...Journal of Business Cases and Applications The state of accounting in Egypt: a case Khaled Dahawy The American University in Cairo Nermeen F. Shehata Cairo University Tad Ransopher Georgia State University Abstract Egypt, one of the largest Middle East economies, is beginning its transition to a market economy. As a developing nation, Egypt has witnessed several changes in its accounting system during last two decades. This case provides an analysis of the Egyptian accounting system with emphasis on the development of the Egyptian Accounting Standards. In addition, this case makes recommendations for the reformation of the Egyptian accounting system. Keywords: Egypt, International accounting standards, Egyptian accounting standards, Egyptian accounting system, Privatization, Culture The state of accounting, Page 1 Journal of Business Cases and Applications 1. INTRODUCTION The purpose of this case is twofold. The first goal is to present an analysis of the development of the Egyptian accounting system. The second goal is to provide several recommendations to facilitate the Egyptian accounting reformation. Once accounting reformation occurs, Egyptian companies can prepare financial reports that will be of greater benefit than those at present. To Egyptian companies the result will be an increase in foreign investment and funds raised from external sources. With these goals as the objective, Egyptians need to comprehend successful accounting systems...
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...2015 The Effect of War and Peace on Foreign Aid Egypt is a developing country that has poor living conditions and very few job opportunities. Since 2011 the Egyptian government has been questionable about what it stands for. This has caused almost no economic growth and in return lead to borrowing lots of money and relying on their allies to foot the bill. Egypt chosen a new path to reform which will lead to economic growth and stability by building new infrastructure and creating jobs for the people. Foreign aid is providing Egypt with the funding to help reach economic stability. To bad the countries internal conflicts are likely to erupt into a civil war that will easily be a negative effect on their growth. On Tuesday, January 25, 2011, in Egypt protesters took to the streets. They were protesting against poverty, unemployment, and government corruption. The protest was taking place in Cairo and two other major cities. The police arrested and injured many protesters. The military moved in to take over security, and the protesters did not even care because they have more respect for the military than the police department. The government shut down internet access in the country to keep the protesters from sending out information. After eighteen days of protest, President Hosni Mubarak resigned and left Cairo. Due to the protest the United States will be investigating how financial aid is used that they provide to Egypt, which is the second largest contribution of U.S. aid...
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...------------------------------------------------- Pepsi in Egypt Date: 3/14/15 Over the past three decades a fundamental change has been occurring in the global economy. Barriers to the free flow of coming down, indicating that national goods and services have been economics are becoming more integrated into single global market. In the global market companies are able to produce their products and introduce them to other cultures or countries. As a result of this change in the economy, material culture is starting to look similar over the world. One example of material culture is food or drinks. Pepsi would be one of the famous drinks that the world shares. Pepsi is a soft drink that was first introduced as "Brad's Drink" in New Bern, North Carolina, in 1883 by Caleb Bradham, who made it at his pharmacy where the drink was sold.*2 Pepsi nowadays, is produce by PepsiCo, Inc. PepsiCo, Inc. is one of the world's top consumer product companies with many of the world's most important and valuable trademarks. Its Pepsi-Cola Company division is the second largest soft drink business in the world, with a 21 percent share of the carbonated soft drink market worldwide and 29 percent in the United States. Three of its brands, Pepsi-Cola, Mountain Dew and Diet Pepsi&mdashe among the top ten soft drinks in the US market.*1The company’s headquarters are in Purchase, New York. ...
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...STRATEGIC PLANNING Critically Assess the Theory and Practice of Strategic Planning in Tourism. Area of focus: Egypt Presented to the University of Sunderland Degree: International Tourism and Hospitality Management Student registration number: TABLE OF CONTENT Cover page......................................................................................Page 1 Table of Content.............................................................................Page 2 Abstract/Introduction.....................................................................Page 3 Introduction/Overview of Tourism in Egypt...............................Page 4 Overview of Tourism in Egypt/Tourism Planning in Egypt.........Page 5 Tourism Planning in Egypt........................................... Page 5,6,7,8,9,10 The Success of cultural events as promotional tool of Egypt..................................................................................Page 10 Conclusion and Recommendations...............................................Page 11,12 References...........................................................................................Page 12,13 ABSTRACT Tourism is considered to have a great strategic importance for any economy owing to its capacity for job creation and wealth generation. If a country creates an efficient strategic tourism plan and implement it in true letter and spirit...
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...Robert F. Obeji April 26, 2014 EC: 462 Prof. Rush Policy and History of the Arab Spring in Syria As the Arab Spring developed throughout the Middle East in early 2010, countries such as Tunisia and Egypt adopted peaceful solutions to transition from authoritative governments to democratic inspired political systems. In Syria, the situation was different, the country unraveled into chaos as groups sought to gain power over each other in an attempt to oust Bashar Al Assad’s 70 year old regime. What happened was four years of warfare without end in sight, and 6.5 million Syrian refugees seeking asylum outside of Syria. Compared to the whole of the Middle East, Syria as a country tends to be one of the most diverse in the region. Syria has numerous sects of Islam, Christians, Jews, and foreign religions in an area the size of Ohio. It also has the Kurds in the North who consider themselves outside of the Arab-centric culture. When Hafez Al Assad took power in the early 1970’s, he adopted a nationalistic view as his minority group would be contested by the majority Sunni population (theatlantic.com). Prior to adopting that policy, the Baath party was ruled by Gamal Abdel Nasser who united Egypt and Syria as part of the United Arab Republic. Nationalism took effect throughout the Middle East as the Ottoman Empire, Britain, and France started to lose its grasp over the region. Nationalism was a way to unite a divided people against a common foe. After realizing the dream of...
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...IKEA entering to Egypt 1. Intrоduction Home accessories and furniture, has always had a demand. The Swedish cоmpany IKEA, founded in 1943, 17 year old Ingvar Kampard, is оne оf the largest companies in the industry (IKEA 2013). In 2012, IKEA's net profit amounted to 3.2 billion еuros, it has increased by 8 pеrcent since 2011 (BBC News 2013) IKEA has еxpanded strongly and is the first stоre аbroad in Oslo, was оpened in 1963. To date, IKEA has its cеnters in 42 cоuntries around the world, and will cоntinue to expand (IKEA 2013). Despite this, Africа has no stоres IKEA, and Egypt may be the first mоst suitable cоuntry to enter IKEA in Africа. This repоrt will fоcus оn explоring оpportunities tо enter IKEA in Egypt. 2.PESTLE аnalysis First оf all, it is impоrtant to exаmine the mаcrо-envirоnment in Egypt аnd the regiоn, which cоuld аffect the input оf IKEA in Egypt. PЕSTLЕ Anаlysis examines various еxternal fаctors, such as political, ecоnomic, sociо - cultural, tеchnological, lеgаl and еnvironmental) in order to dеtermine that this cаn аffect the organization. 2.1 Pоlitical In 2011, the rеvolution begаn in Egypt (CIA 2013). Egyptian oppоsition, inspirеd by the revоlution in Tunisia, 25 January 2011 оrganized a mass dеmonstration, followed by strikes and strikes, this dаy is known as the "Day of Rаge." In cоnnection with these еvents, Prеsident Mubаrak resignеd. The prеsidential еlection took plаce in mid-2012, and the еlectiоns to the pаrliament in 2013 (Wоrld Bank 2013)...
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...The British Occupation of Egypt in “1882” European countries have always tried to strengthen themselves by occupying less powerful countries in different places all over the world, so as to ensure that none of these countries would reach a stage of economic and political stability that might be in someway threatening to these European countries. Some of these situations where a European country occupies another country might turn beneficial to the occupied country but in the majority of cases the problems this country starts to accumulate as the occupying country takes everything it can to benefit itself leaving the other country with accumulating problems that might lead to riots, civil wars and even revolutions as in the case of Egypt. By turning the focus to Egypt one can find that it was mainly a centre of attention for many European countries, due to its location in the centre of Africa, its strong image among neighbouring countries and its location on the trade map where its found between the Mediterranean and the red sea, and so its really controls the path of all passing ships. The history of Egypt being occupied dates back to along time ago from the Greeks to the huge ottoman empire from 1517 till the British occupation in 1882, with some minor interruptions by Napoleon’s France in the French expedition that was sent to Egypt. So generally speaking...
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...INTRODUCTION The world is becoming more and more urban. In the 1800’s, only 3 % of the world population lived in the cities. In the 1950’s, the percentage reached around 30 %. At the present time, it is more than 50 % of the population and the prediction indicates that probably two third of the world’s population will live in cities by the year 2030. Globally, the Cities represent 2 % of earth’s surface, but use 75 % of its resources. In consequence, mega cities are concerned by the 3 following main dimensions : · the social dimension (cultural diversity and variety, education, art, living conditions, transport, security, health care, innovation, …) · the economical dimension (work & mass unemployment, improvement of infrastructure, new technologies, decentralisation, repartition of wealth, capital equipments, …) · the ecological dimension (energy sources, sustainable development, air and water pollution, noise pollution, traffic jam, water supply, urban sprawl, urban environment protection, public transportation, waste management, …) DEFINITION OF MEGA CITIES There are numerous large and wide cities all around the world. At the present time the urban population is estimated to around 3.5 billion of inhabitants and will probably be more than 5 billion by 2030. The term “mega-cities” was defined for metropolitan agglomerations which concentrate more than 10 millions of inhabitants.In 2011, above 25 cities reached the level of more than 10 million of inhabitants...
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...ESADE CASE STUDY Roca in Egypt Written by Josep Franch and Marianna Sablina Kondratieva, 2013 On that evening in late March 2012, Carlos Velázquez, Corporate Marketing Director for Roca Corporación Empresarial (the Roca Group), and Xavier Torras, Corporate Brand and Communication Director for the same company, were taking a short break from their meeting with Gravena, their partner company in Cairo (Egypt). This was the second long day in a row with endless meetings. Torras looked up and said: “What the heck are we going to say in Barcelona?” — where corporate headquarters were located. “I have no idea…” — replied Velázquez — “…if we do finally decide to launch the Roca brand in Egypt despite the current political turmoil, we will be sunk by the crappy advertising campaign…” Torras could not agree more: “This campaign has nothing to do with our brand values, but these guys are the ones who really know the market, and this local advertising agency has outstanding credentials…” he added. As if it was not challenging enough to decide whether or not to go ahead with the launch given Egypt’s political instability, the idea of a local campaign misaligned with the global brand values posed yet another question as to what the company should do with its mainstream brand in the Egyptian market. Roca: Company Background With a sales turnover close to €1.5 billion1, and over 20,000 employees, the Roca Group was the worldwide leader in the bathroom industry (see Exhibit 1 for some...
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...BUSINESS AS USUAL? RECENT CHANGES IN THE ARAB WORLD IN HISTORICAL CONTEXT" By Michael B. Bishku* INTRODUCTION What began in Tunisia in December 2010 and continues most violently in Syria today has been labeled by observers of and experts on the Middle East as the "Arab Spring," but is that the correct term? (It should be noted that Lebanon engaged in the Cedar Revolution in 2005 - following the assassination of Sunni Prime Minister Rafiq Hariri by Hezbollah operativeswhich resulted in the withdrawal of Syrian froops after 30 years.) While Tunisia seems to be emulating Turkey as a historically secular country with mildly Islamist politicians exercising the greatest amount of influence in their country's respective foreign and domestic affairs, Egypt, the birthplace of the Muslim Brotherhood, appears to be at the center of a struggle between the Islamists and the military, which has dominated politics in that country since the early 1950s, while secularists and the minority Copts feel as if they have been sidelined. Majority Shi'a in Bahrain were quashed in their attempt to have a minority Sunni government recognize their rights, while Yemen's longtime leader was replaced by that country's vice president. Libya toppled an erratic dictator, but has no experience with representative government and like in Yemen the population possesses tribal identities. Syria is now engaged in a brutal civil war in which at least 20,000 people have lost their lives by the summer of 2012. Other countries...
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...ESADE CASE STUDY Roca in Egypt Written by Josep Franch and Marianna Sablina Kondratieva, 2013 On that evening in late March 2012, Carlos Velázquez, Corporate Marketing Director for Roca Corporación Empresarial (the Roca Group), and Xavier Torras, Corporate Brand and Communication Director for the same company, were taking a short break from their meeting with Gravena, their partner company in Cairo (Egypt). This was the second long day in a row with endless meetings. Torras looked up and said: “What the heck are we going to say in Barcelona?” — where corporate headquarters were located. “I have no idea…” — replied Velázquez — “…if we do finally decide to launch the Roca brand in Egypt despite the current political turmoil, we will be sunk by the crappy advertising campaign…” Torras could not agree more: “This campaign has nothing to do with our brand values, but these guys are the ones who really know the market, and this local advertising agency has outstanding credentials…” he added. As if it was not challenging enough to decide whether or not to go ahead with the launch given Egypt’s political instability, the idea of a local campaign misaligned with the global brand values posed yet another question as to what the company should do with its mainstream brand in the Egyptian market. Roca: Company Background With a sales turnover close to €1.5 billion1, and over 20,000 employees, the Roca Group was the worldwide leader in the bathroom industry (see Exhibit...
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...Great Britain was highly involved in Africa, especially Egypt and Soudan. At first, the British intervention was due to the desire of expanding the British Empire ahead of all other European powers, such as the French, Spanish, Ottoman, and several others, however later it was clear that not only would British expansion improve but they would also, in addition improve trade. Nevertheless this involvement was mainly seen to be strategically and economically important to the British (and French) in concepts of continental and even global control. A factor that had an impact on Britain’s involvement was African nationalism. Nevertheless, it was not a key factor. This mainly just included the intervention of the Mahdi from the south, in Soudan in 1885, and Arabi Pasha in Egypt in 1882. Arabi Pasha was a man who inspired the Egyptian middle classes, and he personally led the nationalist rebellion. Gladstone's Liberals were rather against this way of expanding and believed that expansion was the wrong strategy. The Liberals strongly refused to any involvement in the expansionism in the Middle East, however Gladstone didn’t rule the Empire, and instead the money market did, so the banks wanted immediate action to protect their investments. In 1882, the army under Sir Garnet Wolseley defeated Arabi Pasha's national Islamic uprising at Tel-el-Kebir. This caused much tension and hatred towards the Europeans, which only improved with time. Following from this, there are other factors...
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...Why Nations Fail In this essay, I am reviewing a book entitled Why Nations Fail written by Daron Acemoglu, and James Robinson. The book was written in 2012, and the authors mention the ongoing Arab Spring as they were putting together their ideas in writing. This coincidence makes me wonder if these authors were also impacted by the information revolution or the information outburst as Nye (2013) often chooses to call. In fact, the authors did not mention the term ‘information revolution’ in the book; they simply state that Egyptians are on the street not because they are poor, as many scholars and political analysts suggest, but because power has resided in the hands of a few elites, and these elites have used political power to amass personal wealth at the expense of the bigger mass. But why the Egyptian revolution took place at this particular time, instead of a decade ago, for example? As far as I understand political theories, the answer lies behind globalization and information revolution which opened a new gate to information. That is, since billions of people around the globe are capable of reaching the internet (about 1.7 million according to Nye), many are able to read online news, or even watch them live as they are being broadcasted. Thus, it is possible to associate the Egyptian revolution or the Arab Spring to globalization and information revolution. Acemoglu et al, (2012) also indicate that Egypt’s ex-president, Hosni Mubarak gathered a huge amount of...
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...digital world has engulfed every preceding invention and improved it dramatically, from airplanes to our home security alarm, why not Democracy? * As we discovered the power of this technology, the Arab spring will not have occurred without the digital world. Feed backs from citizens witnessing events as they occur, recorded on a digital cell phones, streamed through You Tube on the internet for the world to see is unprecedented. Media around the globe reports news instantly as they happen with the help of digital communication. In a small North African country named Tunisia where all the action begun, a college graduate trying to make a living selling fruits on the side street was harassed by police who has confiscated his investment. Enraged Mohamed Bouazizi run out of option, set him-self aflame revolting a corrupt government. Following Bouazizi’s death, young people like him marched down the streets of every city in the country, demonstrating their anger towards their dictator president Ben Ali. This would not have been possible without the use of computers, the internet, and Facebook. The digital world has played a vital...
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...725 Book Reviews The New Silk Road: How a Rising Arab World is Turning Away from the West and Rediscovering China BEN SIMPFENDORFER Basingstoke, Hampshire, and New York: Palgrave Macmillan, 2009 201 pp. $42.00 ISBN 978-0-230-58026 doi:10.1017/S030574101000072X The New Silk Road is an insightful, concise (173 pages of text), and thoroughly readable book. The focus is not on energy investments and flows or on government policy, but on business and cultural strands of the Sino-Arab relationship. As a China economist for both JP Morgan and RBS in Hong Kong, and with years of residence in the Arab world, Simpfendorfer has written a book which is rich in detail and cogent in diverse interesting arguments. It is a pleasure to read. The thesis is that we are witnessing the re-emergence of an old but long-lapsed economic and cultural relationship between China and the Arab world. Prior to about 1600 the “silk road” was a major axis of the global economy. Now it is reviving and that revival is an important part of the “global re-balancing” that is underway. Global re-balancing is defined to mean a diminution of the relative economic and cultural role of the West (Europe and the US) and growth of non-Western areas, like China and the Arab lands. The major manifestation of Arab rise, according to Simpfendorfer, has been the massive transfer of wealth to Arab oil producers in the 2000s as oil prices rose due, in large part, to increased demand by China and India. Simpfendorfer believes...
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