does not superscore ACT results, your highest composite ACT score from a single test date will be considered. GPA In 2018, the average high school GPA of Central Michigan Universitys incoming freshmen class was 3.41, and over 46% of incoming students had average GPAs of 3.5 and above. These results suggest that most successful applicants to Central Michigan University have primarily high B grades. Self-Reported GPA/SAT/ACT Graph Central Michigan University Applicants Self-Reported GPA/SAT/ACT Graph. Data courtesy of Cappex. The admissions data in the graph is self-reported by applicants to Central Michigan University. GPAs are unweighted. Find out how you compare to accepted students, see the real-time graph, and calculate your chances of getting in  with a free Cappex account. Admissions Chances Central Michigan University, which accepts over two-thirds of applicants, has a somewhat selective admissions process. If your SAT/ACT scores and GPA fall within the schools average range, you have a strong chance of being accepted. However, Central Michigan also uses a holistic admission approach that considers academic achievement in rigorous coursework, strength of high school program, trends in grades, letters of recommendation, exceptional talents, leadership potential, and record of good citizenship. Potential applicants should have four years of English, math, biological and physical science, and history and social science. CMU also strongly encourages applicants to complete two years of a foreign language, two years of electives in fine arts, and one year of hands-on computer experience. An admissions essay is not required, but applicants may submit an essay or other supplemental materials including extracurricular and leadership activities, employment, or explanations of  special situations if they feel it will benefit their application. Students with particularly compelling stories or achievements can still receive serious consideration even if their grades and test scores are outside Central Michigans average range. In the graph above, the blue and green dots represent students who were accepted to Central Michigan University. You can see that the majority of successful applicants had B- or higher averages, SAT scores of about 900 or higher (ERWM), and ACT composite scores of 17 or above. Many admitted students have grades in the A range. If You Like Central Michigan University, You May Also Like These Schools Michigan State UniversityGrand Valley State UniversityUniversity of Michigan - DearbornUniversity of Michigan - Ann Arbor All admissions data has been sourced from the National Center for Education Statistics and Central Michigan University Undergraduate Admissions Office. Central Michigan University Acceptance Rate, SAT/ACT Scores, GPA Central Michigan University is a public research university with an acceptance rate of 69%. Located in Mount Pleasant, Central Michigan is part of the Michigan Association of State Universities. Central Michigan offers over 200 undergraduate programs through eight colleges. In athletics, the Central Michigan Chippewas compete in the NCAA Division I  Mid-American Conference  (MAC). Considering applying to Central Michigan University? Here are the admissions statistics you should know, including average SAT/ACT scores and GPAs of admitted students. Acceptance Rate During the 2017-18 admissions cycle, Central Michigan University had an acceptance rate of 69%. This means that for every 100 students who applied, 69 students were admitted, making Central Michigans admissions process somewhat competitive. Admissions Statistics (2017-18) Number of Applicants 17,858 Percent Admitted 69% Percent Admitted Who Enrolled (Yield) 22% SAT Scores and Requirements Central Michigan University requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 86% of admitted students submitted SAT scores. SAT Range (Admitted Students) Section 25th Percentile 75th Percentile ERW 510 610 Math 490 590 ERW=Evidence-Based Reading and Writing This admissions data tells us that most of Central Michigans admitted students fall within the top 35% nationally on the SAT. For the evidence-based reading and writing section, 50% of students admitted to Central Michigan scored between 510 and 610, while 25% scored below 510 and 25% scored above 610. On the math section, 50% of admitted students scored between 490 and 590, while 25% scored below 490 and 25% scored above 590. Applicants with a composite SAT score of 1200 or higher will have particularly competitive chances at Central Michigan. Requirements Central Michigan University recommends, but does not require, the SAT writing section. Note that Central Michigan does not superscore SAT results, your highest composite SAT score from a single test date will be considered. SAT Subject tests are not required by Central Michigan University. ACT Scores and Requirements Central Michigan University requires that all applicants submit either SAT or ACT scores. During the 2017-18 admissions cycle, 24% of admitted students submitted ACT scores. ACT Range (Admitted Students) Section 25th Percentile 75th Percentile English 19 26 Math 18 26 Composite 20 27 This admissions data tells us that most of Central Michigans admitted students fall within the top 48% nationally on the ACT. The middle 50% of students admitted to Central Michigan received a composite ACT score between 20 and 27, while 25% scored above 27 and 25% scored below 20. Requirements Central Michigan recommends, but does not require, the ACT writing section. Note that Central Michigan does not superscore ACT results, your highest composite ACT score from a single test date will be considered. GPA In 2018, the average high school GPA of Central Michigan Universitys incoming freshmen class was 3.41, and over 46% of incoming students had average GPAs of 3.5 and above. These results suggest that most successful applicants to Central Michigan University have primarily high B grades. Self-Reported GPA/SAT/ACT Graph Central Michigan University Applicants Self-Reported GPA/SAT/ACT Graph. Data courtesy of Cappex. The admissions data in the graph is self-reported by applicants to Central Michigan University. GPAs are unweighted. Find out how you compare to accepted students, see the real-time graph, and calculate your chances of getting in  with a free Cappex account. Admissions Chances Central Michigan University, which accepts over two-thirds of applicants, has a somewhat selective admissions process. If your SAT/ACT scores and GPA fall within the schools average range, you have a strong chance of being accepted. However, Central Michigan also uses a holistic admission approach that considers academic achievement in rigorous coursework, strength of high school program, trends in grades, letters of recommendation, exceptional talents, leadership potential, and record of good citizenship. Potential applicants should have four years of English, math, biological and physical science, and history and social science. CMU also strongly encourages applicants to complete two years of a foreign language, two years of electives in fine arts, and one year of hands-on computer experience. An admissions essay is not required, but applicants may submit an essay or other supplemental materials including extracurricular and leadership activities, employment, or explanations of  special situations if they feel it will benefit their application. Students with particularly compelling stories or achievements can still receive serious consideration even if their grades and test scores are outside Central Michigans average range. In the graph above, the blue and green dots represent students who were accepted to Central Michigan University. You can see that the majority of successful applicants had B- or higher averages, SAT scores of about 900 or higher (ERWM), and ACT composite scores of 17 or above. Many admitted students have grades in the A range. If You Like Central Michigan University, You May Also Like These Schools Michigan State UniversityGrand Valley State UniversityUniversity of Michigan - DearbornUniversity of Michigan - Ann Arbor All admissions data has been sourced from the National Center for Education Statistics and Central Michigan University Undergraduate Admissions Office.

Strategic Analysis Of Sonic Records Employee Compensation

1. Executive Summary The report that is detailed below is a strategic analysis of Sonic Records employee compensation system and their recently added online on-line music warehouse and distributor E-Sonic. By creating this strategic analysis there becomes a pathway to make informed decisions on employee compensation strategies at all levels of E-Sonic. Having this detailed concise report helps provide paramount information for E-Sonic to grow organically and achieve the ultimate company objective of dominant market leadership in the online music category. Having a better understanding of current state of the business segment allows E-Sonic the advantage of an idea on the challenges that are ahead while launching this new branch of the†¦show more content†¦The same type of talent to embark on marketing campaigns that draw the online consumer is what will ultimately drive E-Sonic successes. E-Sonic is set up for extreme success with a compensation plan that calls out specific individuals for t heir success and what they contribute to the company’s success. E-Sonic is an online music downloadable and streaming company providing consumers with a user friendly interface. E-Sonic’s industry is classified by North American Industry Classification System (NAICS) and is part of the two different codes listed as 334614 and 512220. The first code 334614 is defined as, â€Å"Providing mass duplication of recorded products; Software and other Prerecorded Compact Disc, Tape, and Record Reproducing†. This U.S. industry comprises establishments primarily engaged in mass reproducing computer software or other prerecorded audio and video material on magnetic or optical media, such as CD-ROMs, DVDs, tapes, or cartridges. These establishments do not generally develop any software or produce any audio or video content. This industry includes establishments that mass reproduce game cartridges. (www.naics.com) This code is given in reference to E-Sonic’s producing of music on to multiple forms of products that include DVD, tapes, and cartridges. The second code 512220 is referring releasing, Promoting, and Distributing sound recordings, â€Å"Integrated Record Production/Distribution†. This industryShow MoreRelatedE-Sonic4898 Words   |  20 PagesE-Sonic Compensation Paper Todd Lipscomb, Belma Alic, and Teresa Halpin Davenport University Strategic Analysis Outline: 1. Strategic Analysis A. E-Sonic NAICS falls into two different codes 334614 and 512220. The first code 334614 definition is, â€Å"Providing mass duplication of recorded products; Software and other Prerecorded Compact Disc, Tape, and Record Reproducing† (). This code is given in reference to E-Sonic’s producing of music on to various forms of products. 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Difficulty: Easy Level of Learning: Knowledge, Comprehension Topic: LO 1 39. X Inc and Y Inc. are virtually identical companies with identical cost structures

Standford Prison Experiment - 851 Words

Standford Prison experiment 1.What are the effects of living in an environment with no clocks, no view of the outside world, and minimal sensory stimulation? * People living in an environment with no clocks, no view of the outside world will change whom the people mentally. It would make the people go crazy. There is no excitement or life in such an environment. People emotions change and are influenced by their environment. 2. Consider the psychological consequences of stripping, delousing, and shaving the heads of prisoners or members of the military. What transformations take place when people go through an experience like this? * I believe that when people go through this experiences they feel less than others.†¦show more content†¦6. Compare the reactions of these visitors to the reactions of civilians in encounters with the police or other authorities. How typical was their behavior? * The parent was upset about the experiment because they saw the condition of their sons it was incredible for them to see their children on that way. Also the children look so fatigue the condition was on good shape for them. 7. In an exploratory study such as this, one problem is defining what the data are -- the information we should collect. Also, what should have been done to minimize the effects of experimenter bias on the outcome of the study? What were the dangers of the principal investigator assuming the role of prison superintendent? 8. In 2003 U.S. soldiers abused Iraqi prisoners held at Abu Ghraib, 20 miles west of Baghdad. The prisoners were stripped, made to wear bags over their heads, and sexually humiliated while the guards laughed and took photographs. 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Kurt Vonneguts Bluebeard free essay sample

Critical review of this novel satirizing modern society, modern art, urban life and materialism. Kurt Vonnegut, in his novel Bluebeard, examines the world of American painting (and American culture and society at large, if not the entire world and almost everything in it, past and present) and finds it and most of its denizens obsessed with money and violence and bigotry and fear far more than with the joy or creativity of life or art. In the process of making such an argument, Vonnegut presents the autobiography of a failed abstract expressionist and his spiritual and creative journey out of the darkness and back to the light of the world of human beings and human-based art. While he perhaps too often goes for the comic touch whenever it is available, Vonnegut is nevertheless trying to make the serious point that life and art have indeed become mired in money and materialism and resentments and abstractions to such an. We will write a custom essay sample on Kurt Vonneguts Bluebeard or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page .

Accounting In Global Organization- Free-Samples for Students

Question: Write a literature review on Challenges of Accounting In Global Organization. Answer: Introduction: Accounting in Global Era Globalisation has changed the manner in which the business and organisational practices are carried out in todays world. The accounting practices of the 21st century have also been revolutionised with the changes in the business environment due to globalisation, increasing competition, the evolution of information technology, and the change in the regulatory practices as the firms cross borders for business purposes (Sunarni, 2013). These changing dimensions of business practices have changed the way management accounting was carried out in the traditional firms. There were always international dimensions to finance and accounting practices earlier, but these dimensions have become more pronounced in the last few decades with more economies opening up their borders for international trade (Lavia Lpez, Hiebl, 2014). This paper will examine the role of accounting practices in the global business environment and the key challenges faced by the accounting in the era of globalisation. Project objective The objective of the paper is to understand the impact of the trends and changing accounting practice in the global organisations today. Project scope The scope of the study is to understand the challenges and issues facing the accounting practices in the global organisations today. Literature review The Role of Accounting in Globalisation The advent of globalisation has brought forth many dimensions which have a strong implication on the accountants and accounting practices in the organisations. Accounting in todays organisations has taken on a much broader perspective and role as compared to its functions in the traditional organisational set up (Tarca, 2012). The issues related to corporate governance, financial standards and codes, anti-corruption measures, standards of regulation and accountability in the large multinational corporations, and many other such concerns involve accounting (Van der Stede, Malone, 2010). The general view about accounting is that it presents a neutral financial and economic reality of an organisation. But, in reality the functions of accounting go much farther than that and it presents an economic reality of the organisation or an industry which has been shaped by the dominant economic powers. The accounting practices and the results present an organisation with the objective basis for taking the crucial decisions for the company (Carpenter, Dunung, 2011). Accounting plays a very important role in the decision-making process of the practices and strategies which are based primarily on the numbers or figures generated by accounting. For example, most of the companies operating in the world market are always looking for reducing the cost of labour for their manufacturing and other processes. These sources of cheap labour make the companies shift their production and manufacturing to areas where cost-effective labour is available. The analysis which forms the basis of this decision is based on the numbers and figures generated by the management accounting of the organisation. In the rapidly changing and dynamic business environment of today the firms have to continuously innovate to maintain their sustainability in the increasingly competitive market. The accounting departments today are working in a flat organisational structure in coordination with the other departments. The management accounting practices in the companies have to assure that the data and information being provided to the other departments to facilitate the making of key decisions that enable a company to compete on a local, national, and international level (Ahid, Augustine, 2012). Factors influencing the change in Accounting practices Besides the change in the activities of the organisations and businesses due to globalisation, there are many other factors which have influenced the change in the role that management accounting and management accountants play in a business organisation (Zadek, Evans, Pruzan, 2013). The developments in the production and technology have impacted the functioning of every aspect of business including the accounting practices and principles. The evolution of the modern business strategies in the era of information technology has witnessed a drastic change in the manner in which the services and products are delivered to the consumers (Arnold, 2009). The processing of information and statistics, and the dissemination of information has become much faster and easier than ever before and this has resulted in faster response times from internal and external customers. Traditional accounting and financial tools that were used earlier like the variance analysis, standard costing, cost-volume profitability analysis, budgeting, and other such methods are no longer considered adequate for the global business standards today (Doupnik, Perera, 2011). The increasing competition in the global business community has resulted in many organisations going for innovative accounting, financial, and statistical analysis tools like JIT or just in time, TQM or total quality management, AMT or advanced manufacturing technology, in their business practices (Cinquini, Tenucci, 2010). The pressures of the global competition have changed the dynamics of management accounting in organisations with contemporary practices like balance scorecard and activity based costing being adapted to meet the requirements of the changing needs of an organisation (Cooper, Dart, 2009). Trends in Managerial Accounting practices in the global organisations Green accounting: The concept of an environmentally friendly and green business is spreading across the world from developed to the developing countries. To be successful at the global level and form a fruitful relationship with the public and government authorities of a nation, it has become imperative for businesses to adopt an environmental friendly approach along with maximising profits (Kidane, 2012). This puts the accounting practices of a firm in a crucial position to devise financial planning and statistical analysis in a manner to accomplish the task of achieving the Green GNP for the company. Investment in green policies and environmental protection is one of the key functions undertaken by the financial planning and accounting in an organisation with the objective of expanding the business into new territories and maximising green profits (Talha, Raja, Seetharaman, 2010). Harmonisation in Accounting: Harmonisation in accounting practices basically means developing policies to enhance the comparability between the accounting practices of different companies. In the global business scenario, today developing practices to achieve international harmonisation in business accounting practices has become an important trend (De Loo, Verstegen, Swagerman, 2011). The main objective of promoting international harmonisation is to devise some common accounting practices in the business analysis all over the world to put the financial information and accounting data of the different countries on a more comparable platform. Common internationally accepted accounting principles will make the financial information easy to decipher and reduce conflicts of interest among business organisation across different regions (Ramli, Zainuddin, Sulaiman, Muda, 2013). Technology support- In many developed economies, the companies and organisations are required, under the law of the nation, to disclose the complete financial statements and other financial information about the company online within a period of 24 hours of completing the financial statements. But the main challenge that arises here is the means to guarantee the quality of the financial information being disclosed (Taipaleenmki, Ikheimo, 2013). In this age of the information technology and the internet, the accounting practices of any business cannot exist in isolation. With the development of new forms of economy in the rapidly technological global environment of today many new kinds of economy like the knowledge-based economy, cyber economy, and the new political or centralised economic systems, accounting has become an important part of the economic managerial tool of the organisations (Sunarni, 2013). Therefore, the need to make the accounting principles more comparable and reli able became a must as unreliable information could lead to a legal crisis for a company and even lead to overall market crisis (Lavia Lpez, Hiebl, 2014). Therefore, multiple accounting standards created with the help of technological support from the information technology have gained prominence in the recent years, particularly in the disseminating of accurate financial information to the public (Carpenter, Dunung, 2011). Factors affecting the accounting practices and the Challenges faced by accounting in global organisations today To be competitive and relevant in the increasingly competitive global business environment, the accounting practices in the businesses have to adapt to the recurring changes that have an influence on the practices of the accounting. The factors which influence the accounting practices include the business environmental factors like the increase in customer focus, rapid pace of globalisation, and changes in the technology (Zadek, Evans, Pruzan, 2013). The second factor is the response of the business to the environmental factors which include the flat hierarchical structures, value chain and inventory cost, the business-to customer and business-to-business interactions and dealings, change in the manufacturing techniques and quality, and much more (Doupnik, Perera, 2011). The third factor which has influenced the accounting practices in the global organisations is the changing and evolving accounting tools that are becoming a prime requirement of the accounting practices. Tools like Just-in-time inventory, benchmarking, supply chain management, activity based costing, target costing, balance scorecard, enterprise resource planning, are all an integral part of management accounting and financial planning today. Out of these factors, the external environmental factors and the rapidly evolving organisational factors pose a significant challenge to the accounting practices today (Cooper, Dart, 2009). Challenges by Environmental factors to Accounting The external factors that influence the accounting practices of a business are also known as the environmental factors. For example, the rapidly occurring dynamic changes in the external business environment like the increasing rate of market globalisation (Kidane, 2012), increase in the competition from old and new firms due to globalisation, and the rapid advancement in technology leading to better production techniques and information management, are all the major elements that have contributed to the evolution of the principles and practices of accounting in the organisations in the recent years (Ramli, Zainuddin, Sulaiman, Muda, 2013). These changes in the external business environment have increased the role that accounting and especially the management accounting has to play in the business organisations today (Tarca, 2012). The accounting practices are continuously facing the challenges thrown by the external environment in providing the accurate information to support and facilitate the effective business operations and efficient management under the changing circumstances (Van der Stede, Malone, 2010). The management accounting in an organisation has to evolve with the change in the manufacturing technology, the information technology and the other environmental trends so that accurate customer oriented information can be provided to the other concerned departments in the company. The accounting function in the organisations is no longer limited to financial numbers but has become an integral part of the management process with a much wider scope (Ahid, Augustine, 2012). Due to rapid globalisation the companies do not have to compete with the local firms but also with the international players in the national as well as the world market. To ensure business sustainability the firms have to ensure competitive and attractive prices of the goods and services, ensure the quality of the products and services, a fast delivery of the companys products and services, and living up to the expectations of the consumers (Arnold, 2009). Therefore, the modern businesses need empirical and financial measurements on all these aspects of business. This has increased the role of management accounting in the businesses as they are faced with challenges of providing reliable information on all such factors which may influence the business and marketing strategy of the organisation (Cinquini, Tenucci, 2010). The advancement in information and computer technology and the availability of analytical software have increased the accuracy and the speed at which the data can be stored and processed (De Loo, Verstegen, Swagerman, 2011). It has also made the dissemination and accessibility of the information much faster and easier, but this also poses a challenge to the management accountants in an organisation for timely appraisal of data and disseminating the accurate and relevant information to the other departments on a real-time basis (Sunarni, 2013). Other factors like the changes in the rules and regulations, implementation of new accounting standards and practices, deregulation of the markets and the finance sectors, and the increasing dominance of the service segment in business organisations, escalate the challenges of the accounting practices in an organisation to provide information, financial implications and solutions for business growth and development (Lavia Lpez, Hiebl, 2014). Challenges by the Organisational factors to Accounting Organisational factors which influence the business outlook and the accounting practices consist of the organisation as a whole, the strategy of the business, the products and services of the business, the competition, the internal operations of the business and the perceived uncertainty (Tarca, 2012). The organisational factors have a profound impact on the daily activities and practices of the business including the accounting practices (Carpenter, Dunung, 2011). The organisational factors place a lot of emphasis on the core competencies, supplier and customer relationships, outsourcing, downsizing, flat organisation structures, organisational restructuring, and other such elements which aim at improving the productivity and efficiency of the company (Van der Stede, Malone, 2010). With any changes occurring in the internal organisation constitution and functioning, like a new style of management reporting, the whole structure of the company and the process of the flow of information undergo a change. This will also change the attitude of the people in the company and the work patterns of the people (Ahid, Augustine, 2012). As mentioned earlier, the accounting department is not an isolated function anymore and the management accounting process in the organisation is closely integrated with the workings of other departments, the top level management, and the operations management in the organisation (Talha, Raja, Seetharaman, 2010). The organisational decisions like mergers, take-overs, organisational restructuring, new technological innovations are among the most influential factors affecting the accounting practices (Zadek, Evans, Pruzan, 2013). The accounting department is responsible for coordinating and liaisoning with the other departments to ensure smooth flow of relevant statistical, analytical, and financial information. Therefore, any kind of changes in the quality control, work patterns, organisational restructuring, managerial practices are among the leading organisational challenges faced by the management and business accounting in the global organisations today (Arnold, 2009). Besides these, the factors like customer oriented activities, core competencies, the form of ownership, size and type of organisation, profitability and the financial position of the firms, also contribute a lot to the challenges faced by the business and management accounting in the global marketplace today. Most of the organisations today have a flexible and flat organisational structure where the accountants and the managers work inter-changeably in a cross functional manner (Doupnik, Perera, 2011). This has lead to an increasing demand for transparency and accountability from the stakeholders in a firm. This change in the work practices and increase in transparency escalate the challenge for the business and management accountants in a firm to develop an in-depth understanding of the different processes in a business to be able to take on the challenge of a cross functional role (Cinquini, Tenucci, 2010). Ethical challenges The accounting department in an organisation has an access to a lot of confidential and sensitive information about the business, strategies, and practices of an organisation. Any kind of unauthorised disclosure to a third party outside the organisation could put the company at a competitive disadvantage against the rival companies and may lead to loss of credibility for the company (Cooper, Dart, 2009). Similarly, any unauthorised disclosure about the policies and strategies of the organisation, like information about potential layoffs and budget cuts, to the people inside the organisation would be against the interests of the organisations. The management accounting in every organisation has to deal with these ethical challenges and resolve them in the best possible manner while working under the professional standards and code of ethics (De Loo, Verstegen, Swagerman, 2011). The current trends in the business world point towards an emerging consciousness in the minds of the consumers about sustainable development in business and industry (Zadek, Evans, Pruzan, 2013). Therefore, the management accounting in a global business organisation is faced with the challenge of rethinking from a financial and profit oriented point of view and adopt practices and accounting systems that incorporate and integrate the practices which are based on performance management along with profit maximisation (Ramli, Zainuddin, Sulaiman, Muda, 2013). Conclusion In the rapidly changing and dynamic global business environments, the role of business and management accounting practices is undergoing a significant change in the role played by them in the modern business organisations (Taipaleenmki, Ikheimo, 2013). The accounting function does exist in isolation any longer and is proactively engaged and integrated with the other functions like the strategic management, leadership improvement, and operational alignment in a firm (Talha, Raja, Seetharaman, 2010). The continuous changes in the external and internal environment influence the management accounting practices. To survive and succeed in the increasingly competitive global arena the business and the management accounting practices have to continuously evolve to the challenges posed by the internal or organisational factors and the external or environmental factors in the dynamic business world today (Kidane, 2012). The accounting practices in a firm have to be prepared to face the challenges of globalisation in the local markets and traditional dominions also. With rapid globalisation and evolving technology, the business transactions in a company are becoming more complex and voluminous, and there is an increasing emphasis on standardisation of practices (Taipaleenmki, Ikheimo, 2013). This increases the pressure on the management accounting in a business to achieve uniformity in accounting practices and also keep up with the technological advancements, to be able to provide the best and accurate information in real-time to the internal and external stakeholders of a business. References: Ahid, M., Augustine, A. (2012). The roles and responsibilities of management accountants in the era of globalization.Global Journal of Management and Business Research,12(15). Retrieved from: https://globaljournals.org/GJMBR_Volume12/6-The-Roles-and-Responsibilities-of-Management-Accountants-in.pdf Arnold, P. J. (2009). Global financial crisis: The challenge to accounting research.Accounting, organizations and society,34(6), 803-809. Retrieved from: https://eclass.aueb.gr/modules/document/file.php/ODE130/Course%20Assignment%20-%20papers/AOS%20Arnold%202009.pdf Carpenter, M. A., Dunung, S. P. (2011). International Business: Opportunities and Challenges in a Flattening World. v. 1.0.Flat World Knowledge, New York: USA. Retrieved from: https://catalog.flatworldknowledge.com/bookhub/3158?e=fwk-168388-ch15_s01 Cinquini, L., Tenucci, A. (2010). Strategic management accounting and business strategy: a loose coupling?.Journal of Accounting organizational change,6(2), 228-259. Retrieved from: https://www.emeraldinsight.com/doi/abs/10.1108/18325911011048772 Cooper, P., Dart, E. (2009). Change in the management accountants role: drivers and diversity.University of Bath, School of Management, Bath. Retrieved from: https://pdfs.semanticscholar.org/ccab/172a063c7c4e3c0578c0189b35c402f3131e.pdf De Loo, I., Verstegen, B., Swagerman, D. (2011). Understanding the roles of management accountants.European Business Review,23(3), 287-313. Retrieved from: https://www.emeraldinsight.com/doi/abs/10.1108/09555341111130263 Doupnik, T., Perera, H. (2011). International accounting. Retrieved from: https://www.researchonline.mq.edu.au/vital/access/manager/Repository/mq:15830 Kidane, F. (2012). Decision Making and the Role of Management Accounting Functiona Review of Empirical Literature.Radix International Journal of Banking, Finance and Accounting,1(4), 77-97. Retrieved from: https://rierc.org/banking/paper16.pdf Lavia Lpez, O., Hiebl, M. R. (2014). Management accounting in small and medium-sized enterprises: current knowledge and avenues for further research.Journal of Management Accounting Research,27(1), 81-119. Retrieved from: https://www.aaajournals.org/doi/abs/10.2308/jmar-50915?code=aaan-site Ramli, A., Zainuddin, Z. N., Sulaiman, S., Muda, R. (2013). Changing roles of management accountants in Malaysian companies: a preliminary study.International Journal of Finance and Accounting,2(2), 89-93. Retrieved from: https://article.sapub.org/10.5923.j.ijfa.20130202.06.html Sunarni, C. W. (2013). Management accounting practices and the role of management accountant: Evidence from manufacturing companies throughout Yogyakarta, Indonesia.Review of Integrative Business and Economics Research,2(2), 616. Retrieved from: https://sibresearch.org/uploads/2/7/9/9/2799227/riber_b13-243_616-626.pdf Taipaleenmki, J., Ikheimo, S. (2013). On the convergence of management accounting and financial accountingthe role of information technology in accounting change.International Journal of Accounting Information Systems,14(4), 321-348. Retrieved from: https://www.sciencedirect.com/science/article/pii/S1467089513000390 Talha, M., Raja, J. B., Seetharaman, A. (2010). A new look at management accounting.Journal of Applied Business Research,26(4), 83. Retrieved from: https://search.proquest.com/openview/5b922e0d657acc86177eabbfa38660c5/1?pq-origsite=gscholarcbl=30135 Tarca, A. (2012). The case for global accounting standards: Arguments and evidence. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm Van der Stede, W., Malone, R. (2010).Accounting trends in a borderless world. Chartered Institute of Management Accountants. Retrieved from: https://eprints.lse.ac.uk/29944/ Zadek, S., Evans, R., Pruzan, P. (2013).Building corporate accountability: Emerging practice in social and ethical accounting and auditing. Routledge. Retrieved from: https://books.google.co.in/books?hl=enlr=id=ZUb5AQAAQBAJoi=fndpg=PP1dq=challenges+and+opportunities+in+accounting+practices+in+international+business+2013ots=zWlw64h0q0sig=dA3iMoWyZ-X6DWvdUrfKQ80334w#v=onepageq=challenges%20and%20opportunities%20in%20accounting%20practices%20in%20international%20business%202013f=false

Margin Imposed by NSE on Derivative trading free essay sample

Plain the role and importance of the different types of Margins imposed by the NSE in Derivatives Trading The Trading of currency futures is subject to maintaining initial, extreme loss, and calendar spread margins and the clearing corporations of the exchanges (In the case of NSE it is NSCCL) should ensure maintenance of such margins by the participants based on the guidelines issued by SEBI from time to time. The clearing corporation acts as counterparty to all contracts traded on the exchange and is responsible for settling all trades. They control their risks, by asking the members to pay margins and provide timely information about their financial condition. There are various types of margins that the clients/ trading members/ clearing members required to deposit: Margins on both Futures and Options contracts comprise of the following: 1) Initial Margin 2) Exposure margin In addition to these margins, in respect of options contracts the following additional margins are collected 1) Premium Margin 2) Assignment Margin Span Margin NSCCL collects initial margin up-front for all the open positions of a CM based on the argins computed by [emailprotected] We will write a custom essay sample on Margin Imposed by NSE on Derivative trading or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A CM is in turn required to collect the initial margin from the TMs and his respective clients. Similarly, a TM should collect upfront margins from his clients. Initial margin requirements are based on 99% value at risk over a one day time horizon. However, in the case of futures contracts (on index or individual securities), where it may not be possible to collect mark to market settlement value, before the commencement of trading on the next day, the initial margin is computed over a two-day time horizon, applying the appropriate statistical ormula. The methodology for computation of Value at Risk percentage is as per the recommendations of SEBI from time to time. Initial margin requirement for a member: 1 . For client positions is netted at the level of individual client and grossed across all clients, at the Trading/ Clearing Member level, without any setoffs between clients. 2. For proprietary positions is netted at Trading/ Clearing Member level without any setoffs between client and proprietary positions. For the purpose of SPAN Margin, various parameters are specified from time to time. In case a trading member wishes to take additional trading positions his CM is required to provide Additional Base Capital (ABC) to NSCCL. ABC can be provided by the members in the form of Cash, Bank Guarantee, Fixed Deposit Receipts and appr securities. Additional Capital Clearing members may provide additional margin/collateral deposit (additional base capital) to NSCCL and/or may wish to retain deposits and/or such amounts which are receivable from NSCCL, over and above their minimum deposit requirements, towards initial margin and/ or other obligations. Clearing members may submit such deposits in any one form or combination of the following forms: 1 . Cash 2. Fixed Deposit Receipts (FDRs) issued by approved banks and deposited with approved Custodians or NSCCL 3. Bank Guarantee in favour of NSCCL from approved banks in the specified format. 4. Approved securities in demat form deposited with approved Custodians. How is Initial Margin Computed? Initial margin for FO segment is calculated on a portfolio (a collection of futures and option positions) based approach. The margin calculation is carried out using a oftware called SPAW (Standard Portfolio Analysis of Risk). It is a product developed by Chicago Mercantile Exchange (CME) and is extensively used by leading stock exchanges of the world. SPAN uses scenario based approach to arrive at margins. Value of futures and options positions depend on, among others, price of the security in the cash market and volatility of the security in cash market. As you would agree, both price and volatility keep changing. To put it simply, SPAW generates about 16 different scenarios by assuming different values to the price and olatility. For each of these scenarios, possible loss that the portfolio would suffer is calculated. The initial margin required to be paid by the investor would be equal to the highest loss the portfolio would suffer in any of the scenarios considered. The margin is monitored and collected at the time of placing the buy / sell order. The SPAW margins are revised 6 times in a day once at the beginning of the day, 4 times during market hours and finally at the end of the day. Obviously, higher the volatility, higher the margins. Exposure Margin The exposure margins for options and futures contracts on index are as follows: For Index options and Index futures contracts: 3% of the notional value of a futures contract. In case of options it is charged only on short positions and is 3% of the notional value of open positions. For option contracts and Futures Contract on individual Securities: The higher of 5% or 1. 5 standard deviation of the notional value of gross open position in futures on individual securities and gross short open positions in options on individual securities in a particular underlying. The standard deviation of daily logarithmic returns of prices in the underlying stock in the cash market in the last six months is computed on a rolling and monthly basis at the end of each month. For this purpose notional value means: For a futures contract the contract value at last traded price/ closing price. For an options contract the value of an equivalent number of shares as conveyed by the options contract, in the underlying market, based on the last available closing price. In case of calendar spread positions in futures contract, exposure margins are levied n one third of the value of open position of the far month futures contract. The calendar spread position is granted calendar spread treatment till the expiry of the near month contract.. How is exposure margin computed? In addition to initial / SPAW margin, exposure margin is also collected. Exposure margins in respect of index futures and index option sell positions is 3% of the notional value. For futures on individual securities and sell positions in options on individual securities, the exposure margin is higher of 5% or 1. 5 standard deviation f the LN returns of the security (in the underlying cash market) over the last 6 months period and is applied on the notional value of position. Premium Margin In addition to Span Margin, Premium Margin is charged to members. The premium margin is the client wise premium amount payable by the buyer of the option and is levied till the completion of pay-in towards the premium settlement. Assignment Margin Assignment Margin is levied on a CM in addition to SPAN margin and Premium Margin. It is levied on assigned positions of CMS towards interim and final exercise ettlement obligations for option contracts on index and individual securities till the pay-in towards exercise settlement is complete.