Project Planning and Management for Fire Company Essay

Project Planning and Management for Fire Company - Essay Example Formulation of the business strategies involves strategy formulation, implementation and evaluation. Various evaluation techniques include SWOT, STEEL PEST, and PISTEL. PISTEL helps in simple evaluation and is easy to use and understand. Fire is one of the most important facilities in our daily lives; it provides energy for transformation of goods to more usable and sellable products. It is also used for generation of electrical energy and other forms of energy that help in the manufacturer of goods and services. The great saying that fire is a useful servant but a bad master holds. Uncontrolled fire leads to destruction of property, loss of lives as well as causing major and minor injuries on the victims. To counter the negative effects of fire, various methods have been adapted by man, first is the insurance against the effects of fire. This insurance policy guarantees compensations if such losses occur. The insured person is compensated for loss of life, loss of property and any other loss that he may experience during the fire outbreak provided it is stipulated in the policy. Secondly, the company or individual may also install protective mechanism that helps suppressing the fire when it occurs. ... If the fire fighting company does not have enough facilities to fight with the fire, or if the staff are not well organized, or if other circumstance delay their response. Their services might be affected and this may lead cancellation of the contract and loses by the fire company. The fire firm must be well managed for it to be successful in its operations (Ash & Burn, 2002). The development of a strategic plan is very important in the overall success of the fire company. Careful evaluation need to be done by the firm to ensure that it offers very good services to its clients and also stimulate its employees to perform well. For the company to perform well, it must first develop it mission, vision and objectives clearly. The firm then must work towards fulfilling these goals. To archive these goals the firm must develop plans and policies which will aid it to archive the set goals. STRATEGY FORMULATION This is the first step is the formulation of the strategy, to formulate this strategy the following are necessary. Situation analysis This is the evaluation of the nature of the situation around the geographical area where the company wishes to establish the business. For the fire company the is need to evaluate if there are companies or individuals which need fire protection services, the events of previous fire outbreaks are also necessary as they help during the marketing stage of the service and fire fighting equipment. For example selling of fire fighting equipment and offering fire protection services in a town with numerous fire outbreaks is very profiting. The company management needs to carry out this situational analysis's in order to evaluate the feasibility of the project. The size of the market is also paramount during situational

International Financial Reporting Standards Assignment

International Financial Reporting Standards - Assignment Example The IASB is responsible for oversight of the IFRS. This agency was formed in 1973 under its former name International Accounting Standards (IAS). The IFRS were created in 2001 (Articlebase, 2008). The first nation to adopt the IFRS framework was the European Union. The countries of Europe adopted IFRS in 2005 (Moya, Perrramon, Constans, 2005). The biggest stock exchange in the European nation is the London Stock Exchange (LSE). All domestic companies must abide by IFRS and U.S. companies that want to list their stocks in the London Stock Exchange must convert their financial statements to IFRS. In U.S. GAAP the financial statements of all companies must follow a specific format, but under IFRS companies can utilize multiple formats for their financial statements. Despite the fact that the IFRS started in Europe, the goal of the IASB is for the IFRS to become the global standard in the accounting community. In a little over a decade the IFRS has penetrated a lot of nations worldwide a lready. There are 153 countries across the world that adopted IFRS which implies that nearly 75% of the world has currently gone through the process of implementing IFRS (Pwc, 2012). The United States is listed as one of the countries that have adopted IFRS, but in reality the U.S is still in a conceptual phase due to the fact the entire financial system of the U.S. is based on U.S. GAAP. It is going to be extremely difficult to convince the entire financial community that convergence into IFRS is in the best interest of the United States. U.S. GAAP is a more complex system that has been used for a longer time. One of the benefits of IFRS is its simplicity. A simpler accounting system can help companies reduce administrative expenses since accounting is a major function that requires a lot of resources. Some people in America have resistance to change because they believe that U.S. GAAP is a superior system that is better equipped to prevent material error and fraudulent activity. T he U.S. GAAP and the IFRS have the same function of recording the financial transactions of companies, but there are lots of differences between the ways financial information are reported in each framework. Under U.S GAAP the valuation of investments is done at the cost of the investment in order to comply with the historical cost principle. The historical cost principle states that all assets in the balance sheet must be recorded at purchase price of the acquisition (Investopedia, 2013). The profits or losses of the investments are only recognized in the accounting books if the investment is sold. In IFRS investments are recorded at fair market value. U.S. GAAP has more information and detail than IFRS. For instance under U.S. GAAP the consolidated financial statements demonstrate financial information regarding the subsidiaries of the company. The IFRS only reports financial activity of the parent company unless the parent company has control over the finances of the subsidiary. Another example of the descriptive nature of U.S GAAP is the policy of reporting detail information about the investments of the firm in the financial statements of the firm. IFRS excludes investment activity from the financial statements. The discrepancies between the two accounting frameworks create inequality in the financial markets because investors are not able to compare the financial statements of U.S. companies vs. foreign firms. In an ideal world everyone would use the