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

Financial Accounting theory and issues - Essay Example Besides from this, there are other methods that can be adapted by the company to meet the expectations of the external environment and one of them is to increase external accountability. The idea behind the concept of increasing external accountability is that organizations can enjoy a continued or higher degree of confidence (i.e. becomes more legitimate) from its external environment when it is more open to the scrutiny of the concerned external agents such as stakeholders and the government (Meyer 1979). To achieve this, they institute reforms in the organization’s accounting practices. The logic between legitimacy and reforms in accounting practices that we have just discussed has been analyzed by scholars and some of them have expressed rather pressing and legitimate concerns. Di Maggio and Powell (1983) argue that the need to project a positive image to achieve legitimacy give rise to inefficient reforms because the external environment may require conformity to symbolic elements that entails sacrifices in addressing technical requirements. The adoption and use of accounting practices perceived to enhance the organization’s appearance of rationality and efficiency may even be symbolic, mythical or ceremonial. (Tolbert and Zucker, 1983: Covaleski, Dirsmith and Samuel, 1996). In the words of Meyer and Rowan (1977, p. 341), the accounting structure trying to satiate the external environment would â€Å"dramatically reflect the myths of their institutional environment instead of the demands of their work activities". Empirical evidence of this resulting inefficiency abound especially those in the public sector. The study of Carpenter and Feroz (1992) suggests that the modification of accounting practices of government regulators who were keen to achieve legitimacy had improving actuarial accounting performance as a minor concern. This claim

Business concept, where you discuss the industry, your business Essay

Business concept, where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success of a business plan - Essay Example It’s either by driving through trucks or by sailing in the huge vessels; they have hence figured out efficient and unique ways to deliver products. The market for yachts transportation is a niche market with a division of 25% volume by smaller boats/yachts which are less than 80ft and 30% for the super yacht which is estimated to be greater than 80 ft. The main segment that our company renders services to includes the private yacht owners, yacht builders, brokers and the charter companies looking out for expansion. ‘In 2005-2008, boats became a status symbol. In 2009-2010, they became a part of the market that has been lost’ (Mallet Victor, Demand for more sustainable boats and equipment grows).However the current recession has paced down the business but the demand has not died. Companies are expanding their business offering delivery to new destinations with guaranteed security of yachts. Business Structure: Our Company maintains the equilibrium between responsibility and team work. It possesses a linear structure where staff is involved in both decision making and other responsibilities. Services: Aim of the business is to transport private yachts from ports in Northern Europe and the Mediterranean to the ports of Caribbean and vice versa. Customers will be able to book their yachts transporting order online. The destinations we work at, include the glorious Palma (Mallorca), Olbia (Italy), Toulan (France), ST.Thomas (US Virgin Islands), free ports Bahamas and Martinique in the Caribbean. These places are known as the magnet for cruising yachts because they are the most brilliant coasts on earth with a passive atmosphere and beautiful surroundings. In most parts of the Mediterranean, the sailing season extends from the end of March to November. And the season at Caribbean lasts from November till June. Thus the schedule follow up shows that yachts will be carried from Europe to Caribbean in the autumn months and from Caribbean to