Internship Report on MCB Kuthery chowk Gujrat - Free Essay Example

Sample details Pages: 19 Words: 5757 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? MCB was incorporated in 1997 and was subsequently privatized by the Government of Pakistan. The Nishat Group bought the mainstream shares of the bank and so got the rights to handle the banks operations. In view of the fact that the privatization of the bank, MCB has execute different policies to make it one of the most excellent banks of Pakistan, which incorporated introducing innovative products and services and enlarge its operations by opening new twigs in Pakistan. Don’t waste time! Our writers will create an original "Internship Report on MCB Kuthery chowk Gujrat" essay for you Create order I did my six weeks internship at MCB Kuthery chowk Gujrat, and worked in account opening department, operations department, accounts department, Remmittance, Customer Service department. A number of the work that I did in these departments incorporated collecting cheques, filling account opening forms, activity checking and stop payments and closing of accounts. Even though there were no such huge dilemmas found in the working of MCB, there were some difficulties in schooling of the workers, encouragement methods and invention improvement. Some of the suggestions contain seminars for workers, employment alternation, and groups occupation to find modern goods and erudition curriculums for workers. Lastly MCB has seen a rapid growth in its activities by introducing a range of products and services and showing its presence in the country by opening new branches and in future should keep this momentum and always strive to become the best. Chapter # 1 Introduction 1.1 Introduction Chapter 1 is about introduction of report which is a part of requirement of my course BBA, degree 6 weeks internship is compulsory for students. The chapter is a concise statement of the internship organization, purpose, scope objectives and background of the study. It also includes a small introduction of organization. 1.2 Background of the study Internship program during Bachelors in Business Administration is required for all the students as per HEC requirement. It is necessary for me to complete an internship program of about 6 weeks in any service or manufacturing industry relevant to my specialization and area of interest. So, I choose the banking sector because I have interest in this sector because my study is also related with this sector. Purpose of the study The internship agenda helps me to acquire practical incident in my ground of study. Ideally, internship facilitate me to utilize my knowledge and abilities get from the classroom, determine where further competence is required, renovate the bookish information into realistic life, and become better up to date with the types of work settings in which such competence can be useful and chance to choose the best way for upcoming time. 1.4 Scope This study will assist to me about the working of Banking sector of Pakistan because the majority of our teachers during their lectures use the examples of Banks like MCB, National Bank, UBL, Bank Alfalfa and many others, Students should study about the performance of such Banks. It will help full for me in future. Objectives: I worked as an internee in MCB. The main objectives to study in MCB were to examine the finance system of the bank, to know how bank maintain the financial system of country, to appreciate the management system of the bank which consist of knowledgeable experts of the bank and to deal with the circumstances of pressure. Chapter # 2 Overview of the organization 2.1 Brief history MCB Bank Limited formerly known as Muslim Commercial Bank Limited MCB Bank is not an overnight success story. It was integrated with the Adamjee Group on July 9, 1947, under the Indian Companies Act, VII of 1913 as a limited company. The bank was establish with a vision to supply banking services to the public of the South Asia Subsequent to the division of the Indo-Pak subcontinent, the bank stirred to Dhaka from where it commenced production in August 1948. In 1956, the bank moved its registered workplace to Karachi, Where the cranium office is currently located. Therefore, the bank takes over a 59 years inheritance of trust of its clients and the civilians of Pakistan. 2.1.1 NATIONALIZATION: In January 1974, the Government of Pakistan state-owned MCB following the Banks Act 1974 of nationalization. MCB was neither the single bank which was publicly owned exclusively as neither it nor any other bank being merged with it due to its reliable and firm policies and its sound situation. 2.1.2 PRIVATIZATION: A gesture of trade and industry modifications swept Pakistan in the lattes introducing the need for privatization of state owned banks and organizations. This was the earliest bank to be privatized in 1991. The bank was purchased by a syndicate of Pakistani company groups led by Nishat Group.Nishat Group is one of the primary and mainly diversified trade groups in Pakistan. The group has well-built presence in the most significant production sectors of the country such as banking, cement, textile and insurance. The Chairman of the group (and also MCB) is Mian Mohammad Mansha and he has played influential position in its achievement and Government of Pakistan has conferred him with one of the most impressive national awards of the country named Sitara-e-Imtiaz. 2.2 Nature of the organization Muslim Commercial Bank is a financial institution where people can deposit their money. Muslim commercial Banks provide a system for easily transferring money from one person or business to another. By using many services that they recommend saves us an implausible amount of time and ensure us that our saving are given to a save hand. VISION: being the leading financial services provider, partnering with our customers for a more prosperous and secure future. MISSION: We are a team of committed professionals, providing innovative and efficient financial solutions to create and nurture. Long-term relationships with our customers. In doing so, we ensure that our shareholders can invest with confidence in us. MCB has developed well-built connections with its clients by considering their requirements and treating them with respect, self-respect and importance. The motivating strength behind its obligation and services is its spotlight on clients ensuring that it not only assemb les, but also go beyond their prospect. They struggle to accomplish distinction by ensuring that every split second of their time is exhausted in adding value, making clear in your mind that they do things accurate, earliest time, and every time. Through the mission of quality MCB has always taken initiatives bringing banking into a new ground, from cash to the expediency of synthetic, from local office banking to internet banking and from face to face purchaser communication to online convenience. MCB nowadays focuses on three core businesses namely Corporate, Commercial and Consumer Banking. Corporate customers include public sector companies as well as great local and international concerns. MCB is also catering to the rising middle class by providing latest asset and liability products. Muslim Commercial Bank Limited has a solid establishment of over 63 years in Pakistan, the Bank offers full day 24 hours banking convenience with a system of more than 1000 branches and the biggest ATM network in Pakistan more than 450 ATM locations in the marketplace. 2.2 Success stories and rewards during last 5 years The initial period of 2005 was very beneficial for MCB, because the bank has accomplished 4.2 billion of per tax profit, evaluated for the same time period with Rs. 2.2 billion. Profit after tax has more than doubled compared to the matching period for 2004 and go above Rs. 3 billion which was the highest profit in the history of Muslim commercial bank. This interprets into receiving Rs. 7.43 per share. Advance and deposit increased to Rs. 156 billion and Rs. 241 billion reflecting a growth of 14% and 10% respectively. In addition the banks assets extended by 16% throughout the half year ended 2005 and crossed 300 billion Rs marks. Banks capital and reserves enlarged as a result of 41% throughout the semi year, which was due to the issue of right shares and maintained earnings. Raise in equity would develop the limit of lending and would supply the opportunity for noteworthy growth of the banks balance sheet. This would also facilitate to meet the capital obligation below Bas el Accord II, which will be valuable from 2007. 2.2.1 Awards Muslim commercial bank has a wonderful list of awards during the last 5 years. In 2005, 2006 and 2008 Muslim commercial bank get award of Best Bank in Pakistan from Euromoney than in 2005, 2006, 2008 and 2009 mcb get the award of Best Domestic Bank in Pakistan from Asiamoney. Again in 2008 Euromoney give the award of Best Bank in Asia to mcb and after this in 2009 mcb got the Best Domestic Bank in Pakistan award from The Asset. The Asian Banker for being Pakistans best-performing financial institution gives the award of The Strongest Bank in 2010 to Muslim commercial bank. 2.3 Product/services line Mcb provides a large scale product line to their customers for achieving the international standard of banking. There are a number of products and services like MCB FULL DAY BANKING: Mcb provides full day banking services to the customers and they can enjoy the all banking facilities in every day of week even on Saturday. ONLINE: In our daily life we are easily buying the products and services online so in banking sector mcb is also provide the online bank facilities to the customer and have 315 online branches which provide 24*7 online services. MCB SPECIAL RUPEE TERM DEPOSIT: This facility provides a large range of choices to the customer that they can open more than one term deposit accounts that suite them for their current and long term needs. 365: This is a deposit account for mcb customers which offers a good profit on daily basis and also provide the capability of decisive withdrawals. MCB LOCKERS: Mcb provides the facility of lockers for the protection of cu stomers expensive and valuables. MCB REMIT EXPRESS: Customers can also enjoy the facility of international remittances capability within 24 to 72 hours. MCB ISLAMIC BANKING: Mcb provides the banking facilities according to the Islamic point of view and shariah. MCB CARDS: A restricted position of sale acquiring association facilitating recognition of all main card brands. MESTRO: This facility is giving to the MCB smart card and ATM card holders and only they can enjoy this facility. CIRRUS: This is a cash withdrawal facility which is only provided to the MCB smart card and ATM card holders. They can withdraw money at more than 900000 ATMs in the whole world. MCB MOBILE BANKING: Now you can enjoy the banking facility through your mobile phones in any time. Mcb provides the information about you account and mini statements through mobile banking. MCB VIRTUAL INTERNET BANKING: This facility allows the customers to access the banking services in any time. You can g et the services in 24 hours of a day, days a week and a year. MCB CALL CENTRE: This call centre is working for the customers problems which the face in the services they only call and get the solution of their problems, information about banking services like ATM cards and other products of MCB. MCB ATM 24-HOURS CASH: Mcb provides the largest ATM networks of the nation with more than 450 ATMs services to the customers. MCB SMART CARDS: Mcb smart card is the way to get the banking services like withdraw cash, pay utility and mobile bills and lots of more and more. CORPORATE FINANCING: MCB Corporate Financing offers right to use diversified financing alternatives which includes working capital loans as well as term loans, trade finance services and investment banking. MCB EASY BILL PAY: Mcb smart card and ATM card holders can avail this facility and easily pay their utility and mobile bills through these cards. This is a very good solution to pay the bills. MNET: It is an electronic inter-bank display place for online dealings on ATM and other isolated banking conduits. Members consist of 10 local and overseas financial foundations enjoying ATM division and Value Added Services. MCB CAR 4 U: This is a auto finance loan which is very good for those people who wants to buy a car because it is affordable for all. MCB PYARA GHAR: Mcb provide this home finance facility to the customers that they can easily purchase and construct their home and for this purpose MCB provide more than 20 million to the customer. MCB RUPEE TRAVELLERS CHEQUE: Mcb is the market leader of rupee travelers cheque. This cheque provides a safe way to transfer money from one place to another. SAVING ACCOUNT: Mcb provides a large number of saving accounts for customers to save their money for short term and give good profit on it. CURRENT ACCOUNT: A large number of current accounts are offering to the customers by mcb and also give extra facilities on that account s like online transaction, demand draft and pay order etc. Mcb offering many more products in market like salary club, project loans, investment services, sms banking etc. 2.4 PESTL Analysis There are many factors which influence the organizations performance and customers profile. It is very important to identify these factors that influence buyer and the size of market overtime, so we can improve the performance of the organization. PESTL analysis is the best way to identify these factors because it includes Political and factors Economic factors Social factors Technological factors Legal factors 2.4.1 POLITICAL FACTORS Political environment have a great influence on banking sector. Political unsteadiness within Pakistan can direct to changes in law and policies which can be in support or alongside the banking sector. 2.4.2 ECONOMIC FACTORS Economic factors like inflation, per capital income, saving trends, exchange rates, budget deficit, rate of interest and cost of living are effect the borrowing power of the general public and we know that the banking sector requires a good customer markets with good borrowing power of the customers. Pakistans economy facing all these problems that is why banking sector face many problems regarding business growth. 2.4.3 SOCIAL FACTORS Social factors are also play an important role in the banking sector because every society is made by some values and norms and cultural issues and present in every society. These issues are also prevailing in the Pakistani society but as there are a number of multinational companies worked in it so that these issues are not well-known. 2.4.4 TECHNOLOGICAL FACTORS Technology is a big challenge for every business sector because the growth of economy is greatly affected by the technology changes. In Pakistan every business sector introduces new technology and increases its profit and sales that is why MCB also introduce new and innovative technologies for competition. 2.4.5 LEGAL FACTORS Legal factors are the combination of government laws and regulatory agencies that effect the organizations and individuals. These laws are mostly creating the chances of new opportunities for the organizations. Laws and regulatory agencies are made for some purpose like to protect the customers from unfair condition created by the banking sector and also play an important part in the protection of banking sector by unlawful competition. 2.5 Contribution of MCB towards economic development Muslim commercial banks play a significant part in economic growth of Pakistan. Economic development involves speculation in different sectors of economy. The banks gather money from the public and assemble saving for speculation in developed task. The investors scrounge from banks to sponsorship the projects. Support the expansion rate during the reorientation of loan strategy. Unique resources are provided to the investors for the achievement of projects. The banks offer a certification for industrialized loan from worldwide agencies. The overseas resources stream to developing countries for speculation in projects. In addition regular banking the banks complete bureau services for the consumer. The banks purchase and sale securities and build rent payments, accept payment money and gather service bills for the Government departments. Therefore these banks keep time and power of full of activity working class. Banks assemble foreign exchange for the business deal with other co untries. The capability of foreign exchange account has resulted in an augment of overseas barter assets. Through aperture a memo of recognition the banks encourage overseas deal. Banks are not merely collecting finances except for also provide like a steer to the client speculation of their money and the strategy of banks is a tool in spacious dispersion of glory in country Chapter # 3 Organizational Structure 3.1 Organizational Hierarchy Chart (Chairman) (Board of Directors) (Chief Executive / supervisor) (Senior vice Executive President) (Vice Executive President) (Senior vice President) (Vice President) (Assistant vice President) (OG-1) (OG-2)(OG-3) (Clerical Staff) (Non clerical Staff) 3.2 Number of Employees Mcb provides employment opportunities to those people who are interested in banking sector according to a source of mcb total number of employees in Pakistan is about 15000. Every branch consists of at least 13 staff member one branch manager, one customer service officer, one credit manager, one general banking officer, one cashier, one cash officer, one system administrator, two gun men and two peons. 3.3 Main Offices of MCB The head office of Muslim commercial bank is located in Karachi on Chundrigar road Mcb tower, I.I and branch office is Defence Housing Authority branch Karachi. In Punjab regional office is located in main gulberg market Lahore and branch office is in waheed palaza Lahore cantt and other one is in Garhi shahu, 86, Allama iqbal road Lahore. Another regional office is located in main Civic centre, G-6, Islamabad and another is in Peshawar. 3.4 Introduction of all Departments In all the branches of Muslim commercial bank there are 4 main departments Deposit department Cash department Credit and Advance department Foreign exchange department 3.4.1 Deposit department Bank makes transactions in money and they are simply mobilizing finances inside the financial system of the country. They lend money from one individual and give loan to another, the dissimilarity among the rate of borrowing lending shapes their spread or gross income. Consequently we can exactly shape that deposits are same like the blood of the bank which sources the dead body of an organization to get to effort and these deposits are legal responsibility of the bank so according to the banks point of view we can submit to them like liabilities. The whole deposits of MCB are rising from the time of its launch but after the period of privatization there is a pointed decline in general deposits of the bank. It is a fact that boost in deposits is also a reason of boost on total amount of accounts so the bank has progressed in equal aspects. Generally deposits can be separated on two bases, one is the period in which their finances are projected to be with the bank and second i s the rate of receiving these finances. Deposits are divided into two categories according to period of deposits Time deposits or liabilities Demand deposits or liabilities All banks have different types of deposit systems in order to encourage deposits. These systems are a combination of the above two kinds of deposits with a calculation of different services obligations like lowest amount of balance condition, form of operation, source for computation of profit, subtractions, extra advantages, eligibility for different sets of group. That is why MCB has a great diversity of deposit proposals. Some of these are as follow Current account PLS saving bank account Monthly khushali scheme Hajj mubarik scheme Khanaum bachat scheme PLS 365 saving accounts These are the different types of deposits this department also handles the account opening activities and clearing departments activities. Each banker take actions together as a paying as well as a colle cting banker, It is on the other hand an significant job of crossed cheques. A great part of this work is approved through the clearing house of bankers. Clearing house is a place where delegate of all banks of the city get together and resolve the acceptances and payment of cheques drained on each other. 3.4.2 Cash Department Cash department deals with maintenance of these books Paying cash book Token book Scroll book Receiving cash book Cash balance book While cash is received in counter of the bank, it is recorded in the Scroll Book and Receiving Cashier Book and at the end of the day; these are matched and balanced with each other. While the cheque or any other transferable tool is presented at counter of the bank for payment, it is recorded in the token book and token is issued to the client then token clerk and the teller make entries in the paying book and payment is made to payee. At the end of the working day, the Token Book and Paying Cashier Book amount are balanced. The joined figure of receipt and payment of cash is recorded in the cash balance book and drawn closing balance of cash. Opening Balance (add) Receipts (less) Payments = final / closing Balance. This is very significant section because cash is the mainly liquid asset and most of the time frauds are made in this section, consequently, additional care is taken in this section and no one is allowed to go into or depart the area liberally. Typically, cash area is grilled and its door is under management of the chief of that department. Every books maintained in this section are checked by an administrator. 3.4.3 Credit and Advance Credit and advance department approves the different type of loans for different businesses and also for customers personal use like Loans OD (overdraft) Cash credits For approving the loans form departments it is necessary to give something as collateral such as property and other types of asset. Collateral must be equal or more than the amount of loans which are given by the department. In case of giving loans every branch has a fixed limit and if the amount of loan is under the limit of the branch then it is easily approved by the bank but if the amount is greater than the limit of the branch then loan will be approved by the head office and in this situation branch collect all required documents from customer and then sent them to the head office. If head office permitted the loan then typically the period restrains a year. All this process is recorded in the bank until the customer has not refunded the amount of the loan and if he/ she will not able to pay that amo unt then bank has an authority to use the collateral for settlement of amount. The credit portfolio of this department is in very good shape rather than other financial institutions of our country and the credit goes to the good management. 3.4.4 Foreign Exchange department This department deals with all the foreign exchange affairs like payment or retirement and foreign remittances. In the payment /retirement when transactions are completed then a conformation documents sent to the main office. Foreign exchange department deals with the all foreign currency accounts, cash deposit and remittances. Every transaction which is take place in the international banking shall be carried out at rates which are settled by the state bank of Pakistan. Rates of different foreign currencies are delivered to the branches on the same day. 3.5 Comments on organizational structure Muslim commercial bank listed in stock exchange as a banking company and it follow all the laws and legislations which are imposed by concern decrees the chairman Mr. Muhammad Mansha who is also the chief executive of the bank with 1 vice chairman and a team of 10 directors to help in the making of different strategies and control of the business. Operational management of Muslim commercial bank is control by a team of 10 professionals. The chairman of Muslim commercial bank Mr. Muhammad Mansha is also the head of this team. Organizational structure of Muslim commercial bank is very good and effective and just because of this effectiveness, Muslim commercial bank has a very bright future in the field of banking. PART II Chapter # 4 Internee Work 4.1 Introduction: This chapter is the main assessment part of my report because in this part all those activities are mentioned which are performed by me during my internship in Muslim commercial bank Kutchery chowk branch Gujrat. I will try to share my all experiences and hardships of internship in this chapter. All the information regarding the branch is also given in this part of the report. 4.2 Introduction of my branch: As I mentioned that I did my 6 weeks internship in Muslim commercial bank Kutchery chowk branch Gujrat. I completed my internship with Muslim commercial bank limited Gujrat from 02- Aug- 2010 to 19- Sep- 2010. Some general information of my branch is as follow Code of the branch 1297 Name of the branch Kutchery chowk Gujrat Contact # 053-3537616 Adress of branch Kutchery chowk 4.2.1 Management of the branch: Management team of my branch is very talented and cooperative. Management consist of these members Syed Nadeem Raza Branch manager Amber Ahmad Branch operation manager Iram Nawaz Customer service officer Saira Bashir Cash officer Muhammad Riaz Cash officer Bushra Saleem General banking officer 4.2.2 Other important information: Total deposit of the branch 550 M Total number of accounts 7500 Revenue of the branch 21 M Capital of the branch set by the HO 4.3 Supervisors detail During my internship I worked in almost every department under the professional supervisors. In account opening department I worked under the supervision of Miss Iram she is an MBA and one of the most active employees of the branch. She is designated as customer service officer. I performed my first 3 weeks of internship activities under her supervision. She gave a lot of information and knowledge about the account opening activities and also gave an opportunity to do them by myself. She also guided me how to deal with the customers in those problems which are faced by them in account opening forms. In next week I worked in cash management department under the supervision of Miss Saira Bashir she is a graduate lady she is working in mcb from last 5 years. She guided me in this department that how to collect the utility bills, in the same week I also worked with the operational manager Mr. Amber who is an MBA along with 10 years experience in banking sector. In next few months I per formed my activities under the supervision of Miss Bushra who is designated as General banking Officer of the branch. She is also an MBA and deals with all the activities of clearing and remittances. Under his supervision I performed all the function related with remittances and clearing. 4.4 Weekly time table of my work During my internship I have worked in bill collection department, account opening department, remittance, clearing, general banking and customer service department. As I early mentioned that I worked in few departments and performed these activities. Time duration Department Tasks performed in the departments Week I 02.08.2010 to 06.08.2010 Account Opening Department Introduced with branch employees and got common information about branch and as per the instructions of the supervisor filled the account opening forms and verified earlier accounts documents. Week II 09.08.2010 to 13.08.2010 Account Opening Department Fill up the new account opening form of the customer, learnt stamping on account opening forms Week III 16.08.2010 to 20.08.2010 Account Opening Department I did stamping on account opening forms which is given by my supervisor and also learnt about the documents which are required for account opening. Week IV 23.08.2010 to 27.08.2010 Bill collection Department And Operation Department Work in the operation department. Collect the utility bills and observe the other activities of that department. Learnt about cheque and how to honor a cheque. Week V 30.08.2010 to 03.09.2010 Clearing Learnt about clearing procedure supposedly and practically then did this procedure under the instruction of my supervisor. Week VI 06.09.2010 to 10.09.2010 Remittances Got information of general working and about Demand draft and pay order. I also printed both many times. Week VII 14.09.2010 to 17.09.2010 Remittances Filling deposit slips and money gram, printed D.Ds and Pay Orders and During my internship period no work relative to foreign Remittances and T.T, M.T and was done in remittances department. 4.5 Description of departments During my internship I have worked in account opening department, cash management department, clearing and remittances departments. Detailed descriptions of those departments where I have worked are as follow 4.5.1 Account Opening Department This is the main department of the bank. Account opening department perform the function of opening and closing of different types of accounts in bank. People can open their accounts in bank individually as well as a firm. Educational institutions and all other types of organizations open their accounts in the bank. Muslim commercial bank offers various accounts for their customers. People can easily open their account in the bank with their own choice like current account, saving account, PLS account, BBA account and term deposit account. In my branch Miss Iram is the head of this department. She deals with all the issues regarding account opening and closing. 4.5.2 Bill Collection and Operation Department These two departments are very important because all the bills and cheques are collected in these departments. Bill collection department collect the bills on the behalf of WAPDA, Sui GAS and PTCL. Operation departments perform many function like collecting cheques, honour the cheque and cancellation of cheque. In my branch Miss Saira is the head of cash department and operation department controlled by Mr. Amber who is the operational manager of the branch. He deals in cheques collection activities. 4.5.3 Clearing Department Each banker performs both roles as paying as well as a collecting banker; on the other hand it is an important function of crossed cheques. A great portion of this work is carried out from the bankers clearing house. A place where agent of all banks of the city interacts with each other and patch ups the receipts and payment of cheques drawn by one to the other. This department is controlled by Miss Bushra who is the General Banking officer of my branch. She deals with all the ac tivities of clearing the cheques. There are 4 types of cheques in clearing Transfer cheques Transfer delivery cheques Clearing cheques Collection cheques 4.5.4 Remittance Department The requirement of remittance is normally felt in business life mostly and in everyday life common. A key function of any banking system is to provide a good facility of transferring funds from one customer or place to the other. The bank earns a lot of income in the form of service charges by providing these types of services to the customers. Local currency remittance is deal by this department like transfer of funds from one city to another without actually carrying the money. Following instruments are used by MCB for transferring money Pay order Demand draft Mail transfer Telegraphic transfer In my branch Miss Bushra (General Banking Officer) also deals in the remittance department as well as clearing department. She makes all the instruments of transferring funds lik e DD, OD, MT and TT. 4.6 Description of the activities of the departments As I already mentioned that I have worked in above four departments during my internship. These are the activities of all those departments where I have worked 4.6.1 Activities of Account Opening Department Account opening department perform all the important activities related with account opening procedure. Account opening is a bridge between a bank and a customer. In MCB account opening department perform such activities like investigation etc. By opening an account MCB as like the other banks in Pakistan determine whether or not the individual who is going to open the account is a attractive client or not. At that time MCB verify the potential customers honesty, morality, occupation and the nature of industry by the preliminary situations which are given at the moment of account opening. Carelessness in this casual beginning inquiry may result in serious outcomes not only for the banker troubled directly but also for other bankers and the common community who may be exagg erated indirectly. The Federal Ombudsman of Pakistan, vide his decision on grievance no. II/31/5186 In order to additional support and update this procedure, has directed the banks to keep a photocopy of computerized NIC with the account opening form of that person who is desiring to open an account as well as that of the introducer. As per these tracks, the concerned Branch Managers are essential to get the original NID along with their Photocopies and then after attesting the validity of the retained copy return the original card to the customer. After all these investigation account opening department opens the account of the applicant and give cash book to the customer. This investigation is necessary for opening a account just because of avoiding the fraud and other unlawful acts of the customers. 4.6.2 Activities of Bill Collection and Operations Department Bill collection department perform the activity of utility bills collection on the behalf of WAPDA, SUI GAS a nd telecommunications. This department works in the supervision of cash officer when the bills are collected than at the end of the working hours a bill collected scroll is made by the officer. Operations department deals with the most important functions of the bank. Cheques are received and honor in this department. Operation manager is the head of this department. 4.6.3 Activities of Clearing Department Clearing is a method by which banks substitute cheques and other exchangeable tools drawn on each other inside a specified district and in that way securing the payment for its customers from the clearing house. Clearing house is a general association of the banks at a set position, main purpose clearing house is equalizing the cross responsibility in the shape of cheques. When there are numerous banks in the country each will accept a number of cheques strained on other banks, deposited inside for compilation. A clearing house is an organization where these cheques are b rought and the mutual claims of each bank on the other are offset and a settlement is made by the payment of differences. The process of clearing refers to the gathering of cheques strained on other banks. These cheques may be strained on United Bank Limited, Habib Bank Limited, National Bank of Pakistan, or several other bank of Pakistan. The relevant clerk assembles all cheques and enters them in the register of clearing. Then he attaches a stamp on these cheques and arranges out cheques of different banks and prepares agenda for them then these cheques are sent to clearing house. SBP has extended the tune of Clearing House. MCB will accept all the cheques strained by other banks. Lastly they replace their cheques mutuality. Muslim commercial bank ambassador will give cheques of United Bank Limited, Habib Bank Limited, Allied Bank Limited, National Bank of Pakistan, and State Bank of Pakistan to their agents, and get the cheques strained on MCB from these agents. Further the y clear up their account. SBP agent will work out the balances and will clear up their account from their balances with SBP. The amounts of the cheques are credited in the depositor account on the second or third day and if the cheques are not revisited it is cleared that all the cheques are honored. 4.6.3 Activities of Remittance Department 4.5.1 Account Opening Department:

From Ancient Myths to Marketing Strategies Books Assigned to Freshmen by Top Universities

Even before the academic year has started, students in the US colleges have work to do. Applicants have to read something, which usually varies from myths and legends to popular fantasy and overview of trends in the digital age. Most of the top colleges do this. They provide their future students with the must-read lists, items which are considered important by the institutions. What’s interesting, the titles are not usually program-related, but rather serve to help a student adjust to the new life in college. Over the last few years, students across America have read a bunch of thought-provoking and sometimes controversial books. For example, The Iliad by Homer is a book to read when you’re about to start your studies at Columbia University. At the same time, those who were accepted at Stanford University were given three books that tackle contemporary issues. They are Walter Isaacson’s The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution, Tobias Wolff’s This Boys Life, and Lalita Tademy’s Cane River. Newcomers at Princeton got Whistling Vivaldi: How Stereotypes Affect Us and What We Can Do by Claude Steele, a book about negative stereotypes and how they influence us when we are under stress. At Cornell University, students were obliged to read Vonnegut’s classics Slaughterhouse-Five, a book on the WWII and the absurdness of war in general. At the University of Texas in 2014, everyone received a list with options tha t included the first book of A Song of Ice and Fire series, Bram Stoker’s Dracula, and Sex and Desire by Jennifer Knust. So why do colleges assign these particular books? Which benefits do students get from them? At Stanford University, all the books were united by a common theme —Â  they were about people and their stories of how they overcome challenges. Those who read The Iliad indulged in the story of Achilles and his great failure when he was humiliated by his leader, so the very question of leadership is raised there. A very interesting find is a book by Naomi Oreskes and Erik Conway assigned to freshmen at Smith College, The Collapse of Western Civilization: A View from the Future. It deals with the issue of climate change and how it caused the collapse of the Western world in 2093. Wild by Cheryl Strayed, with which students at New York University were acquainted was selected as a metaphor for freshmen who start their life away from home in a role that’s completely new to them. While some students or applicants are quite enthusiastic about dealing with most of the reading challenge, others might protest against certain items from their lists. Alison Bechdel’s autobiographical graphic novel Fun Home caused protests from a group of Christian students at North Carolina’s Duke University. They claimed the book contained too much sexual content. Students discussed the assignment on their social profiles and complained that it was inconsistent with their morality. The book is about the girl who discovers herself as a lesbian and finds out that her father is a closeted gay. Vivid sexual imagery was the main thing that averted young people from reading it. At the same time, the administration of the college explained that they wanted to provoke students for a discussion, which is the main component of true liberal arts education. It is always possible to abstain from reading the assigned book, if it comes into a conflict with one’s morality, bu t that makes the discussion incomplete. Every college has its own literature to demand from the students. Usually, books they assign are helpful in one or another way to a newcomer. Some prepare them to a new life as a grown-up, and some introduce them to important ideas or current trends. Some books help freshmen to overcome stress, while others challenge them for fierce discussions. There is always a reason why a particular university wants its newcomers read a certain book, and a refusal to do that can point at his or her weaknesses and unpreparedness for the real-life challenges.

Biological Psychology The Brain And Nervous System Essay

1. Biological psychology, of biopsychology, is the application of the principles of biology to the study of mental processes in terms of bodily mechanisms. The view that psychological processes have biological (or physiological) correlates, is the basic assumption of the whole field of biological psychology. Biological psychology is a hopeful domain, one that has much to offer in terms of improving the quality of life of the healthy as well as those suffering from disorders. It also contributed important therapeutic data on a variety of conditions, including: Parkinson s Disease, Alzheimer s Disease, Clinical depression, Schizophrenia and a lot others. Humans have very complex nervous system, they use neurons and neurotransmitters to make the highest active communication network throughout the body. â€Å"most of the body’s neurons are found in the central nervous system(CNS), which consists of the brain and spinal cord† (psychology 5th edition). â€Å"Neuroscience em phasizes that the brain and nervous system are central to understanding behavior, thought, and emotion. (Van Horn, 2014; Zhao others, 2014). Therefore, for biological psychologist all that is psychological is first physiological. All thoughts, feeling behavior ultimately have a biological cause.† We are benefited from biological approach for diagnosing and treating human brains Ex. Schizophrenia. Scientists are also able to create medications for different types of illnesses. Besides having psychologistsShow MoreRelatedEssay on Understanding Consciousness1728 Words   |  7 Pagesof physiological psychology, the relationship between the human nervous system and behavior, and an evaluation of historical figures in the field of physiological psychology The Biopsychological Approach to Understanding Consciousness The process of understanding awareness can be complex. Understanding that there are different spectrums of consciousness and that each type represents different principles is the best approach to understanding awareness. As the endocrine system regulates hormonesRead MoreBiological Psychology : The Biological Bases Of Psychological Processes, Behavior, And Learning1722 Words   |  7 PagesBiological Psychology is defined as a branch of neuroscience that focuses on the biological bases of psychological processes, behavior, and learning. Social Psychology is defined as the scientific study of how a person’s thoughts, feelings, and behavior are influenced by the real, imagined, or implied presence of others. Looking at both aspects of psychology we see many similarities as well as major differences. Some function go hand in hand while others could never be more different. The biologicalRead MoreThe Importance of Biology in the Study of Psychology Essay991 Words   |  4 Page sThe Importance of Biology in the Study of Psychology Ashley B. McVey Cecil College Abstract Whether it is the study of biopsychology and other fields of psychology or neuroscience, all psychologists and scientists are trying to understand the functions of the brain. The body and mind connection and how it reacts to certain behaviors or illnesses. Most all psychological functioning can be reduced to underlying brain processes. This should serve as reason alone as to why biology plays anRead MoreFoundations of Psychology Paper785 Words   |  4 PagesRunning Head: FOUNDATIONS OF PSYCHOLOGY PAPER Foundations of Psychology Paper PSY/300 November 7, 2011 Betsy Ferronato Foundations of Psychology Paper * This paper will discuss the major schools of thought in psychology and examine their major underlying assumptions. The paper will also identify the primary biological foundations of psychology linked to behavior. According to our reading in psychology is the scientific investigation of mental processes and behavior. Mental processesRead MorePsychology Is The Scientific Study Of The Human Mind And Its Behaviors1625 Words   |  7 PagesBy definition, Psychology is â€Å"the scientific study of the human mind and its behaviours†. However, originally, Psychology did not begin as a science. The subject of Psychology began in 1879 when the first experimental laboratory was opened by Wilhelm Wundt. Since its establishment, Psychology has progressed into a world-renowned academic discipline with the formation of the first American experimental lab in 1883 and the first doctorate in 1886 which was presented to Joseph Jastrow, who became aRead MoreExplain How Neurons Transmit Information Our Knowledge of the Nuerons Helps Us to Understand Human Behaviour1109 Words   |  5 Pagesknowledge of the neurons function helps us to understand human behaviour.’ Discuss. The relationship between biology and psychology is a ‘give-and-take’, shared relationship where one can be used to explain and provide insight into the other, as both are related to the physical body and the mind. For that reason biology holds a much significant and important role in the study of psychology. One of the main areas of psychological studies is the mind therefore this essay aims to explain the biology of howRead MoreThe Usefulness Of Animal Models1052 Words   |  5 Pagesuse of animal models in relation to the brain and behaviour of humans has played a significant role in understanding many aspects of the human psychobiology, and ‘much of what we know about the relationships among anatomy, physiology, and behaviour has come from animal research’ (American Psychological Association, no date:online). Research on animal models ranges from simple behaviour observation to more invasive procedures such as the extraction of brain chemicals. However, ‘the use of animalsRead MoreEssay Main Theories of Each School of Psychology1085 Words   |  5 PagesThe four major Schools in psychology are Behaviourism, cognitive, psychoanalytic and biological. Many different psychologists have different assumptions and ideas about the way in which psychology developed. And the main theories of each school of psychology, will be developed further in this essay. Behaviourism was firstly introduced by John B Watson and started around 1913. It is the idea that all behaviours are learnt, and humans are subject to stimulus and response. It also suggests thatRead MoreThe Contribution of a Biological Perspective to our Understanding of Behaviour996 Words   |  4 PagesContribution of a Biological Perspective to our Understanding of Behaviour The importance of Biology within the field of psychology has been and continues to be widely debated. Some scientists such as Francis Crick, believe that explanations for psychological differences can only be found by the means of studying the biology of the brain and genes, this belief is known as reductionism. However most psychologists now believe that biology and psychology go hand inRead MoreBiological Psychology966 Words   |  4 Pages1. 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Comparing A London fete and Composed Upon Westminster Bridge

Comparing A London fete and Composed Upon Westminster Bridge A London fete and composed upon Westminster Bridge. I am going to be comparing two poems in this essay the first poem is London fete which was written by a man called Coventry Patmore this poem is about a hanging that took place and about the effect it had on other people who watched. The second poem is composed upon Westminster bridge by William words worth which is about a man who is standing on a bridge describing the view he sees and how he feels looking at this view. The theme to composed upon Westminster Bridge is firstly about nature and beauty and peace. It describes his view of London to be beautiful and how he feels so calm and relaxed from looking at†¦show more content†¦In know that the setting is in the poem because the poem says â€Å"the beauty of the morning, so silent so bare† and the fact that in the morning the sun is shining and it’s peaceful creates the right atmosphere that the poet wants. In London fete it will be darker as the first line sets the scene. It says â€Å"all nights fell â€Å"which shows it is at night and this sets the scene for the poem. As it is a negative poem if it was a bright colourful day then the negative mood that is created in this poem wouldn’t be created. This shows how having the right type of time of day is important to the poet as it helps them set the mood to there poem. Both these poems are alike because there set in London but that’s when the similarities end. A London fete is a narrative poem, the start of the poem explains how a, man is brought out to be hanged as the poem says â€Å"they brought the man out to be hanged† which starts the story of the poem off, the middle of the poem explains how the audience is waiting with excitement for this man to be hanged, for example the text says â€Å"struggles for betting standings ended† this shows that they are all excited to watch this evil deed to be done. At the end of the poem it finishes the story with how little children who watched this murder were influenced by it and started killing other things as at the end of the poem it says â€Å" two children

Hong Kong Jockey Club Free Essays

1. The HK Jockey Club’s stakeholders are as follows: (1)The government. The HK Jockey Club, as a large single taxpayer, could contribute to the government’s fiscal revenue. We will write a custom essay sample on Hong Kong Jockey Club or any similar topic only for you Order Now (2)Hong Kong charities. The HK Jockey Club gives annual donations on which many Hong Kong charities depend. (3)The citizens of Hong Kong. The HK Jockey Club would allocate operational surpluses to support the social and civic needs related to the community services, education, medical and health. (4)The employees. The state of business of HK Jockey Club would affect the wellbeing and the salary of the employees. 5)The customers and the club members. The actions taken by the HK Jockey Club could influence or be influenced by the racing and betting public, the lottery players and the club members. 2. The challenges faced by the HK Jockey Club as it engages in CSR initiatives are as follows: (1)The HK Jockey Club regularly consults the government about the community needs when deciding the distribution of the donations; however, the Club sometimes receives the criticism for the allocation of donations. 2)How the HK Jockey Club expands its gaming business on Mainland China without viola ting the Chinese law in terms of gambling. (3)How to make use of the launch of an Individual Visit Scheme and the recovery of the economy in HK to upturn the betting turnover proportionately. (4)Although the move of legalizing football betting could reduce illegal bookmakers, increase the tax revenue and advance charitable funds, it potentially encourages gambling among youth. The operation of football betting may cause problem and pathological gambling. 5)The public does not well recognize the status of the Jockey Club as not-for profit. People are not aware of the charitable investments conducted by the HK Jockey Club 3. (1)The Jockey Club should conduct several researches before the enhancing of the racing product or the regulatory change. Specifically, the Jockey Club could survey the public opinion toward the plan and consult the government, the club members and the employees to evaluate the plan feasibility. In addition, the Jockey Club could compare its situation with that of other countries that encounter with similar issues to assess the ethical mplications. (2)The Jockey Club should stop the plan or transform the marketing strategy if it does not comply with the domestic or foreign legislation. The Jockey Club should not only uphold the rule of law in Hong Kong, but also respect the legislations in other countries. Moreover, the Jockey Club should provide sufficient education for the public especially the youth about the improvement of the racing product to avoid problem and pathological gambling. Furthermore, the Jockey Club could cooperate with the government to raise the public vigilance of the illegal or unauthorized gambling. How to cite Hong Kong Jockey Club, Papers

Lead Management Team Effectiveness Process-Myaasignmenthelp.Com

Question: Discuss about the Lead Management Team Effectiveness Process. Answer: Introduction My Aged Care is an organization dedicated to the welfare of older generation. It works for the assistance of aged people and provides online and telephonic service to get information regarding the number and range of services dedicated to the welfare of the senior citizens. The company provides information regarding all the services that can assist a person as he gets older, eligibility of a person to obtain aged care, and communicating and establishing communication regarding aged care. In the company, the primary role of the team is to consult the senior citizens and adults regarding the range of services that is provided to the senior citizens. Many times, the senior citizens do not know what services are available to them and what their requirements are, My Aged Care supports these people. It also provides services regarding maintenance of web portal for the clients, assessors (they asses thee requirements of the senior citizens) and the service providers to maintain the record a nd the assessment information. The service provider of Home Care Packages, Transition Care Program, and Respite Care Program also access the information from the companys database (My Aged Care, 2016). The team wherein I work provides response to the telephonic and internet query of the clients. There are twenty members in the team and their main role is to address the queries and issues of the senior citizens. Additionally, they also listen to the problems of the clients and identify their main needs and propose a solution accordingly. Skills and Consultation The primary role of the team is to provide services to the clients in accordance to their requirements. In this role, the primary skills required are empathy and patience, adaptability, clear and effective communication and knowledge. The foremost quality in addressing the requirements of the senior citizens is having empathy. It means the ability to feel and understand the feelings of someone else and what happiness means to them. It is also important to connect with the customers at an emotional level so that the customers can share their problem without any hesitation and the professional executives can understand them. The empathy is also essential in the providing solutions to the problems (Topchik, 2007). Along with it, adaptability is required to handle different kind of clients and customers. The service providers should be able to sense the customers mood and adapt in accordance. The executives should also be able to communicate with their customers effectively and complete each enquiry of the customer till he is satisfied. In order to provide solutions to the customers, the executives should have knowledge regarding most of the enquiries and problems that the customer faces. They should also have knowledge regarding where to turn, if the enquiries become too detailed. In order to perform effectively as a team, the team members should have effective communication skills, accountability and cooperation (Jones, 2004) Tuckman proposed a model of group development wherein four phases were defined, namely, forming, storming, norming and performing. These phases are essential to tackle challenges, problems and find solutions and work collaboratively. In the forming phase, the team meets and connect with other new members. At this early stage, the group members remain uninformed regarding the other team members and the team objectives. It is important to build an environment at this stage so that the members can easily connect with each other. The second stage is of storming wherein the team members form opinion about their team members and responsibilities. In this stage, due to bias and opinion forming, disagreement might occur between the members. In the third stage, norming occurs wherein the above clashes and disagreement are solved and a cooperating team spirit occurs. It is the last stage of the model. In this stage, the group members have established goals and responsibilities and achieve succ ess with them. The accountability skills are essential for the identification of the responsibilities and completing them. The collaboration skills are essential for the team to work collaboratively. The communication skills are essential for the team to communicate with each other and express their issues and problems (Nelson and Quick, 2010). Consultation is important for building a team and communicating the team members regarding the teams goals and objectives and the defining the individual responsibility of each team member. Consultation can assist the team development in articulating the mission, vision, role clarification, team building developing trustworthy relationships and decision-making. With consultation, the team manager can easily define and communicate the goals and the expected outcomes of each team members. After the team formation, consultation can assist in implementation of action plans, conflict management, and evaluation of the team performance and accountability of the actions. In personal experience, it has been observed that consultation assist in the resolving the issues and conflicts with the team members. It also assists in developing the efficiency of the team members by developing trust worthy relationships (Lussier, 2008). Performance Plan A performance plan is a document that outlines the expected outcome of each team member, how to achieve it and clear methods of its evaluation. Performance plan is important to measure the performance of each employees and the team as a whole (Rampersad, 2003). Team Performance Plan Objective: At present, the team is dedicated in solving the queries and the issues of the customers and the clients. However, several issues are encountered due to lack of cooperation between the team members. The organization does not have a system of team building and the people once hired works without any team Induction. It results in lack of trustworthy relationships and communication among the team members. The objectives of the present performance plan it to build relationship between different team members. Actions Timeline Responsibilities Resources Review dates Team Induction During team building Team leader will have key responsibilities in arranging the induction session of the new employees. Team induction is the training provided to the newly selected team members The team induction is the training process given to new employees and team members. The newly appointed members are given training regarding the operations and functionalities of the complete organization. Therefore, the employee will be given training through various means such as video, peer training and employee mentoring. All these methods will require finances and time from the senior employees. After every three months or joining of new candidates. Regular team meetings At certain intervals In the team meetings, all the team members will have responsibilities to show their progress regarding their individual goals. The personal goals are inspired by the collective goals of the organization. In order to conduct successful team meetings, participation and commitment from all the employees is required. The team manager should be able to obtain commitment and assurance from all the team members for regular participation and active membership. Although it will require time from all the team members, these team meetings will be beneficial in the evaluating the progress of the team. After every three months Get to know each other session after inclusion of each team member At specific intervals It is the responsibility of the team members to welcome the new member and make him comfortable in the new organization. The team leader can organize sessions so that a new team member can know about the previous embers of the team. These sessions are important for the team member as to enhance collaboration and cooperation. These sessions do not require any additional resources; however, they can enhance the productivity of the team as a whole. After every six months Regular team outings and fun At specific intervals The team leaders can organize team outings on weekends and holidays so that the team members will create friendly relations which will be further essential in the development of team spirit and enhance the productivity and efficiency of the team members. The team members will also be able to effectively communicate with their peers regarding any problems or issues. These activities require financial resources. Team outings and fun are important to inculcate the feeling of collaboration and support. Once an year Indicators or measures of success: Employees resistive towards such activities, skepticism and reluctance for additional work or financial resources. Potential barriers: Negative response of the management regarding organization of such activities Dependencies: The dependencies will be on the management and the members of the team d) Team Member e) Determined Outcomes f) Agreed responsibilities g) Standard to be achieved h) How the task will be measured i) 1 Leader j) Setting targets and developing performance plan for all the team members k) Making the new members of the team comfortable by initiating induction program and team meetings l) There should be reduction in the employee turnover in the team and the performance of the team should improve Every three months, the team will be evaluated for the performance, employee turnover and every employee will have to do fill an exit interview with the reasons for which he is leaving the team. 2 Coordinator m) Arranging team activities n) Making the time schedule for the regular meetings and team activities o) Induction programs should be conducted during the inclusion of each and every member p) A three months evaluation method will be used. With this method, the number of activities organized each month will be evaluated. The response of every employee will be obtained regarding the activities and its organization. q) 3 Negotiator r) Resolving issues and queries related to each team member Negotiator works for the resolution of any issues or friction between the team members. It is the primary responsibility of the negotiator to look if there is any disagreement between the team members There should be a written report regarding each conflict between the team member and the conflicting parties should be consulted regarding it (Davis and Davis, 2008). It is mandatory for the negotiator to report and document all the conflicts and the actions taken to mitigate them. These reports will be evaluated for examining the performance of the negotiator. Supporting the team members In a business organization, developing and growing teams is essential for the performance of the team. The organization can use coaching for inspiring the team members to perform and setting expectations. With coaching can team members can be easily communicated regarding what the company expects of them and how to accomplish these goals. After creating expectations, it is important for the team manager or coach to provide regular and honest feedback to the team members regarding their progress. It is also important to support the team members after the feedback on their performance (Hawkins, 2014). A mentoring program is focused to provide new insight and advice to fresh employees regarding their job functions. Mentoring programs are accomplished with the help of experienced employees who guide new recruits about the job process. It is also an effective way to maintain the organization culture and train the new staffers. There are several business mentoring programs such as one-to-one mentoring, resource-based mentoring, group mentoring, training based mentoring and executive mentoring. On-to-one mentoring is the most dedicated mentoring program as it dedicates one mentor to each mentoree. In this mentoring program, personal connection is developed between the mentor and the mentoree. The mentoree also gets personalized support from the senior employees. However, the primary issue of this mentorship is the limitation of mentors. This program can be made more flexible by providing choice related to mentors and mentorees (Clutterbuck, 2011). Develop strategies to encourage input from the team members In the present business world, the leaders all over the world are encouraging active participation of employees and team members to increase productivity and better strategic decisions. Encourage team members to provide input and solutions to organization problem (Ephraim, 2013). Be clear about organization and share information with the employees liberally. The team leader can also ask directly other members for input and active participation in decision-making (Zarate, 2008). References Clutterbuck, D. (2011). Coaching the Team at Work. Nicholas Brealey Publishing. Davis, D. and Davis, W.R. (2008). Team Performance Inventory: A Guide for Assessing and Building High-Performing Teams, Participant Workbook. John Wiley Sons. Ephraim, N. (2013). Collaborative Communication Processes and Decision Making in Organizations. IGI Global. Hawkins, P. (2014). Leadership Team Coaching: Developing Collective Transformational Leadership. Kogan Page Publishers. Jones, R. (2004). Oxford Textbook of Primary Medical Care. Oxford University Press. Lussier, R. (2008). Management Fundamentals: Concepts, Applications, Skill Development. Cengage Learning. My Aged Care. (2016). Getting started. [Online]. Available at: https://www.myagedcare.gov.au/getting-started [Accessed on 21 December 2016]. Nelson, D.L. and Quick, J.C. (2010). Organizational Behavior: Science, The Real World, and You: Cengage Learning. Rampersad, H.K. (2003). Total Performance Scorecard: Redefining Management to Achieve Performance with Integrity. London: Routledge. Topchik, G.S. (2007). The First-time Manager's Guide to Team Building. AMACOM Div American Mgmt Assn. Zarate, P. (2008). Collaborative Decision Making: Perspectives and Challenges. IOS Press.

Impact of Change in the Accounting Standard and Law

Question: Discuss about the impact of change in the accounting standard and law or regulations on the business and accounting profession. Answer: Rationale As we all are aware that the IFRS adoption by an organization will consequently need the changes in the balance sheet presentation that an organization required to do. Lets take an example like debt that has been associated in violation which has been requires to be shown under the head Current Liabilities. Moreover, Deferred Tax liabilities as well as assets are required to be shown under non- current items. Also on other hand, if look at the valuation of the inventory, it will be found that it is required to show inventory as a amount lower of the cost or NRV whichever is less by using IFRS which is unlike GAAP. Further, asses revaluation requires to be done in case the organization is listed as well as the same must be recorded on regular basis which should be at the fair value Research Objectives This topic would have impact on corporate management and investor since it has been seen that corporate management would have more benefit from the simpler rules and standards which have been followed worldwide. And the change led them provide an opportunity for raising the capital. However in case of investors, they are required to re-educate themselves again in regard to the change in standard which sometime led them crash to deal with the same. Research questions 1. Whether shift from the current standard to the internationally accepted which requires people to learn new impact whether would lead or result in consistency for the accounting practices? 2. Whether it creates complex set of guidelines in order to establish the criteria or rules? 3. At the time of considering or taking decision in regard to providing of fund by the investors whether it would create problem as it requires them to identify accounting reporting? Key literature sources Gerhard G. Mueller, Accounting Principles Generally Accepted in the United States versus Those Generally Accepted Elsewhere,International Journal of Accounting(Spring 1968), pp. 91103. American Accounting Association, Report of the American Accounting Association Committee on International Operations and Education 19751976,Accounting Review(Supplement) (1977), pp. 65101. A. Hepworth, International Accounting Standards,The Chartered Accountant in Australia48 (2) (August 1977), pp. 1719 Standards and Statements - AICPA. (2016).Aicpa.org. Retrieved 21 May 2016, from https://www.aicpa.org/Research/Standards/Pages/default.aspx. Mini literature review As it is the clear fact that it is required to prepare financial report in a way that it will provide true fair view in regard t the financial position of the company. This would also help the investors or can be utilize by the potential stakeholders such as customer, supplier, and creditor in order to make investment decision. So, it can be said that it will consequently help to evaluate the performance, earning and also simultaneously help to forecast the income of the company along with the associated risk Since it has been the relevant fact that financial reporting to be considered as essential aspects in respect of the organization or entity. Certain rules as well as regulations which are also known as principles by the governing authority for the Accounting that requires to be followed by every entity or organization at the time of recording the transactions as well as operation of the entity. It has been clear stated that all the transaction must be recorded as per the principles as well as guidelines issued by the GAAP. During the period of 1990s and 2000s, it was found that there was beginning of the financial scandal which directly or indirectly creates a question in regard to the reliability for the financialstamtnetsof the organization or entity. Moreover, as a result of the same, it was found that faith have been lost in regard to the financial position by the investor at the time of making an investment decision. As a result of the same, in the time being it result to smash the whole market. Research Methods / Research Plan This report specifically focuses on the impact of change in accounting standard on the professional which basically prescribes impact of the change on stakeholders also such as investors, suppliers etc. For the above, information has been collected from FASB and American Accounting Association hence specifically not includes any primary data. It has been specifically provided that every transaction must be recorded in accordance with the rules as well principle specifies in respect of the same. Transactions must be recorded in accordance with the accounting standards as issued by the GAAP. Hence opinion in regard to the same using books, journal, and newspaper has been obtained. References Gerhard G. Mueller, Accounting Principles Generally Accepted in the United States versus Those Generally Accepted Elsewhere,International Journal of Accounting(Spring 1968), pp. 91103. A. Hepworth, International Accounting Standards,The Chartered Accountant in Australia48 (2) (August 1977), pp. 1719 Standards and Statements - AICPA. (2016).Aicpa.org. Retrieved 21 May 2016. Highered.mheducation.com. (2016).The Development of Financial Accounting and Reporting Standards. Huang, C. and Lai, G. (2004). Knowledge management system: an agent-based approach.Knowledge Management Research Practice, 2(2), pp.80-94. Mca.gov.in. (2016).impact of change in accounting standard. American Accounting Association, Report of the American Accounting Association Committee on International Operations and Education 19751976,Accounting Review(Supplement) (1977), pp. 65101.