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I need full paraphrasing for one assignment and a presentation on the same topic. The paraphrasing should change the paper drastically. They currently have +70% plagiarism both and they need to be fully changed ASAP in 30 hours max.

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STUDENT NAME: Anas Alzadjali

ID: ST10299

Evaluation of the financial reporting standards

Introduction:

The purpose of this report is to analyze the implementation of International Financial Reporting Standards (IFRS) in various countries including Oman, Singapore and India and the differences in financial reporting in terms of investment strategies in Gulf International Chemicals SAOG (GIC)) and its market performance. Gulf International Chemicals SAOG (GIC) has been established in Oman since 1996 and is a construction chemical company. As headquartered in Oman, the company operates as a public-owned firm and is part of MSM. Gulf International Chemicals SAOG (GIC) cooperates with the production and sale of premium quality construction chemicals including adhesives and bonding agents, concrete and mortar installations, concrete and repair connectors, grouts and anchors, industrial flooring etc. Gulf International Chemicals SAOG (GIC) compiles the financial statements in accordance with International Financial Reporting Standards (IFRS) and the relevant disclosure requirements as set by the Capital Market Authority (CMA) and the applicable Companies Companies Act 2019

Discussion:

L03: Evaluation of the financial reporting standards and theoretical models and concepts:

Financial reporting standards refer to a set of principles and standards that define accounting policies and operating guidelines and serve as its basis. The inclusion of financial reporting standards helps to increase the visibility of financial reporting globally. The adoption of international financial reporting standards is essential in facilitating cross-border transactions and ensuring free international flow of funds. Lack of internationally accepted financial reporting standards can make it challenging to undertake transit activities that lead to increased costs, risks and expertise in the creation of financial statements. This also affects investor decision-making and increases the level of risk. This can affect investors in the search for investment opportunities globally and can make it difficult for international operations to operate. The basis of the calculation will be different if it is different financial reporting standards apply and this may affect financial performance and financial position. For example, a company can target profits using one set of country reporting and loss rates using another (IFRS, 2020)

i. Benefits of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS): Global Accounting Standards are beneficial because they help to ensure transparency, increased accountability and efficiency in the global financial market. This allows investors and business owners to make economically sound decisions regarding investment and risk. It also improves the distribution of capital. The use of IAS in GIC will go a long way in improving performance and increasing responsiveness.

ii. The inclusion of benefits of IFRS standards to improve accountability by reducing the information gap between funders and providers This standard provides the necessary information to keep managers accountable for their actions. This standard is important for regulators around the world. These levels lead to better economic performance by allowing awareness of the opportunities and risks that exist globally, which facilitates fair budgeting. The use of a single, reliable accounting language reduces financial costs and global costs.

iii. Evaluate the models of financial reporting and auditing:

Some of the models and theories of financial reporting are:

· Equity theory:

Equality theory has key ideas to offer and these are Proprietary Theory, Theory Theory, Fund Theory, Residual Equity Theory and Enterprise Theory.

· Proprietary theory has emphasized the accounting process in firms focused on shareholder perspective. The calculation of doctrine is as follows:

Assets – Liabilities = Proprietor’s Equity

· In view of the residual equity, it is necessary to make an accounting based on the opinion of the remaining shareholders. This is in line with regular shareholders about future concerns.

· The business idea keeps the business unit as the center of accounting process on behalf of the owner. Accounting statistics according to this view

Asset = Equities or

Assets = Liabilities + Shareholders’ Equity

· The basis of the fund study is the accounting process for a group of assets and liabilities associated with the restriction of donkeys as a fund. Accordingly, funds / resources and limits on their use are included in the business unit. Its accounting equation is as follows:

Assets = Restriction of Assets

· Legitimacy theory:Legitimacy means the idea that a business action is expected, efficient and appropriate for a community-developed, values, beliefs, norms and definitions. Company disclosure policies may affect external views regarding the company. Firms will achieve strategic legitimacy and change the legitimacy and perceptions held by the outside world. This concept is often used for the purpose of providing insight into the disclosure of a social, environmental and company report. This view is appropriate as a framework for disclosing financial reporting and stakeholder engagement (Manukriti, 2014)

L04: Evaluate international differences in financial reporting:

iv. Analysis of the differences an importance of financial reporting across different countries (Oman, Singapore and India):

As mentioned in the case presented, GIC has plans to expand in India and Singapore so comparisons between the financial reporting standards of the three countries namely Oman, India and Singapore are important. The accounting model used in countries including the US, India, Canada, the Netherlands and Australia is Anglo American model while countries like France, Germany, Italy use the Continental European model. While the Anglo Saxon model is characterized by greater administrative power, in addition to investment, regulatory output and short-term crisis, the Continental European model has greater shareholder power, conflict of interest, has limited financial resources and facilitates cash flow..

The Anglo‐American versus the Continental European corporate governance  model: empirical evidence of board composition in Belgium | Emerald Insight

Singapore : The accounting standards used in Singapore are by the Singapore Financial Reporting Standard (SFRS) and are the basis of this Financial Reporting Standard International Financial Reporting Standards (IFRS). The adoption of this SFRS has been binding on factories since 2003. The key principles on which SFRS is based are Accrual Based accounting. The Singapore Financial Reporting Standard (SFRS) differs from International Financial Reporting Standards (IFRS) in several respects. SFRS differs from IFRS in respect of accounting for foreign exchange. While IAS 12 stipulates that a deferred tax calculation is required for a temporary change from a non-derivative foreign exchange, SFRS does not require an accounting for a non-deductible foreign exchange if the entity is able to manage the deferral period for minor variances. The Singapore Financial Reporting Standard (SFRS) FRS 16 allows for a single asset review of the assets that occurred in the period 1984 to 1996 without requiring continued use of the revaluation model. A single review review refers to a situation in which a PPE item is reviewed simultaneously from 1984 to 1996.

India : The Financial Reporting Standard used in India is the Indian Accounting Standards and compliant with IFRS standards according to the board. IFRS standards are not required for financial reporting in local Indian companies and are not officially committed to IFRS standards. Ind AS and IFRS differ in various aspects. India items include balance sheet, profit and loss statement, cash flow statement, equity variance statement, statement of financial statements and disclosure of accounting policies. In contrast, IFRS financial statements components include a statement of financial position, a profit and loss statement, a variance in the equity statement for a period of time and a statement of cash flows for a period. While India does not have a specific balance sheet and only includes guidelines, IFRS has appropriate guidance regarding the format of the balance and requires the entity to represent liabilities and assets and classify them as current or non-current assets (ICAI, 2020)

While India does not have a specific income or loss statement format and includes only guidelines, IFRS includes two types of presentation: single-format format or double-format format. One statement contains only profit and loss but two statements include the classification of various income statement items such as operating and non-operating expenses, gains and losses. India also differs from IFRS in terms of accounting policies and variations in accounting estimates. India allows for variance in accounting policy in the case of a different accounting policy as required by law, adhering to accounting standards, if it is subject to changes that may result in a financial statement. IFRS IAS 8 states that variance in accounting policy can be made in two cases which means that it is mandatory for IFRS, resulting in an appropriate financial statement relating to the current financial position of the entity. India requires that the amounts reported are the same as those included in the financial statements. IFRS requires an entity to analyze the nature of a functional currency

Therefore, GIC should take into account this diversity as it expands the international market of Singapore and India. This will help to create a more accurate financial statement and a more accurate comparison of financial performance.

Conclusion:

The inclusion of financial reporting standards helps to increase the visibility of financial reporting globally. The adoption of international financial reporting standards is essential in facilitating cross-border transactions and ensuring free international flow of funds. IFRS acts as a common international language and helps to conduct business across international borders by creating comprehensible and comparable accounts. It is the result of the rise of overseas stocks and is important for companies like GIC operating in various countries.

References:

1. IFRS (2018) Conceptual framework for financial reporting [Online] Accessed from: https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conceptual-framework-project-summary.pdf [Accessed on: 4th November 2020]

2. Amidu (2017) 7 advantages of IFRS and IAS [Online] Accessed from: https://medium.com/@amiduedson/7-advantages-of-ifrs-and-ias-3f7118820183 [Accessed on: 4th November 2020]

3. GMS (2018) Singapore Accounting Standards [Online] Accessed from: https://www.guidemesingapore.com/business-guides/taxation-and-accounting/accounting-standards/singapore-accounting-standards#:~:text=In%20Singapore%2C%20accounting%20standards%20are,principals%20of%20Singapore%20accounting%20standards . [Accessed on: 4th November 2020]

4. IFRS (2020) India [Online] Accessed from: https://www.ifrs.org/use-around-the-world/use-of-ifrs-standards-by-jurisdiction/india/ [Accessed on: 5th November 2020]

5. IAS Plus (2020) Financial reporting framework in the Sultanate of Oman [Online] Accessed from: https://www.iasplus.com/en/jurisdictions/asia/oman [Accessed on: 6th November 2020]

6. Manukriti (2014) Top 5 theories of equity [Online] Accessed from: https://www.accountingnotes.net/equity/top-5-theories-of-equity/5352 [Accessed on: 7th November 2020]

7. Maria (2009) Legitimacy theory and financial reporting [Online] Accessed from: https://www.fep.up.pt/conferencias/10seminariogrudis/D%C3%A2maso,%20Goreti%20(Santar%C3%A9m);%20Louren%C3%A7o,%20Isabel%20(ISCTE),%20Legitimacy%20Theory%20and%20Internet%20Financial%20Reporting.pdf [Accessed on: 7th November 2020]

8. PwC (2016) Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards [Online] Accessed from: https://www.pwc.com/sg/en/illustrative-annual-report-2006/assets/3-comparison.pdf [Accessed on: 7th November 2020]

9. ICAI (2020) Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) [Online] Accessed from: https://resource.cdn.icai.org/60915asb49580.pdf [Accessed on: 7th November 2020]

10. IFRS (2020) Why global accounting standards? [Online] Accessed from: https://www.ifrs.org/use-around-the-world/why-global-accounting-standards/ [Accessed on: 4th November 2020]

5

Financial Reporting

Anas Alzadjali

ST10299

Roslin Lazarus

Introduction

Analysis of different regulatory framework and governance applicable GIC’s investment strategies and current market operations.

Based on the published annual report of GIC for the year 2019.

ASSUMPTION

GIC consider establishing a joint stock company as a part of its expansion plan

This presentation analysis different regulatory framework and governance applicable to GIC’s investment strategies and current market operations based on the published annual report of GIC for the year 2019, with the assumption that GIC is seriously considering establishing a joint stock company with majority controlling interest in Singapore and India as a part of its expansion plan.

2

Continuation

Financial reporting is the declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.

Financial reporting standards are the keys that defines the practice standards and financial accounting policies and performs as its basis.

Enhances the financial reporting openness in an international position.

Performs as the accounting end product.

Definition

Financial reporting : declaration of the financial details to the divergent stakeholders concerning the financial operation and the financial position of the firm for a specified period of time.

Financial reporting standards: keys that defines the practice standards and financial accounting policies and performs as its basis.

Enhances the financial reporting openness in an international position.

Performs as the accounting end product.

Components of the financial reporting include;

The Financial statement

Notes to the Financial statement

The prospectus

The Management discussion and analysis

3

Elements Of Financial Statement

The financial statement elements are;

Income Statement : Expenses, Revenues, Purchases and Sales

Balance Sheet: Assets , Liabilities and Capital

Cashflow statement: cashflow from operating activities, investment and financing.

Change in equity.

And notes

Financial statement comprise the critical report of the business that gives financial information which can be used by the stakeholders.

The financial statement elements are;

Income Statement covering expenses, revenues, purchases and sales

Balance Sheet covering assets , liabilities and capital

Cashflow statement covering cashflow from operating activities, investment and financing.

Change in equity showing any change in equity over the period

And notes that gives explanations to the statements.

4

Financial Reporting Objective

Financial statements have been prepared in accordance with: International Financial Reporting Standards (IFRSs),

Applicable disclosure requirements of the Capital Market Authority (CMA)

Relevant requirements of the Commercial Companies Law.

Their objectives are:

To provide information concerning the financial position, operation, and difference in the economic position of the company.

To aid in meeting the projection of the user and ensures that all the company use the similar regulations.

Assist in predicting the upcoming financial place and cash flow.

Financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs), the applicable disclosure requirements of the Capital Market Authority (CMA) and the relevant requirements of the Commercial Companies Law.

The objectives of the financial statements are

To provide information concerning the financial position, operation, and also the difference in the economic position of the company that is important for the users in choosing critical financial decision (IASB).

Financial reporting aid in meeting the projection of the user and ensures that all the company use the similar regulations.

Financial reporting is important for predicting the upcoming financial place and cash flow.

5

Discussion: Purpose Financial Reporting.

Financial reporting is done to achieve the following purposes;

Provide information for analysis and planning

Provides data to the creditors, investors and debt providers

Provides the information to the shareholder

Provide information concerning the economic resource of the business and comprehend the differentiation of the resource over the period duration.

The financial reporting assist to offer important information of the reason of benchmarking and making decision. The financial reporting is important for providing data to the public concerning the firm data which can aid during making investment, The financial reporting assists to claim the resources on the basis of equity and the liabilities of the owner. It assists the stakeholders to comprehend how the company’s performance in particular.

Other purposes are:

Provide data to the firm’s management for analysis and planning

Provides data to the creditors, investors and debt providers that can used for making critical decision concerning to investment

Provides the information to the shareholder concerning the firm’s numerous factors.

Provide data concerning the economic resource of the business and comprehend the differentiation of the resource over the period duration.

6

Continuation.

Provides information regarding procurement plan

Provides data concerning the firm’s performance management and its impact

Provides information to the statutory auditors

Offers information on the company’s social welfare

Provides information regarding procurement plan Provides data concerning the firm’s performance management and how it performs the role in the ethical way.

Provides information to the statutory auditors that profit in the auditing

Improves the social welfare through evaluating the trade union employee.

7

. Financial Reporting Importance

Ensures adherence with the various regulatory needs and statues

Financial reporting assist during statutory audit

Financial reporting builds support system for the design of decision making, analysis, finance.

It ensures the company contribute to capital growth in the international and local level

The information comprised in the financial reporting aids to carry analysis of the company and the management.

Financial statements achieves the following significance when prepared correctly

Ensures adherence with the various regulatory needs and statues

Financial reporting assist during statutory audit

Financial reporting builds support system for the design of decision making, analysis, finance.

It ensures the company contribute to capital growth in the international and local level

The information comprised in the financial reporting aids to carry analysis of the company and the management.

8

Regulatory Framework And Governance

According to IFRS, financial statement should be prepared observing its requirement such as:

Fair presentation

going concern

accruals

Consistency

Materiality

According to IFRS, financial statement should be prepared observing its requirement such as:

Fair presentation : requiring that the financial statement should be prepared and presented in the prescribed format

going concern meaning the existence of the business should be viewed to the future even beyond the owners

accruals: all expenses and income should the charges in the year earned and incurred but not during the period of paid or received.

Consistency meaning there should be similarity on the treatment of an item from one accounting period to another.

Materiality in the sense that all material information should be considered in the preparation of the financial statements

9

Continuation

Governance of financial reporting include:

duties and responsibilities of responsible officers

Regulatory frameworks for incorporated organizations in Oman

meeting user expectations

legislation

Governance of financial reporting are obligations that an organization should meet to be inline with the host nations requirements. They are guided by local regulations on:

duties and responsibilities of responsible officers, Regulatory frameworks for incorporated organizations in Oman, meeting user expectations and legislation.

10

Users of Financial Statements

Below are the stakeholders utilizing the financial reporting:

Investors

Employees

Public

Customers

Governments

Management of the firm

Government agencies

Debt providers

Financial statements and reporting should be done strictly in accordance with the requirement of IFRS and other applicable regulation due to their reliance not only by the internal users but also external user s such as:

Investors

Employees

Public

Customers

Governments

Management of the firm

Government agencies

Debt providers

11

Variation in Importance of Financial Reporting for Different Countries (Singapore, India, And Oman)

Singapore

Utilizes financial reporting standard (SFRS) in accordance to international Financial Reporting Standards (IFRS)

Accrual Principles accounting is highly applicable.

Contrast between IFRS and SFRS

Accounting for continuous foreign income

(SFRS) FRS 16 allows the one off amend of the assets

Removal of para 14 and 15

Difference in FRS as contrast to IAS 31, IAS 28 and IAS 27.

There exists variation in importance of Financial Reporting for Different Countries (Singapore, India, And Oman)

Singapore

Utilizes financial reporting standard (SFRS) in accordance to international Financial Reporting Standards (IFRS)

Accrual Principles accounting is highly applicable.

Contrast between IFRS and SFRS

Accounting for continuous foreign income

(SFRS) FRS 16 allows the one off amend of the assets

Removal of para 14 and 15

Difference in FRS as contrast to IAS 31, IAS 28 and IAS 27.

12

India

India

Applies Indian accounting standards (Ind AS)

No formal acquisition of the IFRS by the companies.

contrast between IFRS and Indian Accounting Standards

Differentiation in the units of IFRS and Ind AS

Format of the balance sheet

Demonstration of the income statement

Variations in accounting and the accounting policies

The Indian Accounting Standards is established on the IFRS standards.

Ind AS entails profit and loss, cash flow statement, balance sheet, notes of the financial statement, declaration of accounting policies as the aspect. Whereas IFRS entails of profit and loss statement, differentiation of equity statement, financial position statement and cash flow statement for a period of time as aspects.

Ind AS has no any exact format of balance sheet and only entails guidelines, IFRS contains strict direction for the balance sheet format and needs the aspect to illustrate the assets and liabilities and to classify them as non-current and current items

Inds AS has no exact format for the income and only entails directions, IFRS entails two type of presentation: dual statement or single statement format. The single statement comprise of loss and profit though the dual statement entails segregation of the various aspects of the income statement.

Ind AS authorizes the accounting policy to be modified if there usage of divergent accounting policy but IFRS suggest that accounting policy can be modified when it is a must for IFRS and when result in an amplified suitable financial statement.

13

Oman

firms in Oman applies International Financial Reporting standard (IFS).

Implemented absolutely in accordance to the international Accounting standards Board with no variation

Article 30 instructs the accountants to apply international standards

Article 5 instructs the company which have securities in public subscription to establish financial reports quarterly, half yearly or per annum.

Oman does not have its local accounting standards thus firms in Oman applies International Financial Reporting standard (IFS).

Implemented absolutely in accordance to the international Accounting standards Board with no variation

Article 30 instructs the accountants to apply international standards

Article 5 instructs the company which have securities in public subscription to establish financial reports quarterly, half yearly or per annum.

14

Conclusion

The purpose of financial reporting is to provide information concerning the financial performance position and also the difference in economic position of the company that is important for the utilizers in getting critical financial decisions (IASB)

Financial reporting aids in satisfying the expectations of the user and ensure that all the company use the similar regulations

It is the declaration of the financial information to the divergent stakeholders concerning the financial performance and the company’s financial position for a specific period.

The purpose of financial reporting is to provide information concerning the financial performance position and also the difference in economic position of the company that is important for the utilizers in getting critical financial decisions (IASB)

Financial reporting aids in satisfying the expectations of the user and ensure that all the company use the similar regulations

It is the declaration of the financial information to the divergent stakeholders concerning the financial performance and the company’s financial position for a specific period.

15

Bibliography

. Learn Accounting: Notes, Procedures, Problems and Solutions. 2020. Top 5 Theories Of Equity. [online] Available at: <https://www.accountingnotes.net/equity/top-5-theories-of-equity/5352> [Accessed 26 December 2020].

Pwc.com. 2020. [online] Available at: <https://www.pwc.com/sg/en/illustrative-annual-report-2006/assets/3-comparison.pdf> [Accessed 26 December 2020].

2020. [online] Available at: <https://resource.cdn.ical.org/60915asb49580.pdf> [Accessed 26 December 2020].

2020. [online] Available at: <https://ww.ifrs.org/usearound-the-world/why-global-accounting-standards> [Accessed 26 December 2020]

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