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Atricle Dump - Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices
Pallets are platforms that are used for transporting or storing things. They are used especially in industries like factories, warehouses, retail, food storage, grains, chemicals, pharmaceuticals, etc. Pallet racks are the stands where pallets are stored. Each rack can effectively hold hundreds of pallets, depending on the size. Pallet racks are excellent for managing space within a warehouse or store.There are different kinds of pallet racks: pushback pallet racks, selective pallet racks, pallet flow racks, reel racks, double-deep selective, carpet racks, seismic racks, bolt connection racks, boat racks, empty pallet storage racks, mezzanine racks, custom/combination racks, die storage racks, structural racks, drive-in pallet racks, and drive-through pallet racks.Used pallet racks are also available from most suppliers. They can be found in all shapes, sizes, models, colors, and configurations. These racks are obtained from warehouses, are refurbished and repaired according to quality specifications, and are then resold.There are several advantages to buying a used pallet rack as opposed to buying a new one: the low cost, the tax advantages of buying used equipment, and lowered interstate freight costs. The main aspects to be considered while buying a used pallet rack are the age of the rack, the condition of the rack, whether or not it has been inspected, whether or not the supplier will give a guarantee in writing, the integrity of the dealer, the available repair records and the type of environment in which the rack was previously used.Make sure that the rack is in good condition; get it checked by a specialist if possible. Find out if the price is worth the equipment because price of used equipment is generally negotiable. Check for several models and styles before deciding on a particular one. Be aware of your needs and requirements.Newspaper classifieds, dealer’s advertisements, and internet websites are generally not good sources for buying used pallet racks. It is better to visit a dealer and examine the equipment personally.
In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-’02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of m
The MBA is perhaps the most coveted course in today’s world. This course tops the list of courses almost in all the developed and developing countries across the globe. The enthusiasm for the course has brought in many small private institutes etc. to offer this course. However, only those students who have obtained the MBA degree from some recognized eminent university find the best of placements. So the institute or the university is the first factor for a successful career in this field. This article will educate you about the various issues like finance, strategy to study, interview etc. related to choosing MBA as a profession.• In today’s competitive world there are no shortcuts. The student willing to take admission in one of the best institutes either in Asia or abroad, need to study hard and get the good grades. 3.0 to 4.0 are the minimum grades required at the undergraduate grade point average (GPA).• Most of the MBA schools or colleges adjudicate the caliber of the student via the GMAT or The Graduate Management Admissions Test exam. This test is to estimate the individual’s knowledge of English, Math and Analytical writing skills. The verbal or English section comprises of 41 questions to be answered within 75 minutes. The questions like correcting the hidden grammatical mistakes etc. The Math section has 37 questions and same 75 minutes. Questions are on various mathematical topics like percentage, ratio and so forth. The writing analysis is based on writing two essays on different issues.• The school and university depend on the grades that you get in the exam. Good grades will fetch you a deemed university while poor ones may not.• MBA programs are full time and part time and within this program there are many choices. Like you can take up finance management, HR, etc. it is at the discretion of the student to decide which course to go for.• Once you have made a preference for the course, the time comes to look at the fee structure. Usually the MBA schools charge a high fee which is not within the reach of students. In this case they look for oth
In recent years, the Oman economy has undergone a number of reforms, resulting in a more market-oriented economy. Particularly, the financial impetus extended by the Sultanate of Oman had signaled the beginning of a positive trend. The size of Oman industry is becoming much bigger and the expectations of various concerned parties are also increasing, which can be satisfied only by good Corporate Governance.
The importance of good Corporate Governance has also been increasingly recognized by the industry for improving the firms’ competitiveness, better corporate performance and better relationship with all stakeholders(1). In oman also the industries have obliged to reform their principles of Governance, for which, Oman companies will now be required to make more and more elaborate disclosures than have been making hitherto. This necessiates to adhere to the uniform and proper accounting standards, as the standards reduce discretion, discrepancy and enhances not only the degree of transparency in sharing of information with the parties concerned but also reinforces the broader role the directors need to play for achieving Corporate objectives in the midst of challenges and adversities.
Here, the Corporate Governance is a voluntary, ethical code of business concerned with the morals, ethics, values, parameters, conduct and behavior of the company and its management. The corporate responsibility begins with the directors who are the mind and soul of a firm.
The Board is expected to act as conscience-keeper of the corporate vision and mission, and devise the right type of systems for organizational effectiveness and satisfaction of stakeholders. Thus, the Corporate Governance is a system of accountability primarily directed towards the shareholders in addition to maximizing the shareholders’ welfare(2), where the debate on disclosure/ transparency issues of Corporate Governance eventually centres around the proper accounting standards and their practices and issues, as the application of accounting standards give a lot of confidence to the corporate management and make the disclosure more effective and ensure the good Corporate Governance to promote a healthy investment climate.
Thus, the study of practices of accounting standards is an important and relevant issue of good Corporate Governance in the present environment, as the standards are viewed as a technical response to call for better financial accounting and reporting; or as a reflection of a society’s changing expectations of corporate behavior and a vehicle in social and political monitoring and control of the enterprise(3).
STUDY:
The old ways of selective and conservative reporting is yielding place to more transparent and voluntary disclosures, in tune with the changing times. There is no alternative to adopting by the corporate entities of new standards of accountability, where the accountability is largely a matter of disclosure, of transparency, of explaining a company’s activities to those to whom the company has responsibilities(4) i.e. the disclosure in simple, understandable and comparable form, forms clearly the basis for accountability, which can be provided only if companies adopt uniform accounting policies and disclose adequate information about the accounting standards followed. Thus, accounting standards ensure the comprehensive disclosure of the corporate's accountability, which may be regarded as a prime issue and a pre requisite for good Corporate Governance.
An examination of practices of accounting standards, and their issues in Oman industry may help to understand the existing practices of accounting standards, which in turn help in designing the effective standard practices so as to ensure good Corporate Governance leading to a healthy investment environment.
In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-’02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of m
Paying taxes has always been a bothersome and time consuming work, and many people in fact dread doing this calculation in the tax paying season. Filing taxes have become so easier these days that you simply do not have to worry about anything. Meeting deadlines is one of the vital aspects of paying your taxes and tax return online is the best means that you can implement for paying your taxes on time. Anyone who has an income must pay taxes to the government. The amount of tax varies depending on the amount of income that a particular person has. To avoid any kind of hassles, you must make sure that you pay your taxes properly and in time.There are several ways through which you can pay your taxes. One source for you is to hire the services of a CPA to help you out. There are various accounting and CPA firms that have the experience of calculating taxes. All professionals working in the accounting firms are professionally qualified to calculate taxes and you can give them your tax return computation work and they will do the work efficiently for you. But there are certain drawbacks in this also.All people rush to their accountants and CPAs office to get their taxes calculated during the peak tax paying season in the US. However you may not be able to do this all the time, the reason for this is very simple. Everyone rushes to the accountant’s office during this time and this can cause delay in your work. So what you need to do is search for an alternative means to calculate your taxes accurately and pay it in time.Tax return online can be your source for meeting all your tax paying deadlines. The best part about doing tax return online is that you will be able to do the work at your own convenience. In fact, there is several software that can be used to make the entire process very easy for you to handle. This software are available everywhere on the web and you just need to choose and find out the software that you think is perfect in helping you do your work. With this software, all you need to do is enter the details of the expenses, income and investment that you have
Here, the Corporate Governance is a voluntary, ethical code of business concerned with the morals, ethics, values, parameters, conduct and behavior of the company and its management. The corporate responsibility begins with the directors who are the mind and soul of a firm.
The Board is expected to act as conscience-keeper of the corporate vision and mission, and devise the right type of systems for organizational effectiveness and satisfaction of stakeholders. Thus, the Corporate Governance is a system of accountability primarily directed towards the shareholders in addition to maximizing the shareholders’ welfare(2), where the debate on disclosure/ transparency issues of Corporate Governance eventually centres around the proper accounting standards and their practices and issues, as the application of accounting standards give a lot of confidence to the corporate management and make the disclosure more effective and ensure the good Corporate Governance to promote a healthy investment climate.
Thus, the study of practices of accounting standards is an important and relevant issue of good Corporate Governance in the present environment, as the standards are viewed as a technical response to call for better financial accounting and reporting; or as a reflection of a society’s changing expectations of corporate behavior and a vehicle in social and political monitoring and control of the enterprise(3).
STUDY:
The old ways of selective and conservative reporting is yielding place to more transparent and voluntary disclosures, in tune with the changing times. There is no alternative to adopting by the corporate entities of new standards of accountability, where the accountability is largely a matter of disclosure, of transparency, of explaining a company’s activities to those to whom the company has responsibilities(4) i.e. the disclosure in simple, understandable and comparable form, forms clearly the basis for accountability, which can be provided only if companies adopt uniform accounting policies and disclose adequate information about the accounting standards followed. Thus, accounting standards ensure the comprehensive disclosure of the corporate's accountability, which may be regarded as a prime issue and a pre requisite for good Corporate Governance.
An examination of practices of accounting standards, and their issues in Oman industry may help to understand the existing practices of accounting standards, which in turn help in designing the effective standard practices so as to ensure good Corporate Governance leading to a healthy investment environment.
In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-’02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of m
Logistics management is a science of planning, organizing, and executing activities for delivering the required goods or services in the right location at the right time. Modern technologies, communication links, and control systems are essential to manage materials, services, and financial goals. In today's complex commercialized world and for military operations, logistics management is used for effective and reliable performance.Military logistics management helps to plan, innovate, distribute, and maintain materials for a military operation. This also coordinates the activities of personnel movement and support, maintenance and disposition of facilities, and service delivery according to the requirements. Positioning of military units and weapon arrangements for carrying out operations are determined with the aid of logistics management.Logistics management in business utilizes technology for maintenance, assessment, case analysis, planning, implementation, and asset tracking. The art of logistics plays a vital role in linking many industries with others for attaining precise business targets. Budgeting, requirement analysis, performance appraisal, transportation of goods, and distribution are included in logistics management. It also offers an insight to develop measures for improving a company's operations.Ideal routes, modes, and carriers for transportation at a lower cost can be mapped out by good logistics management. Cost effective operational processes are preferred for managing various activities of companies or organizations. Market surveys to analyze the customer requirements also come under logistics management. Maintenance options in business and military agencies are covered to provide favorable situations for better performance. Balanced and affordable supply chain in business can be achieved through implementing services of outsourcing, transportation, distribution, and property management. Logistics management offers a reliable performance ability that can be achieved through cost effective funding.Logistics management is necessary for a
Thus, the study of practices of accounting standards is an important and relevant issue of good Corporate Governance in the present environment, as the standards are viewed as a technical response to call for better financial accounting and reporting; or as a reflection of a society’s changing expectations of corporate behavior and a vehicle in social and political monitoring and control of the enterprise(3).
STUDY:
The old ways of selective and conservative reporting is yielding place to more transparent and voluntary disclosures, in tune with the changing times. There is no alternative to adopting by the corporate entities of new standards of accountability, where the accountability is largely a matter of disclosure, of transparency, of explaining a company’s activities to those to whom the company has responsibilities(4) i.e. the disclosure in simple, understandable and comparable form, forms clearly the basis for accountability, which can be provided only if companies adopt uniform accounting policies and disclose adequate information about the accounting standards followed. Thus, accounting standards ensure the comprehensive disclosure of the corporate's accountability, which may be regarded as a prime issue and a pre requisite for good Corporate Governance.
An examination of practices of accounting standards, and their issues in Oman industry may help to understand the existing practices of accounting standards, which in turn help in designing the effective standard practices so as to ensure good Corporate Governance leading to a healthy investment environment.
In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-’02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of m
Due to the drought issues which persist still in many states we are seeing the emergence of a new type of car wash in America; one which is indeed quite healthy for the environment. Some car washes are now recycling 90-95% of their wash water, yes that means the water is used over and over and the filters are getting clogged. The POTWs; Publicly Owned Treatment Works must accept high concentrated wastewater once the reclaim tanks are dumped. The smell this creates is also a big deal. In a full service carwash, which there are about 20,000 in the US they will have problems with these nearly 100% reclaim systems.Coin-ops use 7 gallons of water there are 30,000 of these, recycling can be tough because you never know what kind of manure someone will clean off their vehicles. The Industry sector even has an email picture floating around where someone is using the coin-op spray gun at a self serve car wash to wash a cow in the bay. Gas Stations often have car washes too; there are 30,000 with roll over car washes in the United States alone. These issues will determine the future of the industry and they installation of such systems as water issues become more critical. The car wash industry’s reputation and their relative reputations with the consumers of America are also at risk.Of Course water is a very serious issue, our company (a mobile car wash) has often been asked to wash for multi-tenant housing complexes and they say definitely bring your own water. Many multi-unit housing complexes are moving to sub-metering of water as discussed in;http://www.multi-housingnews.com Front page of Magazine in April.It was also stated in the May issue that many complexes have discovered that a shared laundry area tends to use on average 3.9 times less water per unit. The housing company can shave $20 per month off the rent or raise profits, so other industries are addressing these issues too. It will take a joint effort for the largest water using businesses to conserve, but the trend is evident as the droughts go on. The sub metering for apartment complexes can cost $585.0
STUDY:
The old ways of selective and conservative reporting is yielding place to more transparent and voluntary disclosures, in tune with the changing times. There is no alternative to adopting by the corporate entities of new standards of accountability, where the accountability is largely a matter of disclosure, of transparency, of explaining a company’s activities to those to whom the company has responsibilities(4) i.e. the disclosure in simple, understandable and comparable form, forms clearly the basis for accountability, which can be provided only if companies adopt uniform accounting policies and disclose adequate information about the accounting standards followed. Thus, accounting standards ensure the comprehensive disclosure of the corporate's accountability, which may be regarded as a prime issue and a pre requisite for good Corporate Governance.
An examination of practices of accounting standards, and their issues in Oman industry may help to understand the existing practices of accounting standards, which in turn help in designing the effective standard practices so as to ensure good Corporate Governance leading to a healthy investment environment.
In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-’02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of m
Finding your ideal home takes some work. Do you want a single-family home or a condo? How big a home and in which neighborhood?Let’s begin by talking about different types of homes. Single-family homes are typically detached houses on a single lot. The owner is responsible for all aspects of the property, including the interior, exterior and landscaping. A condominium, on the other hand, is a real estate project in which the individual owner holds title to a particular unit in a building. Most condos have a monthly Homeowner’s Association fee that may cover expenses such as exterior building insurance, landscaping, pool and recreation area maintenance, trash, water and a reserve for future capital improvements to the property. Town houses are legally classified as condominiums, usually share at least one common wall, but are generally situated in rows so there are no units above each other.You’ve probably heard the old real estate adage, “Location, location, location!” The location or neighborhood you choose will have the biggest impact on the price of the property. Whether you’re aiming for an exclusive blue-chip neighborhood or a lower-priced, emerging community, be sure to evaluate the area’s shopping and business services, entertainment, park and recreational facilities, public transportation, traffic congestion, noise levels, and the general ambiance. While some of these factors, such as the quality of the school district, may not be important to you, they could significantly impact the home’s resale value.Speaking of resale, the longer you stay in a home, the better chance you have to make money on your investment. Generally, it takes at least three to four years to recoup buying and selling costs. Depending on how long you plan to stay in your home, make sure the home has the amenities that your family requires. For example, a two-bedroom cottage may be perfect for a young couple with no children; however, before long, the couple could quickly outgrow the space.Smart buyers know that one of the keys to finding your ideal home is to prioritize your nee
In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-’02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of management, who are aware of the company affairs and Corporate Governance. The corporates’ perceptions on the relevance of accounting standards for good Corporate Governance in the context of Oman are also examined.
STANDARDS IN OMAN:
In any country, the awareness and competitiveness among the corporates would be strengthened when they understand each other and compare their performance, for which the simple, understandable and comparable disclosure is an important instrument. The main objective of disclosure would be fulfilled and the utility of the disclosure towards good Corporate Governance would be improved when the disclosure is done on the basis of uniform and consistent accounting standards. Thus, the development and the practice of uniform accounting standards has become an essential ingredient of Corporate Governance and the various bodies have been contributing their wisdom to strengthen the standards to make the Corporate Governance more effective in the context of the changing corporate environment. The corporate management is also now feeling the pressure for reforming accounting practices and level of transparency emanating from alert lenders, regulatory agencies, financial analysts and above all, board of directors who realize that it is the quality of information which will determine how efficiently they have discharged their responsibilities towards the good Corporate Governance.
In Oman, though the financial statements have been prepared in accordance with International Accounting standards issued by the International Accounting Standards Committee (IASC), interpretations issued by the Standing Interpretation Committee of the IASC and the requirements of the Commercial Companies Law of the Sultanate of Oman and the disclosure requirements set out in the rules for disclosure issued by the Capital Market Authority of the Sultanate of Oman, the disclosure is inadequate and is a negative phenomenon to a country which wishes to be strengthened further, because it cannot hope to tap the GDR market with inadequate financial disclosures, since the more transparent activities of a company governed by the proper accounting standards, the more accurately will its securities be valued(5).
The International Accounting Standards followed in Oman industry are Presentation of Financial Statements (IAS 1); Inventories (IAS 2); Cash Flow Statements (IAS 7); Net Profit or Loss for the period (IAS 8); Fundamental Errors & Changes in Accounting policies (IAS 9); Events After the Balancesheet Date (IAS 10); Construction Contracts (IAS 11); Income Taxes (IAS 12); Segment Reporting (IAS 14); Effects of Changing Prices (IAS 15); Property, Plant and Equipment (IAS 16); Leases (IAS 17); Revenue (IAS 18); Employment Benefits (IAS 19); Accounting for Govt. Grants & Govt. Assistance (IAS 20); Effects of Changes in Foreign Exchange Rates (IAS 21); Business Combinations (IAS 22); Borrowing Costs (IAS 23); Related Party Disclosures (IAS 24); Retirement Benefit Plans (IAS 26); Consolidated Financial Statements (IAS 27); Investments in Associates (IAS 28), Hyperinflationary Economies (IAS 29); Banks & Similar Financial Institutions (IAS 30); Interests in Joint Ventures (IAS 31); Financial Instruments: Disclosure & Presentation (IAS 32); Earnings Per Share (IAS 33); Interim Financial Reporting (IAS 34); Discontinuing Operations (IAS 35); Impairment of Assets (IAS 36); Provisions, Contingent Liabilities & Assets (IAS 37); Intangible Assets (IAS 38); Financial Instruments: Recognition & Measurement
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