Tuesday, 6 October 2015

How to Write a 5 Paragraph Essay in Less Than 30 Minutes

An assignment to write a 5 paragraph essay may seem challenging at first, but when broken down into pieces, it is much easier and should be fun and enjoyable. Otherwise, the outcome may be not be what you, your teacher or your parents desired, such as poor grades, anxiety and frustration. Listed here are 4 great tips on how to organize and write a 5 paragraph essays in less than 30 minutes.
1. Essay structure
It is important to have the correct structure for your essay to help organize your thoughts and ideas, and because doing so helps prevent writing off topic or wasting time. Failing to have the correct essay structure can certainly cause you confusion and will make the process seem more difficult. The 5 paragraph structure consists of an introduction, 3 body paragraphs, and conclusion.
2. Introduction
The introduction must tell your reader about the topic, but it must also have an attention grabbing sentence, or hook, to get the reader interested. This is usually about something difficult or challenging. Once you form the attention grabbing sentence, then you are ready for your thesis sentence, which simply states what you are about to tell your reader. The thesis sentence is the last sentence in the introduction. Now you will want to think of 3 point, ideas or experiences related to your thesis statement.
3. Body Paragraphs
Next, when writing a 5 paragraph essay, you must have three (3) paragraphs in the body of the essay. In each paragraph explain in detail one of the three ideas or experiences related to your thesis statement. This structure helps keep the essay on topic and interesting for your reader.
4. Conclusion
The conclusion is the simplest paragraph when writing a 5 paragraph essay. The last sentence in your introduction paragraph becomes the first sentence in your conclusion paragraph. The next sentence includes your three points or ideas. Finally, you have the concluding sentence that wraps is all up.
Listed above are 4 great tips on how to organize and write a 5 paragraph essay. The introduction, body and conclusion are the essential elements of any 5 paragraph essay. Using the strategies above, you will avoid confusion and frustration and achieve the grades you desire.
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How To Write A Personal Statement For College

The entire college admission process can be exhausting and nerve-racking but there are few things worse than writing the personal statement for college applications. Your first thought is that it would be a piece of cake, everything you have to do is write a few words about yourself - what your interests are, what you would like to accomplish in life. However, personal statements for college have never been an easy task. When writing a statement for college, your high school writings for which you got straight A's won't do you much good.
The main issue is that when writing your personal statement for college, you are not in that world and you are well aware of it. Personal statements are not supposed to be essays about how much you admire famous people like Gandhi. You shouldn't also write about the first time you leaned how important teamwork is or anything like that. They have heard it all, so you cannot write anything new and this, unfortunately, is not in your favor.
These are the reasons why so many people seek help when writing their personal statement for college is concerned. I had a good time growing up. As my mother is a very famous and acknowledged writer, I always counted on her for feedback. Even now she is there for me when I need an intelligent and well-structured statement or paper. Apart from helping with my essays, my mother was also good enough to give me a hand when I was writing my personal statement for college.
Of course, I realize not everyone is lucky enough to have such a valuable resource at their home, and not everyone can also depend on their high school English teacher. So, if this concerns you, then you can try searching some sites on the internet that might turn to be quite helpful. For instance, most of them offer free tips telling you what you should avoid and what you should include when writing your personal statement for college. From my point of view, when writing your personal statement it's best to try to find face to face feedback from someone whom you trust.
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How to Find the Best Financial Education Program

If you're reading this then hopefully you are looking for a way to take control of your own finances by completing some form of financial education program. Perhaps you have sacked your financial adviser because he's done such a crap job over the last couple of years and you reckon you can do a better job. Or maybe you're just starting off and have decided to take responsibility for your financial future at an early stage.
If so, congratulations! The path to true wealth and prosperity lies in understanding your own finances and taking control of them. The path to failure is letting others, like financial advisers, family or friends, take control of your future by managing your investments or telling you what you should be doing. Worse still, is trying to do it on your own without understanding where you are going.
To benefit from the ability to control your own finances you need initial and ongoing financial education and that is best achieved through a properly structured financial education program. It's like learning to play golf. If you have never played before, then the best way to learn is to seek a professional who will show you how to achieve that low handicap through a perfect swing. Your ongoing performance on the golf course also relies on your ongoing practice and continued support from the golf pro or other professional sources. We all know what sort of golfer a person is likely to be who has never taken a golf lesson and relies on advice from their mates when things go from bad to worse with the swing.
Financial well being is no different to playing golf. You need to learn the basics through a comprehensive financial education program. The program also needs to teach you the right mindset for achieving prosperity. Financial freedom or success can have different definitions to many people but any financial education program needs to also teach you beyond the basics and principles of how to swing a golf club.
What about when your ball goes into a bunker? Did your golf pro teach you how to get out of trouble? We all know the world of finance and investment does not run smoothly all the time. For the untrained, making financial decisions can be like not knowing what club to use on the tee or any other part of the course - because they do not know what the outcome may be. To the trained golfer you know what club to use and will be successful more often than not when you play a shot from any position.
To find the best financial education program you need it to cover the fundamental basics like budgeting, cash flows, understanding all types of investments, investment structures and understanding company reports and research papers. It also needs to teach all the advanced strategies like minimising your taxes, estate planning issues, retirement planning strategies and protecting your assets. It also needs to teach you about prosperity, financial well being and the importance of a healthy lifestyle. Probably the most important aspect, just as the golfer needs constant revision and practice to keep a low handicap, you will need constant reviews and ongoing access to professionals and mentors.
Achieving financial freedom is an ongoing pursuit of knowledge and education. If you don't do it right you'll end up in the trees or someone else's forest.
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Writing an Analysis Paper - The Basic Components

Analysis papers are required at many levels: secondary school, university, and in professional disciplines. Once you have selected your subject and formulated your thesis, you need to actually lay it out for others to read. For many writers, this is the most difficult part.
No matter what the topic or type, there are three basic parts of an analysis paper:
• Introduction: The introduction and the conclusion are the two most important paragraphs of an analysis paper. Make the introduction exciting or inviting to capture the readers' interest: use an interesting quotation, a surprising or impressive fact, a provocative statement that leads to a description of your subject and your clearly defined thesis.
• Body: Within the body of the analysis paper, use distinct paragraphs to make distinct points; trying to make multiple points in a single paragraph is a common mistake. Keep each paragraph focused on exploring an individual point, and state that point in the first sentence of the paragraph. Expand the paragraph by incorporating specific quotations or other examples from the subject, referencing third party sources, and anticipate and address contradicting viewpoints. Arrange the paragraphs so that the point made in each builds upon prior paragraphs, leading the reader logically to your conclusion. Above all be clear and concise.
• Conclusion: The conclusion should recap your thesis and summarize the key points made in the body of the analysis paper. It should be concise. And leave the reader thinking by closing with a thought provoking final sentence: perhaps an appropriate, supporting quotation; stating an implication or consequence, or requesting that some action be taken.
Once your paper is drafted, you want to be sure that it is formatted correctly. The most widely accepted guide to this end is the MLA Style Guide. Be sure your analysis paper adheres to MLA guidelines for citing references and sources.
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Solar Energy Advantages Disadvantages

Many of us know that solar energy is a good thing, but few really understand why. Therefore, I compiled a comprehensive list of solar energy advantages and disadvantages that will enable you to make an educated decision whether on not Solar Power is right for YOU.
Solar Energy Advantages
1. Saves you money
  • After the initial investment has been recovered, the energy from the sun is practically FREE.
  • The recovery/ payback period for this investment can be very short depending on how much electricity your household uses.
  • Financial incentives are available form the government that will reduce your cost.
  • If your system produce more energy than you use, your utility company can buy it from you, building up a credit on your account! This is called net metering.
  • It will save you money on your electricity bill if you have one at all.
  • Solar energy does not require any fuel.
  • It's not affected by the supply and demand of fuel and is therefore not subjected to the ever-increasing price of gasoline.
  • The savings are immediate and for many years to come.
  • The use of solar energy indirectly reduces health costs.
2. Environmentally friendly
  • Solar Energy is clean, renewable (unlike gas, oil and coal) and sustainable, helping to protect our environment.
  • It does not pollute our air by releasing carbon dioxide, nitrogen oxide, sulphur dioxide or mercury into the atmosphere like many traditional forms of electrical generations does.
  • Therefore Solar Energy does not contribute to global warming, acid rain or smog.
  • It actively contributes to the decrease of harmful green house gas emissions.
  • It's generated where it is needed.
  • By not using any fuel, Solar Energy does not contribute to the cost and problems of the recovery and transportation of fuel or the storage of radioactive waste.
3. Independent/ semi-independent
  • Solar Energy can be utilized to offset utility-supplied energy consumption. It does not only reduce your electricity bill, but will also continue to supply your home/ business with electricity in the event of a power outage.
  • A Solar Energy system can operate entirely independent, not requiring a connection to a power or gas grid at all. Systems can therefore be installed in remote locations (like holiday log cabins), making it more practical and cost-effective than the supply of utility electricity to a new site.
  • The use of Solar Energy reduces our dependence on foreign and/or centralized sources of energy, influenced by natural disasters or international events and so contributes to a sustainable future.
  • Solar Energy supports local job and wealth creation, fuelling local economies.
4. Low/ no maintenance
  • Solar Energy systems are virtually maintenance free and will last for decades.
  • Once installed, there are no recurring costs.
  • They operate silently, have no moving parts, do not release offensive smells and do not require you to add any fuel.
  • More solar panels can easily be added in the future when your family's needs grow.
Solar Energy Disadvantages
  • The initial cost is the main disadvantage of installing a solar energy system, largely because of the high cost of the semi-conducting materials used in building one.
  • The cost of solar energy is also high compared to non-renewable utility-supplied electricity. As energy shortages are becoming more common, solar energy is becoming more price-competitive.
  • Solar panels require quite a large area for installation to achieve a good level of efficiency.
  • The efficiency of the system also relies on the location of the sun, although this problem can be overcome with the installation of certain components.
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Software for Students: Software That Every Student Requires

In today's technique-friendly world, computers are the backbone of almost every electronic device. Most of the people are assisted by a computer software, whether on a PC desktop, laptop, iPad or in the cloud. In such a scenario, how can the education sector remains untouched by the glory of computer software. Along with business professionals, there are a lot of software for students in the market. The common software for students are focused on preparing papers, presentations, working on papers, submitting a project or any class assignment. Below is a list of some widely used software for students, which perfectly assist them in their study life.
For documentation and reading
In student life, there is always a need to read, download or create documents of different formats and layouts. To assist the students in this process, programs like Adobe reader always come in handy. It is a program that is used to read the files in PDF format. Software called Cute PDF writer is used for creating PDF files. Not only one can write the virtual documents, but also turn JPEG image files into PDF format by using the software.
For word processing
During the student's life, students need to write or publish papers. They often use Microsoft Word for this purpose. Although different operating systems have different versions, the students are required to use Microsoft Word while writing and mailing documents.
For presentations
Apart from submitting a research paper, students also require delivering a presentation before the mass. For such tasks, PowerPoint is the perfect software for students. It comes with the different formatting and coloring options, charts, shapes, graphics and some smart tools to customize the presentation. Further, it is quite popular in the professional life, so learning how to use it early during education is advantageous for students.
For Data Analysis
For managing data records, analyzing or centralizing the data or creating forms, Microsoft Excel is preferred by the students. This is the best software for students to input data and calculate or analyze it.
For the extras
Apart from the academic and technical work, there are some software for students that are usable depending on their personal interests like iTunes and Adobe Photoshop. These programs are used to get access to music and perform photo editing. However, such software needed to be purchased legally.
Therefore, with the technological advancements in the education sector, it has been flooded with a number of software. Irrespective of any hardware compatibility, such kinds of software tend to help the students to accomplish their academic or non-academic tasks.

Technical Writing - The Difference Between a Process and a Procedure

In Shakespeare's Henry IV, Part 1, Act III, Scene 1, in an argument about how to divide a piece of land, one character says that he'll "cavil on the ninth part of a hair." Cavil means to quibble over an unimportant point. Even better, it's a really annoying and trivial objection. The reason for mentioning this is because there's often a fine line between caviling and getting it technically right. Here at The Tech Writer's Tool Kit, the general view is that every word has a specific meaning and no two words ever have exactly the same meaning. Is it a cavil to insist that there's an important difference between a procedure and a process? They both mean a way to get something done. Is changing a tire a process or a procedure? Did you just go through the (process or procedure) of refinancing your home?
Procedure - The dictionary gives the etymology of procedure as a French word, procédure, from proceder which means to proceed. To proceed is defined, simply, as to go forward and procedure is defined as a manner of proceeding. We have to go beyond simple definition to usage. In American English, the word is used, most often, to designate a unique type of undertaking. So, we have medical procedure and nomination procedure. A procedure, then, is a single activity, consisting of multiple steps, performed to accomplish a specific outcome. - This is the procedure we use to elect our officers.- The doctor said the procedure is simple enough to be done in his office.- It's a long and complicated procedure that must be performed carefully.
Process - Starting with the dictionary for the etymology, we do kind of a loop around to find out process comes through Middle English and Old French from Latin prMcdere that means to advance or proceed. Sounds a lot like procedure. But, the definition of process shows a difference. It says a process is a series of actions that bring about a result. In most cases, that result is a completed procedure. The distinction holds up in general usage in a number of fields. For example, we talk about a hair coloring process, events now in process, and processing an order. In Law, process is defined as the whole judicial proceeding (procedure). In Engineering, the steps in changing iron into steel is a process. In Computer Science, it means performing operations on data, which is done by a processor.
Based on general usage, then: - a procedure is a total operation - the complete set of actions - that results in some desired outcome- a process is the series of individual steps within the procedure that is followed to achieve the outcome The difference is that you must follow a process in order to complete a procedure. That would mean that saying, "The process of getting a haircut is boring" doesn't mean the same as saying, "The procedure of getting a haircut is boring." It depends on whether you're saying that the individual steps are boring or the whole operation boring. Two different words: two different meanings? We think so. What about you?
If you can write a simple sentence and organize your thoughts then technical writing may be a rewarding field. You can easily make it a second income stream in your spare time.
According to the U.S. Department of Labor, the average salary for technical writers is $60,380. Freelance technical writers can make from $30 to $70 per hour.
The field of technical writing is like a golden city. It's filled with wealth, rewards and opportunities. After learning technical writing you can branch out into business writing, marketing writing and communications writing. All of these can become additional income streams.
But to succeed you must learn how to market yourself to clients. You have to prove to them that you are an invaluable asset. That's where ProTech - Your Fast Track to Becoming a Successful Technical Writer can help. It's a technical writing course that does two equally important things:
1. It teaches you the skills to become a technical writer in the shortest time frame. You'll learn to create manuals, procedures, tutorials, processes, proposals, spec sheets and other documents that businesses need.
2. It shows you how to market yourself to clients so you can start your income stream as soon as possible.
In fact, you'll get a complete marketing toolkit which has templates and technical writing job sites to get started immediately!
You can download two sample lessons by clicking the link below.
This could be your chance to create a prosperous future.
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Corporate Governance and Accounting Standards in Oman: An Empirical Study on Practices

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).
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 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.
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 (IAS 39); Investment Property (IAS 40); Agriculture (IAS 41).
Though the Oman industry has been following all the International Accounting Standards, in practice, some of them are not free from criticism due to certain inherent weaknesses. The practices of these standards in the Oman industries and the gaps are discussed in what follows with a view to strengthen them for ensuring the good Corporate Governance.
The primary and secondary data collected from the select companies are carefully examined to find the extent of compliance with the accounting standards and issues in corporate practices. Some of the important findings are as follows:
i) Perceptions on the relevance of Accounting Standards for Corporate Governance: Except one sample of private companies which has not disclosed its opinion, all others (90% of the sample) have expressed the accounting standards as more relevant for Corporate Governance.
ii) Practices of Accounting Policies Disclosed in Annual Reports: The majority of the sample companies (80%) disclosed twenty to twenty five policies and the remaining is equally distributed between less than twenty and more than twenty five standards disclosed by the select companies. All the select public limited companies have complied with twenty to twenty five accounting standards.
iii) Practices of Inventory Valuation: The sample companies have adopted either the lower of cost or net realisable value or moving average methods for the inventory valuation.
iv) Practices of Preparation of Cash Flow Statement: All the select companies have presented cash flow and changes in equity statements.
v) Corporate Practices of Depreciation: The study revealed that the majority of the sample companies (90%) have followed straight line method for the computation of depreciation and the remaining followed diminishing value method. Further examination revealed that all sample public companies followed the straight line method of depreciation.
vi) Practices of Construction Contracts: The sample consists of one construction company, which has followed per cent of completion method.
vii) Practices of Research & Development: None of the select companies has disclosed the expenditure on research and development.
viii) Practices of other Standards: The study revealed that the accounting practices related to fundamental errors and changes, effects of changing prices, business combinations, hyperinflationary economies, financial statements of banks and similar financial institutions and agriculture were not disclosed by any of the select companies as the companies are not concerned with such activities.
From the analyses of practices and general discussions, some of prime issues of accounting standards in the context of Oman are identified and presented here under in brief.
i) Disclosure of Accounting Policies is followed by most of the sample companies, since it is mandatory. The items stated under accounting policies or notes are more or less same in all the concerns selected for the study, but the treatment of some items were not similar to the other concerns.
The requirement of the disclosure standard is only to disclose the material facts, what is the material or immaterial it would be decided by the organization, where the influence of personal judgement is expected in the absence of concrete guidelines. Therefore, the existence of the standard is doubtful.
ii) In few accounting standards, such as, valuation of inventories and depreciation accounting, the alternative accounting treatment is allowed. This kind of flexibility creates problems in judging the quality and reliability of financial statements of an enterprise and the different methods are followed for different companies or for different periods, the possibility of inter-unit, intra-industry or inter-period comparison is impaired. The lack of comparability renders the financial information less useful and creates confusion in the minds of the investing public.
iii) In case of construction contracts, the standard provides for adoption of either completed contract method or percentage of completion method for recognition of profit on completed contract, which attracts the same limitation of comparability.
iv) The hybrid method of accounting i.e. accounting for income on cash basis and expenditure on accrual (mercantile basis), followed by corporates, conveniently allows them to manipulate their reports.
v) The standards setting process is closed and narrow and the execution is unsound , that causes the various practices and imperfect disclosure, which defeats the prime objective of accounting standards in achieving the good Corporate Governance.
vi) The adoption of IAS in toto without looking into their relevance in the context of Oman industrial environment, lacks the focus on the domestic problems and indigenisation.
The following suggestion are made on the basis of discussions with the corporates to solve the above issues and to improve the utility of accounting standards for ensuring good Corporate Governance.
i) The most important suggestion for strengthening the accounting standards to improve the quality reporting thus Corporate Governance values, is focusing on the local conditions, improving the relevance i.e. indigenisation of accounting standards to make the standards more suitable or appropriate to the existing industrial phenomenon in Oman.
ii) The Capital Market Authority in Oman in consultation with other professionals and regulatory bodies should evolve some mechanism to limit the scope of alternative methods available within an accounting standard. Thus,the use of uniform accounting standards would enhance the qualitative and comparability dimensions of financial statement and reporting.
iii) The establishment of harmony among the applicable laws like Companies Act, Income Tax Act, Banking Regulations etc., which have significant bearing on different items of financial statements, would give true and fair view of business.
iv) The formulation of comprehensive and indigeneous standards, like accounting for changes in prices, inflationary economies, segment accounting, accounting for joint ventures, earning per share, investment in subsidiaries, associates etc., useful to make accounting standards more user friendly and international acceptable.
To sum up, though the entire industrial community in Oman has been following the International Accounting Standards and adopting disclosure practices to ensure true and fair view of the economic activities, still a lot more needs to be done to promote good corporate governance and a healthy investment climate. The other middle east countries, which adopt the policy of liberalization and intend to increase in international capital market activities due to globalization should learn that reducing the variety of approaches in the each accounting standards, formulating the comprehensive and indigeneous standards and making all accounting standards as mandatory have to be given top priority for attaining the required objectives, otherwise it will be exceedingly difficult for Oman investors to trust the Corporate Governance.
* The article is presented in Accounting, Commerce & Finance: The Islamic Perspective International Conference V, held in Brisbane, Australia during 15-17, June 2004.
1. Tiwary, Ojha, Arun Kumar, "Corporate Governance in India: What it Means and What it needs?", The Indian Journal of Commerce, New Delhi, Oct-Dec,1998, p.154.
2. Chandratre, KR, "Role of Board of Directors in Emerging Dimensions of Corporate Governance and Impending Changes in Company Law, The Chartered Secretary, The Institute of Chartered Secretary of India, New Delhi, May 97, p. 505.
3. R.I.Ticker, "Corporate Responsibility, Institutional Governance and the Roles of Accounting Standards" in Michael Bromwich and Anthony G. Hopwood (Eds.), Accounting Standards Setting, An International Perspective, Pitman Books Ltd., London, 1883, p.27., Cited in Lele RK, Jawahar Lal, "Accounting Theory", Himalaya Publishing House, New Delhi, 96,p.56.
4. Sir Adrian Cadbury, "Developments in Corporate Governance", The Company Secretary, The Institute of Chartered Secretary of India, New Delhi, May 97, p. 497.
5. The Report of the Cadbury Committee on "Financial Aspects of Corporate Governance", The Company Secretary, The Institute of Chartered Secretary of India, New Delhi, May 97, p. 573.
6. Verma, Garg, Singh, "Disclosure of Accounting Standards Vis-à-vis Company Characteristics: A Study of Indian Corporate Sector", The Indian Journal of Commerce, New Delhi, Oct-Dec,1998, p.131.
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