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Essay / Research Paper Abstract
This 4 page paper looks at Oman from the perspective of a potential company thinking of setting up a factory in the country. The first part of the paper considers the accounting issues that they will face and the second part looks at the financing issues and risks. The bibliography cites 5 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEomanac.rtf
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Unformatted sample text from the term paper:
overall risk due to the easing knowledge and competences. In this scenario the issues that need to be considered will include the accounting environment of the proposed investment and issues
that arise in terms of financing the investment in the foreign country. We will look at the accounting issued that need to be considered when planning and then at the
financing issues. 2. Accounting Issues In any country there will be different issues concerning accounting standards and practices. Rules and regulations may only be seen as reliable where there is
compliance, in Oman there appears to be a high level of compliance with the accounting framework in the country (Shankaraiah and Rao, 2004). Levels of transparency are good compared to
many other Middle East countries and although there is not full compliance the environment is fairly stable (Shankaraiah and Rao, 2004). For companies moving into the area it is worth
noting that Sultani Decree No. 77/86 has stated that all financial statements need to be prepared in line with International Accounting Standards (IAS) (Anonymous, 2006). Prior to this decree many
companies were already voluntarily complying with the IAS (Shankaraiah and Rao, 2004). In terms of accounting requirements all commercial organisations that have a capital of RO 10,000 or greater
must produce and maintain full accounts. These have to include the production of a day book containing the a daily record of the businesss commercial transactions, a stock register and
a monthly record that contains details of all personal withdrawals (Anonymous, 2006). The preparation of the accounts must make use of the accruals method where expenses and income are
matched to the period in which they occur not the period in which they are paid or received unless the company has received approval from the secretary-general for taxation for
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