The Failure Of Vocation Ltd Essay

Corporate governance in itself has no single definition but common principles which it should follow. For example in 1994 the most agreed term for corporate governance was “the process of supervision and control intended to ensure that the company’s management acts in accordance with the interest of shareholders” (Parkinson, 1994)1. Corporate governance code is not a direct set of rules but a self-regulated framework which businesses choose to follow. This code has continued to change in the past 20 years in accordance with what is happening in the business world. For example the Enron scandal caused reform in corporate governance with the Higgs Report which corrected the issues which were necessary. Although it does not quickly fix problems, it gives a better framework to

The fall of the Australian education Behemoth Vocation Ltd makes a good case study of corporate failure under the title of education. In the aftermath of the collapse of Vocation(Evans, 2014), I start to think about the possibility of saving the company from administration with better application of 3rd version of ASX corporate governance principles. In addition, I would like to introduce the stakeholder theory(Ruf, Muralidhar, Brown, Janney, & Paul, 2001) to analyze the case and support my argument.

Farrar, J. (2008). Corporate Governance: theories, principles and practice. 2nd ed. South Melbourne, Vic: Oxford University Press

A vocation is one's calling in life. We are called to many different areas that it almost seems hard to know which path is right to follow. This year is my junior year in highschool and I am already being pushed to think about my future and what I want my life to be like. A decision of this magnitude is extremely hard and daunting to make. How am I supposed to know what my true vocation is if I'm not even eighteen yet? There are a plethora of hobbies I love to do and activities I participate in, but which one is right for me? Which one brings me joy? I started out thinking about what I am good at. For as long as I can remember, I have always loved school. My mother used to say that I had the brain of an elephant because I could always remember details when nobody else could. Having that type brain made it easy to learn and succeed in school. I was never the athletic type. I tried every sport imaginable, but nothing ever stuck with me; I decided that school would be my sport. Every year, I tried my hardest to achieve the highest grades and every year it paid off. When I was ten, I started to get involved with Irish step dancing and I instantly fell in love. Everybody else either did ballet, tap, jazz, modern, or other dances, but nobody did Irish Step; it was my own thing. As the years past, I began to compete and move up in the ranks of competitive dancing. When I reached the championship level, I decided to stop and just dance for my own enjoyment and happiness. Although

Up to now no specific world-wide common understanding or single definition for “corporate governance” has been established. More generally, corporate governance can thus be understood as the totality of all national and international regulations (e.g. Sarbanes-Oxley Act), rules, values and principles (e.g. UK’s “Code of best practices”) that apply to businesses and determine how they are steered and monitored.

Accounting has been playing a very important role in many places such as Australian accounting standards. Australian accounting standards is also developed by the Australian Accounting Standards Board (AASB). This essay will firstly discuss what AASB is, the role and the functions of AASB. And then, following this, the other projects’ role such as Financial Reporting Council (FRC) and International Accounting Standards Board (IASB) and the relationship between AASB, FRC and IASB.

The first section of this essay focuses on the possible causes of corporate failures including dominant CEO, poor strategy decision and the failure of internal control. Secondly, it discusses how the third edition of corporate governance principles and recommendations could be applied to prevent the causes of the failure. The 1st, 2nd, and 7th principles along with specific recommendations will be mentioned in this section. However, the context is concerned solely with the causes stemming from Dick Smith itself.

The ASX Corporate Governance Council defines the ‘corporate governance’ as the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled within corporations (Corporate Governance Principles and Recommendations, 2014). The term “failure” of a corporate can be described as “Insolvency” in Australia (Michaela Rankin, 2012). And the reasons for corporate failure can be grouped into six categories: 1. Poor strategic decisions. 2. Greed and the desire for power. 3. Overexpansion and ill-judged acquisitions. 4. Dominant CEOs. 5. Failure of internal controls 6. Ineffective boards(Michaela Rankin, 2012).

Approaching the conclusion of this course, I have learned a lot that could be used in both my everyday life, as well as my current and future career. This course have not only open my eyes to see some of challenges that await me in my future career as a Health Care Manager, but it has also taught me some real life lessons that can be used in my personal life. One thing that was useful is the video that talks about vocation. The video did not only remind me of my job has a vocation (calling), and how relevant it is to society and the people that I served, moreover myself as a Christian. “Vocation 101: What is Vocation?”. http://www.youtube.com/watch?v=ihnzFH2L818

The objective of this article was to address the questions “how does the concept of market failure apply to ethical corporate governance? Are corporate ethics authentic in the modern corporation or just lip service? Will Sarbanes-Oxley achieve results?” (Jasso, 2009, p.1). Before they are answered, I want to answer them myself. Market failure applies to ethical corporate governance because the factors that lead up to the failure and after the failure are usually not ethically correct. In other words, corruption was involved and ethics were forgotten, even if they existed. Corporate ethics are authentic in the modern corporation, but it really depends on the company and the people involved.

“The way we see God influences everything we do in life—the way we treat each other (as individuals being created in God's image), our stewardship of God's creation, our understanding of our vocation as a way to glorify” (Etzel and Gutierrez, p.3). If I were to choose just two examples of how man was created in the image of God, I would have to choose integrity and moral ethics. Upon completion of my B.S. in Business Administration with an emphasis on Leadership, I will enter the business world that requires both examples.

Corporate Governance: It is very important for an organisation to follow rules and regulations. To be a successful company rules and regulations are must to be followed. An analysis of Caltex Australia Ltd. report, there has been proper governance mechanism followed at Caltex for the purpose of ensuring efficient performance levels. There has been a separate corporate governance statement that discloses about the corporate performance levels and governance mechanism as followed by the company. As per the governance statement, it is analysed that there are sound principles and practices that are required to be followed by employees working in the organisation. As for example, corporate governance at Caltex indicates that the employees are required

As a matter of fact, within the limitation of a short paper, this study aims to provide a critical review on the Accounting issues in Business combination under the requirement of Australian standards – or to be specific, under the conceptual framework provided by the Australian Accounting Standard Board (AASB.) Firstly, evaluation on the exclusions from the scope of AASB 3 is brought about, followed by the implications of the requirement to use the acquisition method of accounting for business combinations, the determination of fair value of assets, the reasons why fair value method is chosen in a business combination and lastly, a review on the nature and treatment of goodwill or bargain purchase from these particular transactions will be mentioned.

We all have dreams of becoming something extraordinary in our future, but does that define our ultimate purpose on earth? Following your dreams will lead to success and many blessings. So why not stand for something your passionate about. I believe that the word Vocation can mean positive things. They are so many people working in professions with major jobs that makes you wonder do they really love their job. For my field research I conducted an interview with multiple questions to a Registered Nurse; to understand the word vocation. During the interview I collected information from the Nurse about vocation using several questions. Once I collected all my information I came up with a conclusion of my own understanding about vocation. Having a since of vocation means to have a calling to serve a purpose for a job. The data from the interview and other scholar sources explains what vocation means to others. I believe that vocation and purpose creates a positive correlation because your purpose is the vocation of the job your passionate about.

The study ‘The Impact of Assets Impairment on Company Accounts’ presents the cotemporary issues facing by major five Australian companies Qantas, Ten Networks, Billabong, Bluescope steel and Harvey Norman. This research mainly deals with controversies surrounding the recent introduction and application of ‘fair value’ measurement system by the IASB and AASB.