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Casual Articles - Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices
I used the word develop, not write on purpose in the title of this article. While your Operations Manual, Ops Manual, is a crucial tool in your Internal Management tool kit, you don't really write it.Instead you collect it. You gather in one place lots of the bits of information your business depends on to run smoothly, face crises calmly, and allow you to back fill in a hurry. With a complete Ops Manual in place, you, or someone you designate, can act quickly to serve a client, get you out of a stuck spot, carry on when you're unavailable. You get the idea. Major Beer Truck insurance.With a good Ops Manual, you'll never again search for the product code or password for your software, miss a deadline for domain registrations, lose the number of the ink for your letterhead, or the contact number for crucial vendors and suppliers.Get started by adding an electronic sub-folder to your version of "My Business Administration" folder on your hard drive. Then start an electronic "Ops Manual" document (which you will print out in case of power failure, right?). Format the text with header style so you'll be able to quickly add a table of contents when you're finished. By adding a header and a footer with title, page numbers and file name and path (look in the auto text option in the header/footer format window of MSWord) you'll be able to find and navigate through the paper and electronic file so much faster. Then start adding sections and details.ADMINISTRATIVE:Administrative details can include a data base file to keep track ofa. your vendors and suppliersb. sources and product numbers for key suppliesc. details from major purchases, cost, source, depreciation records, and serial numbersd. insurance policies and coverage detailsf. equipment and software, price, source, serial numbers, warrantees, service numbers, manuals and spare/extra partsg. electronic back ups, where stored off site and on site h. opportunity preparation, passport, cash, credit card accounts and # to call if lost or stolenf. most importan
I used the word develop, not write on purpose in the title of this article. While your Operations Manual, Ops Manual, is a crucial tool in your Internal Management tool kit, you don't really write it.Instead you collect it. You gather in one place lots of the bits of information your business depends on to run smoothly, face crises calmly, and allow you to back fill in a hurry. With a complete Ops Manual in place, you, or someone you designate, can act quickly to serve a client, get you out of a stuck spot, carry on when you're unavailable. You get the idea. Major Beer Truck insurance.With a good Ops Manual, you'll never again search for the product code or password for your software, miss a deadline for domain registrations, lose the number of the ink for your letterhead, or the contact number for crucial vendors and suppliers.Get started by adding an electronic sub-folder to your version of "My Business Administration" folder on your hard drive. Then start an electronic "Ops Manual" document (which you will print out in case of power failure, right?). Format the text with header style so you'll be able to quickly add a table of contents when you're finished. By adding a header and a footer with title, page numbers and file name and path (look in the auto text option in the header/footer format window of MSWord) you'll be able to find and navigate through the paper and electronic file so much faster. Then start adding sections and details.ADMINISTRATIVE:Administrative details can include a data base file to keep track ofa. your vendors and suppliersb. sources and product numbers for key suppliesc. details from major purchases, cost, source, depreciation records, and serial numbersd. insurance policies and coverage detailsf. equipment and software, price, source, serial numbers, warrantees, service numbers, manuals and spare/extra partsg. electronic back ups, where stored off site and on site h. opportunity preparation, passport, cash, credit card accounts and # to call if lost or stolenf. most importan
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 corp
Step 3. Evaluate the risks and decide whether existing precautions are adequate or more should be done.Consider how likely it is that each hazard could cause harm. This will determine whether or not you need to do more to reduce the risk.Even after all precautions have been taken, some risk usually remains. What you have to decide for each significant hazard is whether this remaining risk is high, medium or low.Firstly, ask yourself whether you have done all the things that the law says you have got to do.As an example, there are legal requirements on prevention of access to dangerous parts of machinery. Then ask yourself whether generally accepted industry standards are in place. But do not stop there, think for yourself, because the law also says that you must do what is reasonably practicable to keep your workplace safe.Your real aim is to Make All Risks Small by adding to your precautions as necessary.If you find that something needs to be done, draw up an action list, and give priority to any remaining risks which are high, and those which could affect most people.In taking action ask yourself:1. Can you get rid of the hazard altogether?2. If not, how can you control the risks, so that harm is unlikely?In controlling risks apply the principles below, if possible in the following order:1. Try a less risky option. 2. Prevent access to the hazard (eg by installing guards). 3. Organise work to reduce exposure to the hazard. 4. Issue personal protective equipment. 5. Provide welfare facilities (eg washing facilities for removal of contamination) and first aid.Improving health and safety need not cost a lot. For instance, placing a mirror on a dangerous blind corner to help prevent vehicle accidents or putting some non-slip material on slippery steps, are relatively inexpensive precautions considering the risks.And failure to take simple precautions can cost you a lot more if an accident does happen.But what if the work you do tends to vary a lot, or if you and your employees mov
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 cor
Several companies specialize in providing packaging services that are sourced by manufacturers to deliver well packaged products to their consumers. The existence and usage of highly sophisticated packaging equipment for different kinds of products has made good quality packaging a must for all products that reach retail shelves.Large scale manufacturers find it more cost effective to include a sophisticated packaging machine in the assembly line and turn out a packaged product ready to be shipped. However, for smaller manufacturers, investing in a packaging machine is not a viable option. So they opt for packaging services offered by specialists to give their products their final packaged look.Packaging services providers specialize in areas like contract packaging, package design, package testing, assembly, logistics and specialty packaging. Contract packaging services include providing access to specialize labor, equipment, location and related technology.Packaging services providers cater to product manufacturer's demands of items like industrial plastic containers, industrial steel drums, open and closed head plastic and steel containers, plastic and steel barrels, bulk bags and several other products. Some packaging services providers give industry specific and product specific packaging services. Their experience in the field ensures that they are aware of federal rules, regulations and safety requirements.Corrugated boxes of specified dimensions and quality, plastic containers, metal containers, drum accessories like spouts, faucets, lid savers, drum wrenches and the like are a few of the types of materials that packaging services use on a regular basis.When it comes to international dealings several U.N regulations have to be adhered to. Several packaging services providers offer packaging related services to cover this aspect too. U.N. Regulatory Training Seminars, Packaging Design Services and U.N. Performance Oriented Packaging Certification are some of the services offered by a few providers. Facilities for repair and re-certification of used poly
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 cor
What sets apart a person who comes up with great ideas, seemingly effortlessly, from a person who breaks his head and just cannot seem to be struck by any ideas? Who knows how many factors are involved, creativity for one, but there is a factor you can control...Instead of sitting down and trying to ‘force’ good ideas to flow out of you, rather concentrate on grabbing onto great business ideas when they do strike. Ever thought of something only to forget it before you could write it down? It’s perhaps a more common problem for writers than in general business, as our ideas usually do not just revolve around concepts but are rather more specific formulations. Nevertheless, a successful business person always carries around a small notebook and pen.While you carry around notebook and pencil, just let go and stop pressuring yourself for ‘good ideas’. They hardly ever come at moments you are looking for them the most. Instead, go out there, read, talk to people,… even set up a brainstorming session. Brainstorming with many people is one situation where ‘looking’ for great business ideas can be productive.I started carrying around pen and paper, it allows me to jot down project ideas while on the road or while I am doing something else. The good news for my clients is that they basically do not pay me for the time I am being creatively detached from their project, which is necessary for some of those good ideas to pop up in my head. They get a better product, without spending more on it.In your business, you could be creating new products and concepts without spending more time at the office. Just train yourself to be in a state of mind that is receptive to ideas that could relate to your business. For example; if you have been trying to come up with a new toy, sitting in your office researching existing toys will not do much for you. Instead visit a playground, or observe children play with their toys. Likely you’ll see how something could be made better, or you might come up with something completely new.
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 cor
Logistics, asset management and inventory control are so important to any business. Whether you operate a point of sale business, a shipping center, or any business that ships or receives supplies or products, it is difficult to manually keep track of what is coming and going. Bar codes and automation save time, money and lost assets. This method, once fully implemented, can save thousands or even millions of dollars over a short period of time.You may think it will cost a bundle of money to implement a barcode system to control and track assets. This is not true. A barcode label printer is quite affordable, durable and long lasting. Most businesses only require a few of these devices to effectively manage assets. The very small investment pays for itself almost immediately.The label printer produces printouts that are durable and will not smear or smudge so they can easily be read by a barcode reader. Most even have memory functions to store the most frequently printed label information. Also, an entire database of inventory and the associated barcodes can be downloaded from a computer into the label maker for easy printing of labels for each and every item in your inventory.The Brother International TP-1650 P-Touch Electronic Labeling System is one example of a label printer with the capabilities you need to implement automated inventory control, barcode- tracked logistics or asset management into your business. It quickly creates automatically sized labels that can include graphics and can even sequentially number the codes.Even the aerospace industry is using automated logistics functions using barcode labels created by the same type of label printer that you can use at your own place of business. As soon as items arrive, create their unique barcode markings and apply the printed label to the item. Scan the item into the computer system. This will add to your inventory count of that particular asset. When the item is sold, shipped or removed from inventory through use or another method, scan the barcode again and your asset count will be reduced. This allows you
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 Corpor
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