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Corporate governance - Essay Example

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Summary
There has historically been a considerable difference between U.S. and U.K. owned corporations in their management and organisation. U.S. corporations have typically been more centralised, more professionally managed and [have had] more formalised bureaucracy…
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Corporate governance

Download file to see previous pages... management styles with those of the U.S. Many of the largest British multinationals, such as GlaxoSmithKline and BP, have merged with or acquired large U.S. firms, and almost all leading U.K. companies derive substantial proportions of their revenues from the U.S.
The differences in management style and culture have become far more nuance. Large British multinationals probably remain more international and cosmopolitan in their outlooks than their U.S. counterparts, slower to act and less inclined to adopt the latest management fads, and less ruthless in dealing with failure and under-performance. However, there is vast industry and firm differences.
Under UK GAAP fair values are assigned to identifiable intangible assets only if the identifiable intangibles are capable of being disposed of or settled separately, without disposing of a business of the entity.
Under US GAAP, identifiable assets are separately valued and amortised over their useful lives. The separately identifiable intangible assets included in the US GAAP balance sheet are principally comprised of brand rights, which are being amortised over periods between 25 to 30 years.
US GAAP requires the Group to record all derivatives on the balance sheet at fair value. The Group has decided not to satisfy the SFAS No. 133 "Accounting for Derivative Instruments and Hedging Activities" (SFAS 133) requirements to achieve hedge accounting for its derivatives, where permitted, and accordingly movements in the fair value of derivatives are recorded in the profit and loss account. (Annual Report and Accounting, 2005)

The new era of globalise businesses and increased awareness in the stakeholders have given importance to the notion of Corporate Governance. The execution of the notion will have important consequences for investors, companies, and, critically, for the stock and other financial markets of UK. With the increasing globalisation when every country can be seen as an opportunity for the investors the lack of understanding of effective corporate governance can adversely effect the investment intentions of investors.
Nowadays corporate governance is seen as the key of attracting investors. Capital flow seems directed towards the companies, which practice fair and transparent ways of governing their organisations. With the changing global business scenario the need of understanding and effective practise of fair and technologically advance corporate governance has also increased. In my speech I will first explain the notion of Corporate Governance.
ICAEW (2002) has explained corporate governance in a very effective and comprehensive manner as " Corporate governance is commonly referred to as a system by which organisations are directed and controlled. It is the process by which company objectives are established, achieved and monitored. Corporate governance is concerned with the relationships and responsibilities between the board, management, shareholders and other relevant stakeholders within a legal and regulatory framework." ...Download file to see next pagesRead More
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