ASSESSMENT 1 STEP 2



ASSESSMENT 1 STEP 2 1 STEP 3INTRODUCTION TO GEORG FISCHER LTD company – The facts…Georg Fischer (abbreviated GF) was founded in 1802 and has its headquarters based in Switzerland and is present in 33 countries with 140 companies and 57 of those being production facilities. GF has approx. 15,00 employees that in 2018 generated sales of 4.57 billion CHF (Confoederatio Helvetica Franc). GF produces pipes for the safe transport of liquids and gasses, lightweight casting components in vehicles, and high-precision manufacturing technologies.GF is comprised of three divisions:GF Piping SystemsThis division makes components made from plastics and metal for the transport of water and gas in industry, utilities, and buildings. This division is present in Europe, Asia and the Americas with more than 30 manufacturing sites and research development centres, which also support energy-saving use of raw materials and recourses.GF Casting Solutions (formerly GF Automotive)With two research and development centres located in Schaffhausen (Switzerland) and Suzhou (China) as well as 14 production sites in Germany, Austria, Romania, Switzerland, China and the USA this division is a development partner and manufacturer of lightweight cast components made of ductile iron, aluminium and magnesium for the automotive industry.GF Machining SolutionsMachining Solutions’ electrical discharge, high speed milling, laser texturing machines and additive manufacturing make it a provide to the tool and mould making industry. Their most important segments are provided in the communication technology, aerospace and automotive industries. This division is present in more than 50 countries and production plants in Switzerland, Sweden and China also with research and development facilities in Mervin, Losone and Nidau (Switzerland), Vallingby (Sweden), Beijing and Changzhou (China)Company HistoryJohann Conrad Fischer established the bone for today’s company in 1802 with the acquisition of a mill in Schaffhausen which he then transformed into a foundry. 1827 and 1833 saw the acquisition of two steelworks opened in Austria by Johan and son Georg. 1854 saw the passing of Johan and Georg inheriting the company and his grandson Georg II taking over management of the Schaffhauser enterprise in 1856 which was closed after the death of Johan.In 1861 Georg II gave the company the new name “Georg Fischer Schaffausen” and in 1964 acquired the company from his father, introduced the trademark, a stylized fish with letters GF and then began production of fittings made of malleable cast iron.In 1867 Georg II created a health insurance for the staff which then saw the construction and purchase of workers houses in Muhlental. This was then followed in 1876 by accident insurance being added to the work force. 1887 saw the death of Georg II which forced his son Georg III to give up his studies and take over management of the company. Whilst in charge the company overcame the crisis triggered by the Vienna stock market crash, over a period of 9 years the workforce tripled by 550 employees.1901 trouble began as overcapacity in the market led to tensions between Georg III and the banks representative Ernst Homberger, because of the pressure from the bank Georg III was forced out of the company in 1902 when Ernst took over as the head of the company for the next 50 years. 1927 the Homberger Foundation was created with the aim of supporting the children of the GF employees in vocational training.The first external changes were introduced in 1903 with the current GF logo with two crosses (+GF+), this symbolizes cross-fittings. The company first surpassed the 1 Billion CHF in 1970, the following years were marked by expansion. Beginning in the 1980’s numerous restructures were carried out. The company – My first impressions…Disappointed was an understatement when I first read who my firm was going to be, how in gods name am I supposed to know anything about a company based in Switzerland and in an industry, I know nothing about. I was hoping for an Australian company that I at least knew something about, that I knew the name of, but I took a deep breath and started googling. I found the reports ( ) and started looking through them, I understood nothing, I work with reporting everyday in my job, but this was different, this was like something from another planet. Figures I didn’t understand and words that I’d never heard of. How was I going to be able to do this? How was I going to be able to report back on what I had found? I still don’t fully understand how KCQ’s work, I’ve watched the video Martin posted on Moodle at least 10 times, I’ve read through the exemplars on Moodle and I still don’t understand how I am supposed to describe in my own words my understanding of something that I just do not understand. The only thing I understand is that my company works in manufacturing things such as pipes and fittings, they have also made cooking utensils and pouring pans in the past but that plant was shut down in 1968. I also understand that they put people first, their customer and their employees, the employee programs they have in place are amazing and they reward good work. These programs are something I strongly agree with, without employees there wouldn’t be a company. When entering my reports into the spreadsheet I was very challenged because I didn’t even understand how to read them, I felt like a dummy, I watched the video created by Maria 5 times stopping and starting, but I still didn’t understand what I was entering. I entered the data as seen in the report but I’m worried it’s wrong. Georg Fischer Werk I, Mühlental, Schaffhausen, 1920Georg Fischer in Ebnat, Schaffhausen, 1942Werk Mettmann, 1960Top 3 Blogs and comments:Kassidy Hinton.’s blog would have to be my favourite by far, I am so inspired by this young ments: Kassidy, I am so inspired by you, whilst taking a look through the blogs I stumbled across yours. I cannot believe you are only 17 and in year 11. I grew up in Victoria and had never heard of SPUN, this is such an amazing thing to be a part of. I really have loved reading through your blog posts, I am so impressed by your writing skills at such a young age and your detail of information. You got this girl keep smashing through the unit!Kayla-RoseKayla’s blog is so raw and honest, a pleasure to read. Comments: Hey Kayla, I found your blogs to be raw and honest, I've loved reading through them, your company breakdown was easy to read and gave good insight to what your company has been up to. Thank you for making it interesting and keeping it funny!Gemma PurseGemma’s layout is great with the use of video and that countdown clock. Comments: Thank you for such a great informative blog, was an absolute pleasure to read through I have no idea how you have worked out to put that countdown clock and those videos up, you are a genius in my eyes ha-ha! Keep up the great work, you made my top 3!ASSESSMENT 1 STEP 4Input of company’s financial statements, please refer to upload via MoodleASSESMENT 1 STEP 5Chapter 2 - Understanding the Game, why has Martin called accounting a game? This is the first question that comes to mind when reading the heading. Is it because of the formulae’s used or is it because of all the different rules accounting has? These are questions I was interested to explore more. I found it interesting how public companies are with their financials. Back in the day things used to be so private, but now anyone and everyone can see how a company is tacking by viewing their financial statements.Rules and regulations that go into creating a company’s financial statements is so interesting to me because its black and white, it’s the ABC’s that need to be abided when creating this information, there isn’t any room for manipulation when these are written. Rules only need to be used in financial accounting (outside the firm) and not the management accounting (inside the firm). I’m glad that these rules have abbreviations, there is no way I would be able to remember all the actual names, Generally Accepted Accounting Principles (GAAP) and Australian Accounting Standards Board (AASB), Australian Securities and Investments Commission (ASIC) and the Australian Stock Exchange (ASX) just to name a few.Accrual accounting, now this I understand, the examples Martin uses in this section I can relate to, I work for an electricity company, in fact the main electricity company in QLD, so I understand that we as a company allow its customers to consume the use of electricity prior to the customer paying for it, in most cases our customer aren’t invoiced for three months after use and it is my job to explain this to the customers I work with, explain to them when their accounts are behind that it is a product they have already used, sometimes they don’t understand until it has been explained. So my understanding of accrual account is that as a company we document when the power when it is consumed then every quarter (or month in some cases) invoice the customer. Chapter 3 – Introducing Financial Statements. This instantly scared me, I’ve heard of Financial statements before but I haven’t ever read one, let alone entered one in a spreadsheet. One thing that has stood out for me whilst reading through other people’s blogs and assessments is that all financial statements, even though the end product is the same, are different. They read differently and they are called different things.I like the part about Annual reports being marketing documents. Prior to opening GF’s reports I didn’t realise how in depth they would be, I honestly believed it would be a few pages on numbers, but I was soon proven wrong, it included pictures and words (all of which I found hard to understand), for a financial report it was pretty and eye catching, a real introduction to who GF is and why they exist as a company. ASSESSMENT 1 STEP 6I really struggle with this and I was late to the party putting a draft of my work on my blog also didn’t receive any feedback. ................
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