The role of International Financial Reporting Standards - Essay Example

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Many organizations are beleaguered by entropy, carrying the prevailing information of the company’s useful reports.Often, managers may lack skills and knowledge to handle and keep the company data and that why the aspect of managing numbers comes at hand…
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The role of International Financial Reporting Standards
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Download file to see previous pages This facet consists of mathematical approach that most of managers do not have insight towards the norm and get scared of the mathematical issue. Other prevailing issue as per the management of numbers is that most of seniors as well as managers are busy that they do not have time give attention as far as the aspect of company data analysis and its interpretation is of more concern (Cunningham and Fiume 10-15). Many companies however, prefer to adapt the issue of numbers management for realizing their level of production. One of the companies that have adopted numbers management is the wall mart companies, one of the largest fashion companies on this world. Senior manager have articulated this norm with saying that their clients usually ask help to make them understand why workload within the company is at increase norm compared from the previous years Wal-Mart have been providing its services. Cumulatively, number management produces a stable, repeatable, and predictable pattern of variation in the output of a process as far as the aspect the aspect of business is taken into consideration. Some of the factors leading to the control of numbers and its management includes; capability of equipments, the level of training given to staff, and the choice and specification of paperwork/materials used in the process. Special Causes arise from time to time, with an unstable and unpredictable pattern. They are however, often within the control of staff or work-teams, for example in setting up and following procedures, using the correct paperwork or information (Cunningham and Fiume 21-25). Wall-mart being one of the outstanding business company worlds has had bad articulation as availed by Johnson. It is realized that in the year 2009 the company practiced manipulation on inventory counts, which is believed that it extended beyond Carmon supervised regions anticipated. As per the research, it showed that wall-mart organization decided to shrink rate of over 400 of their stores around the United States of America country, one of the issue that astonished Johnson, who was an employee and a senior manager by then. At the world of business, competition norm is evitable and that is why a standard practice comes at hand and makes us consider giving shrinkage rate of other stores an attention. Management of number generally affects only minority of people, equipment, procedures, or materials and a control Chart becomes the main tool used in SPC to give a visual representation of process performance based on data collected from the process. SPC helps one to identify any prevailing statistically significant variation that channelizes the aspect of corrective action. The Control Chart provides direction on when to take a concrete action and this in turn avoids the essence of error production. However, it also gives an oversight on when not to take an action and this avoids any possibility of over-adjustment or over-reacting from both the clients as well as employees (Cunningham and Fiume 32-36). Projecting the aspect of wall-mart numbers management, Johnson states that “It was a standard practice to look at [the shrink rates of] other stores because everyone competes with each other,” Johnson said. “When you see these overages in there that clearly should be investigated but the regional VP is saying ‘this is exactly what we're looking for,’ or ‘outstanding job,’ it is a point of concern,” Johnson said. “I think there is an unspoken culture at Wall-mart that a store is allowed to have excessive overages if it makes that store and the company look more profitable.” ...Download file to see next pagesRead More
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