IAS16

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  1. made up by a group of people who work together for the achievement of set goals – different people do different things or specialize in one activity
  2. have business strategies to achieve goals/objectives
  3. have a vision and a mission.
  4. have a culture which is formed by the organizational value.
  5. have structures (such as department, teams and divisions) and a sound system i.e. systems and procedures
  6. have inputs which are processed and provide an output.
  7. have customers besides other stakeholders