Urgent Paraphrasing needed

1 Source: Customised by CBFS@PSD@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

Submission Format:

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

wherever required.

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

word limit.

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 CBFS@PSD@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 CBFS@PSD@HND based on Pearson BTEC format: Annexure 5A

are the corner stones by which the company will measure its success.

Products:

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.

International Presence:

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.

Registration information:

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 CBFS@PSD@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

manufacturing.

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.

Required:

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.

References:

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

https://www.gicoman.com/aboutus_gic_approvals.shtml

Oman Construction Market | Growth, Trends, and Forecast (2019 - 2024). (2020). Retrieved 1 October 2020, from

https://www.mordorintelligence.com/industry-reports/oman-construction-market

Attachments:

1. Company Report

1_GICI_CompanyRep

ort_09002020_21.pdf

2. Balance Sheet

2_GICI_BalanceSheet

_09002020_21.pdf

5 Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 5A

3. Income Statement

3_GICI_IncomeState

ment_09002020_21.pdf

4. Cash Flow Statements

4_GICI_CashFlowStat

ements_09002020_21.pdf

5. Stockholder Equity

5_GICI_StockHolderE

quity_09002020_21.pdf

6. Notes to accounts

6_GICI_Notes_09002

020_21.pdf

7. Cooperate Governance Report

7_GICI_CooporateGo

vernanceReport_09002020_21.pdf

8. Auditors Report Corporate Governance

8_GICI_AuditorsRepo

rtCooporateGovernance_09002020_21.pdf

9. Management Discussions

9_GICI_Management

Dicussion_09002020_21.pdf

10. Auditors Report

10_GICI_AuditorsRep

ort_09002020_21.pdf

6 Source: Customised by CBFS@PSD@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

concepts.

P5 Explain the benefits of International Accounting

Standards (IAS) and International Financial Reporting Standards

(IFRS)

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

countries.

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 CBFS@PSD@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

description

LO3

LO4

Additional comments to the Assessor:

Learner declaration

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 CBFS@PSD@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

Dr.Roslin/Ms.Komal

Khakhar

Unit no. and title 13/Financial Reporting Targeted learning

aims/assessment

criteria LO3 and LO4

First Submission

Deadline

Date submitted

Targeted

criteria Criteria

achieved Assessment comments

P5

P6

P7

M3

M4

D3

General comments

Assessor

declaration

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

learner

Resubmission

authorisation by Lead Internal Verifier*

Date

* 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 CBFS@PSD@HND based on Pearson BTEC format: Annexure 5A

ASSESSMENT RECORD SHEET - RESUBMISSION – SUMMATIVE FEEDBACK

Deadline Date submitted

Targeted

criteria Criteria

achieved Assessment comments

P5

P6

P7

M3

M4

D3

General comments

Learner

Declaration

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

malpractice.

Learner signature Date

Assessor

declaration

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

learner