Fashion Design & Industry

Many dealerships regard the automotive service manager as an integral part of their business. They are the people responsible for acting as a go-between customers and service staff. They are also responsible for other duties within this department.

These managers hire for their department and must choose the most qualified person for the job. They are in charge of overseeing the employees to make sure they meet the dealership’s quality standards. They are directly responsible for teaching these to the employees. Evaluations of employees are also part of their job within their department.

They must set a business plan into place and enforce the goals so they are met. This makes them accountable for the budgeting of the department in making sure the labor costs are kept in check, inventory balances, and they suffer no additional costs by retaining employees. This also covers a marketing campaign plan to gain new customers, as well as keep the old – through coupons, merchandising and staffing needs.

They must stay current with the changes in the industry by attending classes, seminars, and reading literature. This also includes understanding and implementing any policy changes within the dealership, and offering suggestions for change to make the department run smoother. They must also be able to schedule classes for other employees and themselves when such are offered through the car manufacturer so everyone gets the most current information.

It is also the automotive service manager’s responsibility to stay on top of warranties and recalls offered by the manufacture. They will be required to send the warranty work in for payment and will be held accountable for write-offs to the department for failure to comply with the information. They also are the link between the factory representative and the dealership, and may be required to attend meetings and conferences to further this relationship.

The main duty of a manager is to handle customer complaints quickly and efficiently and maintain customer service and the department. They must create and act upon a plan to keep the customers coming back and must have a way to compromise to ensure customer satisfaction. Bringing in new customers is also a job duty, and they must make sure that the service will turn them into repeat customers.

The education for this position requires a bachelor’s degree in business administration or a complimentary technical field. You must have at least five years experience working in the industry, and many companies require an Automotive Service Excellence (ASE) certification. Some will allow work experience to compensate for the college education, where the candidate has many years of experience performing the duties.

Among the paradise of islands that is the Philippines, among the choices of escapes around the world, and among all the chains of resorts and hotels all over the globe, there exists a hidden secret. This is a secret so coveted, 99% of the inhabitants of the Philippines doesn’t even know its there: the private resort Amanpulo.

The private island is a so luxurious, decadent and extravagant, it is on a class of tourist destinations of its own.

Owned by the AmanResorts luxury group, Amanpulo bears its parents’ name “aman” meaning peace. The word “pulo” on the other hand is the native Filipino word for “island”. Amanresorts is only composed of 15 or so luxury spots in different places, so Amanpulo is no less lavish and exciting as it other more well-known cousins. Amanpulo just opened in the Pamalican Island of Palawan, in the Eastern archipelago of the Philippines. Getting there and leaving there is by private jet, though one can assure you leaving paradise would be pretty hard. Well, at least the jet ride is seamless and comfortable.

Whats more, since this is a private island, getting in is no easy feat. One must know the appropriate channels and get in the right time to obtain a reservation. For a summer vacation in a year or two. One may not know this, but one of the sole entries in the book Places to See Before You Die for the Philippines is Amanpulo, so it is definitely worth the wait.

In Amanpulo, it is said that wide, powdery-white beaches are the wonder, compounded by the seascape proved majestic by the view of nearby Manamoc Island. Sometimes, when visitors stare out at Manamoc form the footprinted shorelines, do they ever wonder whats its like to be on that island paradise, then find themselves on the exact same fantasy in reality? The Aman gives no less.

The Beach Club of course, is said to be Amanpulo’s pride and joy. The relaxing wide are is spread with soft decks and pillows, with walkways leading to the pristine pools or the magnificent beach. The beach is the best choice by morning, while subtly lit pools are the choice place to unwind in romantic nights.

In addition, the place simply called The Restaurant serves both Filipino and international cuisines. And from the sound of the reviews, The Restaurant is on a league of its own, a throwback to when hotel restaurants were the best places to dine in. Serving fresh greens form its own vegetable and herb garden, The Restaurant will settle everyone’s worries over what’s good to eat because well, everything is good to eat.

Beach side casitas, nipa hut inspired but very luxurious lodges, are spaced very wide apart. This gives the impression of having your own beach paradise because you can choose to rarely see other guests. The views are fantastic, and a camera is a must. Maybe an underwater camera is a must too, since only 300m form the shore, a reef so full of color and life awaits anyone.

Coming clean, this is not an advertising ad for Amanpulo or the Aman chain of resorts. This is just a simple yearning to go there, one of the best places on earth unabashedly called paradise by those who have seen it. To taste the secret.

Local Philippines is your one-stop source of information about the Philippines with its fascinating travel destinations, colorful festivals and premier attractions.

It’s all over the magazines, frequently featured on television, and even some newspapers are in on the game. Advice on what to wear and what not to wear. The people we surround ourselves with tend to be all too happy to share their thoughts on our outfits. It’s hard to avoid, because the message is everywhere, and if we don’t follow the trend, we’re told we’ve “let ourselves go”.

But does it really matter? After all, the main purpose of clothing is to keep us warm and safe from the environment that surrounds us. Clothes are meant to be functional. Without fur or feathers to keep us comfortable, we rely on different materials to do the job for us. It certainly is nice when clothes look attractive, but no matter how appealing something is, if it doesn’t feel pleasant against the skin and if it is a pain to wear, why should we subject ourselves to it simply because it’s fashion?

One fashion statement has divided women’s opinions for decades – the high heeled shoe. Some women wear them because it’s generally thought that they make legs look good. Some wear them because they make you look taller. Some actually find them comfortable to wear, whilst others can’t manage to walk more than a few steps in them without twisting an ankle. They can cause foot problems, leg and back pain, all in the name of fashion. Is it worth it?

The answer is not as straightforward as it seems. Generally speaking, the older we get, the less we care about what’s in and what’s out. We’ve decided on what we like to wear and what we feel comfortable in, so when we go on a shopping spree, we’re likely to get more of the same or similar. We may get the occasional “fancy” item for special occasions, but if we like our jeans and trainers, that’s what we will return to on a day to day basis.

Like any industry, fashion is about money. The constant change in trends that makes people change the content of their wardrobes throughout the year is designed to keep us spending our cash. If fashion magazines told us that the latest must-have is, in fact, the same must-have as last year, and the year before that, people would only replace that item if it were damaged or if it didn’t fit anymore. To keep customers on their toes, and to keep people in the industry in work, fashion must keep evolving.

That doesn’t mean that we have to follow along. Not unless we want to. There’s no point in purchasing clothes just because they’re trendy if we cannot afford or long to do so. Yes, pretty clothes can help when we want to attract a partner, but unless that partner is part of the fashion industry or someone who follows the latest trends to the dot, they’re unlikely to care all that much.

My advice is to go for what you like, regardless of what the media tell you to wear. If you want to look good, just about anything will work if it’s suitable for your body type and skintone. If you like to dress to impress, go for it. If you like your high heels, go for it (though I wouldn’t wear them all the time – give your feet the break they deserve). If you like your clothes made for comfort, feel free. Don’t let anyone tell you you’ve let yourself go just because you like your hooded tops. They don’t have to wear them.

Everyone should be free to dress how they like. If you like what you wear, it helps you feel confident, and that’s far more attractive than the latest designer dress.

 

How do Filipinos celebrate weddings may sound strange to foreigners, but if they do get a chance to witness a traditional Filipino wedding, they will certainly love the experience. Weddings in the Philippines are never a one-day event. The wedding preparation takes months. And then comes the wedding day itself which in most cases begins from sun-up to sundown.

Filipino weddings are typically solemnized in the church, officiated by a Catholic priest or a pastor, depending on the religion of the couple. Garden weddings have become quite popular these days, too, but usually they are allowed only when it is not going to be a Catholic wedding.. If it is, the couple must have been married in civil rites first for them to obtain permission to get married in a garden or non-church setting.

Catholic wedding ceremonies, regardless of where thuey are celebrated, usually takes more than an hour to finish. The bride arrives in a bridal car, a carriage, or mode of transportation for that matter just minutes before the wedding. Then the church bells ring, signaling the start of the ceremony. The wedding ceremony begins with the processional of the wedding entourage composed of the groom, the parents of the groom, the principal sponsors (some have as many as 20 pairs of principal sponsors!) who will stand as witnesses, secondary sponsors who will light the candles, and put on the veil and cord, the maid or matron of honor, the best man, the bride’s maids and junior bride’s maids, the coin bearer, the ring bearer, the bible bearer, the flower girls, and finally the bride who may or may not be accompanied by her parents. Sometimes, the processional alone can take 20 minutes already!

The mass proper then begins; incorporated therein are the wedding rituals such as the exchange of vows, the exchange of rings, and the giving of the arrhae. A photo shoot after the mass is customary. This can take another 30 minutes to one hour. If you want this portion to be organized, better get the services of a professional photographer who has vast experience taking wedding photographs.

After the wedding, the guests proceed to the reception. It can be in a hotel or in the bride’s residence. Hotel wedding receptions can be very expensive, but they can be less stressful for the couple and their families as they no longer need to stress themselves out any more than they already have. Wedding receptions held in the house are more comfortable and fun, though. All the neighbors get to be invited which make the affair very memorable. They are also less expensive, but can be more tiring.

During the wedding reception, the usual rituals, such as the slicing of the cake, the throwing and catching of bouquet and garter, and the releasing of doves, are observed, with some variations. There is an abundance of food, lots of table-hopping, greeting friends and guests, picture-taking, dancing, singing, and tears of joy.

So how do Filipinos celebrate weddings? Well, Filipino weddings are joyously celebrated, that’s for sure!

 

Want to know some interesting facts about culinary arts? Well, as most people know, the culinary arts revolve around culinary arts and food, and they include everything from restaurant management and hospitality management to food science and food safety. Someone who works in any of these areas is called a “culinarian,” and that includes everyone from food service workers to creators of the fantastic pastry arts.

Historical Facts

The history of the culinary arts is a rather long one. Some historical facts about culinary include these interesting facts about culinary arts. In the U.S., the first culinary school opened in the 1800s, but culinary arts were well under way in Europe from Medieval times onward. There were many cookbooks published or handwritten from Medieval times to more modern history, and Le Cordon Blue Schools, one of the most renowned in the world, opened in Paris in 1895, after a long history of collecting recipes and publishing a food recipe magazine. Cookbooks and cooking schools have continued to be popular into modern times, and there is a surge of interest in the culinary arts right now.

Cooking Schools

One of the best places to learn interesting facts about culinary arts include some of the nation’s best cooking schools. They can prepare a student for a career in food and beverage, as everything from a chef to a practitioner of pastry arts, and they offer many different opportunities for learning, as well. They offer classes to the home cook to make them more accomplished, and offer classes online and in the evenings, so students can still hold down a job while they learn a new career. Some of the most well-known and respected cooking schools include Le Cordon Blue Schools, the Culinary Institute of America, (CIA), and Johnson & Wales University.

A Career in Culinary Arts

If you want to learn more interesting facts about culinary arts, try watching the Food Network, or attending a class at your local cooking school or community college. They offer instruction at every level, and you can begin to see if a career in culinary arts is really what you’re looking for. Remember, a career in this area can be much more than a career in food and beverage. Today, America’s top chefs host their own cooking shows, write cookbooks, and even travel the world in search of culinary adventures. They create reality TV shows, endorse their own lines of cookware, and far beyond, so today, a career in culinary can mean more than working with and loving food, it can mean fame and fortune, too.

A Recipe for Success

What do you need for a career in the kitchen? A great love of food helps, and of course, you should like to cook! A good palate for tastes and textures is important to the budding chef, and if you want a career in pastry, you should love to bake and understand the science of cooking. A good cooking school specializing in the culinary arts can help you discover just what type of cooking and cuisine suits you best, so choose your school wisely. A career in the culinary arena can lead to great success, and for many chefs, that culminates in opening their own signature restaurants. Are you the next Wolfgang Puck or Mario Batali? You’ll never know unless you check out the culinary arts as a step on your career ladder.

 

Technology has become part of our daily lives, and there is probably no aspect in human life which is left untouched by Internet. Technology also plays a positive role in managing a business, particularly food business. If you are into catering, you may probably want to save yourself some hassles in managing your files, stocks and inventory system by acquiring a catering business software.

This software can help you in many ways you never thought possible. Many caterers use the Point-of-Sale system to help them track the sales and purchases that the business had made. It can generate report for easy reference; you can get daily, weekly, monthly and yearly report to see the progress of your catering business.

In this catering business software, you can do bookkeeping with so much ease. You do not have to be an Accountant to know how to run it. Bookkeeping is very vital for all businesses. When you put up the business, your aim was to get the return of investment (ROI) in the shortest possible time. The POS system can keep track of all the incoming sales and outgoing expenses. It can also help the caterers to know other hidden costs involved in the business which is often neglected by the owners when it comes to computation of the profit-and-loss.

Aside from the accounting and inventory software, caterers may also need events management software. This will keep track of all the upcoming events wherein your catering business was hired to serve. This is a database management software where you can input all your clients information and special requests or notes for the events. This will save you from collecting all those calling cards inside your wallet. All you need to do is to input necessary information about your clients and your possible customers too.

Being organized in all your business transaction would make your life easier as a business entrepreneur. It will be easier for you to know whether your business is doing good or not. You can also see what areas you can improve on with regards to handling expenses and purchases. There will be lesser grey areas in terms of accounting because you have all the necessary details you need.

These are the only aspects wherein you can rely on technology in terms of handling your business. The rest of business management would require personalize touch, most especially when it comes to customer service. Your employees are important part of your catering business too. They are the ones who interact with your clients and they create the image of your business too.

If you’ve been involved with online marketing for any length of time, you’re probably at least relatively familiar with the terms “article marketing” and “bum marketing.” If you’re not, don’t fret. This article will explain these two things for you. They’re actually really simple concepts to grasp, so it won’t take long for you to learn them. Then, we will discuss their current effectiveness (or lack thereof) as an internet marketer’s business model.

What Is Article Marketing?

Quite simply, article marketing is the process of writing simple articles and submitting them to websites known as “article directories.” Such directories include sites like EzineArticles, ArticlesBase, and GoArticles. At the end of each article you submit, you are able to include links back to your website (or landing page), where you make your offer.

What Is Bum Marketing?

“Bum Marketing” is a term that was coined a few years back by a top internet marketer named Travis Sago. It is essentially the same as article marketing, but incorporates the use of all types of free social media sites, commonly known as “web 2.0 properties.” In addition to the article directories, bum marketers will be submitting their articles to sites such as Blogger.com, WordPress.com, and the “big daddy” of the bum marketing world, Squidoo.

How Effective Are These Business Models?

The truth is, both bum marketing and straight article directory marketing were once incredibly powerful business models. All sorts of folks were making healthy online incomes using one or both of these methods. Unfortunately, if you fast-forward to a few Google updates later, the story changes dramatically.

You see, the name of the game in the world of free online marketing is to get your content ranked high in the organic results of the search engines, especially Google. And articles submitted to article directories and web 2.0 sites used to consistently rank on the first page of the engines, sending droves of free traffic to these articles, which would in turn send lots of great targeted leads to the marketer’s offer pages.

Sadly, this is no longer the case.

Today, self-hosted websites get the lion’s share of search engine love. This is not to say that article marketing and bum marketing techniques don’t still have their place. They most assuredly do. But their primary role has shifted dramatically.

Instead of using these particular strategies to send direct traffic to your money sites, it is now far more advisable to use both the article directories and web 2.0 sites to gain valuable, in-content, anchor text backlinks pointing to your self-hosted web pages in an effort to get these pages themselves ranking in Google and other search engines.

 

Are you interested in creating or adopting your very own virtual pet? You may have seen the new Webkinz plush toys that also come with a free virtual pet image of the plush animal. Many children are beginning to collect these pets as well as participating in the virtual world. Virtual desktop pets offer great advantages, especially if you have children who have an interest in getting a live indoor pet. They are completely maintenance free unlike real pets. If you do not want to have to worry about the hassle of cleaning after your indoor pets and ensuring that they are well taken care of, then a virtual pet may be the way to go.

In addition to the maintenance free aspect of having one, if you have a child interested in adopting a real pet, then by allowing them to experience caring for a virtual pet, they will learn how to better care for a pet overall. They will gain better responsibility and understand that pets require food, shelter, and love and cannot be neglected. Many of the virtual pet games will require that the owner feed the pet or take the pet for a walk so that they can do many of the same or similar tasks that would need to be done with a real pet. The owners can get additional points or rewards by doing these tasks or can see their pet’s health or abilities decline for failure to do their part.

If you worry about the expenses of caring for a real live pet like the vet bills, immunizations, or food, then this is something that is completely non-existent. Owning a pet can be very costly and if you do not have the money to invest in a pet, then you can consider a virtual pet. You can find many free pet sites to get you started.

If money is not a factor, but you do not want to deal with house training or cleaning after a pet, then this could also be considered to be an advantage as well. Maybe your kids have severe allergies and cannot live with the fleas and ticks that some animals may leave behind. Well, with virtual pets this is not a factor. As you begin to consider adoption, then you will see how convenient they are and how they can be great companions for all alike. Either way, you will not go wrong with your choice.

 

The 1950’s spawned a wide variety of original and distinctive styles, presented with a classic new age twist. For America, recently recovering from catastrophic tragedies related to the second World War, the 1950’s brought restored hope; a chance for a new way of life whose destiny would be decided by them alone. This metamorphosis of America was heavily represented by fashion.

Women especially dramatically altered the way they dressed and presented themselves; during the evolution of an increasingly liberated society, women began to favor casual, relaxed clothing over traditional dress rules and associated formality of previous decades. Some of the most admired new trends for women in the 1950’s included button-up sweaters with simple necklines, fitted blouses, and full knee-length skirts. However, the most prevalent fashion for women during this time was dresses. Most dresses were worn casually, and were accentuated with circle skirts, halter straps, or small collars. Evening wear dresses seemed soft yet daring, coming in many pastel hues and accompanied with bold ruffles, tulle trim, and dazzling velvet bows. The fitted evening wear of this period, which was usually sleeveless or strapless, was also emphasized with sheer silk.

Growing increasingly popular, the full skirts of the 1950’s needed some sort of support in order to maximize their look. To address this problem, Nylon petticoats were created exclusively to be worn in conjunction with full skirts to create fullness. Nylon was a favorable material because of its high quality and easy care wash. This fullness it created transformed the skirt who gave nothing more than a gentle swish, into a glamorous royal-like flutter. Another significant fashion of this period is the swing coat, developed in the last 1940’s by Jacques Fath. The silhouette of the swing coat was “designed perfectly to cover full skirts, and also ideal for the post war high pregnancy rate”. Another trend in the 1950’s was the “trapeze dress: a swinging dress almost triangular in shape and designed to be worn with low shoes and bouffant hairstyles.” The trapeze dress was later modified into a shorter baby doll tent style dress, which was popular in the next decade. Perhaps one of the most classic fashion garments from the 1950’s was Christian Dior’s H-line of 1954, which consisted of a slender tunic-style suit with a slim skirt. His other popular fashions during this period were his A and Y lines. Dior has long been a dominant force in the fashion world, especially in the 1950’s. His creative and usually voluminous garments gave women a more feminine touch. Another designer, Hubert Givenchy created a Parisian style dress in 1957 which he called the Sack. The Sack began the trend of straighter-waist dresses. Initially, it developed into the “fitted darted sheath dress and later into the loose straight short shift dress.”

Coco Chanel was another major fashion designer in the 1950’s. In contrast to popular full and flouncy skirts, Chanel began creating the boxy, now classic Chanel suit jackets and skirts in trimmed and textured tweed. The materials Chanel chose were always richly textured, which contributed to the finished product’s high prices. Chanel’s silhouette of her suits was completely straight, divinely lined with silk. Her look was classic, refined, and adorned with details. Chanel also accessorized many of her designs with strings of pearls and collarless jackets, both of which were considered fashionable in the 1950’s. One of the most classic trends from the 1950’s is the empire line, which was introduced in the late 1950’s. This style was applied to dresses and shirts mostly, and was adored by teenagers who looked innocently childlike, hence the coined phrase “baby doll style”. During the 1950’s, all teenagers were expected to dress like their elders. The empire line was also a striking contrast from what most mothers wore at the time, which contributed to its high approval among teenagers in America.

Until the 1950’s, the term “teenagers” was not commonly used, and certainly not a targeted market group. But with a new range of influences, including film, television, rock music, and magazines, teenagers began to be respected and acknowledged in the community. Often nicknamed the “Space Age”, the 1950’s was an important time in history for science and development as well. So many aspects of life changed during this period, perhaps partially attributed to the recent end of World War II. America had emerged from war with prosperity and a new identity. A new consumer-based society was “forging ahead, helped by such new developments as the credit card system” (Baker, 6). These innovative conditions however produced a similar effect on the fashion industry: while so many things in the lives of Americans were changing, they stayed clear from the radical, intense fashions while preferring the normalcy of standard trends. For once, being normal felt good. Another huge change in the 1950’s was the increased ownership of television sets. Popular television programs such as I Love Lucy connected Americans on both sides of the Atlantic, bringing a sense of unity in the country. Segregation was ended in 1954, which brought together black and white students for the first time though racial tensions were still high, and also birthed the existence of civil rights leaders such as Martin Luther King Jr. Constant fears of communism reaching the states held many Americans tight with fear. More changes brought forth in the 1950’s include the discovery of DNA, the launching of the first space satellite, an increase of women in the work field, and of course, rock and roll. All of these economic, social, and political changes in the world affected the American citizens, and therefore the fashion industry.

Regardless of the world’s issues, the top fashions that drove the industry were more influenced by those who were idolized by the consumers: celebrities. Some of the most popular celebrities in the 1950’s include Marilyn Monroe, James Dean, Ricky Nelson, and of course, Elvis Presley. Marilyn Monroe’s sexy yet simple style was a widely imitated across America, by women of all shapes and sizes. Elvis Presley was another huge influence in the 1950’s; not only was he adored by millions of girls, but he was also an inspiration for men. In a time where men only wore traditional attire, Elvis tore down all barriers which confined men to navy suits and ties. Elvis typically wore clothes that were more popular among the African American population. His wild pegged pants and zoot suits concerned the conservative community of America, who hardly approved of such a “gender bending, race-integrating star” (SOURCE). Elvis’ bright and baggy clothes, makeup, and so called obscene dancing all acted as evidence of his single handed destruction of the morals of America’s youth. Not all men followed the examples Elvis set however. In fact, more men in this time period dressed conventionally than not.

Most men in the 1950’s maintained clothes with casual and modest colors, including dark blue, dark brown, and charcoal. The occasional daring young man would wear pastel pink to stand out; a trend that was just gaining momentum in the 1950’s. Cardigan sweaters were popular among athletes, and older men. Additionally popular were fitted vests, plaid flannels, and collared jackets. There was flexibility in men’s casual wear, and was a common sight to see shirt tails sticking out. Basic fedora-style hats were also a staple item in the 1950’s for men.

Hats were also fashionable accessory for women in the 1950’s, for the reason that they were believed to add a final touch of glamour to any woman’s outfit. The pillbox hat, first introduced by Balenciaga and later modeled by Jackie Kennedy, became one of the trendiest accessories of the decade. Several glorious hat styles existed in the 1950’s. Some hats were covered in flower petals, while others were adorned with swirls of georgette. Gloves were also worn often by women, especially those of elite social status. Some were made of cotton, which was much more affordable than leather or nylon. Though gloves came in many colors and styles, clean gloves whose color was white or cream were the most favored. Fur trimmings and adorned collars were also extremely fashionable. Brooches too, were considered a glamorous accessory.

The 1950’s was a decade in which fashion changed dramatically from previous generations. Multiple influences from political debates, to economic issues, to new age celebrities and mass media all influenced the distinct styles and trends which identify the 1950’s. Recovering from the casualties of World War II brought a lasting change to America, which was reflected in the fashions of this decade. The American women craved glamorous simplicity in their new lives, and as a new and liberated society evolved, the women of America began to liberate themselves by choosing which fashions they felt depicted them best. Not only were the 1950’s important in history, but they also greatly transformed the face of fashion in America.

Corporate Financial Reporting is part of corporate reporting that consists of financial statements and accompanying notes that are prepared in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements are summaries of business transactions during the financial year of the corporation. The business world has many forms of organizations ranging from the for profit sole proprietorship, partnership and incorporated businesses with limited liability to the not for profit organizations whose existence is not mainly driven by financial gain.

Regulations that govern the preparation of financial statements largely apply only to the incorporated entities. This has given rise to accounting standards setting bodies and legal provisions that form the frameworks used when preparing the financial statements. The process of preparing the reports in accordance with the GAAPs and legal requirements presents advantages and disadvantages to the organizations and to other interested groups. The International Financial Reporting Standards are increasingly being adopted by many national accounting standards setting bodies leading the way to a single set of accounting standards all over the world. It is therefore worthwhile to look at the advantages and disadvantages of financial reporting to create an awareness of the complexities that corporations and accounting professionals contend with.

THE ADVANTAGES

A number of advantages of corporate financial reporting can be enumerated and perhaps among the most important is that organizations are able to compare their individual performance with others in the same industry or line of business. This is because the established principles, standards and regulations ensure that there is a benchmark to be followed in the preparation of financial reports. Recognition of income, expense, assets and liabilities is standardized by the existing framework and any deviation can be countered with disciplinary or legal action. Organizations strive to prepare their financial statements to closely match the set frameworks as much as possible. In some countries for example Kenya, this has been translated into an annual competition (the fire award) where companies performance in this area is assessed by professional bodies including the national accounting professionals body with the aim of awarding the company with the best prepared financial statements. This in turn promotes staff and professional development which is a desirable aspect in the growth and wealth creation of the corporate organizations.

Investors and owners of companies in jurisdictions where corporate financial reporting follows strong established and clear frameworks can make the appropriate investment decisions. Corporate reporting in this case enhances the development of understanding of the activities of the companies and at the same time keeps the companies themselves on their toes as the wider society is well-informed of the expected reporting standards. This also acts as an incentive to managers to perform at their best and to institute control measures that aid the organization to comply with the frameworks.

Requirements of corporate financial reporting lead to timely preparation of financial reports. This is desirable to the stakeholders who may be more interested in the organizations immediate past rather than wait for a long time before the outcome of their input is known. When financial reports are prepared and published within the stipulated time, it is possible for necessary actions to be taken to correct any anomalies that may have led to undesirable outcomes. In a more serious case where a material error happens to be discovered, it can be corrected and the necessary measures taken to avoid a repeat of such occurrences.

IFRS give room for flexibility as they are based on principles rather than rules. As principles are based on value, corporations can adopt the standards that best suit their circumstances as long as fair value is adequately reported. This also encourages professional development as accounting standards setting requires qualified academics who can develop the required standards after lengthy and rigorous discussions and considerations to come to a consensus.

Overall, corporate financial reporting acts as a control measure as management, owners, employees, customers, creditors and the government are dependent on the reports in their decision-making. For instance the government in taxation of companies relies at the outset on the financial reports prepared and examined by qualified public or certified professionals. Trends on the growth of the companies can also be quickly determined by comparing sets of reports for different periods.

THE DISADVANTAGES

Corporate financial reporting does not bring desirable results only. There are some undesirable outcomes that should be mitigated against. The consideration of cost guides many companies in their operation. In preparing corporate financial reports in accordance with laid down standards and rules, expertise is required and the company has to engage highly qualified professionals for this task. The fee payments to qualified professionals can be prohibiting especially to small companies controlled closely by their owner managers. Compared to larger companies the small entities do not have adequate resources to implement adoption of the standards or even to train or employ qualified staff. In many instances such small and medium enterprises (SMEs) are tempted to forgo compliance with certain aspects of the standards or rules leading to problems with regulatory bodies including the government.

Freedom to adopt standards that suit the particular circumstances of the company leads to manipulation of reports. Disclosure of important information is in jeopardy as there is no legal enforcement for implementing the standards. Even where the government imposes legal obligations on what financial reports are to be prepared, there are still loopholes that can arise especially when the accounting standards and the legal stipulations are not in conformity in some areas.

For multinational companies, there are challenges in preparing their consolidated financial reports especially where operations are in countries with different accounting standards and legal regimes. There are also other challenges in dealing with for instance exchange rates, interest rates and transfer pricing where treatment of such aspects may be considered differently in different countries. Taxation and existence or non-existence of dual taxation treaties also poses another challenge.

CONCLUSION

It can be concluded that corporate financial reporting is essential and the gains from following accounting standards based on principles far outweigh the disadvantages as freedom to prepare reports in whatever way organizations deem appropriate may lead to financial chaos.