The globalised business - Free Essay Example

Sample details Pages: 9 Words: 2663 Downloads: 3 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? 1. Introduction Businesses have never been as globalised as they are today. Numerous corporations from developed, newly industrialised and developing countries operate on a global basis and need to create financial statements using the accounting practices of their home country, as well as those existing in their areas of operations. The divergence in accounting practices of different countries creates the need for the preparation of separate financial and accounting statements and subsequent reconciliation of differences. The international accounting fraternity is now steadily moving towards global commonality in accounting practices and procedural reporting. The International Accounting Standards Board (IASB) has been working towards convergence of global accounting standards. Its mission is to develop and enforce a single set of global accounting standards, based on preparation of high quality, transparent and comparable financial statements for local and gl obal users. The IASB has been working on compiling a stable set of International Financial Reporting Standards (IFRS) for first time users. The IFRS was mandated for all publicly listed companies in the European Union in 2005 and has also been adopted by other countries like Australia. The IASB has also been working very closely with the US Financial Accounting Standards Board (FASB), since 2002, to bring about convergence between US GAAP and the IFRS. However, while significant work has been done on harmonising IFRS with US GAAP and many pending issues are being currently addressed, a number of accounting topics are still treated differently by these two systems. It is the purpose of this assignment to examine the differences and similarities between US GAAP and IFRS for the treatment of Goodwill, Research and Development costs, Brands, Patents and Trademarks. A number of texts have been referred for this assignment, especially â€Å"International Accounting and Multinationa l Enterprises† 6th edition by Radebaugh, Gray and Black, â€Å"International Financial Reporting: A Comparative Approach† by Roberts, Weetman and Gordon, the US GAAP and IFRS websites, a number of specialised publications by PWC and Deloitte and the published accounts of many multinational corporations. Accounting statements and established practices are often subject to individual interpretation and the perusal of a number of texts has enabled the researcher to prepare a holistic assessment of the selected topics. Inputs from all these texts and publications have been used in the preparation of this paper. 2. Goodwill Goodwill arises as an intangible asset and comprises of the difference between the cost of an acquisition and the fair value of its identifiable assets, liabilities and contingent liabilities. A recent analysis by PricewaterhouseCoopers (PWC) estimates that intangible assets accounted for approximately 75 % of the purchased price of acquired compani es in recent years. Increasing attention is now being paid on the management of intangible assets and the IFRS3 has responded to this need by detailing accounting procedures for intangible assets. Goodwill makes up approximately two thirds of the value of intangible assets of US companies and the figure for companies registered in the EU would presumably be similar. Accounting of Goodwill arises in the case of acquisitions where the purchase price exceeds the net cost of purchased tangible assets, the monetary difference being attributed to goodwill and other intangible assets. IFRS procedures, unlike US GAAP, previously required the amortisation of goodwill over a specific number of years, thus establishing an artificial life for this asset. This procedure has since been changed and with the IFRS position converging with that of GAAP, goodwill is not considered to be a wasting asset anymore. It however needs to be emphasised that this refers only to goodwill obtained from acquis itions. Internally generated goodwill is not reflected as an asset either under IFRS or under US GAAP The IFRS enjoins companies to distinguish between goodwill and other identifiable intangible assets. As such the value of other intangible assets like Research and Development, Patents, Trademarks, Brands and others need to be removed from the goodwill basket to arrive at the residual goodwill value. The treatment of goodwill is different from other intangibles as, subject to periodic assessments for impairment, it is expected to maintain its value indefinitely. While both IFRS and US GAAP require goodwill to be valued, reconciled, detailed by way of factors and reflected in financial statements, they have dissimilar modes for its accounting treatment. a) Goodwill under IFRS Goodwill is not amortised any longer under IFRS procedures and is considered to be an asset with indefinite life. It however has to be subjected to a stringent impairment test, either annually, or at sh orter notice if the need arises, to assess for erosion in value. In the event of impairment, the Profit and Loss Account is charged with the computed impairment amount to ensure the immediate highlighting of poorly performing acquisitions. Goodwill is thus not seen as a steadily wasting asset but one with indefinite life; and with a value linked to the performance of the unit. Another significant change in the treatment of goodwill has arisen out of the requirement for treating all business combinations as purchases. This will eliminate the possibility of companies’ not recording goodwill by pooling the assets and liabilities of various companies together for preparation of financial statements. The test for impairment of goodwill under the IFRS is carried out at the level of the Cash Generating Unit or a group of CGUs representing the lowest level at which internal managements monitor goodwill. The IFRS also stipulates that the level for assessing impairment must never be more than a business or a geographical segment. The test is a one stage process wherein the recoverable amount of the CGU is calculated on the basis of the higher of (a) the fair value less costs to sell or (b) the value in use, and then compared to the carrying amount. In case the assessed value is lesser than the carrying cost, an appropriate charge is made to the profit and loss account. The goodwill appropriated to the CGU is reduced pro rata. The IFRS requires detailed disclosures to be published regarding the annual impairment tests. These include the assumptions made for these tests, and the sensitivity of the results of the impairment tests to changes in these assumptions. M/s Radebaugh, Gray and Black, in their book â€Å"International Accounting and Multinational Enterprises† stress that these disclosures are intended to give shareholders and financial analysts more information about acquisitions, their benefits to the acquiring company and the efficacy and r easonableness of impairment reviews. Negative goodwill arises when the cost of acquisition is less than the fair value of the identifiable assets, liabilities and contingent liabilities of the company. While its occurrence is rare, negative goodwill can well arise when loss making units are acquired or a distress sale gives a company the opportunity to acquire a bargain. In such cases IFRS procedures stipulate that the acquirer should reassess the identification and measurement of the acquiree’s identifiable assets, liabilities and contingent liabilities and the measurement of the cost of the combination. The excess of net assets over the cost should be recognized and taken to the profit and loss account, b) Goodwill under US GAAP Goodwill was treated as an asset with indefinite life by US GAAP even when IFRS procedures allowed for its amortisation. The change in IFRS procedures is a thus a desirable step towards convergence. In US GAAP, goodwill is reviewed for i mpairment at the operating level, which specifically indicates a business segment, or at a lower organisational level. In no case can an impairment assessment be made for a level higher than a business segment. Impairment must be carried out annually or even at shorter intervals, if events indicate that the recoverability of the carrying amount needs to be reassessed. While these requirements are similar to those stipulated by IFRS, the procedure for assessment of impairment is significantly different and comprises of two steps. In the first step the fair value is computed and compared with the carrying amount of the concerned unit including goodwill. If the book value is higher than the fair value, no further exercise is suggested and goodwill carried forward at the same value. If however the fair value of the reporting unit is lesser than its carrying amount, goodwill is considered to be impaired and the second step is applied. Goodwill impairment, under US GAAP, is measured by computing the excess of the carrying amount of goodwill over its fair value. The computation for this is fairly simple and constitutes of determining the fair value of goodwill by allocating fair value to the various assets and liabilities of the reporting unit, similar to the procedure used for the determination of goodwill in a business combination. The calculated erosion in goodwill needs to be shown specifically as an impairment charge in the computation of income. The assessment and treatment of negative goodwill is also somewhat different in US GAAP, even though the basic accounting principles are similar to that followed by IFRS. In this case the excess of fair value over the purchase price is allocated on a pro rata basis to all assets other than current assets, financial assets, assets that have been chosen for sale, prepaid pension investments and deferred taxes. Any negative goodwill remaining after this exercise is recognised as an extraordinary gain. 3. Intangibl e Assets other than Goodwill Intangible assets other than goodwill are identifiable non-monetary asset without physical substance. M/s Radebaugh, Gray and Black state that intangible assets need to be identifiable, under the control of the company and capable of providing future economic benefits. While formulation of appropriate modes of accounting for these assets pose challenges to accounting theory and concepts, their importance in business is significant enough to warrant the application of detailed accounting thought. All the texts consulted have devoted significant attention to the treatment of intangible assets. A July 2006 paper on â€Å"Accounting Standards regarding Intellectual and other Intangible Assets† by Halsey Bullen and Regenia Cafini of the United Nations Department of Economic and Social Affairs is also very explanatory and deals with the subject both in depth and with comprehensiveness. This section deals with the similarities and dissimilaritie s under US GAAP and IFRS for specific intangible assets e.g. Research and Development Costs, Brands, Trademarks and Patents. While the growing importance of intangible assets call for their inclusion in financial statements, their intrinsic nature makes it difficult to do so. Firstly, there is little connection between the costs incurred for creation of intangibles and their value. Second, it is also difficult to predict the extent of benefits that intangibles will be able to deliver. Both the IFRS and US GAAP have certain commonalities in the accounting treatment of intangible assets. In case of acquisitions, managements are enjoined to isolate specific intangible assets and value them separately from goodwill. All these assets have to be identified, valued and indicated separately in the balance sheet. The list of intangible assets that need to be recognised separately, as a result of IFRS 3 is extensive and includes a host of things like patents, brands, trademarks and compute r software. IFRS 3 demands that the identification and valuation of intangible assets should be a rigorous process. Experts however feel that while valuing intangibles is essentially associated with subjectivity, logical mental application and the use of working sheets should be able to satisfy the demands of regulators. IFRS and US GAAP classify intangible assets, other than goodwill, into assets with limited useful life and assets with indefinite useful life. Assets with finite life are amortised over their useful life. While arbitrary ceilings are not specified on the useful life of those assets, they still need to be tested for impairment every year. An asset is classified as an asset with indefinite useful life if there is no probable limit to the period over which it will benefit the firm. It is however rare for intangible assets other than goodwill to have indefinite useful lives and most intangibles are amortised over their expected useful lives. Assets with indefinite li ves have to be subjected to rigorous annual impairment tests. The fact that most intangible assets (other than goodwill) are amortised over their expected useful lives requires the determination of the expected useful life of each of the assets acquired. The general principles detailed above are common to both IFRS and US GAAP and are useful in determining the broad procedures for accounting and disclosure of intangible assets. As previously elaborated, accounting treatment primarily depends upon the determination of the life of an intangible asset, more specifically whether it has an indefinite or finite measurable life. All intangibles are governed by the same sets of disclosure requirements. Accordingly, financial statements should indicate the useful life or amortisation rate, amortisation method, gross carrying amount, accumulated amortisation and impairment losses, reconciliation of the carrying amount at the beginning and the end of the period, and the basis for determi ning that an intangible has an indefinite life Apart from these requirements, the differences, detailed below, between US GAAP and IFRS in the treatment of Research and Development costs, Brands, Trade Marks and Patents, also need consideration. a) Research and Development Costs IFRS procedures call for expensing of all research cost. Development costs are however assessed for valuation of long term benefits and, amortised over their determined benefit period. Capitalisation of development costs is allowed only when development efforts result in the creation of an identifiable asset, e.g. software or processes, whose beneficial life and costs can be measured reliably. If however a Research and Development project is purchased, IFRS provides for the treatment of the whole amount as an asset, even though part of the cost reflects research expenses. In the case of further costs being incurred on the project after its purchase, research costs will need to be expensed out while development costs will be eligible for capitalisation, subject to their meeting the required criteria. US GAAP however stipulates that all Research and Development costs be immediately charged to expenses. Certain development costs pertaining to website and software development are however allowed to be capitalised. Research and Development assets, if acquired are valued at fair value under the purchase method. However if the assets do not have any alternate use they are immediately charged to expense. Both PWC and Deloitte publications opine that US GAAP will most probably move towards the IFRS position on Research and Development as part of the short term convergence exercise. b) Brands The treatment of Brands is similar under both US GAAP and IFRS norms. It has been specifically clarified that the value of brands generated internally should not be reflected in financial statements. In case of brands obtained through purchase or acquisition the value of the brand wi ll have to be computed at cost or fair value and it will need to be determined whether the life of the brand is indefinite or finite. Brands with indefinite lives will need to be subjected to rigorous impairment tests every year, and treated like goodwill. Brands with finite lives, while subject to yearly impairment tests, will need to be amortised like other intangible assets. It needs to be noted that the mode of assessment of impairment in US GAAP is different from IFRS and this factor will accordingly come into play for assessment of impairment. c) Trademarks and Patents The costs of Patents and Trademarks, when developed and obtained internally comprise, mostly of legal and administrative costs incurred with their filing and registration and are expensed out as regular legal or administrative costs. The IFRS specifies that no revaluation is possible for Trademarks and Patents in accordance with IAS 38. This is because an active market cannot exist for brands, newspaper mastheads, music and film publishing rights, patents, or trademarks, as each such asset is unique. In the case of patents and trademarks obtained through acquisition, the treatment is similar to the broad category of intangible assets, for identification, valuation, measurement and recognition for purposes of separate disclosure. Acquired patents and trademarks are measured initially at purchase cost and are amortized on a straight-line basis over their estimated useful lives. Don’t waste time! Our writers will create an original "The globalised business" essay for you Create order

The Fourth Amendment Of The U.s. Constitution - 1332 Words

The Fourth Amendment of the U.S. Constitution provides, [t]he right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. The ultimate goal of this provision is to protect people’s right to privacy and freedom from arbitrary governmental intrusions. The Supreme Court has interpreted the Fourth Amendment to allow for a number of exceptions to this requirement where there are exigent circumstances. What are the warrant exceptions the Court has permitted? The first exception†¦show more content†¦However, in Riley v. California (2014), the Supreme Court ruled unanimously that police must obtain a warrant to search an arrestee s cellular phone. The Court said that earlier Supreme Court decisions permitting searches incident to an arrest without a warrant do not apply to modern cellphones, which are now such a pervasive and insistent part of daily life that the proverbial visitor from Mars might conclude they were an important feature of human anatomy, the court also noted that citizens cellphones today typically contain a digital record of nearly every aspect of their lives — from the mundane to the intimate. In Arizona v. Gant (2009), the Court ruled that a law enforcement officer needs a warrant before searching a motor vehicle after an arrest of an occupant of that vehicle, unless 1) at the time of the search the person being arrested is unsecured and within reaching distance of the passenger compartment of the vehic le or 2) police officers have reason to believe that evidence for the crime for which the person is being arrested will be found in the vehicle. With the holding Terry v. Ohio (1968), The Court allowed police to frisk suspects for weapons if the officer had a reasonable suspicion for stopping the suspect and if the officer was concerned for his safety. The second exception to the warrant requirement is if the police think evidence will disappear if they don’t act quickly. WhenShow MoreRelatedImagine You Are On A Family Road Trip You Drive Through1403 Words   |  6 Pagessearched, and the persons or things to be seized. (U.S. Constitution - Amendment 4 - The U.S. Constitution Online - USConstitution.net, 2017) The constitution, through the Fourth Amendment, protects people from unreasonable searches and seizures by the government. The Fourth Amendment, is not guarantee against all searches and seizures, only those are deemed unreasonable under the law. 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The Bill of rights is a documentRead MoreThe Bill of Rights: The Most Important Documents in American History1579 Words   |  6 Pagesthe inclusion of a Bill of Rights into the Constitution, Congress did not approve the inclusion of twelve Amendments, or Twelve Articles, until September 25, 1789 (History of the Bill of Rights, 2012). While the first two amendments were rejected, the first ten Amendments of the Constitution make of the United States Bill of Rights. The Bill of Rights was formally ratified on December 15, 1791 (Independence Hall Association, 2012). The First Amendment protects an individuals freedom of speechRead MoreThe Bill Of Rights Of The United States Constitution Essay1359 Words   |  6 PagesThe Bill of Rights contains the first ten amendments to the United States Constitution. These first ten amendments were ratified on December 15, 1791. The Bill of Rights define and interpret constitutional rights and protections that are guaranteed under the US Constitution. 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It is the embodiment of the one true revolutionary idea in all history, and played a major role in laying the framework for rights as citizens of America. It was written by JamesRead MoreIs That The Smell of Evidence Being Destroyed? Essay922 Words   |  4 Pagesprobable cause to believe drugs may be in a home. The U.S. Supreme Court has ruled that when the police think they smell marijuana coupled with the sounds of what they believe could be the destruction of evidence, is reason enough for them to gain forced entry into a home without a search warrant while claiming probable cause and exigent circumstances. Overturning a ruling by the Kentucky Supreme Court in Kentucky v. King, No. 09–1272 (2011), the U.S. Supreme Court ruled that the police had the rightRead MoreV. Ohio : Illegal Search And Seizure1144 Words   |  5 Pagesthat all evidence obtained in violation of the Fourth Amendment, could not be held against you in court (Landmark Cases of the U.S. Supreme Court, 2015). 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Kobe Earthquake Essay Example For Students

Kobe Earthquake Essay An earthquake is defined as a shaking or trembling of the earth that is volcanic or tectonic in origin. In the case of the Great Hyogo (Hanshin) earthquake of Kobe, Japan it is tectonic in origin. This devastating earthquake which occurred on the 17th of January at 5:46 a.m measured at a whopping 7 (7.2) on the Richter scale. This was the largest recorded earthquake to ever hit Japan. According to the Japan Meteorological its epicentre was in 34.6? north and 135.0? east in the northern tip of Awaji Island with a focal depth of 14 km. According to the results of the recorded in 24 observation centre, the fracture which triggered the earthquake was happened inside the Nojima Fault. Also investigation in the sea bed by the Ocean observatory Centre shows that the cracks occurred in Nojima Fault. This fault forms a part of a group of faults known as the Rokko Fault, which extends from Awaji Island through Kobe City to the foot of Mount Rokko. The movement of the fault can be explained by the Tectonic characteristic of west Japan. The main reason for the big earthquakes in west part of Japan are the tectonic activities of the Eurasian, the Pacific, the North America and the Philippine plates. The collision between these plates in the central part of Honshu (Japan main island) is the main source of strain accumulation in the crust of western part of Japan. Casualty figures quickly mounted by the hour and when it was all said and done 5,472 people had lost their lives and 415,000 people were left injured. By the fourth day after the earthquake about 310,000 residents spent the night at 1,077 refugee centres. More than 350 fires broke out wiping out around 100 hectares of densely populated area. Fire fighting was virtually ineffective due to an inadequate water supply and access to fires. Lifeline facilities were severely damaged over a large area and following the earthquake, 900,000 households were left without electricity, 850,000 households were without gas, and water supply cuts affected about 2.5 million people. Nippon Telegraph and Telephone (NTT) Corp.s 160,000 lines out of 800,000 lines were out of order. The damage to major infrastructure, especially to the elevated expressway and shinkansen (bullet train) tracks, shocked engineers, planners and the general public. According to news reports its tracks were damaged at 42 locatio ns. The first Shinkansen train was to run 30 minutes after the time of the earthquake. Had the disaster occurred few hours later, with an average capacity of about 1,600 passengers/train, casualty rate could have been much higher. Sections of elevated Hanshin expressway toppled virtually cutting off major transport lines to the affected areas. A contiguous section supported by eighteen single columns had fallen sideways in Higashi Nada-ku. Modern buildings and structures retrofitted with up-to-date engineering techniques fared well in the Great Hyogo quake. Much of the damage occurred in traditionally built older homes and in areas near the coast where liquefaction of the soil caused instability in structures. A large number of reinforced concrete structures were completely devastated. The economic damage estimates vary from around 100 150 billion dollars US. The most extensively and severely damaged structures were smaller commercial buildings (often with residences upstairs) constructed with limited engineering design and traditional homes. The smaller commercial and mixed occupancy buildings are typically framed with wood or light steel and have walls of stucco over wood slats. Many of these buildings have a large shop window in the front and lack interior walls, factors which weaken the first floor. Traditional homes, typically those built before the 1970s, have heavy tile roofs with tiles set in a thick clay and mud mortar, few partitions, and are not waterproofed which causes widespread dry rot and water damage. Little nailing is used; wood joinery is more common. Many casualties were found in damaged and collapsed traditional homes. The heavy tile roofs stressed the walls, which cracked, crumbled and often collapsed, triggering fires from broken gas pipes. The Kobe earthquake exposed more modern and engineered buildings to stronger forces than any previous earthquake. The preliminary report indicates more studies are needed to evaluate seismic codes, design practice and construction methods; and to make improvements based on the studies. The failure of transportation structures produced dramatic and frightening images flashed across the world following the quake. Perhaps the most memorable image was a bridge on the Hanshin expressway which rolled over. Most of the damage to bridges occurred to older structures designed before modern earthquake engineering. The damage was typically column shear and structures that broke instead of bending. Other more modern structures suffered extensive damage due to liquefiable soils along the bay. The Akashi Suspension Bridge bore the brunt of the earthquake with essentially no damage an example of how engineering can prevent damage during earthquakes. Rail facilities were hard hit and more casualties and fatalities would have resulted if the quake had occurred during comm ute times. Railway structures failed because of shear failures in support structures, inadequate restraint between spans at critical joints, and large ground movements causing spans to fall off supports; also many cars rolled because of the ground movement. The Port of Kobe suffered extensive damage, mainly due to liquefaction. Modern design criteria are more stringent and liquefiable soils can now be identified and the effects mitigated. Had the port conformed to modern design standards, the damage would likely have still been severe but less than the damage that occurred. Electric power and telecommunications systems performed remarkably well during the earthquake, with little or no disruption to service. Water pipelines sustained severe damage, causing a general lack of service in Kobe, Ashiya and Nishinomiya. Some residents we reinformed to expect no water service for two months. The lack of water also inhibited firefighting efforts. It is expected that the sewer system suffere d similar damage. The gas system sustained numerous breaks, which will interrupt service to residents for several months. .uffe30448f324b67b042c218133845bdb , .uffe30448f324b67b042c218133845bdb .postImageUrl , .uffe30448f324b67b042c218133845bdb .centered-text-area { min-height: 80px; position: relative; } .uffe30448f324b67b042c218133845bdb , .uffe30448f324b67b042c218133845bdb:hover , .uffe30448f324b67b042c218133845bdb:visited , .uffe30448f324b67b042c218133845bdb:active { border:0!important; } .uffe30448f324b67b042c218133845bdb .clearfix:after { content: ""; display: table; clear: both; } .uffe30448f324b67b042c218133845bdb { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uffe30448f324b67b042c218133845bdb:active , .uffe30448f324b67b042c218133845bdb:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uffe30448f324b67b042c218133845bdb .centered-text-area { width: 100%; position: relative ; } .uffe30448f324b67b042c218133845bdb .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uffe30448f324b67b042c218133845bdb .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uffe30448f324b67b042c218133845bdb .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uffe30448f324b67b042c218133845bdb:hover .ctaButton { background-color: #34495E!important; } .uffe30448f324b67b042c218133845bdb .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uffe30448f324b67b042c218133845bdb .uffe30448f324b67b042c218133845bdb-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uffe30448f324b67b042c218133845bdb:after { content: ""; display: block; clear: both; } READ: Immanuel Kant - Enlightenment EssayThe Great Hanshin (Hyogo) Earthquake has had a profound influence on Japans earthquake preparedness. Voices are heard urging more emphasis on relief and non structural measures from a disaster mitigation strategy heavily depended on structural measures. Bitter criticism is levelled at government for slow response and inadequate preparedness. The earthquake, which proved to be a combination of a number of worst case scenarios, again reminded us that fight against natural disasters is an endeavour where one cannot afford to relax. Bibliography:None

What Is Conflict Essay Example

What Is Conflict Essay What is Conflict? The simple meaning of conflict is basically a disagreement through which the person or people involved recognize a threat to their needs, interests or concerns. With how things are now in modern life conflicts are inevitable. Anyone can get into a conflict. Sometimes little arguments lead to an intense conflict. Also, sometimes people overcome their conflicts quickly. I believe that some conflicts can be easily resolved because it teaches people how to deal with situations like that, and leads people to think about the conflicts. It means that people learn from their mistakes. Also, if the person has enough experience about dealing with conflicts, he or she will be able to resolve it easily. For example if someone was speaking aloud and was interrupted instead of straight away starting an argument they could remind the person to respect other people when speaking. We can understand from this that because of his or her knowledge in dealing with conflicts, she was able to solve it quickly before it increase into serious fight. How we respond to conflict is in two ways, we have emotional responses which are the feelings we experience in conflict, reaching from anger and fear to depression and confusion. We will write a custom essay sample on What Is Conflict specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on What Is Conflict specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on What Is Conflict specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Emotional responses are often misunderstood, as people tend to believe that others feel the same as they do. Therefore, differing emotional responses are confusing and, at times, threatening. We also have physical responses to conflict which play an important role in our ability to meet our needs in the conflict. They include high stress levels, body tension, and increased sweat, shallow or accelerated breathing, and rapid heartbeat. These responses are similar to those we experience in high-anxiety situations, and they may be managed through stress management techniques used by many people. Establishing a calmer environment in which emotions can be managed is more likely if the physical response is addressed effectively. These are important factors into our experience during conflict, because they often tell us more about what is the true source of threat that we notice; by understanding our thoughts, feelings and physical responses to conflict, we may get better insights into the best potential solutions to the situation. One key point to understanding conflicts is seeing that each person may have a different view onto any given situation. This could also be called the role of Perception. Some of these views would be one of which, gender and sexuality. Men and women often observe situations rather differently, based on both their experiences in the world. As a result, men and women will often approach conflictive situations with differing mind-sets about the desired outcomes from the situation, as well as the set of possible solutions that may exist. Another would be Knowledge (general and situational). People respond to given conflicts on the basis of the knowledge they may have about the issue at hand. This includes specific knowledge about the situation (i. e. , Do I understand what is going on here? ) and general knowledge (i. e. , Have I experienced this type of situation before? ). Such information can influence the persons willingness to engage in efforts to manage the conflict, either reinforcing confidence to deal with the dilemma or deflating the person’s willingness to openly consider alternatives. This can decide the confidence of a person when they going into a conflict. Although it is usually best to have a minimal amount of conflicts it is useful in some place such as in organisations. In fact, conflict can be good for organizations because it encourages open-mindedness and helps avoid the trend toward group think that many organizations fall prey to. The key is learning how to manage conflict effectively so that it can serve as a catalyst, rather than a burden, to organizational improvement. Although it is often assumed that people avoid conflict, many people actually enjoy conflict to a certain degree because it can be the motivation for new thinking. Considering a different point of view which represents conflict can open up new possibilities and help to generate new ideas that might otherwise have not been considered. It is like when you are in a race you will run faster when your second rather than first because you have that person in front of you pushing you to go faster. My final point about conflict is the reason why most people tend to avoid getting into conflict. Engaging in discussion and negotiation around conflict is something we normally approach with fear and hesitation, afraid that the conversation will go worse than the conflict has gone so far. In my opinion our responses, as said earlier, are likely to to include behaviours, feelings, thoughts and physical responses. If any of these responses shows tress factors that make us reluctant to talk things out, we are more inclined to follow the pathway of avoidance, basically because where scared. In addition, consider that our society tends to reward alternative responses to conflict, rather than negotiation, people who aggressively pursue their needs, arguing rather than co-operating with a situation, are often satisfied by others who prefer to put up with this. Managers and leaders are often rewarded for their aggressive, controlling approaches to problems, rather than taking a more compassionate approach to issues that may seem less decisive to the public or their staffs. I find this to be unfair but it is my opinion on it. To conclude I believe that Conflict can be easily initiated but also easily resolved if handled in the right way or if he or she has experience. There are different responses to conflict which can lead to different outcomes of the conflict. Different people have different view on situations causing controversy between them. There can be use of conflict in organisations by making it beneficial to the person or company. Finally how I believe society sees conflict and why it is normally avoided which in my opinion it should be.