Premium Essay

Lifo Us

In: Business and Management

Submitted By xanderhawes
Words 360
Pages 2
ALEXANDER JAMES HAWES Address: 85 Station Street, Loughborough, Leicestershire, LE11 5EF | Mobile: +447947 833577 | Email: | Nationality: Australian | Work Permission: Eligible to apply for permission to work for 3 years under Tier 2 General upon receipt of a job offer from a Tier 2 employer sponsor. Eligible to work for 20 hours during study and full-time during vacations with current Tier 4 Student Visa. EDUCATION2015 – 2016 MSc Finance and Investment, Loughborough UniversityClass Expected: DistinctionCore Competencies: Financial Data Analysis, Global Investment Analysis, Portfolio Management, Financial Reporting and Company Performance, Financial Markets and Trading.2010 – 2013 BEng. in Mechanical Engineering, University of Queensland, AustraliaHonours Class 2A Dean’s Honour Roll; Deans Commendation for High Achievement Core Competencies: Engineering Design, Material and Net Shape Manufacturing, Advanced Thermodynamics and Heat Transfer, Advanced Dynamics and Vibrations, Advanced Fluid MechanicsTechnical ExperienceThesis Project 2013 – Final-year major project was to design an automated system capable of cleaning the exterior windows of a university building. Major Project Design 2012 - Directed a group of 4 students to design a fully functioning lathe capable of cutting, knurling and drilling various types of metals. Employment History2012 – 2013 Leighton Contractors, Australian Pacific Liquefied Natural Gas ProjectMechanical Field EngineerLevel 6, HQ South Tower,520 Wickham Street, Fortitude Valley QLD 4006Key Duties: * Directed the construction and installation of the preassembled pipeline units. * Performed certified pressure testing on pipelines. * Created safe work method statements for the pressure testing procedure. * Directed procurement according to the project drawings and 3D model. * Created project...

Similar Documents

Free Essay

Assignment 2 Algo

...1. Suppose that some application requires using two stacks whose elements are of the same type. A natural storage structure of such a two-stack data type would consist of two arrays and two top pointers. Explain why this may not be a space wise efficient implementation. A stack is a last in first out (LIFO) data type. A stack can be implemented using arrays where the data is stored in continuous memory locations. We have two operations in a stack push and pop. Since it has continuous memory allocated, if we try inserting data it gets saved in that free space present in either of the stacks. This is not a space wise efficient implementation because data is stored statically. In this case one stack can be full while the other is empty. 2. Using the basic queue and stack operations, write an algorithm to reverse the elements in a queue. Create an empty stack While the queue is not empty Remove a value from the queue and push it onto the stack While the stack is not empty Pop a value from the stack and add it to the queue. 3. Assume that 'Stack' is the class described in this section with 'StackType' set to into and STACK_CAPACITY or myCapacity set to 5. Give the value of 'myTop' and the contents of the array referred to by 'myArray' in the Stack s afer the code segment is executed, or indicate why an error occurs. Stack s; s.push(1); s.push(2); s.push(3); s.pop(); s.push(4); s.push(5); s.pop(); s.pop(); In a stack it is......

Words: 351 - Pages: 2

Premium Essay

Lifo to Be Accepted as a Costing Method

...LIFO to be accepted as costing method? I. Introduction In the United States, the SEC is expected to eventually mandate the adoption of International Financial Reporting Standards (IFRS). U.S. standards setters have been working toward this eventuality through a process of convergence. The SEC issued a statement in early 2010 that updated its timeline and indicated that companies could be required to adopt IFRS as early as 2015 (see SEC, "Commission Statement in Support of Convergence and Global Accounting Standards," Release Nos. 33-9109; 34-61578, February 24, 2010, at The SEC plans to revisit the issue this year. The general consensus suggests, however, that under IFRS, the last-in, first-out (LIFO) inventory valuation method will no longer be permitted for financial or tax reporting. The adoption of IFRS is a contentious issue for companies currently using LIFO as an inventory valuation method. In order to claim the tax benefits of LIFO, companies must also present financial statements using the same method, as required by the conformity rule (IRC section 472 [c]). LIFO is not permitted under IFRS, which means U.S. companies must switch from LIFO to first-in, first-out (FIFO) or average cost upon adoption of IFRS. Although only a small subset of U.S. companies currently uses LIFO for at least some of their operations, a change in inventory valuation method can have a significant impact on reported income, inventory balances,......

Words: 2386 - Pages: 10

Premium Essay

Impact of Lifo - Ifrs vs Gaap

...Impact of LIFO Accounting When discussing IFRS vs. GAAP regarding inventory, LIFO Accounting is one of the most controversial topics. Although LIFO is hardly used globally, it is heavily used in the United States. A shift from LIFO would have a significant effect on US companies specifically because tax law requires any company that uses LIFO for tax purposes to also use it for book accounting according to Internal Revenue Code (IRC) §472(c). Since IFRS disallows LIFO Accounting, US companies will either be in non-compliance with US tax code or accounting standards according to IFRS. By disallowing LIFO Accounting, US companies will not only have larger tax liabilities because of accelerated income recognition but they must also account for a change in inventory methods (Bloom & Cenker, 2009). GAAP provides guidance under Statement 154- Accounting Changes and Errors Corrections which states when a change in inventory method occurs; the company must retrospectively apply the change to prior financial statements presented in effected annual reports. Only if change is unfeasible can the company apply the new principle prospectively. When an inventory method change is made, the company can deduct the change for tax purposes. According to IRC §481(a), the company can deduct the entire change in the year of the change if the change is favorable to the entity. However if they change is unfavorable, the company can apply the change of a period of four years starting with......

Words: 482 - Pages: 2

Premium Essay

Summit Distributors Case

...dig into their retained earnings.  The below takes a look at possible opportunities that Summit has to improve their balance sheet, this would ensure that they are within the guidelines of their covenants. 1. If you were Kathy Hutton, what would you do? Due to the fragile nature of Summit Distributors business, we would agree with Dave Flander’s suggestion of going from LIFO to FIFO.  There are a few negatives and positives with this decision. First, violating any of the loan covenants would alert the bank, and any future dealing with them would incur a 50 basis point increase on the lending rate (.50%).  Also because of the switch older equipment would sit in storage for a longer period of time, thus forcing Summit to eventually sell it at a discount or depreciate it towards the base value only to have it collect dust. The reason for this is that the nature of the industry requires for our firm to have a variety of warehouses located in different locations with the newest equipment, in order to be competitive in the market. Due to the economic decline, fewer of our products will be purchased from us, and we can assume that no one would want to buy an older piece of equipment with such a fragmented industry offering many substitute options. So what Kathy Hutton should do is the following and some positive benefits: a. Switch over to a...

Words: 1644 - Pages: 7

Premium Essay


...about the initiative to wipe out the LIFO inventory technique seems that is not a piece of cake. Actually is so controversial that is putting companies, which are using LIFO in real problems. Some of the reason that companies had been using LIFO is because the benefits of paying less tax and also for book purposes. What I think about the three options of eliminate LIFO either for financial accounting or tax purposes, or not allowing it for financial accounting purposes but allowing it for tax purposes by removing the conformity requirement or allowing it for financial reporting and tax purposes by conforming IFRS to US standards in some way my response is “Eliminate LIFO”. So, Last-in-first-out (LIFO) is an inventory accounting technique which allocates the most recent inventory prices to cost of goods sold and the oldest inventory prices to items remaining in the inventory. In a period of increasing prices, this assumption assigns the recent and higher prices to cost of goods sold and the older lower prices to inventory. LIFO can have a significant cumulative downward effect on the inventory’s value. The cost of goods sold for any particular year equals the sum of beginning inventory, plus purchases, less ending inventory. Thus, a lower ending inventory increases cost of goods sold and reduces taxable income. Under current tax law, companies are allowed to use LIFO for tax purposes only if it also uses LIFO for financial reporting purposes. LIFO inventories means that the......

Words: 512 - Pages: 3

Premium Essay

Benefits of Strategic Airline Alliances

...biggest slice in the budget pie , there has never been a more important time for airline carriers to explore the benefits of joining a global airline alliance such as Sky Team , Star Alliance or One World.(Bamberger , Carlton and Neumann, 2001) basically gave a breakthrough study on how alliances was formed. The foundation of an alliance started only on a code share basis and a share of marketing exercises. They focused more on the American market as opposed to other markets around the world as American carriers was the anchors of what we know now as a global airline alliance. Studies was done based on data from the mid 90's and gives us an idea on how and why it was formed. Their study focused more on the domestic market rather then international and it can't be proven on the global market. This research is essential for the topic as this gives us a brief of history on what was the foundation of a global airline alliance. They also emphasized only on the operators point of view which can perceived as opinion based information. No survey was done on population or sample to determine the benefits on the alliance from a consumer point of view to give an overview on the benefits of forming an alliance .In terms of air travel alliances is concern , a lot has changed since this research.(Goh and Uncles , 2001) focuses on benefits of global airline alliances from a consumer point of view. They did a study where they examined the perception that business travelers had of the......

Words: 958 - Pages: 4

Free Essay

Cargo Airline - Lufthansa

...Airline Lufthansa Companies Strategic Change and Strategic Challenge for Lufthansa Introduction The biggest airline in Germany- Lufthansa is one of the leading airline companies in the world, but it suffered from the danger of bankruptcy in 1991. However, the flexible strategic change programs made it survive. Thus, the implementation and effects of those programs are obviously attractive and deserve further study. Moreover, current business environment is full of opportunities and challenges, which poses Lufthansa to identify relative challenges and adopt some reaction to respond. Therefore, this report will discuss two parts: one is strategic change programs and the other is current strategic challenges for Lufthansa. In the first part, it will evaluate the strategic change programs which Lufthansa applied and also cover the effects of leadership and politics. The second part of this report will analyse the strategic challenges for Lufthansa based on current and future business environment. I. Strategic changes for Lufthansa Strategy is argued to be a useful tool for an organization to achieve its target in the long term, and its contribution to development of the organization is evident. However, it is impossible to use one strategy to respond the changeable demand due to the dynamic external environment, so the organization should change their strategies to adapt the market. 1. Strategic change program According to Balogun and Hailey......

Words: 4013 - Pages: 17

Premium Essay


...HEAVY EDIT JetBlue Airlines: Getting “Blue” again?* JetBlue posted a net income $97 million in 2010. The airline continues to pursue its goal of becoming ―the Americas‘ Favorite Airline‖ and aims attainting positive free cash flow and long term sustainable growth while maintaining adequate liquidity position. Financially, the airline was far better than after the Valentine day fiasco in February 2007 and subsequent loss of $84 million in 2008. It focuses on controlling costs, maximizing unit revenues, managing capital expenditures and aims at achieving disciplined growth (see Exhibit 1).1 However, in the recent years, JetBlue appears to be moving away from its core strategy, in quite interesting ways, of being a low-cost player providing the distinctive ―JetBlue experience.‖ In its efforts to boost revenues, the airline began charging $10 to $20 for seats with extra legroom, doubled its ticket-change fee to $100, and introduced refundable tickets that cost more than nonrefundable ones. Further, the airline began charging $7 for a pillow-and-blanket kit, an amenity usually provided free of charge by other airlines.2 Breaking another low-cost rule, JetBlue moved away from ticket sales through its own Web site and signed up with travel agencies and the Galileo and Sabre global distribution systems in August 2006 and with online travel agencies such as Orbitz in January 2008. Further, it sold approximately 42.6 million shares of common stock to Deutsche Lufthansa, the......

Words: 5935 - Pages: 24

Premium Essay

United Airlines Slept Analysis

...UNITED AIRLINES SLEPT ANALYSIS Q1: What is meant by the external business environment and what are its main components? External environment refers to the environment that has an indirect influence on the business. The factors are uncontrollable by the business. The external environment of an organization is those factors outside the company that affect the company's ability to function. Some external elements can be manipulated by company marketing, while others require the organization to make adjustments. Some main components of external environment are: Customers Government Economy Competition Public Opinion Growing use of internet Law and Order situation Q2: Show how changes in one of these components have had a significant impact on airlines in recent years? A major change in the airline environment since September 11th has been in airport security, as a result of political and legal pressures. Airlines today have to operate in a much more security conscious environment and this has considerable logistical and cost implications for airlines, including the development of much more security conscious booking and baggage handling procedures, the requirement to use security staff on cross Atlantic routes has also added to costs. Q3: How significant is competition in the external environment? Competition is always important in the external business environment. It is particularly important in the airline business where there are a......

Words: 952 - Pages: 4

Premium Essay

Airasia Background

...1. BACKGROUND Air Asia Berhad is the only Malaysian-based low cost airline and also a pioneer of low- cost travel in Asia. The main hub is the low-cost carrier terminal (LCCT) at Kuala Lumpur International Airport. Air Asia was established in the year 1993 and started its operations on the 18 November 1996. Originally, it was founded by a DRB-HICOM which is the government owned conglomerate. Then, Tony Fernandes’s company which is Tune Air Sdn. Bhd. bought the company on the 8 September 2001 with estimation of RM 40 million debts. The operations of Air Asia began on 8 December 2001 until now. There are many continuous transformations that Air Asia makes in order to succeed, to achieve its strategic mission and vision and also to sustain in the industry. According to the continuous transformations by the Air Asia, we can classify it into three main phases which are Phase I (from the year 2001- 2004), Phase II (from the year 2005 to 2008) and Phase III (from the year 2009 to present). For further overview, we narrow down the changes based on the: 1. The company and its marketing 2. The customer relationship management The company is includes how Air Asia planning the changes they want to implement and what Air Asia do in order to increase its effectiveness. Then, the marketing is refers to the changes in terms of marketing. Lastly, the customer relationship management is refers to the ways and strategies that Air Asia used to build and maintain its relationship......

Words: 991 - Pages: 4

Premium Essay

Bus 640

...1. Choose one of the following three industries (NOT specific companies) for analysis: . Airlines (carriers) . Automobiles . Personal computers. RATE (not Rank) the global importance of each of Porter’s five industry forces on a scale of 1 to 5 (1 = Low, 5 = High), and provide at least two reasons for each rating. In addition, list at least three industries that complement the industry you choose. (30 points) Airlines Industry 1. Oil Service Industry- Fuel airplanes, and shuttle-bus. 2. Banking Industry- Some airline have their own credit union and others rely on banks for reward sky miles. 3. Insurance Industry- Employee insurance. Rate 4 Threats of New Entrants.  At first glance, you might think that the airline industry is pretty tough to break into, but don't be fooled. You'll need to look at whether there are substantial costs to access bank loans and credit. If borrowing is cheap, then the likelihood of more airliners entering the industry is higher. The more new airlines that enter the market, the more saturated it becomes for everyone. Brand name recognition and frequent fliers point also play a role in the airline industry. An airline with a strong brand name and incentives can often lure a customer even if its prices are higher (Investopedia, 2012). Rate 4 Powers of Suppliers. The airline supply business is mainly dominated by Boeing and Airbus. For this reason, there isn't a lot of cutthroat competition among......

Words: 1005 - Pages: 5

Free Essay

Not Always Equal

...matter their gender or race, if the playing fields in which they are participating are equal. This refers to a controversial topic: should male and female tennis players receive the same prize money if the playing fields are not equal? Females compete for less time than the men do, yet get paid an equal amount. Men should be earning more money than women in the sport of tennis if “equal pay for equal work” was really being applied. The men and women’s tours are completely separate entities, with different schedules and different sponsors, for all of except six tournaments throughout the tennis season, in which they compete at the same venues. The Grand Slams: the Australian Open, the French Open, the Wimbledon Championships and the US Open, comprise four of these six tournaments and are the holy grails of the sport. The winner has a daunting task of winning seven matches over a twoweek period against the best players in the world. The incredibly rewarding financial prize that is rewarded to the champions at the end of the two weeks is identical between the men and the women. There would not be a problem or an opposing argument against women receiving equal pay at the Grand Slams if the playing fields were the same. The problem is that the playing fields are not equal. The men have to win three out of five sets each match they play. The women only have to win two out of three sets. Looking at the last four grand slam events that were played, the men had to......

Words: 965 - Pages: 4

Premium Essay


...Transaction Processing System (TPS) This is responsible for ticket reservation and tracking flow of all transaction. `Customer Relationship Management system (CRM) This helps firms manage teir relationship with their customers Executive Support System (ESS) Used by senior managers to address strategic issues and longterm planning.   Human Resource function business process Failure in this business was evident in the failure to hire or predict enough airline's staffing needs to keep up with the company's rapid growth. JetBlue Business Model JetBlue's business model was to offer luxurious flying with the quality costumer service at a low price. This would be achieved by cutting "unecessary" expenses, and through the use of information technology and information system. The airline Automated all its services, emplyed   lean non-union workforce, operated airbus A320   and used almost exclusively microsoft software for information system. This gave them advantage over their competitors as they were able to offer better rates. This grew more rapidly than envisioned. Problem Experienced Febuary 14, 2007 New York city are experienced an ice storm affecting flights ouut of New York. Most ailines cancelled flights but JetBlue dis not hoping to life up to its reputation of excellent service. They thought it would be better to delay than to cancel flights. This led to crew and passengers being stranded in the planes withour basic nesesecities such as water, food......

Words: 284 - Pages: 2

Free Essay

Gmg Debacle

...GMG to exit wide-body aircraft operation and re-focus on high growth domestic and regional routes using new generation narrow-body aircraft Dhaka, March 28, 2012: GMG Airlines is planning to adopt a new business strategy in light of rising fuel prices and changing international competitive environment through a 360 degree restructure of its strategy, organization, fleet and business model. It will redesign its route network to focus on higher yield, higher growth domestic and regional routes using new generation narrow body aircraft. Mr. Sanjiv Kapoor, CEO, GMG Airlines, shared a new strategy stating that GMG will be focusing on domestic and regional routes, as the rapid rise of Middle-Eastern airlines in recent years with their access to advantaged sources of funding, advantaged location, large scale, and lower cost base (esp. lower fuel costs and taxes) is making many airlines, both in Asia and in the West, review their strategies and focus on routes where the competitive environment is more level. As a result, GMG will refocus more on South, South-East, and Near-East Asia, with a few select narrow-body routes to the Middle-East. As part of the new strategy, GMG has exited wide body operations, and will be replacing their Boeing 767s with new generation narrow-bodied aircraft with a renewed emphasis on on-time performance, reliability, and customer experience. The existing MD 80 aircraft will be removed from the fleet and for some routine periodic maintenance......

Words: 1132 - Pages: 5

Premium Essay

The New Generation of Lcct

...CHAPTER 1: INTRODUCTION 1.1 Research Background The competition between Low Cost Carriers (LCCs) and Full Service Carrier is getting intense caused by the process of liberalization in aviation field. In the case of Malaysia, the entries of LCCs, Air Asia, Firefly and Malindo have raised the number of passengers travelling inbound or outboard of the destination. According to Malaysia Airports Holding Berhad (MAHB) Annual Report 2009, the passenger movement of AirAsia for domestic traffic at KLIA increases to 5,588,493 passengers which is an increment of 10.6 percent compare to 2008. For the aviation sector, there is a significant growth of 16.6 percent, from 24.2 million passengers in 2009 to 28.2 million passengers in 2010. No doubts, airlines and airport are tightly related. This can be shown from the statement of Neufville & Odoni (2003), airport systems exist and must be designed in the context of their major clients, the airlines. To build airport facilities that will perform effectively, it is necessary both to appreciate the historical context and to understand the current and prospective needs of the users. Airports and air transport at the start of the twenty-first century constitute an exciting long-term growth industry. The industry is large, innovative, and has excellent prospects. The growth in air transport translates into major airport projects. And about a dozen major programs for airport development, costing over a billion dollars each, have...

Words: 9073 - Pages: 37