...CORPORATE WORLD Clause 49 of Listing Agreement on Corporate Governance —Dilip Kumar Sen SEBI has revised Clause 49 of the Listing Agreement pertaining to corporate governance vide circular dated October 29, 2004, which supersedes all other earlier circulars issued by SEBI on this subject. The article highlights important changes in the corporate governance norms. C lause 49 of the Listing Agreement, which deals with Corporate Governance norms that a listed entity should follow, was first introduced in the financial year 2000-01 based on recommendations of Kumar Mangalam Birla committee. After these recommendations were in place for about two years, SEBI, in order to evaluate the adequacy of the existing practices and to further improve the existing practices set up a committee under the Chairmanship of Mr Narayana Murthy during 2002-03. The Murthy committee, after holding three meetings, had submitted the draft recommendations on corporate governance norms. After deliberations, SEBI accepted the recommendations in August 2003 and asked the Stock Exchanges to revise Clause 49 of the Listing recommendations and the same was put up on SEBI website on 15th December 2003 for public comments. It was only on 29th October 2004 that SEBI finally announced revised Clause 49, which will have to be implemented by the end of financial year 2004-05. These revised recommendations have also considerably diluted the original Murthy Committee recommendations. Areas where major changes...
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...1 ANNUAL REPORT 2014 Table of contents ABOUT THE COMPANY Letter of Transmittal Corporate Information Milestones Board of Directors and Management Brand Values Products 3 4 5 6 -8 9 10 OPERATING RESULTS Summary of Key Operating & Financial Data 11-12 AGM & COMPANY PERFORMANCE Notice of 35th Annual General Meeting Chairman’s Message to Shareholders Report of the Board of Directors 13 14 ANNUAL REPORT 2014 15 - 19 1 Table of contents COMPLIANCE REPORT Corporate Governance Compliance Report 20 - 38 FINANCIAL RESULTS Auditors’ Report to the Shareholders Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Shareholders’ Equity Statement of Cash Flows Notes to the Financial Statements Unit-wise Working Result Schedule of Non- Current Assets Certificate on Review of financial statements PROXY FORM 39 - 40 41 - 42 43 - 44 45 46 - 47 48 - 80 81 - 82 83 - 84 85 ANNUAL REPORT 2014 2 Letter of Transmittal December 6, 2014 Esteemed Shareholders Bangladesh Securities and Exchange Commission Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited Registrar of Joint Stock Companies and Firms Dear Sir or Madam, Subject: Annual Report for the year ended June 30, 2014 It is our pleasure to inform you that the 35th Annual General Meeting of Olympic Industries Limited will be held on Wednesday, December 24, 2014 at 10:00 AM at our 2nd biscuit factory premises at Lolati, P.S. Sonargaon, District...
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...at 3:00 p.m. N I S S A N E L G R A N D I N F I N I T I F X 3 7 R E N A U L T M E G A N E R S CONTENTS 02 03 05 09 10 14 17 25 27 28 31 Corporate Information Business Divisions Report of the Board of Directors 8 Years Financial Highlights Profile of Directors Corporate Social Responsibility Report Corporate Governance Statement Internal Control Statement Other Statements and Disclosures Audit Committee Report Daily Share Price & Volume Traded on Bursa Malaysia Securities Berhad 33 Financial Statements 133 Ten Largest Properties of the Group 134 Shareholders’ Statistics 137 Notice of Annual General Meeting Form of Proxy CORPORATE INFORMATION Directors Dato’ Tan Heng Chew Executive Deputy Chairman and Group Managing Director Dato’ Ng Mann Cheong Senior Independent Non-Executive Director Dato’ Haji Kamaruddin @ Abas bin Nordin Independent Non-Executive Director Seow Thiam Fatt Independent Non-Executive Director Siew Kah Toong Independent Non-Executive Director Dato’ Khor Swee Wah @ Koh Bee Leng Executive Director Ling Ou Long @ Ling Wuu Long Executive Director Ho Wai Ming Executive Director Audit Committee Company Secretaries Yap Bee Lee Chang Pie Hoon Registered Address 62-68 Jalan Ipoh 51200 Kuala Lumpur Telephone : (03) 4047 8888 Facsimile : (03) 4047 8636 Website : www.tanchong.com.my E-mail : tcmh@tanchong.com.my Registrars Tricor Investor Services Sdn Bhd Level 17, The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur...
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...1 – Introduction to Managerial Accounting Genean Benders American InterContinental University Memo An internal managerial accounting system consists of information that management uses to make decisions about the operations of the business. As per the request of the CEO, I am writing a memo to provide information of the characteristics of managerial accounting and why it is necessary for another managing accountant within our company. The Seven Characteristics of Managerial Accounting There are seven characteristics of an managerial accounting system which is comprised of users and decision makers, purpose of information, flexibility of practice, timeliness of information, time dimension, the focus of information and the nature of information (Wild & Shaw, 2012). There is often confusion between financial and managerial accounting, therefore, the following will give detail of the explanation of the seven characteristics of managerial accounting versus financial accounting. This information should also aid with the understanding of why another managing accountant is needed. Users and decision makers. In managerial accounting, this characteristic refers to the internal management, unlike financial accounting that involves external users such as investors and creditors (Wild & Shaw, 2012). Purpose of Information. Management uses informational reports of the company’s financial activities to make important decisions about the ongoing operations of the business...
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...CORPORATE WORLD Clause 49 of Listing Agreement on Corporate Governance —Dilip Kumar Sen SEBI has revised Clause 49 of the Listing Agreement pertaining to corporate governance vide circular dated October 29, 2004, which supersedes all other earlier circulars issued by SEBI on this subject. The article highlights important changes in the corporate governance norms. C lause 49 of the Listing Agreement, which deals with Corporate Governance norms that a listed entity should follow, was first introduced in the financial year 2000-01 based on recommendations of Kumar Mangalam Birla committee. After these recommendations were in place for about two years, SEBI, in order to evaluate the adequacy of the existing practices and to further improve the existing practices set up a committee under the Chairmanship of Mr Narayana Murthy during 2002-03. The Murthy committee, after holding three meetings, had submitted the draft recommendations on corporate governance norms. After deliberations, SEBI accepted the recommendations in August 2003 and asked the Stock Exchanges to revise Clause 49 of the Listing recommendations and the same was put up on SEBI website on 15th December 2003 for public comments. It was only on 29th October 2004 that SEBI finally announced revised Clause 49, which will have to be implemented by the end of financial year 2004-05. These revised recommendations have also considerably diluted the original Murthy Committee recommendations. Areas where major changes...
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...business for the fact that it produces and keeps pertinent financial information of business entities. The profession strives to protect its core values of integrity, competence and objectivity which remains the time tested building blocks for what has been a truly successful and honoured profession. For the study of accountancy in Africa, Nigeria is important for several reasons. Nigeria, the most populous country in Africa, has crude oil as her main export and she has remained a rentier state in terms of revenue generation. The need for legal regulations for exercising accounting profession came to reality on September 1, 1965 by the enactment of the Institute of Chartered Accountants of Nigeria Act (ICAN). Some decades later the Association of National Accountants of Nigeria was established by law. For the accountants to truly play a leadership role in their field, they must be proactive participants in the development process. Nigeria became independent in 1960 at the crest of a global wave of decolonization. Nigeria was born a giant. Economically it started out on a strong base, when its per capita income was higher than those of India, Pakistan and the Congo. She could feed her people and was a leading exporter of palm produce, cocoa, groundnuts, cotton and tin ore. Then came the oil boom, the explosion of international oil prices transformed the macroeconomic situation...
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...OLDTOWN BERHAD (797771-M) OLDTOWN BERHAD (797771-M) (Incorporated in Malaysia) (Incorporated in Malaysia) The Board of Directors (“the Board”) of Oldtown Berhad (“the Company”) recognises the value of good governance and believes that a high standard of corporate governance will deliver long-term sustainable shareholder value. The Board is committed to ensure good corporate governance practices are applied throughout the Company and its subsidiaries (“the Group”). This Statement sets out the key aspects of how the Company has applied the Principles and Recommendations of the Malaysian Code on Corporate Governance 2012 (“MCCG 2012”) during the financial year ended 31 March 2014 and any non-observation of the Recommendations of MCCG 2012, including the reasons thereof, has been included in this Statement. Principle 1 – Establish Clear Roles and Responsibilities 1.1 Clear Functions of The Board and Management The Board leads the Group and plays a strategic role in overseeing the Group’s corporate objectives, directions and long term goals of the business. The Board is responsible for oversight and overall management of the Group. The Board Committees are established to assist the Board in discharging its responsibilities. The Board delegates specific responsibilities to three (3) principal Committees, namely the Audit Committee, the Nomination Committee and the Remuneration Committee. All committees have written terms of references and operating...
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...Professional Knowledge and Abilities American Accounting Association Introduction The following will describe the American Accounting Association (AAA), the ability the organization can attribute to my professional career and knowledge, and how this knowledge can be an attribute to my career success. How it will also help me to develop strategies and skills that will in the long run allow me to be a great asset to any agency in which I choose to work for . Describe AAA The American Accounting Association promotes worldwide excellence in accounting education, research, and practice (AAA, 2010). The AAA, founded in 1916, was first known as the American Association of University Instructors in Accounting until 1936 when the association name was changed. The American Accounting Association is composed of voluntary persons and professionals that are interested or involved in accounting, accounting education, and research (AAA, 2010). American Accounting Association Mission The American Accounting Association mission is “to further the discipline and profession of accounting through education, research, and service” (AAA 2010). The Association acknowledges that its members share a number of common values, which include the importance of their personal integrity, their objectivity, sense of community, open communications, respect for each other, high ethical values and personal behaviors, and an obligation to serve important stakeholders, including the broader society...
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... The purpose of my paper is to explore Forensic Accounting and the many aspects surrounding the field. I will determine the skills necessary to be a forensic accountant and its application to business operations. I will also describe the role the forensic accountant plays in a courtroom environment and the role played by the forensic accountant in the litigation process. I will also provide case examples where forensic accountants are used and have provided vital evidence in the case. Today, forensic accounting is a rapidly growing segment of the accounting practice, and the current demand for forensic accountants far outstrips the current supply. Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Have you ever been cheated, robbed or financially hurt by actions of others? Well, out of those feelings civil lawsuits arise based on the desire to reclaim what one perceives he/she has lost unjustly. Financial loss isn’t always easy to define or measure. So, the important task of investigating and quantifying the financial loss normally requires the expertise of a forensic accountant. A forensic accountant is a professional who uses a unique blend of education and experience to apply accounting, financial analysis and investigative skills to uncover truth, assist in financial...
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...(SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles that the new expectations spawned and renewed resulted in changes in how the professional accountants are to behave, what services are to be offered, and what performance standards are to be met. These standards have been embedded in a new governance structure and in guidance mechanisms, which have domestic and international components. The influence of the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) will be as important as that of SOX in the long run. This chapter examines each of these developments and provides insights into important areas of current and future practice. Building upon the understanding of the new stakeholder accountability framework facing clients and employers developed in earlier chapters, this chapter explores public expectations for the role of the professional accountant and the principles that should be observed in discharging that role. This leads to consideration of the implications for services to be offered, and of the key “value added” or competitive edge that accountants should focus their attention on to maintain their reputation and vitality. Sources of ethical governance and guidance are...
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...Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. It is the sole organization in Bangladesh with the right to award the Chartered Accountant designation. It has around 1,400 members. The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). Top of Form Bottom of Form Establishment: The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). ICAB's Administrative Ministry: The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. ICAB's Vision: To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- - To anticipate, meet and exceed the rising expectations of the society - To better use of opportunities to face the challenges of fiercer global competition - To recognize the changes in economy/ business and recognize the path to success by adopting changes in knowledge management and acquiring skills - To recognize its role as a regulatory body to equip its members (Chartered Accountants) with top-quality education...
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...Malaysia Keywords Accounting profession, Malaysia, Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process, within the context of a rapidly developing country. It shows how interest groups and parochial interests, along with issues of self-protection, affected the process of standard setting, which was controlled by different interests over the period under study. At one time the profession dominated. But far from being a monolithic body, it was in turn split according to various interests: the Big Six behind the Malaysian Association of Certified Public Accountants (MACPA) and the smaller firms behind the Malaysian Institute of Accountants (MIA). At other times big business prevailed. These conflicts and power struggles are revealed through an analysis of the case of the Goodwill Accounting Standard. Selvaraj D. Susela 358 Introduction This paper offers an understanding of the struggle within the accounting profession for control of the standard setting process, in the context of a developing nation. The focus on standard setting is specially geared to reveal the impact of that process on the profession, market, state and community, and vice versa. Susela (1996) illustrates that because standards clearly impact on practitioners (the profession), it is hardly surprising that they develop ``interests'' around standard setting...
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... Introduction A. My paper is about a leader in the accounting field, Richard Caturano. This project discusses why he is successful through being a great leader. Richard Caturano is an executive managing partner at McGladrey, LLP, in Boston. Richard is a founder of Caturano and Company. Richard is chairman of the AICPA. B. I want to demonstrate why he is a great leader and show how he has become successful through his leadership skills. C. Main Ideas 1. Founded a successful accounting firm. 2. Chairman of the AICPA. 3. Recognized as the most influential person in accounting by Accounting today. 2. Accounting is my major. A. I chose this field because I have always liked numbers. I believe that an accountant is important a company’s financial success and I want to be a part of helping company’s excel. B. I expect to graduate in January of 2016. 3. Richard Caturano is the subject of my project. A. He is successful and highly recognized across the accounting world. COLL/148: LEADERSHIP OUTLINE 3 B. Richard created one of the most successful accounting firms in the world. He has been a great inspiration for aspiring accountants. 4. Characteristics of an effective leader. A. A few characteristics are being humble, faces & solves problems, gives clear direction and...
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...part of our lives; it helps managers make decisions to improve business operations, allows for faster transfer of information, and is simply a basic necessity to do business in many professions including accounting. There are technological trends that will have a tremendous impact on the accounting profession: cyber security, cloud, mobile devices, and big data. The Cloud and mobile technology available today is transforming the job of the tax and accounting professionals (Proformative.com, 2012). Where technology used to be behind the scenes at the office, its use is increasingly extended beyond internal use and out to the client. Mobile accountants work remotely between 5.8 to 8.6 hours per week. By 2015 the number of mobile workers is in North America and Latin America is to exceed 212 million (Proformative.com, 2012). More accountants are using smart phones for work; mobile access allows firms to connect with clients outside of regular business hours, and other locations. Smartphone’s are quickly being adopted by the accounting professional, many still think of the Smartphone as just a mobile phone with additional features such as texting and music player. However with the advancements of the phone it would be more accurate to say that it is a small computer that can also act as a phone (Jagst, 2011). Of course laptops will continue to play an important role in the accounting practice of the future, but the tablet computer will be much bigger. Mobile computing will continue...
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...Society staff Sacco that receives savings and gives loans members. The Sacco has grown over the years and it seeks to provide better services to the ever increasing number of members. The Sacco Society is looking for a qualified person to fill the following position: |Position Title: Assistant Accountant | | | |Reporting to: Sacco Treasurer | | | |Job location: Nairobi | Overall purpose The incumbent will be Responsible to the Sacco Management Committee for effective planning, budgeting, reconciliation and accounting operations. Other responsibilities include managing bank reconciliations and reporting the monthly cash flow position. Duties & Responsibilities • To maintain books of accounts by inserting data into the accounting system (electronic and manual) • Prepare payment vouchers and issuance of cheque payments to members • Ensure that all payments...
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