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Financial Accounting : Business Platform

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Financial Accounting : Business Platform

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Financial Accounting : Business Platform

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Question:
Describe about the Financial Accounting for Business Platform.
 
Answer:

Introduction
In the last decades liquidation had the high chances of rise within the concerned business platform and it became relevant to explore the reasons that are influencing the trends that making the liquidation possible (Reinhart & Sbrancia, 2015). One of those influencing factors is increment of in the outstanding liabilities that is defined as the liability that a firm is not capable of discharging, which results into the bankrupting situation. This aspect also influences the liquidation. With the help of this research it is getting identified if the problem is getting introduced by the mismanagement of liabilities or there is any other issue that is forcing the brink of liquidation. In order to elaborate this aspect the liquidation cases of concerned three companies ABC Learning, HHH Insurance and One Tel Company have been analyzed.
Case analysis
Following are the overviews and failures concerned with these three companies.
ABC Learning
ABC Learning was established in 1988. In spite its establishment the company expanded themselves after entering in the 21st century. In addition to this, the company expanded with new and innovative plans and strategies and new approached geographies. The expansion of strategies was based on the acquisitions (Malta, 2015). These aspects are related to the irregularity of reporting assets. This aspect leads to the liquidation of the assets.
HIH Insurance
The company was established in 1968. In spite of this the exact growth of the company was started in 1990. In this moment the company was expanding through the acquisition route (Emmerig & Legg, 2016). In 2000, the company boasted off 200 subsidiaries. According to the reports published in this time being it was clear that the company went to liquidation and the reason behind it was the company was not able to provide service its liabilities arising from the insurance agreements. In contrast with this scenario it was found that there were some irregularities that were found to be coupled with the liquidation perspectives. In addition to the reckless attitude was another aspect that was influencing the bankruptcy of the company.
One Tel Phone
The company was founded itself by providing the most effective competition to the players and then the company slipped into liquidation (Marom, 2014). The most crucial reason behind this incident was faculty business policies followed by the management to ensure rapid growth measures. In addition to this there were issues that are related to the corporate governance policies with the irregularities in financial reporting with the surplus of undisclosed losses. This process leads to the situation for the company that was not recoverable from any aspects.
Research
ABC Learning – Actual Causes
After witnessing the unprecedented expansion as well as becoming the listed company in public the organization captured the stock prices that attracted most of the investors (Malta, 2015). Despite of this aspect rapid expansion with respect to the huge geographical presence the company faced so many quality issues that due to shortage of staffs. It has impacted adversely on the customer satisfaction.  In this critical situation it was important to consider the quality of the production and put more focus considering the customer satisfaction aspect. The attempts taken for the scaling the business failed as the economic condition was failed and went on recession and the reason behind this was the onset of the global crisis. This resulted into the collapse of the company. Besides these aspects, complains and weak trading ambience also impacted upon the company and the governance policies were harmed by these issues (Fresewinkel et al., 2014). According to the reports published in this time it was found that the company provided so many maintenance contracts and sponsorship to the ABC centers. This aspect heavily impacted upon the confidence of the shareholders. In addition to this, the stock cannot be emerged from these issues, this aspect was clear.
 
HIH Insurance Failure – Actual Causes
The important cause behind this failure of the company was the aggressive expansion strategies that were imposed by the organization at the time of 20th century when the company was segmented into several product segments with several geographical segments (Emmerig & Legg, 2016). In addition to this, the underlying risk associated with the portfolio was not directly related to the company directly. In spite of these aspects the organization faced the failure and got bankrupted. The insurance business has high value for risk and confidentiality. Therefore the business and commercial activities would be interested on the pricing strategies of the company. They would do anything for capturing the market by attracting more customers to their companies. HIH had obtained low premiums among the underlying days of dispatching their administration in USA. However, they have neglected to deal with the subsequent liabilities that are emerging because they are guaranteeing these agreements (Denter et al., 2014). It has helped in prompting an upgrade of the general business hazard. Further, they have provoked their own gullibility by finishing the security of FAI at high valuations without debating the propositions. However among the misinterpreted vital progress, the organization did not have any significance and suitable provisioning standards for establishing the basics in administration. They cannot do anything against the immediate danger that has increased the general business hazards. The organization had proceeded with a reinsurance based model in the long run and it has helped in prompting the liabilities that are not being met (Craik, 2016). The study has shown the mounting misfortunes prompting organization’s liquidation.
OneTel Phone Failure – Real Causes
The main issue with One Tel Phone Company is the fault in reporting procedures. The company has implemented these faulty systems in their business processes. The financial information was not verified by the executives (Marom, 2014). The financial information had formed an integral part of the management reports. Hence its absence has affected the process of key decision making in the company. Both of the external and internal stakeholders were affected by this lack of information. The audit of the control mechanism has affected the recording of the transactions. The various books of accounts have missing entries and it showed the lax of attitude among senior management (Fresewinkel et al., 2014). They were more focus on the customer acquisition and growth on the base of the subscriber.
As to reporting of execution, adhoc budgetary strategies were utilized for representation of money related explanations. It made examination of the economic results for more than two years basically impossible (Reinhart & Sbrancia, 2015). In specific periods when the business environment is vigorous, the organization would utilize severe and exceptionally conservationist growth strategy. It has helped in directing the execution of the organization. In the event of unfavorable business environment, an inverse approach position would be implemented for guaranteeing the secured consequences in the organization. In any case, the most surprising viewpoint is glaring insufficiencies experienced in reporting and inward control (Denter et al., 2014). However, the outer examiner could be presented for figuring out the issues of inadequate conclusion. It has procured the related explanations of the organization’s money and its indications of the low quality review.
Mismanagement – A Common Issue
Analysis of the case of ABC Learning, it has been seen that the administration had acted in an indiscreet way. They ought to have preferably focused on the changes of the administration quality and determining issues (Craik, 2016). It has helped in understanding the inaccessibility of staffs at the current hub. The lack of staff members has brought downfall to the name of the organization. In any case, the organization had proceeded to forcefully concentrate on its acquisitions. According to Kuczynski-Godard (2015), it had unfavorably affected the basic money related quality of the business and caused the downturn of the season prompted emergency circumstances.
For HIH additionally, the center of the administration was lost as in the most recent decade of the twentieth century. The organization went on a development fling through procurement mode and this didn’t make much esteem for the organization (Leigh & Blakely, 2013). However it rather prompted expanding of the hazard presentations as the inner administration of the organization was reckless. For OneTel, the administration did not concentrate on the issue of disgraceful money related reporting. It has been the prime concern for the company considering the enormous difference at the level of recording of exchanges in the books of record.
Recommendations
The analysis shown above can help in understating the reasons behind the failure of the company. The examination of the above organizations and their particular explanations behind failures had given adequate understanding about the problems faced by business corporations. The extension to which sound corporate administration is being used in the organizations provides more dynamic part to the non-official chiefs particularly as key inside councils, for example, review and compensation. Additionally, the evaluators assumed a basic part in making a huge deal about the issue by framing a remuneration of connections with the administration of the organization. Henceforth, powerful measures highlighted in Ramsay Report alongside CLERP 9 should be judiciously and successfully followed by the organizations in order to defend the examiner autonomy and guarantee that they are held at risk. Likewise, the accentuation in the Corporations Act 2001 with respect to executive obligation and proper behavior is liable to have a positive effect and would decrease the blunder of organizations.
Conclusion
The provided case study is about the liquidation and cash flow of various companies. It has been discussed that the inability to overcome the liability is not only the reason behind the liquidation of those companies. The fault in policy management and lack of measurement of the business risk management are the other reasons that have led to the downfall of the companies. The executives of the company have been driven by the company’s short term goals and objectives. They have been indulged in inappropriate practices for accomplishing the company’s goal. The active role of the auditor could protect the companies from the liquidation and make long term survival possible for the company.
 
References
Craik, A. N. (2016). Enforcement and Liability Challenges for Environmental Regulation of Deep Seabed Mining. International Seabed Authority Discussion Papers, (4).
Denter, P., Morgan, J., & Sisak, D. (2014). ‘Where Ignorance is Bliss,’Tis Folly to Be Wise’: Transparency in Contests. Available at SSRN 1836905.
Emmerig, J., & Legg, M. (2016). Corporate law: Indirect causation accepted in shareholder claim of misleading conduct: Ramifications for shareholder class actions. Governance Directions, 68(8), 490.
Fresewinkel, M., Rosello, R., Wilhelm, C., Kruse, O., Hankamer, B., & Posten, C. (2014). Integration in microalgal bioprocess development: Design of efficient, sustainable, and economic processes. Engineering in Life Sciences, 14(6), 560-573.
Kuczynski-Godard, P. P. (2015). Peruvian Democracy under Economic Stress: An Account ofthe Belaunde Administration, 1963-1968. Princeton University Press.
Leigh, N. G., & Blakely, E. J. (2013). Planning local economic development: Theory and practice. SAGE Publications, Incorporated.
Malta, J. (2015). Creating ABC University, Technology, and Strategy. Journal of Applied Learning Technology, 5(1).
Marom, N. (2014). Relating a city’s history and geography with Bourdieu: One hundred years of spatial distinction in Tel Aviv. International Journal of Urban and Regional Research, 38(4), 1344-1362.
Reinhart, C. M., & Sbrancia, M. B. (2015). The liquidation of government debt. Economic Policy, 30(82), 291-333.

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