Introduction to International Accounting Essay Example | Topics and Well Written Essays - 1500 words - 1

Introduction to International Accounting - Essay Example It had started its operation with single fleet and three flights per week and presently it spreads its span to 99 destinations over 39 countries. The organisation had commenced its business with the name of Malaysia-Singapore Airlines in the year 1947. After 25 years, in the year of 1972, the Airlines had split into two entities, named as Singapore Airlines and Malaysian Airline System. The Singapore Airlines was the first to provide the complimentary headsets and free drinks. In addition to it, their latest innovation of providing in-flight telecommunication services made them pioneer in this service. Eventually, it can be stated that the history of the organisation was the witness of the quality services (Singapore Airlines, 2011). The Singapore Airlines is a unit of Singapore Government. The holding company of the organisation is Temasek Holdings which acquires 54.5% of voting stock. The organisation has adopted an effective strategy of diversification. It has been diversified into related sectors and industries. Hence, it can be stated the organisation has gone for the horizontal diversification (Singapore Airlines, 2007). The financial statements of the organisation indicates that during the period of economic downturn the organisation was not managed properly as the profit had became negative in the financial year 2009. But there after, SIA has controlled the organisation effectively as drastic changes in the financial performance have been noticed. Report published by Statistical Commission (2008) had defined the concept of balance sheet. The report had considered the balance sheet as the statement which has drawn up the values of the assets owned and the liabilities owed by an organisation or a group of organisations, based on a particular point of time. A balance sheet is able to show the ways of best meeting the liabilities. Moreover, comparing the fixed assets and the current assets of a balance sheet, it can be determined