I have and assignment with very high plagiarism as can be seen in the plagiarism report attached . The assignment should receive a passing grade as is but it needs drastic changes in terms of paraphrasing without altering the grade. You can see in the report the text highlighted in red is what needs paraphrasing. Do not use paraphrasing tool and make sure it can be read clearly. Also change the references.
1- the paper that needs editing
2- The plagiarism check
3- The Assignment Brief
Evaluation of the financial reporting standards
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
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..
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.
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.
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]
A1 by Anas Sulaiman Abdulrahim Murad AL ZADJALI
Submission date: 05-Apr-2021 10:49PM (UTC+0400) Submission ID: 1551179972 File name: ST10299-FR-A1.docx (48K) Word count: 1690 Character count: 10821
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A1 ORIGINALITY REPORT
Submitted to College of Banking and Financial Studies Student Paper
www.oomco.com Internet Source
www.scribd.com Internet Source
Asif Chaudhry, Danie Coetsee, Erwin Bakker, Santosh Varughese et al. “2015 Interpretation and Application of International Financial Reporting Standards”, Wiley, 2014 Publication
1 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
College of Banking and Financial Studies
Assignment Brief – BTEC
Higher National Diploma in Business (Level 5)
Student Name /ID Number
Unit Number and Title K/508/526 – Unit 13 – Financial Reporting
Academic Year Fall 2020-21
Unit Assessor Dr. Roslin Lazarus /Ms.Komal Urvil Khakkar
Internal Verifier Mr. Vaheed Z Ubaidullah
Assignment Title Evaluation of financial reporting standards
Issue Date 13 th October 2020
Formative feedback date 12 th November 2020
Summative submission date One week from the time of receiving formative feedback
1. The submission is in the form of an individual written report. This should be written in a concise, formal
business style using single spacing and font size 12.
2. You are required to make use of headings, paragraphs and subsections as appropriate and all work must
be supported with research and references using the Harvard referencing system. Provide working notes
3. The document must be submitted to Turnitin in word document.
4. The recommended word limit is 2,500 words, although you will not be penalised for exceeding the total
5. The file must be saved in the format: Student ID-FR-Formative-A1 for formative submission and
Student ID-FR-Summative-A1, for summative assignment.
6. In case of extenuating situations, the relevant college policies apply.
Unit Learning Outcomes:
LO3: Evaluate financial reporting standards and theoretical models and concepts
LO4: Evaluate international differences in financial reporting
2 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
Assignment Brief and Guidance:
Oman Construction Industry:
The building construction industry in Oman is expected to record a CAGR of 5.8% to reach OMR 3.9 billion
by 2024. The residential construction industry in value terms increased at a CAGR of 3.4% during 2015-
2019. The commercial building construction market in value terms is expected to record a CAGR of 7.9%
over the forecast period. To cater to the demand from construction industry, Oman construction chemical
industry offers various product solutions like adhesive and bonding agents, concrete and mortar admixtures,
flooring, water proofing, protective coating, and other industrial construction chemicals. Over the past few
years the construction industry is showing a declining trend of revenue and government spending for various
projects and added adverse impact of COVID 19 in the year 2020. The Oman Growth Strategy 2040 shows
a positive outlook for the growth of the construction industry. That will have a direct impact on the
construction chemical industry as well.
Gulf International Chemicals SAOG (GIC):
GIC was established in 1996 and is one of the most successful companies in the construction chemicals
industry especially in GCC countries. The company’s head office is based in Muscat, Sultanate of Oman.
GIC is registered in Muscat Securities Market and it is a publicly owned company which pursues its interest
globally. The company develops, manufactures and markets high quality specialized construction chemicals
that are used for every stage of construction and also provides the necessary support and services for the
product application. GIC as the leader in innovation ensures outstanding product quality with optimal
environmental friendliness. The company’s products are marketed under the brand names TufBond and GIC.
The company manufactures all the products as per the Quality Management System defined by ISO
9001:2000 and it is been awarded ISO 9001:2000 certificate by Bureau Veritas with UKAS accreditation.
GIC’s products are periodically tested by independent laboratories such as Bodycote (UAE and Oman) for
its compliance with international standards like ASTM, BS, EN, etc.
The vision and mission statements of the company are as follows:
GIC – Philosophy – Mission:
Providing Solutions not Products – GIC manufactures and supplies a proven range of construction materials
for the building and construction industry, manufactured to international standards. The quality of the
products and services will be maintained and assured by an internal and external assessment programs.
Customer service and prompt attention to the requirement of site support, technical information and delivery
3 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
are the corner stones by which the company will measure its success.
GIC produces several construction and industrial chemical products like adhesive and bonding agents,
concrete and mortar admixtures, concrete and repairs admixtures, grouts and anchors, industrial flooring,
joint sealants, protective coatings, surface treatments, water proofing etc. The product mix is designed for
Government, industrial as well as individual customers.
Flagship projects in Oman and UAE:
GIC caters to all the local markets (Oman and UAE) in Civil Engineering and Construction field and Building
infrastructure and thus is a part of various prestigious Projects like:
Grand Mosque (Muscat), IBRI stadium, RAFO Air base Thumrait and Khasab, Mughal Garden (UAE), King
Abdul Aziz Road (UAE), Jumeirah Lake Tower (Dubai) and many more.
Infrastructure and expansion:
GIC manufacturing base is spread over an area of 6000 sq.mt and is setup in Oman at Rusayl Industrial Area.
The factory is geared up for production of powder products in excess of 22,500 MT / annum and for
Admixture and other liquids; the factory has a capacity to produce in excess of 10 million Liters / annum.
In addition to this, GIC Factory located at Sharjah Industrial Area, UAE has a capacity to produce 27 million
liters of Admixtures per annum to cater the needs of Ready mix concrete industry.
GIC Products are approved by various ministries in Oman and enjoy a fair amount of confidence with all
leading Consultants and Specifiers. The retail segment in local markets is well covered and caters through
nearly 35 outlets who stock / supply GIC Products to local needs. GIC Products are available across Oman
to Salalah, Batinah regions, Sharqiya region, Dhakiliya region, Muscat etc.The company has various on-
going projects in Oman and UAE currently.
GIC exports to various GCC countries like Dubai, Qatar, Bahrain, Abu Dhabi and to South Africa and South-
East Asian Countries like Hong-Kong, Singapore etc. GIC has established local representations in India for
more expansion and growth. Future markets are being explored for the business prospects.
Gulf International Chemicals SAOG is a publicly owned company founded in 1996 in the Sultanate of Oman
and registered with Ministry of Commerce and Industry under Registration No. 1/53435/1. The objectives of
the company are to manufacture and market construction chemicals and speciality chemicals in the Sultanate
4 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
as well as in regional markets. The company has manufacturing facilities in Rusayl Industrial Estate in the
Sultanate of Oman and at Sharjah Industrial Area No. 17 in the UAE. The company serves the construction
chemicals industry in the local markets as well as some international markets.
During the year 2019, United Technical Services LLC, Sultanate of Oman was incorporated as wholly owned
subsidiary. The Principal activities of the subsidiary being road treatment chemicals and related products
Compliance with IFRS:
The 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 of 2019.
In the capacity of a Undergraduate research student of a leading business school in the Sultanate, write a
detailed report 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. Your report should critically evaluate the application of IFRS in
application to specific countries (Oman, Singapore, and India) and differences in financial reporting
based on models and theories, given GIC’s investment strategies and current market operations.
Muscat Securities Market. (2020). Retrieved 1 October 2020, from https://www.msm.gov.om/snapshot.aspx?s=GICI
Gulf International Chemicals (SAOG) – About Us. (2020). Retrieved 1 October 2020, from
Oman Construction Market | Growth, Trends, and Forecast (2019 – 2024). (2020). Retrieved 1 October 2020, from
1. Company Report
2. Balance Sheet
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3. Income Statement
4. Cash Flow Statements
5. Stockholder Equity
6. Notes to accounts
7. Cooperate Governance Report
8. Auditors Report Corporate Governance
9. Management Discussions
10. Auditors Report
6 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
Learning Outcomes and Assessment Criteria
Learning Outcome Pass Merit Distinction
LO3: Evaluate financial reporting standards and theoretical models and
P5 Explain the benefits of International Accounting
Standards (IAS) and International Financial Reporting Standards
P6 Evaluate the models of
financial reporting and auditing
M3 Critically evaluate financial reporting and auditing through the
coherent application of theories and models to
support judgements and conclusions.
D3 Critically evaluate the application of IFRS
in application to specific countries and
differences in financial reporting based on
models and theories.
LO4: Evaluate international differences
in financial reporting
P7 Evaluate the differences an
importance of financial reporting across different
M4 Critically evaluate the factors that influence
international differences in financial reporting.
PLEASE READ THIS PAGE CAREFULLY TO ENSURE YOU COVER WHAT IS REQUIRED
TO SATISFY THE GRADE
7 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
LEARNER ASSESSMENT SUBMISSION AND DECLARATION
When submitting evidence for assessment, each learner must sign a declaration confirming that the
work is their own.
Please list the evidence submitted for each task. Indicate the page numbers where the evidence can be
found or describe the nature of the evidence (e.g. video, illustration).
Question references Evidence submitted Page numbers or
Additional comments to the Assessor:
I certify that the work submitted for this assignment is my own. I have clearly referenced any sources
used in the work. I understand that false declaration is a form of malpractice.
Learner signature: Date:
8 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
ASSESSMENT RECORD SHEET – FORMATIVE FEEDBACK
Programme BTEC HND BUSINESS LEVEL 5 Learner name
Assignment title Evaluate financial reporting
standards Assessor name
Unit no. and title 13/Financial Reporting Targeted learning
criteria LO3 and LO4
achieved Assessment comments
I certify that the evidence submitted for this assignment is the learner’s own. The
learner has clearly referenced any sources used in the work. I understand that false
declaration is a form of malpractice.
Assessor signature Date
Date of feedback to
authorisation by Lead Internal Verifier*
* All resubmissions must be authorised by the Lead Internal Verifier. Only one resubmission is possible per assignment, providing: ● The learner has met initial deadlines set in the assignment, or has met an agreed deadline extension. ● The tutor considers that the learner will be able to provide improved evidence without further guidance.
● Evidence submitted for assessment has been authenticated and accompanied by a signed and dated declaration of authenticity by the learner. **Any resubmission evidence must be submitted within 15 working days of receipt of results of assessment.
9 Source: Customised by [email protected]@HND based on Pearson BTEC format: Annexure 5A
ASSESSMENT RECORD SHEET – RESUBMISSION – SUMMATIVE FEEDBACK
Deadline Date submitted
achieved Assessment comments
I certify that the evidence submitted for this assignment is my own. I have clearly
referenced any sources used in the work. I understand that false declaration is a form of
Learner signature Date
I certify that the evidence submitted for this assignment is the learner’s own. The learner
has clearly referenced any sources used in the work. I understand that false declaration
is a form of malpractice.
Assessor signature Date
Date of feedback to