Financial Accounting Essay Example | Topics and Well Written Essays - 1000 words

Financial Accounting - Essay Example Further an analysis is made to understand which of the two objectives is apt for the GPFR. Also an analysis is made to understand if the proposal of the IASB has helped improve the GPFR. A conclusion is then drawn out based on the discussion. However to discuss this further it is essential that we first understand what general purpose financial reports deal with. The next section focuses on understanding general purpose financial reports in detail. The Statement of Accounting Concept (SAC 1) explains general purpose financial reports as reports that are intended to meet the needs of common users who are unable to command the preparation of reports tailored to their specific needs. Also GPFRs can be produced by entities that have users who cannot command the preparation of specific information. The entities are required to be reporting entities and if they are not deemed to be report entity then it would not require producing a GPFR and would not require complying with all the accounting standards (IASB, 2008). GPFRs are not produced for a single group of users. It has grown from the basic need of all groups of users who need financial information. However there are conflicts between the groups since almost every group require different information for example suppliers and lenders vs. the shareholders, or the senior management vs. the employees. Shareholders require a more detailed report which helps them analyses the profitab ility, whereas lenders and suppliers require the report to be made for them to be more conservative. Similarly senior management would have concerns about the profits that are reported as if the profits are reported to be high the chances of increase in wage demanded will also be high. The main objectives of general purpose financial reports of the Australian accounting standards board is to provide reliable and

MARKETING RESEARCH AND INFORMATION Essay Example | Topics and Well Written Essays - 6000 words - 1

MARKETING RESEARCH AND INFORMATION - Essay Example Thus the firm decided to concentrate on the main business and divested other businesses (McDonalds 2009). McDonalds mainly sells hamburgers, cheese burgers, French fries, chicken products, soft drinks, milk shakes, breakfast and desserts etc. McDonalds also focuses on children and has Happy Meal for children/ most restaurants also have play areas for them. Lately as McDonalds explores new markets, it has started to localize its products like MahaRaja etc in India (McDonalds 2008). However, we have localized 75% in India 33% in Asian countries and less than 5% in other countries which indicates that there is a lot of localization that McDonalds has to incorporate in its product ranges throughout the world (Pollard 2008). McDonalds is also facing health related issues where it is said to be causing obesity amongst the younger generation and is thus losing existing health conscious customer and non customers to the competitors’ healthier options (Pollard 2008). McDonalds, according to (David 2003) has been observing falling sales figures. Upon researching it was found that the consumers now have changing needs and are demanding products and services that cater to their tastes and preferences. According to (Forster 2002) McDonalds offers most products that are standardized with minor alterations in the product range to localize them, consumers are now switching to other brands. The competition, argues David (2003) is increasing as innovative products and services are now in the market. Thus we need to understand which products are liked in the market by the consumers and non-consumers. This is essential to know so that the existing products and services may be improved to suit the varied needs of the consumers and non-consumers across the globe. At the same time, new products and services may be developed to build the brand loyalty of existing customer and to cater to