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Qualification - Higher National Diploma in Business
Unit Name - Financial Reporting
Unit Number - Unit 13
Level - Level 5
Assignment Title - Evaluation of financial reporting standards
Learning Outcome 1: Evaluate financial reporting standards and theoretical models andconcepts.
Learning Outcome 2: Evaluate international differences in financial reporting.
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Grain Milling Industry in Sultanate
Flour milling capacity in the Sultanate has soared to around 3,300 metric tonnes per day, as on January 2019, a significant uptick that bodes well for Oman's goals to be food-secure, according to figures released by mill-owners.
As many as five large flour mills are currently in operation in Suhar, Muscat and Salalah. The oldest of these is Muscat-based Oman Flour Mill, which is 51 per cent owned by the Government of Oman and boasts a flour production capacity of 800 metric tonnes per day.
Suhar is home to two large flour mills each of 500 MT per day capacity. Al Khaleej Flour Mill came into production in Sohar Industrial City in 2017. In early 2019, Sohar Flour Mill, a subsidiary of Oman Flour Mill, commenced operations within Sohar Port and Freezone as part of an integrated food cluster.
Raysut Industrial City in Salalah is home to three flour mills, the largest of which is Salalah Mills Company. With a capacity of 1,500 MT per day, it is also the biggest plant of its kind in the Sultanate. Raysut Industrial City also hosts Al Rasheed FlourMill, which came on stream in 2012 with an initial capacity of 200 MT per day and has since ramped up output to reach 500 MT per day. Also, in operation at the industrial cluster is Al Reef Flour Mill, which came into production in 2016 with a capacity of 300 MT per day.
All five flour mills are an integral part of Oman's ambitions to secure the essential food requirements of the local population. The flagship plants, Oman Flour Mill and Salalah Millsare also equipped with grain silos, while the newly launched mill in Suhar will be integrated with a strategic grain reserve as well.
Salalah Mills Company SAOG (SMC)
SMC was incorporated in the year 1995 as a joint stock company with about US$ 18 million investment with the intention of milling and distributing premium quality wheat products to the Oman market and to export to African and other neighboring countries. The company commenced its commercial operation on 1stJanuary,1998. The mill is installed with state of art technology equipment from Buhler of Switzerland, who is the world leader for milling industries. With its most modern roller mills in the region, it has the capacity of 450,000 M.T. Annually milling wheat and has storage facility of 142,000 M.T.
The vision and mission statements of the company are as follows:
We shall continue to emphasize on excellence, competence, and high moral values in every aspect of life for the benefit of society and as an individual.
SMC is committed to the highest standard of quality flour and flour products to its consumers. To reach this goal, it teaches trains and equips every individual and teams to achieve its objectives.
SMC produces several flour products like All-purpose flour, White flour, Premium Bakers flour, Premium Arabic bread flour, Atta, Premium Atta, Chakki Atta, Brown bread flour, Semolina, Harees and Jareesh. The fine product mix is designed for individual as well as industrial customers, which are all available in convenient packing of 1kg, 5Kg, 10kg, 25kg, 30kg, 40kg and 50kg.
Domestic and export markets
SMC sells its products primarily in three geographical areas: Oman, Africa and other Asian countries. The company expanded and diversified its business activities across the value chain, leveraging Salalah's proximity to markets in the Arabian Gulf and East Africa.The company exports a sizable share of its output.
Exports to neighbouring Yemen soared 65.5% in 2018 compared to figures for 2017. Shipments to Somalia, however, declined 27.6% due to competition from Egyptian and the UAE-based flour mills. Overseas exports accounted for just over 50% of Salalah Mills' total revenue of around RO 52 million in 2018.The export sales quantity to Yemen decreased by 7% in 2019 compared to the previous year. Meanwhile, the sales quantity exported to Somalia was increased by 16% compared with 2018.
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Infrastructure and expansion
SMC continues to invest in support infrastructure and services as part of an integrated approach to flour milling in the Sultanate. The addition of new silos has boosted the company's grain storage capacity to 161,500 MT, which is the largest in the Sultanate. A packaging plant launched in April 2017 with a capacity of 48 million bags per annum will be expanded to produce 72 million bags per annum. Besides, the company also operates a macaroni factory featuring four production lines with a combined capacity of 123,000 MT per year.
Through several expansions of milling capacity, the company said it achieved its goal to be the biggest flour mill in Oman and one of the leading flour mills in the region.
Investment in Ethiopia
SMC is setting up a macaroni plant in Ethiopia to target the largeEthiopian market and neighbouring African markets.The company has signed a memorandum of understanding (MoU) with a giant Ethiopian industrial and trading group to set up the plant.The MoU includes transferring one of the long cut production lines from Salalah Macaroni Factory to Ethiopia, in addition to installing a new short cut production line.
The new project in Ethiopia will be the base for the additional food projects because of the size of the Ethiopian market and neighbouring markets. The transfer of one production line from Salalah will reduce the amount of equipment depreciation and improve the competitive position of the company.
In December 2018, SMC's board also approved the establishment of an import and distribution company in the UAE and Togolese Republic.
The Company has been restructured in 2018 through merger of its subsidiary Salalah Macaroni Company SAOC (SMC SAOC) by transferring its assets and liabilities. The Company had 64% equity interest in the subsidiary. The principal activities of the SMC SAOC were production of macaroni, pasta and related food products. Salalah Macaroni Factory has four production lines, with a total capacity of 123,000 metric tons per year. The final sanction by the Ministry of Commerce and Industry was awarded on 12thDecember 2018.
Other highlights of financial year 2019
• Polypropylene Bags Manufacture Expansion Project: The company expanded production capacity of by 50% in the month of October 2019.
• Animal Feed Line Enhancement Project: The company has plans to produce different concentrated Animal Food Products. The capacity expansion project is expected to be over by the fourth quarter of 2020.
• Agreement with World Food Program (WFP: The contract with WFP to provide Wheat Milling service for fees to supply to Yemen was renewed for the year 2020.
SMC is registered under the Commercial Companies Law 1974 as amended, superseded by Commercial Company Law 2019 promulgated by the Royal Decree No. 18/2019 "The Commercial Companies Law of the Sultanate of Oman".
Compliance with IFRS
These 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 Junior research analyst of a leading business school in the Sultanate, write a detailed report based on the published annual report of SMC for the year 2019, that critically evaluate the application of IFRS in application to specific countries and differences in financial reporting based on models and theories, given SMC's investment strategies, current market operations and the company's planned investments.
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Learning Outcomes and Assessment Criteria
LO3: Evaluate financial reporting standards andtheoretical models and concepts.
P5 Explain the benefits of
Standards (IAS) and
P6 Evaluate the models of
financial reporting and
M3 Critically evaluate
financial reporting and
auditing through the
coherent application oftheories and models tosupport 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
P7 Evaluate the differencesan importance of financial reporting across different countries.
M4 Critically evaluate the factors that influence international differences in financial reporting.
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