Tags |
|
|
Links |
|
|
Answer Upon - Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices
Most in the franchising industry are too afraid of the Federal Trade Commission to speak out against their abuses of power. Most attorneys kiss their rear ends to make sure they are not closed out of the loop, insuring that they get positive opinions on areas of law when they ask for an interpretation. Lawyers in the franchising industry are careful to hob knob with the regulators to help their clients positions and often have brilliant comments, kiss butt style letters and extremely warm words for the FTC’s franchising groups endeavors. But alas, there is a completely dark side to the Federal Trade Commission’s Consumer Division, which houses the franchising group there.Few citizens realize that it is a complete fraud. Completely, most franchise attorneys and most franchisors do not have the experiences I have in dealing with their lies to understand the ramifications to our economy. The attorneys in the industry are either lying in their comments and letters on rule making or are absolutely wrong in their perceptions of what actually goes on at the FTC.If one digs deep enough into the FTC Franchise Groups inner workings there is more than enough documented proof of their fraud against the consumers to make any free man puke. There is not one redeeming quality to their endeavors in franchising. They need to have their budget axe'ed. Steve Toporoff, who has run the franchising group for decades should be fired and lose his pension and his staff should be let go too. Anyone who has ever worked under him should be forced out. The dismal performance is unbecoming of such an important sector of our economy. The grandstanding is unacceptable and the quality of work is some of the worst many have ever seen. The sooner he and his staff are let go the better for the American Economy and franchising in general which is a huge part of it. There is no reality based thinking at the FTC Consumer Franchising Division. The new rules hurt the smaller franchises and protect the bigger ones to the detriment of free markets creating artificial barriers to entry and lessening consumer choice while ra
When you want to decorate your new living or office quarters, there are many different alternatives available. Whether for home or for business, a furniture rental company can satisfy all equipment needs, from home furniture, to office furniture, to electrical appliances.Renting furniture for your home or business lets you preserve capital for other endeavors. The above reason is why 80 per cent of the Fortune 500 companies to rent their furniture.The other reason will be that furniture rental serves as a great alternative to those who cannot afford to purchase a permanent set of furniture. It is also good for those who will only be living in a certain location for a short period of time. Renting furniture satisfies all these requirements.For example, furniture rental offers the ability to rent an entire room of furniture for significantly less than it would cost to permanently furnish a room. Moreover, many furniture rental companies offer you the chance to purchase the furniture at the end of the rental period.Shopping for a furniture rental company is a pretty daunting task. You should ensure that the company has a history of delivering furniture promptly. The quality and condition of the furniture should be exemplary.Other items like economical and stylish furniture, relocation and transportation of the furniture, and whether or not your desired furniture will fit within the space available are also mandatory.Any reputable furniture rental company is going to have name-brand furniture from all the major retailers. This applies to office furniture, home furniture and electrical appliances. The furniture rental company should have online showrooms in addition to physical locations where different showrooms are set up, showcasing the different styling options available. From living rooms, to bedroom sets, to the office of a major organization, the showrooms should contain the best furniture and appliances available. The prototype of the actual showroom is displayed online; ask your furniture rental consultant for more details.A good style guide,
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 an
IntroductionSince ages, man has quest to search for new things. His thirst for knowledge opens up various doors for new innovations. These innovations get complex with time to time and sciences add new dimensions even in textile industry.If we peep into the historic scale, it started with simple hand-woven fabric passing through handlooms, going up with the automatic looms and machinery and now stretches up to infinity with the help of technology like Nanotechnology and biotechnology.Life is getting more complex, so all things need more revolutionary changes to match the standards of the survival of man in more diverse situations. This is true for the whole textile industry. Day by day, new things add their values in the textile industry ranging from fabric making to new developments in machinery, threads, and design pattern, laundry washing and even in technical skills. Some of the new developments in various fields in textile are as follows:FabricThe Electrical conducting fabric is a new innovation in the field of smart textiles. These kinds of textiles have been created by coating of conducting polymers on the surface of the fabric. This could be either conducting yarns/fibers as a mixture component of yarn.The different processes of conductive coatings can be developed through evaporative deposition, electrolyte plating, coating with a conductive polymer and sputtering, loading or filling fibers and carbonizing.To control the Electro Magnetic Emissions and shield sensitive electronics from unwanted Electro Magnetic Emissions, cotton fabrics are saturated with polypyrrole and polyaniline. The fabrics have peizoresistive properties which are coated with conducted polymer polyrrole. A mixture of carbon and rubber also has piezoresistive properties and can be used for detecting the local strain on the fabric.Elelectro textiles are garments or fabrics which have electronics woven into them. E-textiles have high physical flexibility in size. These electro textiles are a combination of technology, electronics and textile structures. Some elec
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 a
The Internet proxy server is the server that is situated between the client application and an actual server. The Internet proxy server has the role of intercepting every request to the actual server and see if the request can be fulfilled by it. If that is not possible, then it must forward the request to the other server.If used in an enterprise the Internet proxy server besides the role that it plays in all situations, also have the role of ensuring control and security. This Internet proxy server is linked to a gateway server. This has the role of separating the network of the enterprise from other networks. The Internet proxy server is also associated with a firewall server that is used to protect the network of the enterprise from any intrusions from the outside.The Internet proxy server receives requests from web pages or any other Internet services from the user. Then if the filtering requirements are passed, the Internet proxy server checks its cache for other downloaded pages( this assuming that the Internet proxy server is a cache server as well ). If the web pages that are required are then found by the Internet proxy server, they are returned to the user. In this case there is no need for the Internet proxy server to forward the request. In case the page can not be found in the cache, then the Internet proxy server must act as a client as thus use its own IP address to request the web page from other servers that are found on the Internet. When the required page is then returned, the Internet proxy server reports it to the initial request and then it is forwarded to the user.In the users eye, the Internet proxy server seems to be invisible. This is because the request and the response are so quick that the user is under the impression that they are made directly with the Internet server that was addressed. However, this is not the case and the Internet proxy server actually plays a very important part.There are two main reasons why Internet proxy servers are used. One is to improve the performance and the second to filter the requests. The Internet prox
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 a
Businesses face lots of challenges in the international market. Implementing an ISO 9000 initiative is an action-oriented program that refers to obtaining ISO 9000 registration and working with its standards. The ISO certification process starts with pre-assessment audits and passes through on-going maintenance. The process of implementing ISO 9000 includes identifying, collecting and organizing the information required for certification.ISO 9000 is a generic standard. It can be applied to any organization that intends to set up a quality management system, whether the organization is small or large, for-profit or governmental, whatever the service or product. The certification is now implemented by thousands of companies around the world. Many countries have taken it as their national standard.Application of ISO standards generally refers to the process of implementing the collective intent of ISO 9000 family. The family includes four standards on quality management and quality assurance, namely, ISO 9000: 2000 (presenting fundamentals and vocabulary), ISO 9001: 2000 (presenting quality requirements), ISO 9004: 2000 (providing guidelines for performance improvement), and ISO 19011 (which is the auditing quality and environmental management systems).Implementing quality management and quality assurance, as well as using the principles and guidelines contained in this family help the organization ensure complete customer satisfaction. ISO 9000 implementation also helps organizations design and manage their processes effectively to attain corporate aims, choose the right things to perform based on an objective analysis of the environment, and create an environment in which people will be motivated.Many ISO services offer ISO implementation assistance for organizations. Their service includes professional implementation or upgrading of the appropriate standard in the organization through consulting (i.e., planning, procedures developing, system audits, etc), training, continuous improvement support, and risk analysis programs. The training programs instruct project mana
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 a
Metal detectors are electronic equipments used to locate metal objects that are hidden in baggage, ground or on the person?s body. Metal detectors are used for various purposes such as security maintenance, item recovery, archaeological exploration, and geological research. Main parts of metal detectors are control box, shaft, and search coil. Control box which has speaker, batteries, and microprocessor coordinates all activities. The performances of the detectors depend on the features of various parts. Best rated metal detectors are classified according to their performances.Metal detectors commonly used in airports, hotels, government buildings, and other public places are of the walk-through type. Best rated walk through metal detectors have high target selection, low rate of false alarm, consistent detection, and a two way directional system. Some models that are market favourites have one eighth of an inch thick aluminium shielding panels, which are highly sensitive and easy to handle. Portable walk through model is a best rated metal detector with a simple mode of operation. They are lightweight and require no primary calibration. Prices of walk through metal detectors depend on the brand and features. Usually the prices range from $3000 to $6000. The best-rated metal detectors of this type are Garrett Magnascanner PD 6500, Garrett Magnascanner CS5000, Ceia metal detectors, and Sentrie LC.Schools, courtrooms, sports events, and public areas use hand held metal detectors. The best rated hand held metal detectors are cheap, lightweight, sensitive, and radiation free. This model is easy to use, reliable, and requires less maintenance. Commercial, professional, all-purpose, beach, gold metal, relic metal and 2-box deep searchers are different types of hand held metal detectors. Garret Enforcer G-2 is the best rated hand held metal detector capable of identifying even very small metal objects. Waterproof metal detectors are also available to recover lost objects from water. Best rated waterproof metal detectors are Mine lab Excalibur 1000, Fisher CZ 20, Head hunter pulse, and Wh
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 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 C
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.hubyou.info/article/4982/hubyou-Corporate-Governance-and-Accounting-Standards-in-Oman-An-Empirical-Study-on-Practices.html">Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices</a>
BB link (for phorums):
[url=http://www.hubyou.info/article/4982/hubyou-Corporate-Governance-and-Accounting-Standards-in-Oman-An-Empirical-Study-on-Practices.html]Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices[/url]
Related Articles:
Friction Favors the Defense Because An Attack Takes Time
Bookmark it:
|