PERENCANAAN DAN KENDALI MANAJEMEN

May 2, 2012 at 11:35 am · Filed under Uncategorized

PLANNING & CONTROL MANAGEMENT

Global competition that occurs along with advances in technology continue to significantly alter the scope of business and internal reporting requirements. Reduction in national trade barriers on an ongoing basis, a floating currency, sovereign risk, restrictions on sending funds across national borders, differences in national tax systems, the difference in interest rates and commodity prices and the effect of changing equity to assets, earnings , and the cost of capital is a variable that complicates management decisions. At the same time, developments such as the Internet, video conferencing, and electronic transfer change the economics of production, distribution, and financing. Global competition and rapid dissemination of information to support the limited national differences in management accounting practices. Additional pressures include, among others, changes in markets and technologies, the growth of privatization, incentive costs, and performance, and coordination of global operations through joint ventures (joint ventures) and other strategic links. Does it improve the management of multinational companies to not only implement internal accounting techniques that can be compared, but also use these techniques in the same way.
MAKING BUSINESS MODEL
The latest survey found that management accountants spend more time in strategic planning issues than before. Determination of the business model of the big picture, and consists of the formulation, implementation and evaluation of long-term business plan of a company. It includes four main dimensions.
1. Identify the major factors relevant to the company’s progress in the future.
2. Formulate an adequate technique to predict future developments and analyze the company’s ability to adapt or take advantage of these developments
3. Develop data sources for menditkung strategic choices.
4. Certain choices translate into a series of specific actions.
PLANNING TOOL
In identifying the relevant factors in the future, scanning the external and internal environment will greatly assist companies in recognizing the challenges and opportunities. A system can be applied to gather information on competitors and market conditions. Both competitors and market conditions are analyzed to see the influence of both the standing of the competition and the level of corporate profits. Inputs obtained from this analysis are used to plan the measures used to maintain or increase market share or to recognize and utilize the new product and market opportunities.
One such tool is the WOTS-UP analysis. This Analicis regarding the strengths and weaknesses of the company relating to the company’s operating environment. This technique helps in generating a series of management strategies that can be run.
Decision tools that are currently used in the strategic planning system relies entirely on the quality of information about internal and external environment of an enterprise. Accountants can help corporate planners to obtain useful data in strategic planning decisions. Most of the required information comes from sources other than the accounting records.
CAPITAL BUDGET
The decision to invest abroad is a very important element in the global strategy of a multinational company. Foreign direct investment generally involves large amounts of capital and the prospects are uncertain. Investment risk, followed by the foreign environment, complex and constantly changing. Formal planning is a must and is generally performed in a capital budgeting framework that compares the benefits and costs of the proposed investment.
Approach to more complex investment decisions are also available. There are several procedures to determine the optimum capital structure of a company, measuring the cost of capital of a company, and evaluate investment alternatives under conditions of uncertainty. Decision rule for investment options generally require a discounted cash flow investment based on risk-adjusted interest rates are adequate: the weighted average cost of capital. Generally, companies can increase the prosperity of the owner to make an investment that promises a positive net present value. When considering the options that are mutually separated or mutually independent (mutually exclusive), a rational firm will choose the option that promises the net present value of the maximum possible.
In the international environment, investment planning is not as simple as that. Huokum differences in tax, accounting system, the rate of inflation, the risk of nationalization, currency framework, market segmentation, restrictions on the transfer of retained earnings, and differences in language and culture adds to the complexity of elements that are rarely found in domestic environments. The difficulty for the quantification of these data make existing problems worse.
Adaptation (adjustment) by multinational companies for investment planning models have traditionally been carried out in three areas of measurement: (1) determine the relevant returns for multinational investments, (2) measure of cash flow expectations, and (3) calculate the cost of multinational capital. This adaptation provides data that support the strategic choices, the third step in the process of enterprise modeling.
VIEWPOINT FINANCIAL RESULTS
A manager must determine the rate of return that are relevant for analyzing foreign investment opportunities. However, the relevant rate of return is a matter of perspective. Should the international financial manager to evaluate expectations of return on investment from the standpoint of foreign project or from the perspective of the parent company? Returns from these two viewpoints may differ significantly due to several reasons such as: (1) restrictions on repatriation of profits by the government and capital, (2) license fees, royalties and other payments which is the profit for the parent company but is a burden for subsidiaries , (3) differences in national inflation rate, (4) changes in exchange rates acing, and (5) differences in taxes.
Opinion that the rate of return and the risk of a foreign investment can be evaluated from the viewpoint of the parent company’s domestic shareholders, are no longer sufficient because:
1. Investors in the parent company of the more that comes from the world community.
2. Investment objectives must reflect the interests of all shareholders, not just from domestic.
3. Observations also show that multinational companies have long-term investment horizon ‘(and not short term). Funds generated abroad tend to be reinvested rather than repatriated to the parent company. Under these conditions, would be more appropriate to evaluate the return from the standpoint of the host country.
The emphasis on local projects of return consistent with the objective to maximize the value of the consolidated group.
Adequate solution is to recognize that financial managers must meet multiple objectives, by providing a response to investor groups and noninvestor in organization and in its environment. Host country governments is one of the group for foreign investment. Match between the goals of multinational investors and host countries should be achieved through two financial return calculations: one from the standpoint of the host country, and the other from the viewpoint of the parent company. The host country’s point of view assumes that a favorable foreign investment (including capital costs of local opportunities) would not be wrong in the somber allocate scarce host country. Evaluation of investment opportunities from the local viewpoint also provides useful information for the parent company.
If a foreign investment does not promise a return on risk adjusted value is higher than the return obtained by a local competitor, then the parent company’s shareholders would be better to invest directly in local companies.

 

Sumber : teorikuliah.blogspot.com
pskm.mercubuana.ac.id

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ANALISIS LAPORAN KEUANGAN INTERNASIONAL

May 2, 2012 at 11:30 am · Filed under Uncategorized

INTERNATIONAL FINANCIAL ANALYSIS

 

ANALYSIS OF INTERNATIONAL BUSINESS STRATEGIES
Analysis of business strategy is an important first step in the analysis of financial statements. This analysis provides a qualitative understanding of the company and its competitors related to the economic environment. By identifying the drivers of profit and risk factor is the main business, business strategy or business analysis will help the analyst to make a realistic prediction.
The difficulties of analysis of international business strategy:
a. Availability of information
Analysis of business strategy particularly difficult in some countries due to lack andalnya information about macroeconomic developments. Obtain information about the industry is also very difficult in many countries and the number and quality of information companies are very different. Availability of specific information about the company is very low in developing countries. Lately, many large companies that keep records and raise capital in foreign markets and have expanded their disclosure voluntarily switch to accounting principles that are recognized globally as an international financial reporting standards.
b. Recommendations for analysis
Data limitations make the effort to analyze the business strategy by using traditional research methods to be difficult. Often frequent trips to study the local business climate and real bagaimanan industry and company operations, particularly in emerging market countries.
ANALYSIS OF ACCOUNTING
The purpose of accounting analysis is to analyze the extent to which the company reported results reflect the economic reality. Analysts need to evaluate kebujakan and accounting estimates, and analyze the nature and flexibility lungkup accounting of a company. The managers of the company is allowed to make a lot of considerations related to the accounting, because they know more about the financial condition and operations of their companies. Reported earnings is often used as a basis for evaluating the performance of their management.
Step-langah in doing evalusai accounting quality of a company:
a) Identify the main accounting policies
b) Analyze the flexibility of accounting
c) Evaluate the accounting strategy
d) Evaluate the quality of disclosure
e) Indentifikasikanlah potential problems
f) Make adjustments for accounting distortions.
EFFECT OF ACCOUNTING ANALYST ACCOUNTING BETWEEN STATE
Analysts need to evaluate policies and accounting estimates, and analyze the nature and scope of a company’s accounting flexibility. Effect on the measurement of quality of accounting, and auditing are very dramatic.
DIFFICULTIES IN OBTAINING INTERNATIONAL AKUNTNASI
In obtaining the data of International Accounting, there are several difficulties, among others:
a. Depreciation adjustment
Depreciation will affect profits, it is necessary to consider the age of the functions that must be decided manajemen.

b assets.

LIFO to FIFO inventory adjustment
Inventories should be converted in FIFO

 

c method.

Reserve
Reserves are the company’s ability to pay or cover expenses for removing beban.

d. Reformulation of Financial Statements
Adjustment of some of the changes after a few calculations on the points above TSB.
COPING MECHANISM OF THE DIFFERENCES BETWEEN ACCOUNTING PRINCIPLES
Several approaches can be done as follows:
– Some analysts present the foreign accounting resize according to a group of internationally recognized principles or according to other, more general basis.
– Some others develop a complete understanding of accounting practices in a particular group of countries and limited their analysis to firms located in these countries.
DIFFICULTIES AND WEAKNESSES OF INTERNATIONAL FINANCIAL ANALYSIS
a. Access to information
Information about thousands of companies from around the world have been widely available in recent years. Sources of information in countless numbers up through the World Wide Web (WWW). Companies in the world today have a website and annual report are available for free of charge from various sources lainnya.b. Timeliness of information
Timeliness of financial statements, annual reports, reports to regulators vary in each Negara.c. Language barriers and terminology.d. Asing.e currency issue. Differences in the type and format of financial statements.
USE OF THE WEBSITE (WWW) TO OBTAIN INFORMATION RESEARCH COMPANY
Many companies do not make optimum use of disclosure of corporate information via the website, both for financial and corporate sustainability. Another finding in this study is that many companies can not provide information for investors, most of the information presented in the company’s website is about the products or services produced and the many companies that do not update the information presented.
Internet Financial and Sustainability Reporting
Since 1995, there have been developments of empirical research related to Internet Financial Reporting (IFR), which reflects the development of forms of corporate disclosure. Some studies examine the factors that influence disclosure policy in the company’s website, such as research conducted by Pirchegger and Wagenhofer (1999) and Saso and Luciana (2008a). Some studies examine the nature and expansion of financial reporting on the company website as an instrument that relate to the stakeholder. Cheng, Lawrence and Coy (2000) develop an index to measure the quality of disclosure IFR at 40 large companies in New Zaeland. The results Cheng, Lawrence and Coy (2000) showed that 32 (80%) companies have a website and 70% of the samples presented financial information on a company website. And of the 32 companies that have websites shows that only 8 (25%) companies that have a value above 50%. Related research on the internet financial reporting by Saso Indonesial and Luciana (2008), which test the quality of information disclosure on the website of the banking industry that went public on the Stock Exchange. By using an index developed by Cheng, Lawrence and Coy (2000) and 19 samples of the banking industry, Saso and Luciana (2008a) provide evidence that the diversity of information disclosure on the website of the banking industry in Indonesia. Another finding in this study indicate that the banking industry are not many websites that optimize the use of Internet technology as a means of corporate disclosure, and only displays information about banking products only. While research related to sustainability reporting on the company website by Saso and Luciana (2008b), and provide evidence that of 54 samples only 10 samples are present sustainability reporting on the website main menu, and the low quantity and quality of information submitted in connection with information the company corporate sustainability (sustainability reporting). Another study conducted by Luciana and Saso (2008a and 2008b), to test the quality of information disclosure on the website of the banking industry 19 and 35 companies that fall within the LQ-45. This study provides evidence that the banking industry has the quality of information disclosure on the website to the component technology and user support is higher than the companies that entered the category of LQ-45.
Corporate Social Responsibility
Understanding and awareness of business entities to maintain good relations with all stakeholders in an effort to minimizing negative impacts and maximizing positive impacts of the operational activities of the company towards the development berkelanutan this is now understood as a CSR (Corporate Social Responsibility. Strengthening the sustainable development paradigm and corporate social responsibility initiatives CSR reporting or making social and environmental performance are considered as important as the reporting of economic performance. biggest problem is that the quality of non-financial reports are not yet as good as the quality of financial reporting. In addition to far adrift age (> 500 vs. 10-20 years), the gap between the two is marked by a degree of formality, the destination number and interval report. formalization financial statements have been very clear, with the advent of GAAP, IFRS and reporting standards in each country. Almost all are legally binding. Meanwhile, the non-financial reports komprehensifpun-the standard of the Global Reporting Initiative (GRI)-is still voluntary. Companies that do not follow the GRI standards has demonstrated remarkable variety in the format nonfinansialnya report. If the financial report is mainly aimed at investors and institutions governing a country investments in , nonfinancial report is intended for all stakeholders (including investors as well). Consequently, how the reporting will be very varied in accordance with the intended stakeholders. Finally, the financial report has financial fixed interval is annual and quarterly, while non-financial reports are usually in the form of reports setahunan or two years, not even fixed. Gazdar (2007) states there are four things that make this is why non-financial reporting to be very important:
First, the company’s reputation. The more transparent companies in those aspects that are required by all stakeholders, the higher also the reputation of the company. Of course, if the reported performance is good and valid. Therefore, companies should first improve its performance seriously. Validity is also very important, because stakeholders will never forgive a company that does public deception.
Second, serving the demands of stakeholders. Stakeholders are parties who are affected by and could affect the company in achieving its goals. Of course, those who influenced his life by the company are entitled to know the aspects that come into contact with their lives. Those who could affect the company is very necessary to get the right information, so that their influence can be directed to the appropriate destination.
Third, help the company make decisions. A good performance report would certainly include indicators that will help companies see the strengths and weaknesses of himself. Company can be a little more quiet in the aspect that the indicators show strength. On the other hand, companies need to devote greater resources to those aspects that seem weak. Periodic memilikiLaporan company with a consistent indicator is needed here, so the ups and downs of the performance can be monitored and addressed with appropriate keputusanyang.
Fourth, making investors easily understand the performance of the company. As that are already disclosed above, there is a higher demand from investors to be able to find out the real performance of the company. Long-term investors really want to know whether the embedded capital is safe or not. Companies that have social and environmental performance have a high likelihood that it is better to continue its business, and investors would be more interested to invest in these companies.

 

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HARMONISASI AKUNTANSI INTERNASIONAL

May 2, 2012 at 11:22 am · Filed under Uncategorized

INTERNATIONAL ACCOUNTING HARMONIZATION

Preliminary
“Harmonization” is a process for improving the compatibility (suitability) accounting practices by setting limits on how large-prkatik practices may vary. Harmonization of standards will be free of conflicts of logic and can improve the comparability (comparability) of financial information from different countries. Efforts to harmonize accounting standards have been started long before the establishment of the International Accounting Standards Committee in 1973. International accounting harmonization is one of the most important issues faced by the makers of accounting standards, capital market regulators, stock exchanges, and those who prepare or use financial statements.

 

1. Include the harmonization of accounting harmonization:
   Accounting standards (which relates to the measurement and disclosure)
2. Disclosures made by public companies associated with the securities offering and listing on stock exchanges
3. Standar audit

 

International Harmonization profit

 

A recent article also supports the existence of a “global GAAP” harmonized. Some of the benefits mentioned include:

1.  Into global capital markets and investment capital can move across the globe without a hitch. High-quality financial reporting standards that are used consistently throughout the world will
2. improve the efficiency of capital allocation.
3.  Investors can make better investment decisions; portfolio will be more diverse and less financial risk.
4. Companies can improve decision making strategies in the areas of mergers and acquisitions.
5. The best ideas arising from the standard pat-making activity is spread in developing global
6. standards of the highest quality.

On criticism of International Standards
Internationalization of accounting standards is also drawn criticism. In early 1971 (before the establishment of IASC), some argue that the determination of international standards is a very simple solution for complex problems. Also stated that the accounting, the social sciences, has had a flexibility that is built up by itself in it and the ability to adjust to a very different situation is one of its most important values. At the international standards of doubt can be flexible to overcome differences in background, tradition, and national economic environment, some people argue that this will be a challenge that is politically unacceptable to national sovereignty.
Furthermore, it feared that the adoption of international standards will lead to “excessive standards”. Companies must respond to the pressure composition of the national, political, social, and economic and increasingly made the MAGs to meet additional international regulations are complicated and costly.
Joint Reconciliation and Recognition
Two approaches are proposed as a possible solution is used to overcome the problems associated

with cross-border financial report:

1.  Reconciliation

Through reconciliation, a foreign firm can prepare financial statements using accounting standards country of origin, but must provide a reconciliation between the accounting measures (such as net income and shareholders’ equity) in the country of origin and in countries where

financial statements are reported.

1. Mutual recognition (which is also referred to as the “payoff” / reciprocity)
   Mutual recognition occurs when the regulator outside the country of origin to receive the financial statements of foreign companies which are based on the principles of country of origin.

 

Evaluation
The debate over harmonization may never be fully resolved. Several arguments against harmonizing contain some truth. However, growing evidence suggests that the goal of international harmonization of accounting, disclosure, and audit have been received so extensive that trend leading to the international harmonization will continue or even sooner. A large number of companies voluntarily adopting International Financial Prlaporan Standards (International Financial Reporting Standards-IFRS). Many countries have adopted IFRS as a whole, using IFRS as national standards or permit the application of IFRS. National differences in the underlying factors that lead to differences in accounting, disclosure and audit practices increasingly narrow as the capital markets and international products.
Application of International Standards
International accounting standards are used as a result of:

 

1. International treaties or political
2.  Voluntary compliance (or being pushed in a professional manner)
3. Decision by the international accounting standards-making body

Some important events in the history of the International Accounting Standards Determination
1959 – Jacob Kraayenhof, a founding partner of a firm of independent accountants the main European, pushing for international accounting standards-making business began.
1961 – Group d’Etudes, composed of practicing professional accountants, established in Europe

to provide advice to the EU authorities in matters relating to accounting.
1966 – Accountants International Study Group was founded by a professional institute in Canada,

Britain and the United States.
1973 – International Accounting Standards Committee (International Accounting Standards

Committee, IASC) was established.
1976 – The Organization for Economic Cooperation and Development (Organization for

Economic Corporation and Development-OECD) issued a Declaration Investing in

Multinationals, which contains guidelines for the “Disclosure Information”.
1977 – International Federation of Accountants (International Federation of Accounting, IFAC)

was founded.
1977 – Group of Experts appointed by the Economic and Social Council of the United Nations

issued a report that consists of four sections of the International Standards of Accounting and

Reporting for Transnational Corporations.
1978 – The Commission issued a directive Fourth ropa Society as a first step towards

harmonization of European accounting.
1981 – IASC established a consultative group consisting of non-member organizations to expand

the inputs in the manufacturing of international standard.
1984 – London Stock Exchange said that it hoped that the companies that list their stocks, but not

incorporated in England or Ireland to adjust to international accounting standards.
1987 – The International Organization of the Capital Market Commission (IOSCO) said in its

annual conference to encourage the use of common standards in accounting and auditing

practices.
1989 – IASC issued exposure draft 32 of the comparative financial statements. Basic Framework

for the Preparation and Presentation of Financial Statements issued aoleh IASC.
1995 – The Board of IASC and the IOSCO Technical Committee approved a work plan and

successfully issued IAS solution to form a core group of a comprehensive standard. Success in the completion of these standards menmungkinkan IOSCO Technical Committee to recommend endorsement of IAS in the collection of capital across borders and the need for listing of shares across global markets.
1995 – The European Commission adopted an emergency approach to the harmonization of accounting that will allow the use of IAS by companies that do the listing of shares in the international capital markets.
1996 – U.S. Capital Markets Commission (SEC) announced that it “…. support the objectives of the IASC to develop, as quickly as possible, accounting standards that can be used to prepare financial statements that can be used in cross-border securities offerings.
1998 – IOSCO published a report “International Disclosure Standards for Cross-Border Travel and Registration of Foreign Issuer Shares to Prime.”
1999 – The International Forum for Accountancy Development (International Forum on Accountancy Development-IFDA) met for the first time in June.
2000 – IOSCO received, in total, all 40 core standards set by the IASC in response to the wish list of IOSCO in 1993.
2001 – The European Commission proposed a rule that would require all EU companies listed their shares on a regulated market to prepare consolidated accounts according to IAS in 2005 at the latest.
2001 – International Accounting Standards Board (Accounting Standards Board Internastiaonal-IASB) replaced the IASC and take over his responsibilities as of 1 April. IASB standards known as International Financial Reporting Standards (IFRS) including IAS and issued by the IASC.
2002 – The European Parliament approved the European Commission proposal that virtually all EU companies listed their shares must follow IASB standards starting no later than 2005 in the consolidated financial statements. Member states may extend this provision to the financial statements of companies that do not keep records of individual stocks and companies. European Council later adopted a rule that allows this is achieved.
2002 – IASB and the FASB signed the “Norwalk Agreement” which contains the commitment to the convergence of international and U.S. accounting standards.
2003 – Council of Europe approved the Fourth and Seventh EU Directives are amended, to eliminate the inconsistency between the old directive with IFRS.
2003 – IASB issued IFRS 1 and IAS 15 revisions to.
Glance Major International Organizations Regarding Promoting Harmonization of Accounting
Six organizations have become a major player in the determination of the international accounting standards and in promoting international harmonization of accounting:

1.  International Accounting Standards Board (IASB)
2. Commission of the European Union (EU)
3. International Organization of the Capital Market Commission (IOSCO)
4. International Federation of Accountants (IFAC)
5. Intergovernmental Working Group of Experts on the United Nations International Standards of Accounting and Reporting (International Standards of Accounting and Reporting – Isar), part of the United Nations Conference in Trade and Development (United Nations Conference on Trade and Development-UNCTAD)
6. Accounting Standards Working Group in the Organization of Economic Cooperation and Development (OECD Working Group)

International Accounting Standards Board
IASB objectives are:
A. To develop in the public interest, a set of global accounting standards are of high quality, understandable and can be applied which requires high quality information, transparent, and comparable financial statements.
2. To encourage the use and application of these standards are strict.
3. To bring the convergence of national accounting standards and International Accounting Standards and International Financial Reporting toward high quality solutions.
Structure of the IASB’s New
1. Trustee agencies
2. Council of IASB
3. Standards advisory council
4. International financial reporting interpretations committee (IFRIC)
The European Union (Europen Union-EU)
One goal is to achieve the integration of EU financial markets of Europe. For this purpose, the

EC has introduced a directive and take a huge initiative to achieve a single market for:
A. Changes in capital in the EU
2. Create a common legal framework for securities and derivatives markets are integrated
3. Achieve a single set of accounting standards for companies whose shares are listed.
International Organization of the Capital Market Commission (IOSCO)
International Organization of the Capital Market Commission (the International Organization of

Securities Commissions-IOSCO) consists of a number of regulatory bodies of capital markets in

 

over 100 countries. According to the budget opening IOSCO:
Capital market authorities decided to work together in ensuring better market regulation, both at domestic and international, to maintain a fair marketplace, efficient and healthy:
• Mutual exchange of information based on their experience to encourage the development of the domestic market.
• Uniting efforts to create standards and penhawasan effective international securities transactions.
• Provide assistance together to ensure market integrity through the application of strict standards and effective enforcement against offenses.
IOSCO has worked extensively in international disclosure and accounting standards to facilitate

the ability of firms to raise capital efficiently through the global securities markets. Its main

purpose is to facilitate a process that can be used by publishers world-class shares to raise capital

in the most effective and efficient at all that there is a demand for capital market investors. The Committee is working with the IASB, among others, by providing input to the IASB projects.
INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)
IFAC is a world-class organization that has 159 member organizations in 118 countries, representing more than 2.5 million accountants. Founded in 1977, whose mission is to support the development of the accountancy profession with harmonized standards so that accountants can provide consistently high quality services in the public interest.
IFAC Council, which meets every 2.5 years, had a representative from each IFAC member organizations. The Assembly has a council, composed of individuals who come from 18 countries, elected for 2.5 years. This council, which meets two times each year, setting policy and overseeing IFAC operations. Daily administration conducted by the IFAC Secretariat, located in New York, which has a staff of accounting professionals from around the world.
WORKING GROUP BETWEEN THE GOVERNMENT OF THE UNITED NATIONS INTERNATIONAL STANDARDS FOR EXPERT IN ACCOUNTING AND REPORTING (Isar)
Isar was formed in 1982 and is the only inter-governmental working group to discuss accounting and auditing at the corporate level. Particular mandate is to encourage the harmonization of national accounting standards for companies. Isar realize this mandate through discussion and adoption of best practices, including those recommended by the IASB. Isar is an early supporter of the environment reporting and a number of recent initiatives focused on corporate governance and accounting for small and medium sized companies.
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)
OECD is an international organization advanced industrial countries-oriented market economy. With a membership consisting of the advanced industrial countries is greater, the OECD is often a formidable opponent against the other bodies (such as the UN or the International Confederation of Free Trade Union) which has a tendency to perform acts contrary to the interests of its members.

 

Sumber :

Choi, Frederick D.S and Gary K. Meek. 2010. International Accounting. Buku 2. Salemba Empat. Jakarta.

 

 

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