ACF5956 Advanced Financial Accounting Report Sample
PART 2. Teamwork assessment for group assignment
The allocation of individual marks (5% out of total marks) relates to the process of teamwork.
This part of the assignment may result in individuals within the same group receiving a different mark.
The five marks for this part of the assignment is split into two tasks:
• a reflection piece (worth 3%); and
• peer evaluation (worth 2%)
It is important for team members to develop collaborative working relationships, which includes the following behaviours:
• encouraging and acknowledging contributions by being respectful and open to others’ ideas and perspectives;
• listening carefully to the ideas of team members and seeking clarification where appropriate;
• noting non-verbal behaviours and feelings;
• ensuring a balance in the contribution by encouraging less talkative members and controlling more talkative members.
Each student must submit the ‘(ACF5956 S1 2022) Teamwork assessment for group assignment’. This document is to be submitted via Moodle in a separate submission box.
These results will be reviewed by the CE to ensure fair and equitable marks for this component are provided.
It is recommended that team members keep an individual log of their work or some other appropriate ‘paper trail’ to provide evidence of work completed and interaction with their teammates. This evidence will be useful in the case of peer review disagreements and inconsistencies.
Management of the group is in the hands of the individual group members for each group.
In the case of disputes between group members, it is hoped that, initially, the group members can work together to resolve the issues. If this is not possible, then the CE should be notified immediately regarding the issue. The issue can be brought to the attention of the CE by the group as a whole or by one or more members of the group. The CE will resolve the dispute through discussion and collaboration with each group member and will be resolved as soon as practicable.
Justification for Selection of this Assessment Task:
This assignment is designed to assist you in demonstrating your knowledge of and ability to critically assess a contemporary issue in financial reporting and disclosure. It also provides you with an opportunity to further enhance your research, judgement and written communication skills.
In addition to the development of knowledge of a contemporary area impacting accounting, this task is also designed to develop the following generic skills:
• Research skills
• Judgement
• Written communication skills, aimed at accountants.
The research assignment is designed to broaden your understanding and application of theoretical knowledge gained in one major topic in the unit. Research skills, which involve the synthesis of information and communication of research findings through a business report, are essential skills that our graduates are required to demonstrate to employers.
Solution
Part 2
ANALYSIS OF RAMSEY HEALTHCARE - “CARING FOR PEOPLE”
Ramsay Health Care's principles of operation and decision-making approach have found genesis in its strong foundation brought to light by businessman & 'philanthropist' Paul Ramsay. As discussed above, the core of CSR (Corporate Social Responsibility) is 'giving back to the society, the community, and the planet it functions on which is strongly reflected in Ramsay Healthcare's vision set by Mr Ramsay who was guided by the notion – "if you look after people, success will follow". University Assignment Help, Putting people at the forefront, and a caring and inclusive culture indeed have been two of the core components of their success mix as it is journeyed to be one of the leading healthcare providers in Australia as well as thriving as a multinational. Ramsay Care's Sustainability Strategy demonstrates its strong commitment to sustainability by incorporating global inputs and undertaking CSR activity in addition to "development and education, safety, wellbeing, and mental health" which all constitute ‘The Ramsay Way’ (Ramsay Health Care, 2021).
CSR Initiatives:
Ramsay Healthcare during the covid period
2021 was the International Year of Health and Care Workers and accordingly, Ramsay Healthcare has sharply focused on material sustainability issues such as the Covid-19 which had taken its patients, doctors, partners, and people hostage and aligned them with its values backed by an advanced model of care. Since March 2020, Ramsay UK has collaborated with the National Health Services (NHS) to provide urgent treatment to almost half a million patients who required outpatient visits, tests, or surgery & immediate admission gateways. Moreover, the Australian team has reacted to recurring COVID outbreaks among all hands on deck, primarily in Victoria, Queensland, and New South Wales. This proactive and systematic response to a public health crisis further goes on to highlight Ramsay Care’s commitment to making a social and corporate change through uplifting its stakeholders and that continues with ‘individualized recovery plans’ of patients in the post-covid era.
Ramsay's healthcare toward his employees
Ramsay is regarded as a people-centric organization noted for its dedicative internal service to its employees which is anything but limited to its recognition of employees and rewards of professional development opportunities. It stretches to a unique corporate culture underpinned by its philosophy of “people caring for people”. Ramsey has devotedly endorsed gender equality so much so that it has now emerged as one of the major female employers. Further, the diversity and sense of inclusion are reflected in the structurization of the board of directors as well as the management. Its generous benefit structure for injured workers is duly known in the industry. Moreover, the remuneration structure strongly mirrors equality and fairness and after a rigorous assessment in 2021 is now recognized by Comcare – National Self-insurance Scheme by the Australian government.
COMPARISON WITH BEST PRACTICES
Ramsay has been emphasized increasing the service-related activities such as home-based services, and allied health services, During the pandemic, Ramsay Santé (France) had taken care of a bulk of COVID patients admitted to private hospitals, whereas Capio in Stockholm treated around 20% of all COVID-19 infected inpatients (Ramsay Health Care, 2021). But the philanthropic ideas have been somewhat neglected in the sense that value creation at every level of society is important. Ramsay has led with a worldwide focus on care and keeping up with CSR leaders, it has come up with Taskforce for Climate-related Financial Disclosure (TCFD) (Ramsay Health Care, 2021) that approaches governance, and risk management as per global standards. The metrics and targets for material social and environmental risks are duly being managed with prioritization on growth, efficiency, and sustainability aspects. However, much scope for efficiency with electricity, fuel, and emissions usage persists.
Part 3
RECOMMENDATION
According to UNI Assignment Help and based on the above report, the following are some recommendations to the Board of Directors from the CFO:
1. Merely observing the rates of EBIT and ROI cannot successfully determine our paths towards sustainability. Sustainability should be analyzed through measures such as treatment of wastewater, reduction of water wastage, carbon emission, etc. (Chang, Chen, Chou, & Shen, 2014) Even though Ramsay follow these measure in the sustainable journey, it is essential to come up with ways to calculate these measures for accurate determination of our sustainable journey, instead of relying on EBIT and ROI.
2. Ramsay must work towards bringing up innovative tools to monitor the returns of their sustainable investments. There is a lack of availability of a proper accounting system for the performance evaluation of sustainability. It is also difficult to measure these qualitative and intangible benefits.
3. With so many elements to Ramsey's sustainability goals ((RHC), 2021), it is essential to improve communication within the various units. Establishing strong communication within the key in charge of these units is essential for efficient management of resources. The sooner we map a strategy for intercommunication among these personals, the higher with being the probability of a sustained journey towards sustainability.
4. Although Ramsay Healthcare is building high values throughout the fiscal period ((RHC), 2021), it should go beyond that. The burning issues of employee satisfaction and retention have been neglected. It's time to go beyond the traditional thinking of employee satisfaction. Establishing communication and coming up with various facilities to motivate employees is much needed today.
5. Ramsay healthcare has a lot of potentials to be even more sustainable. The medical field creates a lot of waste, most of which is harmful to the environment. Bringing in sustainability in this field is challenging itself. With proper research, there lies a potential for a breakthrough in this field.
CONCLUSION
In the end, it can be said that the Ramsey healthcare has done moderately well in CSR activities but it has done only the work intended by it all the activities are related to the profit motive of the concern, there is a lack of philanthropic ideas in the activities of Ramsey Healthcare. Moreover, if we take a look at the financial performance the concern then the key variables like EPS (per share an increase of 47.6%), and Dividend (per share an increase of 142% on FY20) are satisfactory, so the shareholders’ value is more or less maximized. (Ramsay Health Care Limited, 2021)
REFERENCE
Bowen, H. R. (2013). Social responsibilities of the businessman. University of Iowa Press. Retrieved from https://books.google.co.in/books?id=ALIPAwAAQBAJ&lpg=PT5&ots=da4fNerqsp&dq=social+responsibilities+of+the+businessman&lr=&pg=PP1&redir_esc=y#v=onepage&q&f=false
Forbes, C. H. (Nov 18, 2020). The Growing Importance Of Social Responsibility In Business. Forbes. Retrieved from https://www.forbes.com/sites/forbesbusinesscouncil/2020/11/18/the-growing-importance-of-social-responsibility-in-business/?sh=70bf47a82283
Ramsay Health Care. (2021). Impact Report. Ramsay Health Care. Retrieved from https://www.ramsayhealth.co.uk/-/media/files/ramsay-cares/ramsay-health-care-2021-impact-report.pdf
Ramsay Health Care Limited. (2021). Annual Report. Retrieved from https://www.ramsayhealth.com/common/emag/rhc/annualreport2021/RHC%20Annual%20Report%202021sml.pdf
Chang, Y., Chen, T. H., Chou, H. H., & Shen, Y. F. (2014). Corporate Social Responsibility and Analyst's Recommendation. International Review of Accounting, Banking & Finance, 6(2). Retrieved from http://www.irabf.org/upload/journal/prog/2014v6n2_1.pdf
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