Bigger Than Enron - 751 Words

Lobbing of commercial and political interests in the establishing of the standards is a fact, which leads to believe that there might be large groups of the financial information users, who are interested in the particular way of reporting. If it is beneficial to them and to the market without compromising any ethical issues related to the financial reporting, if the market gains from such interests, than the standards should be formed under such influence. The question is who is going to decide if there are benefits. I guess, this is the area where the real politic starts. At this level of decision making, I think there should be people free of any political or economic pressure. However, more often commercial and political interests do†¦show more content†¦In the Enron case, The Securities and Exchange Commission (SEC) and Congress conducted an investigation into Enrons collapse. The authorities re-examined the roles of corporate watchdogs, including corporate boards of di rectors, auditors, investment banks, credit rating agencies and lawyers. It could be that the watchdogs had too tight relations with the companys executives. That is why no one questioned the Enrons aggressive accounting strategies. To prevent such collapses, someone needs to look into the possible conflict of interest. The dilemma is that auditors should perform in the interests of the investors, but they are paid by the audited company, which makes it more difficult for them to exercise tough decisions. The auditors should not perform some particular consulting services for the firms that they audit. Another belief is that there should be more severe consequences for those committing financial crimes and causing fall of the companies. Accountants should always carry out the public responsibility, meaning they have a responsibility to ensure that the accounting functions are performed to the highest possible standards and the information which an organisation provides for its stakeholders is true and accurate. To reach the goal of improving the performance of accountants, there might be several steps to undertake. There should be on-going education to keep abreast with the existing and emergingShow MoreRelatedEnron Scandal1477 Words   |  6 Pagesï » ¿Current issue: Scandals in auditing Enron Scandal 1. Introduction Accounting scandals are political or business scandals which arise with the disclosure of financial misdeeds by trusted executives of corporations or governments. These days, not too often, these scandals are splashed as headlines across media. Why? Because there are complex groups of stakeholders who might be seriously affected by the scandals. Enron scam was the most remarkable scandal in 20 centuries by their institutionalizedRead MoreWhy Enron Collapsed?1143 Words   |  5 PagesWhat are the reasons why Enron collapsed? * Investments Enron dealt in energy. According to Infinite Energy, the first and main cause of Enrons collapse was failed investments. Enron invested money in fiber-optic networks, a power plant in India and water distribution in the United Kingdom, to name a few. While a company the size of Enron could afford occasional losses, the mounting, failed investments added up and created a plethora of debt. * Hidden Losses Infinite Energy states thatRead MoreCorporate Culture Of Enron And Bankruptcy1327 Words   |  6 PagesIntroduction The case study is about Enron and about their biggest failure that lead the company towards bankruptcy. Enron got bankrupt to the extent that was no point of returning back and reversing its wrong doings. The only thing that the company had to think about was how to return the losses of its creditors. Enron Corp. was left with $12 billion in assets which was to be distributed among more than 20,000 creditors. Around 80% of creditors of Enron backed the long-awaited reorganization planRead MoreThe Sarbanes Oxley Act Of 20021525 Words   |  7 Pagesat which the Enron Corporation filed for bankruptcy in December 2001, and the accounting firm of Arthur Andersen was sentenced impediment of equity for its activities in shredding Enron-related reports. In 2001, questionable accounting practices bordering fraud surfaced at the Enron Corp and its accounting company Arthur Andersen. Because of these sketchy practices Enron documented an extensive liquidation case and its share costs diminis hed from $90 an offer to minor pennies. Enron Corp bookkeepingRead MoreEnron Case1075 Words   |  5 PagesMINI CASE: THE FILURE OF CORPORATE GOVERNANCE AT ENRON 1.Which parts of the corporate governance system, internal and external, do you believe failed Enron the most? In the evaluation of the Enron’s case; by trying to see the very big picture, it is not only about that the internal part of the corporate governance system was failed or but also the external part of the corporate governance system was also failed. As noted on the last paragraph of the mini case, many people from different positionsRead MoreEnron : A Model Of The Innovative Company1684 Words   |  7 PagesEnron Enron began in July 1985, and its headquarters were in Houston. It started from a small regional energy supplier. However, Enron was dissatisfied with the traditional way of doing business, so it began to look toward energy security. Enron s management believed that the creation of derivative securities market for any commodity was possible, so Enron developed energy commodity futures, options, and other financial derivatives. Energy deregulation brought this company great commercial opportunitiesRead MoreCompany Into The Water Industry1432 Words   |  6 PagesShe decided to venture into the water industry with the existing expertise of natural gas that Enron had already acquired. She started the Wessex Water Co. which was headquartered in Bath, England. Enron purchased Wessex in July 1998 for a price slightly under $3 billion. The venture into the water industry was a good idea as water treatment requires a good deal of energy which was one of Enron’s specialties. Moreover the water industry was a regulated utility and the possibility of a deregulationRead MoreEnron Smartest Guys On The Room1573 Words   |  7 PagesThe movie ENRON smartest guys in the room is about one of the biggest corporation corruptions in the United States. In 1985, ENRON Corporation, was a company that delivers pipeline for natural gas and electricity, while mergering with Houston Natural Gas and Internorth. ENRON quickly grew into a reputable company that generated enormous profits. In a short period of time ENRON was considered one of the top global trading company for natural gas, commodities, and electricity. According to the statistic;Read MoreThe Downfall of Enron1573 Words   |  6 Pagesï » ¿Enron: The fallout from the accounting scandal Determine the primary factors that contributed to the downfall of Enrons financial practices Corporate managers are expected to maximize investor returns while complying with regulatory standards, avoiding principal-agent conflicts of interest, and enhancing the reputational capital of their firms (Patrick Shearer 2002). Before its demise, the energy company Enron was envied for its burgeoning balance sheets. However, gradually it emerged thatRead MoreModern White Collar Crime : A Modern Or Postmodern Crime1079 Words   |  5 PagesSociety has made many individuals question Enron scandal in regards to what is a modern or postmodern crime. Modern white collar crime focuses primarily on agriculture, productive activity, hand-tool technology, and farming villages as a community or family unit. While, postmodern white collar crime deals with more advanced technology such as computers, virtual communities, television/computer link-ups, and telephone communication. Overall, those who seek a career in criminology must navigate terminology

Care of Suicidal Patient in Ed Free Essays

This article Is about caring for pediatric patients who are suicidal. I believe In coincided with what we have recently been learning about during our clinical experience. I was also Interested in this article because I had worked In pediatrics for six years prior to working in a rehab/nursing home setting. We will write a custom essay sample on Care of Suicidal Patient in Ed or any similar topic only for you Order Now After reading this article, I learned ways to carefully screen the pediatric patient, how to do an assessment and how some families act and what measures of support they need during their families time of crisis. This oracle gave a case study of a boy that was brought Into the emergency apartment with his mother and grandfather. When the nurse met him in the reception area he was sitting In a chair with his legs pulled up to his chest and his shoe laces were untied. He avoided eye contact during their meeting. The mother in the case study was visibly upset. This boy was brought to the emergency department because this young boy was found in the kitchen holding a butcher knife to his neck, when his mother walked In and got the young boy to give her the knife, Prior to this day there were many changes in the young boys life, he recently started a new school and he was diagnosed with Espalier’s syndrome. This boy also had trouble making friends in his school and he was being bullied. Other children at school were threatening this boy. This story made me think of all the children that are In POEMS and how he seemed to have a lot of things In common with them. They were all in similar situations. The nurse after obtaining this history from his mother and asking about any medications, vaccinations, allergies, possible exposures to communicable diseases also needed to obtain his vital signs and head to toe assessment The young boy let the nurse do his height and weight but as soon as the nurse put the stethoscope to he boys chest he felt his heart pounding and he thought It meant he was going to die. The boy had anxiety during the assessment so the nurse stopped the assessment and showed what she needed to do on his mother and after the boy relaxed a little bit, he allowed the nurse to finish the assessment on him. The nurse got a one on one to stay with this patient because he was at risk for doing harm to himself. The nurse also had to obtain an EGG and urine drug screen. In our clinical setting, I have seen the urine drug screen used on every patient but not the EGG. According to this article, It Is Important to obtain a baseline EGG because many psychophysiology agents can affect the conduction system of the heart. After the boy was medically cleared, he was eligible to meet with the psychiatrist and social worker. He had to wait for the psychiatrist and he became agitated and started kicking the wall. Security had to be called Into the room and the safety door was lowered. The nurse removed their name badge and their bandage scissors as they were both safety hazards. The nurse re-entered the room keeping their pathway to the door unobstructed. All dangerous items were removed from the room. The nurse used many different techniques to deescalate the situation and used the mother to get Information of things that have worked In the past. When the boy was ready to discharge, the nurse gave them education on a safety plan the called tort keeping knives out to the boys reach and tallow up tort outpatient care. No medications were given to calm him down. The suicide rate in the entire world has increased over the past few decades with a greater number of boys attempting suicide then girls. In 2010, there was a study hat found 14% of children ages 11-20 reported having suicidal thoughts within the previous month. According to this article, Native American males have the highest suicide rate in the United States for children over 10, and non-Hispanic black females have the lowest rate. Some psychosocial risk factors include, the presence of an underlying psychiatric condition, a history of prior suicide attempts, a history of physical or sexual abuse, and a lack of mental health treatment. Poor coping skills have been identified as a predictive of a suicide attempt in both sexes. Environmental and social risk factors include owning a gun in the household, being homeless or living in a corrections facility or group home, poor parent-child communication, social isolation, bullying and difficulties at school. Many emergency rooms are using the five level triage classification systems called Emergency Severity Index Triage Algorithm. This takes into account not only the acuity of the patient but also the number of resources that will be required during the evaluation. A level 1 patient would require immediate life-saving intervention. A level 2 patient would be considered in the â€Å"danger zone,† and needs emergent retirement. Level 3 patients need more the 1 resource, level 4 patients require 1 resource and level 5 patients require none. At the Children’s Hospital Boston, the use a screening tool that consists of 4 questions, â€Å"Are you here because you tried to hurt yourself? † â€Å"In the past week, have you been having thoughts about killing yourself? † â€Å"Have you ever tried to hurt yourself in the past other than this time? † â€Å"Has something very stressful happened to you in the past few weeks? † If the patient answers yes to one or more of these questions they become characterized as SSI bevel 2, and the nurse would explain the policy on physical and chemical restraints which are only used as a last resort. Some strategies that nurse’s use to promote successful interactions with the patient and their family members include active listening, close observation of behavior, attending to non-verbal body language, asking open-ended questions, conveying a non-judgmental attitude, clarifying information, and providing support. The patient’s safety is always the greatest concern as well as the staffs safety. Family education is very important when working with suicidal patients, because heir care is often managed at home. It is important for them to follow up with outpatient care, outpatient psychiatric support, and a home safety plan. Also, the nurse needs to let the family know if when they will need to seek emergency care again. This article has helped me gain a better understanding of the psychiatric patient, no matter the age, even though it focused on pediatrics. All these techniques can be used when dealing with suicidal patients. Our role as nurse’s plays an important role in managing our patient’s care while they are in our care and promoting their health y educating our patients and their families. How to cite Care of Suicidal Patient in Ed, Papers

Ensuring Team Effectiveness Primarily Organisation

Question: Describe about the Ensuring Team Effectiveness for Primarily Organisation. Answer: Team cohesion is a challenging factor to maintain in an organization primarily because it is challenging to maintain the reason behind the team coming together. Thus, the aim of team cohesion is to prevent team fragmentation which will result in poor performance of the team (Du Plessis Mabunda 2016). To maintain team cohesion at Fit and Fab, mentoring and buddy systems will be put in place. The essence of these systems will be to increase the support that the members of the gym provide each other. Some new members are not yet used to the organization. Using mentorship programs, the older members of the team can show their support to the individual allowing for better relationships among the team members. Training and development will also be an approach that will be used to foster better team cohesion. The members will be trained on how to foster a healthy relationship with one another. Describe the policies and procedures that you will put in place to assist with building the team. To enhance team cohesion, there will be policies and procedures which specify the responsibilities and roles of each member of the team. According to motivational theories, when an employee knows what is expected of him or her by the management, he or she will be motivated towards meeting these expectations (Schneider et al. 2015). Thus, for the Fit and Fab team, there should be specific roles that each team member performs. That will show the team members that they are valuable members of the team motivating them to work hard. By setting up these policies, there will be reduced conflict because everyone will be responsible for his or her actions. The advantage of this is that the company will save the resources it would have used in settling conflicts at the workplace. Therefore, these policies will increase the ease with which the team members associate increasing team cohesion. What strategies will you use if problems arise within the team? I will develop processes that will ensure that problems, issues, and concerns are identified and addressed as a team. Being a team means that they should have mechanisms to address these problems in ways that will not cause conflicts. Workplace conflicts will cause inconveniences to the gym clients reducing their appreciation for the services they receive (Fox Keisling 2016). Thus, avoiding these conflicts require that the team members to have a code of conduct that will promote the team effectiveness of achieving its goals. Having the entire team agree on a common code will make it easier to identify who breaks the code and make an effort to punish the culprits. The code will be an instrument of order within the team increasing accountability among the team members. Increased accountability will increase the team cohesion by building trust among them. Who will be the stakeholders and how will you liaise with them? The stakeholders in the case of Fit and Fab will be the clientele of the gym. The reason behind this is that they are the ones affected directly by the effectiveness of the team. If the trainers are motivated, their effectiveness in their service delivery will increase (Senecal et al. 2008). Ultimately customer satisfaction is the ultimate commodity that an organization seeks. It is the situation when the clients are satisfied with the performance of the organization. The advantage of the situation is that it will increase customer loyalty. The threat of substitution comes in with the presence of other gyms so that the consumers have other options (Million Bossaller 2015). When the team from the gym provides quality service, the clients will opt to remain loyal to the gym. To liaise with this group, there will be a suggestion box available to the clients where they can provide customer feedback. Identify the costs to be considered The gym will have to prepare for the changes that will be implemented. For instance, during the implementation of the mentorship and buddy system, there will be costs incurred such as team building holidays where the entire team is taken on excursion and team building trips. The essentiality of this trip is that it will enable the team to come to terms with each other. Creating a friendship atmosphere is key when it comes to shaping the work environment into a friendly one (Van Raalte et al. 2007). The trips will also create a bond among these members allowing them to be more effective in their work positions. The new employees will become oriented into the team faster while the casual employees will gain a sense of belonging and thus develop employee loyalty. Therefore, the team building trips and excursions will be a necessary expenditure. Identify and discuss different risks for implementing any changes. A risk of implementing changes in an organization is change resistance of the employees. The main cause of change resistance are rumors which cause fear among the employees of an organization. When an employee fears for his or her job, he or she will resist the change. The resistance can be shown by the older employees refusing to show the newcomers what is expected of them (Thompson et al. 2015). That will cause the new employees to find it harder to get used to the systems. In this case, some new employees are supposed to be oriented into the gym. When the older trainers feel as if their jobs are threatened, they will refuse to accept the new members. Thus, there is a need for team cohesion which will cause the employees to view each other as comrades rather than competitors. Poor change implementation could disrupt the normal operations of the gym. When there is an abrupt overhaul of the entire system, there is a risk of confusion because the employees are not used to the new system. When there is a change, there should be phased changeover which allows for the members of the organization to adapt to the system (Filho et al. 2015). It also allows for feedback from the employees to learn about the potential shortcomings that the new system may bring. The gym will have to ensure that there are change management facilities such as suggestion boxes which will allow for the communication between the employees and the leaders. The feedback allows for the tailoring of the changes to suit the organization. References Du Plessis, T, Mabunda, T 2016, 'Change management in an academic library in the knowledge economy', South African Journal of Libraries Information Science, 82, 1, pp. 53-61. Filho, E, Tenenbaum, G, Yang, Y 2015, 'Cohesion, Team mental models, and collective efficacy: towards an integrated framework of team dynamics in sport', Journal of Sports Sciences, 33, 6, pp. 641-653 Fox, R, Keisling, B 2016, 'Build Your Program by Building Your Team: Inclusively Transforming Services, Staffing and Spaces', Journal of Library Administration, 56, 5, pp. 526-539 Million, A, S. Bossaller, J 2015, 'Strike While the Iron Is Hot: Change Management in the Context of a New Political Administration', Journal of Library Administration, 55, 2, pp. 92-113 Schneider, W, Brewster, K, Kielland, K 2015, 'Team Building on Dangerous Ice: A Study in Collaborative Learning', Arctic, 68, 3, pp. 399-404 Sencal, J, Loughead, T, Bloom, G 2008, 'A Season-Long Team-Building Intervention: Examining the Effect of Team Goal Setting on Cohesion', Journal of Sport Exercise Psychology, 30, 2, pp. 186-199 Thompson, B, Haidet, P, Borges, N, Carchedi, L, Roman, B, Townsend, M, Butler, A, Swanson, D, Anderson, M, Levine, R 2015, 'Team cohesiveness, team size and team performance in team-based learning teams', Medical Education, 49, 4, pp. 379-385 Van Raalte, J, Cornelius, A, Linder, D, Brewer, B 2007, 'the Relationship between Hazing and Team Cohesion', Journal of Sport Behavior, 30, 4, pp. 491-507.

Gun Control Is Not Answer Essays - Gun Politics In The United States

Gun Control Is Not Answer With the growing gun-related crime rate in the United States today, many bills have been proposed to control guns. The most popular of these bans is The Brady Bill. The bill focuses on semi-automatic handguns. People wishing to buy a handgun will have to answer a federal questionnaire. The person's background will be checked thoroughly for criminal records or records of past mental illness. The process should only take five days. This five day waiting period, or the ?cooling off? period, is supposed to allow a person's temper to cool down. The Brady Bill claims that people act on impulse. A person's temper can interfere with his/her ability to think clearly; he/she is angry, so a gun is bought to get revenge. I have no problem with the Brady Bill, because it has stopped crime, but not enough. A bill was passed by former U.S. President George Bush which banned the production of nine types of assault weapons and the importation of forty-three types of assault weapons. Bush felt that assault weapons were responsible for majority of the violent crimes committed in the United States. Field & Stream writer, David E. Petzal agreed with Bush stating that, ?Assault weapons are designed to put out a high volume of fire with a high degree of controllability. The only purpose these firearms have is to kill people? (27). Gun related crime is still very common. In the past, over 20,000 gun control bills have been passed through Congress, and crime is still running rampant through America's streets. The National Firearms Act of 1934 was the first federal gun law to be passed. This act imposed a two hundred-dollar excise tax on the sale of fully automatic weapons. The Gun Control Act of 1968 made it a requirement for all gun dealers to have a federal license. This same act also banned the sale of guns through the mail and the sale of guns to all people who have formerly been convicted of violent felonies. It also prohibited dealers from selling handguns out of state, and out-of-state residents from buying handguns (Bender 51). These have not eliminated gun-related crime either. A majority of the American people feel that gun control laws will help reduce crime rates because the waiting period would allow time for a person's temper to cool down. They also feel that gun control will prevent repeat offenders because when a person tries to purchase a handgun, he will have to fill out a lengthy questionnaire. The questionnaire will include questions about the buyer's past, for example, if they have a criminal record or a record of any mental illness. If there is a criminal record in that person's history, he will not be able to make the purchase. Restricting handgun ownership would also reduce crime, because guns are used most often in robberies and murders (Mayer 28). They are very easily concealed under a coat, or even in the waistband of pants. The problem with statements like the above is that people are forgetting about the black market. If a person is planning on buying a handgun for criminal purposes, he is not likely to buy it through a dealer. If he buys a gun through a dealer, the gun has to be registered in that person's name. If the gun is used in any crime or murder where a shot is fired and the gun is left behind, the police could very easily trace the gun to that person. This situation causes many criminals to turn to the black market. Any person can buy any type of gun off the streets with no hassle. He doesn't have to fill out a questionnaire, or go through the registration process. Even if an ex-convict tries to buy a handgun from a dealer and is turned down, he could easily get access to a firearm. Therefore, gun control is not enough to eliminate crime and violence. Another problem with the gun control laws is that they focus specifically on semi automatic handguns. Handguns are not the only types of guns used in murders and robberies. There have also been cases where shot guns and rifles have been used in crimes and murder. Shotguns are

Polish Surname Meanings and Origins

Polish Surname Meanings and Origins With more than 38.5 million inhabitants, Poland  has the seventh-largest population in Europe. Many more millions of Polish nationals and people with Polish ancestry live around the world. If youre one of them, you might wonder about the meaning of your last name.  As with the majority of European surnames, most Polish surnames fall into one of three categories: toponymic, patronymic/matronymic, and cognominal. To learn more about your family name, read on. Toponymic Surnames   Toponymic last names are typically derived from a geographical or topographical location. For instance, some names are derived from the homestead where the first bearer of that name and his family lived. In the case of nobility, surnames were often taken from the names of familial estates. Other place names that  were adapted into surnames include towns, countries, and even geographical features. While you might think such surnames could lead you to your ancestral village, often thats not the case. This is because, over the course of history, many places in Poland have shared the same name, while other locales have changed names over time, were subdivisions of a local village or estate too small to be found on a map- or simply disappeared altogether. Surnames ending in the letters owski usually derive from place names ending with y, ow, owo, or owa.   Example:  Cyrek Gryzbowski, meaning  Cyrek from the town of Gryzbow. Patronymic and  Matronymic Surnames Surnames in this category are usually derived from the first name of a male ancestor, although some are derived from the first name of a wealthy or well-respected female ancestor. Such surnames with suffixes such as  icz, wicz, owicz, ewicz, and  ycz usually mean son of. As a rule, Polish surnames that include a suffix with the letter k  (czak, czyk, iak, ak, ek,  ik, and yk) have a similar meaning which translates to either little or son of. The same is true for the suffixes yc and ic, which are most commonly found in names of eastern Polish origin. Examples: Pawel Adamicz, meaning Paul, son of Adam; Piotr  Filipek, meaning Peter, son of Philip. Cognominal Surnames There are two basic types of cognominal surnames. The first category encompasses names that are based on a persons occupation. Some of the most common occupational surnames are derived from what were traditionally the most prominent professions in Polish society throughout history. These include blacksmith (Kowalski), tailor (Krawczyk), innkeeper (Kaczmarek), carpenter (CieÅ›lak), wheelwright (KoÅ‚odziejski), and cooper (Bednarz). Example: MichaÅ‚Â  Krawiec, meaning Michael the tailor. Descriptive surnames, on the other hand, were often derived from nicknames or pet names that highlighted either a physical attribute or personality trait of the original name bearer. Example:  Jan Wysocki, meaning Tall John. 50 Common Polish Last Names Surnames with the  ski  suffix and its cognates cki  and  zki make up almost 35 percent  of the 1,000 most popular Polish names. The presence of these suffixes almost always denotes Polish origin. The most common Polish surnames are listed below. NowakKowalskiWiÅ›niewskiDabrowskiKaminskiKowalcyzkZielinskiSymanskiWozniakKozlowskiWojciechowskiKwiatkowskiKaczmarekPiotrowskiGrabowskiNowakowskiPawlowskiMichalskiNowickiAdamczykDudekZajacWieczorekJablonskiKrolMajewskiOlszewskiJaworskiPawlakWalczakGorskiRutkowskiOstrowskiDudaTomaszewskiJasinskiZawadzkiChmielewskiBorkowskiCzarneckiSawickiSokolowskiMaciejewskiSzczepanskiKucharskiKalinowskiWysockiAdamskiSobczakCzerwinski

Mockingbirds and Flies Essay Example | Topics and Well Written Essays - 500 words

Mockingbirds and Flies - Essay Example The Lord of the Flies name comes from the sow's head and the countless flies buzzing about it, which soon move from the sow's head to swarm around the head of Simon as the Lord of the Flies tells him, "I'm a part of you" (Golding 164). In fact, it is a part of all the boys, who are losing their links with civilization and are all turning savage and evil together and forgetting about civilization. Lee's regional novel deals with universal themes of tolerance, courage, compassion, and justice. In it, the songs of innocents - nave and pure as mockingbirds - are forever silenced by the bitter knowledge of corrupt human nature. The title of To Kill a Mockingbird has very little literal connection to the plot, but it carries a great deal of symbolic weight in the book. In this story of innocents destroyed by evil, the mockingbird represents innocence.Like hunters who kill mockingbirds for sport, people kill innocence, or other people who are innocent, without thinking about what they are doing. Atticus stands firm in his defense of innocence and urges his

Country Study on Malaysia Term Paper Example | Topics and Well Written Essays - 1500 words

Country Study on Malaysia - Term Paper Example 60 per cent of the population comprises ethnic Malays, 26 per cent of the population is Chinese while the rest are Indians and other indigenous races. Since 1971, Malays have witnessed positive discrimination and ethnic Chinese are wealthiest of all communities in Malaysia socially as well as politically whereas the Indians are the poorest. The global economic downturn has dented the economic prospects in Malaysia. The government introduced an economic stimulus plan worth $16bn in 2009 to deter the effect of the approaching recession (â€Å"Malaysia Profile†). Branding association of Malaysia The Branding Association of Malaysia was established in July 2000. It advocates unity between the member countries in order to identify solutions to policies and problems that are challenges to the brand. The Branding Association of Malaysia has contemplated the establishment of a branding association for the Asean countries so that brands’ needs across the region with respect to p roduct promotion and marketing can be addressed. Countries member of Asean include Malaysia, Indonesia, Singapore, Brunei, Myanmar, Laos, the Philippines, Thailand, and Vietnam. President Datuk Eric Chong has suggested all member countries to establish their branding association by approaching small and medium enterprises and identify valuable brands: â€Å"We are ready to help Asean business associations to establish similar organisations like us. Currently, we are helping our friends in Thailand to set up a branding association† (Chong cited in â€Å"Branding Association†). Business communities can use the branding association in order to prepare for the 2015 Asean Economic Community. As an Asean member, Malaysia has taken effective measures for greater liberalization of trade among the member countries in 2003 to realize the ASEAN Free Trade Area (AFTA). ASEAN Economic Community (AEC) is another major trade initiative that strives for the achievement of economic and trade integration regionally by the year 2015 so that free flow of services and goods, capital and investment can be facilitated among the member countries. According to the research carried out by the World Trade Organization, benefits obtained from the trade facilitation reform would affect ASEAN significantly. For example, trade would be boosted by 7.5 per cent with the improvement in port facilities and by 5.7 per cent with the improvement of competitiveness in the sector of internet services in the region (â€Å"Doing business in† 16). Resources Malaysia is a resource-rich country. The two main exports of Malaysia are palm oil and petroleum. Petrol is nationalized and its revenues contribute up to 40 per cent of the annual governmental budget of Malaysia (Coca). The palm oil conglomerates in Malaysia are the world’s largest and make up 39 per cent of the palm oil production all over the world (Coca). Natural resources were almost a third of the total exports of M alaysia in 2012 (Coca). While the resource-rich countries conventionally experience the eruption of civil wars in them because of decreased dependence on the taxes for revenues and accordingly lesser accountability to the citizens, Malaysia is one such resource-rich country that has shown growth and stability by making correct use of its resources. Malaysia is located alongside the world’s busiest trade route i.e. the straights of Malacca. Malaysia