Carnival Corporation & plc is a global contender with the title of the world’s largest cruise and leisure travel company. The goal of this assessment is to analyze the strengths and weaknesses with the financial ratio analysis of the company along with conducting an internal factor evaluation matrix to view the status of the company in comparison with their top competitor, Royal Caribbean Cruises Ltd.
Answer: Carnival should place a high priority on marketing. They can include more varied activities that should be marketed towards different lifestyles. This will attract more people who would not have considered a cruise in the past. They can offer many promotions that lower the cost of their cruise. The company can also offer a large selection of cruise options, with ports located in many countries around the world. (Source: http://www.echeat.com/essay.php?t=31046).
The purpose of International Accounting Standard 16 (IAS 16) is to outline the treatment for most types of property, plant and equipment. Initially, Property, Plant and Equipment will be realised at its cost and after that it will be measured either using a cost or revaluation model. The asset will be depreciated in such a way that the depreciable amount will be assigned over the period of its useful life on a methodical basis. [IASPlus, n.d]
The Carnival Corporate Scholars Program has caught my attention because I believe that this program can help grow my entrepreneurship skills for my major and the extra-curricular outside of school I’m involved with. I am familiar with the company named Carnival as a cruise line for years and have deep respect for the success and smiles that Carnival puts on people’s faces. I just don’t want to receive everything I can from this program but also to give back to the company and beyond to create an even better positive impact towards this program once I am involved in it. Networking is key in business or entrepreneurships to help benefit a cause; I can use skills like this that I have developed over my professional developments not to make sure
One of the major marketing strengths of carnival in its marketing department includes its focus on offering its products in three major markets i.e. premium, contemporary, and luxury markets. Secondly, through the use of its travel agents who receive bonuses for promoting the organization, Carnival offers alternative land package vacations.
Carnival has a strong market expansion strategy for selling the mass-market cruise category and first-time cruisers. Furthermore, Carnival Cruise Lines are successful because they have a clear vision and a commitment to their brand essence,
Carnival got its start in 1972 with a single ship, the Mardi Gras, a converted ocean liner which featured a number of innovative features along with a festive on-board ambiance unlike any other cruise ship sailing at the time. The success of the Mardi Gras was instrumental in Carnival’s growth. The entrepreneurial spirit and pioneering vision of Carnival’s founder, the late Ted Arison, provided a solid foundation for the company’s future.
The IFRS is basically a set of accounting rules which are issued by the IASB based in London, UK. These accounting standards have originated from its predecessor IASC defining the term IAS, which occurred in the 70’s. it was only after 2000’s that the IASB took a strong hold under the label IFRS claiming to be a lot more independent even though pertaining to its predecessor, efficiently staffed and better funded. Caffermen and zeff (2006) discuss about the gradual spread of accounting has made a considerable progress over time, and with the adoption of IFRS worldwide, accounting procedures could be smoothened.
Out of 70 brands serving the North American market since 1960’s.Carnival Corporation dominated ten major brands that nearly took over the 95% of the total market. Hence, Cruise Lines came into view as the largest cruise company in the world.
(a)On 1 January 2005,all the stock exchange listed companies in Europe adopted the International Financial Reporting Standards (IFRS) written by the international Accounting Standards Boards. According to IASB, the setting body of IFRS, their primary objective is to develop a set of high quality, transparent ,understandable, global accepted financial standards in the public interest (IFRS 2015) . Furthermore, the statement made by European Commission also explained the benefits including the elimination of barriers to international trades, the increasing of transparency and comparability of company accounts, the improvement of comprehensive strength and the rapid promotion of economic growth (Commission 2002). Based on the public
An IAS is a set of enforceable global accounting standards that are developed by the International Accounting Standards Board (IASB) in the interest of the public, which consist of high quality and comparable information for the use in financial reports. These are then used to assist, users of the information and people in a variety of markets worldwide, to reach commercial decisions. (Investopedia, 2003)
Since 1973, the International Accounting Standard Committee, now known as the IASB, has been focused on developing a single set of high-quality international accounting standards as an effort to make financial information and financial disclosure more understandable to users around the globe. As the business world became more global, regulators, investors, large companies and auditing firms began to realize the importance of having common standards in all areas of the financial reporting chain (AICPA, IFRS, 2011). As of August 2014, the list of countries that have adopted international accounting standards, or local variants of them, has increased to 173 countries, with six more (U.S., Japan, India, Malaysia, Colombia, and Russia) currently considering adopting IFRS (www.iasplus.com, 2014).
According to Delloite (http://www.iasplus.com/en/resources/ifrsf/due-process/background-to-ifrs)”The International Accounting Standards Board (IASB) is an independent non-profit organization that develops and approves International Financial Reporting Standards (IFRSs)”. In mainly usage, the term 'International Financial Reporting Standards ' (IFRSs) has both a narrow and a broad meaning. Firstly, IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC at 2001 interpretations approved by the predecessor International Accounting Standards Committee.” The IASB has all responsibilities for the technical matters of the IFRS Foundation. The objective of financial reporting is the foundation of the conceptual framework. Other aspects of the framework - qualitative characteristics, elements of financial statements, recognition and measurement - will build on that foundation with the aim of ensuring that financial reporting achieves its objective. The goal of IFRS as said at (source) is”to develop a set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles”. To surmount these difficulties and still connect accounting to
"International Financial Reporting Standards (IFRS)" are an arrangement of international accounting norms expressing how specific sorts of exchanges and different occasions ought to be accounted for in money related explanations. "IFRS" are issued by the "International Accounting Standards Board", and they indicate precisely how "accountant" must keep up and report their records. "IFRS" were built up keeping in mind the end goal to have a typical "international language", so business and records can be comprehended from "organization to organization and nation to nation". (www.iasplus.com, n.d.)
IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include: International Financial Reporting Standards (IFRS), International