During financial crisis, it was observed that lack of transparency in financial statements impacted the valuation of companies that knocked risk of reducing the confidence in the financial markets. Transparent financial information supposed to be more understandable, very clear frank or honest. The more branches and joint venture entities and types of business company have, the more complicated it is, and the more transparent information and disclosure is required by types of business and geographical locations. Company that is doing well, has nothing to hide and is eager to publish their key performance indicators and publish more about where it is making resources, and how it is spending the resources as widely as possible that lead investors consider them more valuable than the company that keep information to itself
Willkie Farr & Gallagher Corporate Crime Bulletin September 2017Paul Feldberg
Welcome to Willkie Farr & Gallagher’s Corporate Crime E-Bulletin. This publication provides an update on recent developments in the UK and the US with respect to financial crime and regulatory enforcement, including bribery and corruption, fraud, sanctions, money laundering, market abuse and insider dealing.
Willkie Farr & Gallagher Corporate Crime Bulletin September 2017Paul Feldberg
Welcome to Willkie Farr & Gallagher’s Corporate Crime E-Bulletin. This publication provides an update on recent developments in the UK and the US with respect to financial crime and regulatory enforcement, including bribery and corruption, fraud, sanctions, money laundering, market abuse and insider dealing.
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
AIM stock market. What is the AIM stock market. AIM stock market listings. AIM stock market companies. AIM stock market London. Cost of joining AIM. AIM IPO. AIM vs NEX. AIM vs Standard listing. AIM for non UK Companies. AIM tax rules. How to join AIM stock market. AIM stock market rules. LSE AIM. Listing on AIM. Benefits of AIM stock market. AIM stock exchange. Floating a company on AIM. Floating a business on AIM. Raising funding on AIM . AIM for non UK companies. AIM case studies. stock market terms. AIM stock market timetable. AIM stock market shares.
Lexology Getting the Deal Through - Shareholder and activism & engagementSorcha McGann
Corporate partner, Ciaran Healy and Corporate senior associate, Naomi Barker co-author the Irish chapter for the Lexology Getting the Deal Through - Shareholder and activism 2019
Partners Sharon Daly, Darren Maher and April McClements co-author the Ireland chapter for Chambers Global Practice Guide to Insurance 2018. This chapter discusses regulation of insurers and reinsurers; insurance and reinsurance products; overseas-based insurers and reinsurers; M&A activity; Insurtech; emerging risks and new products; and legal developments in the industry.
La directive Solvabilité II va bouleverser la communication financière des grands groupes.
67% des entreprises s'inquiètent des réactions des marchés dans le cadre de la mise en oeuvre de la directive Solvabilité II.
L'étude KPMG « Solvency II exposed » détaille les évolutions de la communication financière liées à l'entrée en vigueur de la directive européenne Solvabilité II, prévue au 1er janvier 2016.
Register company from anywhere in India. Get a private limited, one person private limited or a limited liability partnership company incorporated now.
Czech or foreign investors entering the Czech market may choose between several corporate forms. The fundamental law in this area is the Civil Code and Business Corporations Act.
There are no limitations for foreign investors when it comes to setting up companies. A foreign natural or legal person may establish any form of company either together with other foreign or Czech persons, or alone as a sole shareholder. In this respect, foreign natural and legal persons enjoy the same rights and bear the same obligations as Czech persons and may not be discriminated against.
Business Responsibility and Sustainability .pdfaakash malhotra
Read Deloitte India’s Business Responsibility and Sustainability Report and what it means for the top 1,000 listed entities in India. The Securities and Exchange Board of India (SEBI) introduced new requirements for sustainability reporting by listed companies. It aims to establish links between the financial results of a business with its ESG performance.
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
In this edition of Regulatory Focus, the experts in Duff & Phelps round up the latest news and publications issued by the Financial Conduct Authority. Read more
AIM stock market. What is the AIM stock market. AIM stock market listings. AIM stock market companies. AIM stock market London. Cost of joining AIM. AIM IPO. AIM vs NEX. AIM vs Standard listing. AIM for non UK Companies. AIM tax rules. How to join AIM stock market. AIM stock market rules. LSE AIM. Listing on AIM. Benefits of AIM stock market. AIM stock exchange. Floating a company on AIM. Floating a business on AIM. Raising funding on AIM . AIM for non UK companies. AIM case studies. stock market terms. AIM stock market timetable. AIM stock market shares.
Lexology Getting the Deal Through - Shareholder and activism & engagementSorcha McGann
Corporate partner, Ciaran Healy and Corporate senior associate, Naomi Barker co-author the Irish chapter for the Lexology Getting the Deal Through - Shareholder and activism 2019
Partners Sharon Daly, Darren Maher and April McClements co-author the Ireland chapter for Chambers Global Practice Guide to Insurance 2018. This chapter discusses regulation of insurers and reinsurers; insurance and reinsurance products; overseas-based insurers and reinsurers; M&A activity; Insurtech; emerging risks and new products; and legal developments in the industry.
La directive Solvabilité II va bouleverser la communication financière des grands groupes.
67% des entreprises s'inquiètent des réactions des marchés dans le cadre de la mise en oeuvre de la directive Solvabilité II.
L'étude KPMG « Solvency II exposed » détaille les évolutions de la communication financière liées à l'entrée en vigueur de la directive européenne Solvabilité II, prévue au 1er janvier 2016.
Register company from anywhere in India. Get a private limited, one person private limited or a limited liability partnership company incorporated now.
Czech or foreign investors entering the Czech market may choose between several corporate forms. The fundamental law in this area is the Civil Code and Business Corporations Act.
There are no limitations for foreign investors when it comes to setting up companies. A foreign natural or legal person may establish any form of company either together with other foreign or Czech persons, or alone as a sole shareholder. In this respect, foreign natural and legal persons enjoy the same rights and bear the same obligations as Czech persons and may not be discriminated against.
Business Responsibility and Sustainability .pdfaakash malhotra
Read Deloitte India’s Business Responsibility and Sustainability Report and what it means for the top 1,000 listed entities in India. The Securities and Exchange Board of India (SEBI) introduced new requirements for sustainability reporting by listed companies. It aims to establish links between the financial results of a business with its ESG performance.
This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows the highlights from the 2016 edition of the OECD Business and Finance Outlook. http://www.oecd.org/daf/oecd-business-and-finance-outlook-2016-9789264257573-en.htm
I need help please with these 2 assignments. of ul Uus Oll ook.pdfmdameer02
I need help please with these 2 assignments. of ul Uus Oll ook value mpact hical Dilemma
What\'s an expense? differences nge over the ATC 6-5 Several years ago, Wilson Blowhard
founded a communications company. The company became suc of its competitors. In fact, most ,
Wi cesful and grew by expanding its customer base and acquiring some f its growth resulted
from acquiring other companies. Mr. Blowhard is adamant about continuing the company\'s
growth and increasing its continue to increase at a rapid pace nal assets net worth. To achieve
these goals, the business\'s net income must If the company\'s net worth continues to rise, Mr.
Blowhard plans to sell the company and retire. -term assets licon micro- ften thought rms 10-K
or ing require- tructions in bsite; Intel\'s He is, therefore, focused on improving the company\'s
profit any way he can In the communications business, companies often use the lines of other
communications compa nies. This line usage is a significant operating expense for Mr.
Blowhard\'s company. Generally ac urred cepted accounting principles require operating costs
like line use to be expensed as they are ino each year. Each dollar of line cost reduces net income
by a dollar. After reviewing the company\'s operations, Mr. Blowhard concluded that the
company did not cur rently need all of the line use it was paying for. It was really paying the
owner of the lines now so that the line use would be available in the future for all of Mr.
Blowhard\'s expected new customers. Mr. Blowhard instructed his accountant to capitalize all of
the line cost charges and depreciate them over 10 years. The accountant reluctantly followed Mr.
Blowhard\'s instructions and the company\'s net income for the cur- rent year showed a
significant increase over the prior year\'s net income. Mr. Blowhard had found a way they are not
plant, to report continued growth in the company\'s net income and increase the value of the
company Required operty, a. How does Mr. Blowhard\'s scheme affect the amount of income
that the company would otherwise eview the AICPA\'s Articles of Professional Conduct (see
Chapter 4) and comment on any of the the fraud triangle discussed in Chapter 4 and comment on
the features of the fraud triangle eer? re port in its financial statements and how does the scheme
affect the company\'s balance sh Explain your answer standards that were violated that are
evident in this case ssets 00%
Solution
ATC 6-5
Answer to Assignment 1 :
a. Operating expenses have to be charged to the Statement of Profit and Loss instead of treating
it as a capital expenditure although the company did not utilise all of the expenses that it was
paying for. The accountants treatment of operating expenses as capital expenditure will overstate
profits particularly the EBIDTA of the enterprise. It will subsequently increase the retained
profits in case the company is profitable in the year. Also, assets will be orreneously increased
since the expenditure .
How to manage for preparation of md&a disclosuresHamdy Rashed
The disclosures in Corporate Governance Report, Sustainability Report and Management Discussion & Analysis (MD&A) Report are more common requirement of many stock exchange markets requirements of other organization. However, IFRS requires many disclosures but financial standards do not cover all information. Therefore, Stock Exchange market and other organizations require additional and more concise information that should be disclosed on frequently basis to provide the readers of annual report more adequate and comprehensive view of Companies.
Keywords: Management Discussion & Analysis Report, MD&A, Corporate Governance, Sustainability, Corporate Social Responsibility, listing Companies.
On Tuesday, 23 September, MCRB hosted a half-day workshop on “Anti-Corruption Programmes” for Myanmar businesses in Yangon. The workshop, held in collaboration with Spectrum – a Yangon-based sustainable development knowledge network - was the first in a series of events to follow-up on the Transparency in Myanmar Enterprises (TiME) report and build business capacity in the area of anti-corruption and human rights.
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by Ralph Haddad, Global Compliance Leader at Anti-Corruption at CAE Inc.
Taxmann's E-book |COVID-19 & Impact on Financial ReportingTaxmann
Contents Covered in this E-Book
• Non-performance of contractual obligations
• Travel and tourism industry is being hit hard
• Mitigating Factors
• Auditor’s responsibility
• Inventory physical verification
• Going concern assumption
• Other considerations
• Conclusion
Today's supply chains are going global, business' still work in silo's that disconnect the sourcing from the selling process, this creates compliance risk and potential liability. An Integrated Trade Compliance Strategy address' those concerns from Boardroom to Operational Execution.
A Positive Approach to Shariah compliance screeningsaydfarook
Presents a revolutionary positive approach to Islamic screening for investments presented at the 2nd Oxford Islamic Finance roundtable held at Oxford on the 15th of April, 2009.
Country-by-Country Reporting proposal - Working Breakfast 28 June 2016FERMA
On 28 June 2016, MEP Jeppe Kofod hosted a working breakfast meeting today at the European Parliament about the proposal published on 12 April 2016 by the European Commission to extend country-by-country financial reporting to most multinational groups operating in the EU.
The European Confederation of Institutes of Internal Auditing (ECIIA) and FERMA stated that Internal auditors and risk managers have a key role to play in ensuring that future financial transparency standards are well understood, embedded into the strategy of large corporations and become a source of competitive advantage.
Small international Oil Companies may have no desire to invest in oil and gas...Hamdy Rashed
We started writing this draft in October 2015, we could not finished this draft due to some reasons but we are still in finalizing it. We preferred to publish it in draft form temporarily.
Anyway, we preferred to cover status of Oil investment in Yemen which is my homeland but it is not the appropriate time to go through. This paper does not provide an absolute accounting view but it provides full picture of uncertainty of cash flow from proceeds of Kurdistan Iraq oil export and how long does it take this uncertainty which lead International Oil Company (IOC) to follow conservatism principle in recognizing the revenue and disable them to recognize and record the revenue of their share of oil export when it is sold. Also, we are not supporting party's attitude against another in the political view, we just showing the facts as they are but in full picture as much as we can because it is somewhere complicated. Sometimes we may need to re-read constitutions of the area and see facts in several angles and to understand the organizational behaviors of International Oil Companies (IOCs) in upper level and to know what is the right path that should be taken.
Cost management and performance measurements for petroleum upstream industr p...Hamdy Rashed
Cost management and Balanced Scorecard is not appropriate only for manufacturing and commercial industry; cost management is applied in upstream industry such as Petroleum exploration, development and production cost. Many Petroleum Companies don’t pay more attention to cost control or balanced scorecard and especially during exploration phase or small companies except if Companies face financial dilemma, declining production or if they see they cannot meet their planned schedule of Capital program that lead them to not meet their obligation, commitments and required return, therefore, they start considering cost reduction or control. This paper provide management accountant, cost controller, financial controller, financial manager, internal auditor and cost recovery auditor with brief of cost control, how cost is analyzed and managed and performance is measured in Petroleum upstream industry.
Cost management and performance measurements for petroleum upstream industry ...Hamdy Rashed
Cost control and management is not appropriate only for manufacturing and commercial industry; cost management is applied in upstream industry such as Petroleum exploration, development and production cost. Many Petroleum Companies don’t pay more attention to cost control and especially during exploration phase except if Companies face financial dilemma, declining production or if they see they cannot meet their planned schedule of Capital program that lead them to not meet their obligation, commitments and required return, therefore, they start considering cost reduction or control. This paper provide management accountant, cost controller, financial controller, financial manager, internal auditor and cost recovery auditor with brief of cost control, how cost is analyzed and managed and performance is measured in Petroleum upstream industry in accounting view and in conduction with technical information. The technical information that is covered in this paper is useful for accountant and non-technical staff who is interested. We don’t criticize or indicate fishing period that is stated in Standard Handbook of Petroleum and Natural Gas Engineering is wrong but we cover and adjust the fishing period formula and add new fishing period formulas in management accounting view only.
Cost management and performance evaluation in petroleum upstream industry part bHamdy Rashed
Cost control and management is not appropriate only for manufacturing and commercial industry;
cost management is applied in upstream industry such as Petroleum exploration, development and
production cost. Many Petroleum Companies don’t pay more attention to cost control and
especially during exploration phase except if Companies face financial dilemma, declining
production or if they see they cannot meet their planned schedule of Capital program that lead
them to not meet their obligation, commitments and required return, therefore, they start
considering cost reduction or control. This paper provide management accountant, cost controller,
financial controller, financial manager, internal auditor and cost recovery auditor with brief of cost
control, how cost is analyzed and managed and performance is measured in Petroleum upstream
industry.
Basic cost analysis in petroleum upstream industry part aHamdy Rashed
Cost control and management is not appropriate only for manufacturing and commercial industry;
cost management is applied in upstream industry such as Petroleum exploration, development and
production cost. Many Petroleum Companies don’t pay more attention to cost control and
especially during exploration phase except if Companies face financial dilemma, declining
production or if they see they cannot meet their planned schedule of Capital program that lead
them to not meet their obligation, commitments and required return, therefore, they start
considering cost reduction or control. This paper provide management accountant, cost controller,
financial controller, financial manager, internal auditor and cost recovery auditor with brief of cost
control, how cost is analyzed and managed and performance is measured in Petroleum upstream
industry.
How to determine the value of oil and gas propertiesHamdy Rashed
A lot of us may wonder why the oil and gas companies buy or sell the interests of other oil and gas
companies in specific properties at that price? Why it should not be more or less? How the value of
oil and gas properties are determined? Many Explorationists, geologists, Finance Manager,
management accountants or students have the same questions. Therefore, We discussed in this
paper the factors that impact the sale price of properties and how they are contributed to assess the
value of those properties. We classified the properties into three categories; exploration properties,
development properties and production properties and the Internal auditor’s role in reviewing the
valuation of such properties.
How to evaluate Oil and Gas Company’s Performance & Stock InvestmentHamdy Rashed
We discussed in this paper the impact of oil and gas production and reserves disclosure on
investment decisions in Oil and Gas upstream industry. We displayed with some special ratios and
analysis in brief to draw the attention of interested individual’s to how the disclosures of oil and gas
production and reserves are important for internal and external information users. Disclosing
specific financial and non-financial ratios and net present value of expected cash flow for petroleum
reserves depends on Company’s initiative and stock market requirements to disclose such
information in petroleum upstream industry. And we explain in brief of how to measure the fair
value of oil and gas properties and how its impact on the stock price in the secondary market, why
paying attention to the reliability in disclosure of reserves is important and what internal and
external auditors’ role is for verifying the accuracy and reliability of such disclosures.
Administrative overhead can be shared among all operator and non-operator or can be only charged against non-operator, it depends on the terms of the agreements between the partners.
Operator’s overhead is allowed by joint operating contracts, considered as management fees which either is recognized as revenue in Operator’s records based on paragraphs 52-53 of IAS 31 or be offset with the actual expenses based on requirements of international production sharing or joint operating agreements.
Some International production sharing and joint operating contracts do not allow including element of profit in charging the joint venture accounts by administrative overhead. If profit is included, Cost recovery or Joint Venture audit may request to remove such profit from joint accounts. Therefore, recording recovery administrative overhead depends on contractual terms, criteria of revenue recognition and management decision
Operator’s overhead that is allowed by Production Sharing Contract does not meet the criterion of revenue recognition which requires benefit flow to entity should be probable [Par of 20.b, 26, 27 and 28 of IAS 18]
Cost management for petroleum exploration part aHamdy Rashed
Cost control and management is not appropriate only for manufacturing and commercial industry; cost management is applied in upstream industry such as Petroleum exploration, development and production cost. Many Petroleum Companies don’t pay more attention to cost control and especially during exploration phase except if Companies face financial dilemma, declining production or if they see they cannot meet their planned schedule of Capital program that lead them to not meet their obligation, commitments and required return, therefore, they start considering cost reduction or control. This paper provide management accountant, cost controller, financial controller, financial manager, internal auditor with brief of cost control and how cost is analyzed and managed in Petroleum upstream, industry.
Investment and decision analysis for petroleum explorationHamdy Rashed
Investment and decision analysis for petroleum exploration is a subject that many explorationist, geologist, management accountant and finance manager likes to know about. This paper shows the major concepts of how investment, decision and project analysis is made for petroleum exploration in financial view that is based on cash-flow models and applying capital budgeting techniques per International Oil and Gas business, financial and contractual arrangement that impact on such analysis. This paper does not cover such analysis in technically view because it is out of specialization, but this analysis shall be made in conjunction with technical experienced staff.
Keywords: Investment and decision analysis for petroleum exploration, Project Analysis for Petroleum Exploration
Practical integrated accounting awarness for revenue and accounts receivablesHamdy Rashed
What types of fruad, Forensic accounting for revenue, how to understand accounting for revenue, how revenue is audited what are the internal controls over revenue.
Contingent liabilities, commitments and provisions in oil industryHamdy Rashed
What is the different between contingency, commitment and provision, how disclose the Joint venture minimum exploration payment or obligation in the financial statements
Oil and gas reserves report under ps as in oil and gas industryHamdy Rashed
How to disclose Oil reserves, gas reserves, oil and gas reverses, mineral resource reserves as GAAP and IFRS, and how to compute the net reserves per PSA (Production Sharing Agreement)
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
1. Transparency Reporting in Oil & Gas Industry
Hamdy A, Rashed, CMA, CAPM
Bachelor of accounting
Email: rashed.hamdy@gmail.com
Website: http://www.accountingsoul.com/
February 06, 2012
However, full disclosure is a principle of accounting, practically many companies could not give full
disclosure because the cost of preparing the full disclosure may exceed its benefits to the investors,
governmental or international agencies, analysts or any of the stakeholders but it is not an excuse to hide
information rather than to reveal it. The Companies with mysterious financial statements are considered
as high risky and less valuable for investor. Also, since Sep 11, many countries and international
organization seek toward transparency and still there are some nations offer shelter to financial criminals
looking for protection.
Transparency of financial reports prepared by government and their agencies was one of the requirements
that is enhanced by International Public Sector Accounting Standard Board. Transparency is another
challenge for the private sector that International Accounting Standard Board (IASB) and FASB seek to
offer greater in the form of full and better disclosure to stakeholders. IASB rejects the argument that say
more transparency will be disadvantage to companies because lack of transparency means nasty surprises
can come like what happened at Enron and Tyco.
During financial crisis, it was observed that lack of transparency in financial statements impacted the
valuation of companies that knocked risk of reducing the confidence in the financial markets. Transparent
financial information supposed to be more understandable, very clear frank or honest. The more branches
and joint venture entities and types of business company have, the more complicated it is, and the more
transparent information and disclosure is required by types of business and geographical locations.
Company that is doing well, has nothing to hide and is eager to publish their key performance indicators
and publish more about where it is making resources, and how it is spending the resources as widely as
possible that lead investors consider them more valuable than the company that keep information to itself.
Should Company disclose anti-corruption programme?
In addition to the above, transparency is required for fighting against corruption too. Corruption expose
the organization at significant risks, corrupt practices can occur during every phase of project, during
planning, tender, project execution, and operation. Corruption may cause losses by additional cost that
lead to make project uneconomic, and may cause reputational risk for company. Such practices can
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2. disadvantage owner (government or company) by awarding contract to inefficient contractor, and
disadvantage individual directors or managers by resulting in criminal prosecution, loss or imprisonment.
Corruption has different types, the below two types are example of the corruption.
Bribery
That representative of a party may pay bribe to another party in cash or in-kind as significant or high
expensive gift for retaining business or in exchange for award of a contract that a party is not effective or
efficient to retain such business. Bribery may be paid directly or indirectly by intermediaries to conceal
the bribes. The intermediaries can be agents, joint venture, subsidiaries and subcontractors.
Fraud
A representative of one party is try to deceive representative of another party to get wrong payment or
deny another party due payment.
As long as corruption exposes a company at risks, Oil and Gas Companies are recommended to adopt the
below anti-corruption programmes per Transparency international recommendations:
1. Company should maintain anti-corruption programme or code of conducts that
a. publicly have zero tolerance of corruption.
b. explicitly apply to all subsidiaries, all employees, subcontractors and suppliers and
partners,
c. require all employees to report potential violations of policy
d. commit to be in compliance with all relevant laws and anti-corruption regulations.
e. describe corruption-related risk assessment procedures.
f.
forbid or fully disclose political contributions and facilitation payments
g. provide against the risk of charitable contributions and sponsorships being used as
subterfuge for bribery, and company should fully disclose its charitable and sponsorship
contributions.
h. prohibit the offer or receipt of improper gifts, hospitality or expenses, and provide
guidance on the offer or receipt of proper gifts, hospitality or expenses.
i.
prohibit retaliation for reporting violation of policy and the policy should include
provisions for disciplining employees (including directors and managers) who involved
in corrupt activities.
2. Company should maintain transparent, fair, objective and reasonable procurement procedures that
include how the tenders should be evaluated and selecting the best supplier. Also, Company
should have effective internal audit which to be able to monitor the tender process and perform
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3. several internal audit to prevent and identify any corrupt practices. Internal audit should have
several staff that have competency in accounting and technical.
3. Company should have statement of support for the UN convention against corruption.
4. Company should publish statement from CEO or Chair of BOD supporting anti-corruption
principles of a company.
5. Company should provide direct contact or channels which employees can report potential
violations of policy or seek advise in confidence.
6. Company should disclose number of complaints received or incidents report for corrupt activities
through the communication channels.
7. It is recommended to have part in or explicitly support leading voluntary anti-corruption
initiatives and codes.
8. Company’s anti-corruption programme should be periodically reviewed for adequacy and
effectiveness.
9. It is recommended company to undergo external independent audit of its corruption programme.
What are the requirements for the transparent financial statement and annual report of oil and gas
companies?
United Nation Global Compact reports a principles against corruption that include policies, management
system and performance to evaluate the reliability of Company’s accounts, recommend to make public
details of their subsidiary’s whatever is fully or non-fully consolidated, subsidiaries’ countries and parent
company’s interests on the financial statements or websites to make it accessible to stakeholders and
recommend oil and gas Company to report country by country and their country to amend relevant
legislation to require their registered Companies to report country by country.
Oil and Gas Companies is recommended to perform following to increase the transparency per
Transparency International Recommendations, IFRS, and some stock exchange regulations
1- Companies should publicly disclose the names of its fully and non-fully consolidated material
subsidiaries with percentage of ownership and countries of incorporation in their financial
statements including the joint ventures. Also, this disclosure is required by IAS 31 and 28 and 27
which require disclosure of list of significant joint venture, subsidiaries and associates that
include names, proportion of ownership, countries of incorporation and description of interests in
all joint venture and discloses the aggregate amounts of each the following related to interests in
joint venture associates such as assets and liabilities, revenue and expenses, disclose joint venture
contingent liabilities and commitments separately.
2- Companies should publicly identify its material upstream fields of operation with percentage of
interest in their annual report or stock exchange filing.
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4. 3- Companies should publicly identify other partners in their material upstream fields of operation
with percentage of interest in their annual report or stock exchange filing.
4- Companies should ensure that its accounts are prepared in accordance with national GAAP or
IFRS and prevailing laws.
5- Companies should be subject to independent external audit.
6- Companies should disclose payments to host governments along EITI revenue streams indicators
that include government profit taxes, royalties, bonuses, rental fees, entry fees, profit oil and any
other significant benefits to government and by country. This recommended disclosure can be
added in the annual report along with management discussion or analysis or information on
Company page. Or those information can be disclosed in the financial statements but showing all
the operational results in gross then in net.
7- Companies should disclose their revenue, operating cost, development and exploration
expenditures, profit before taxes, and after taxes as net share by country. Also, IAS 14 that
requires disclosure of the revenue, cost, net profit and assets by geographic segment or business
segment. But IAS 14 does not specify the geographic location is by country and segment is
reportable if revenue or net profit or loss of the segment is greater than or equal to 10% of total
revenue or net profit or loss, company can group some countries in one geographic location, such
as “Asia, Middle East, Africa”
8- Companies should disclose the gross production volume, net production volume and gross
reserves and net reserves by country in its annual report.
9- Companies should disclose gross well and net well drilled during the period and by country.
10- Companies are recommended to disclose reserves replacement ratios, reserves life ratio, average
daily production per well, reserves replacement cost ratios.
In our view of point, Oil and Gas Companies, should adopt the above programme but regarding to
paragraph no. (i) above, most of national regulations such as (U.S FCPA) does not prohibit any payments
made for facilitating business process, but it prohibits any payments made for retaining a business. In fact,
and practically we could not fight against immaterial corruptions for facilitating process, but we
recommend oil and gas companies to establish transparent accounting records for controlling and
monitoring such kind of payments or unsupported expenses which are supposed to be periodically
reviewed by legal department, internal audit and external audit. For example, it is recommended to add
special subcode for accounts that are indicated to unsupported expenses or payments for facilitations.
Finally, transparent financial information can be appropriately provided to stakeholders by designing
proper accounting system and reporting process. Accounting Department or internal audit department of
oil and gas companies should make quality financial information requirements analysis and matrix to
know how to provide transparent financial information to stakeholders. And this matrix and the process of
improving the financial reporting will be discussed in our upcoming papers.
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http://www.accountingsoul.com/
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5. Source:
-
Promoting Revenue Transparency. 2011 Report on Oil and Gas Companies.Transparency
International. The global coalition against corruption. Revenue Watch Institute.
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http://www.accountingsoul.com/
Transparency Report in Oil Industry
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