Free Essay

Ferozsons Laboratories

In:

Submitted By mcccauley913
Words 942
Pages 4
Ferozsons Laboratories Limited

Week 6

Final Paper

Ferozsons Laboratories Limited

Ferozson Laboratories was established in 1954. They become the first local pharmaceutical company to be listed on the country’s stock exchange in 1960. Ferozsons' specializes in generic brand pharmaceuticals including anti-infectives, Gastrointestinal, Cardiovascular, and dermatology. The company has a consistent prescription growth rate of over 20% per year. As a publicly traded company on the Karachi Stock Exchange (KSE) and the Lahore and Islamabad Stock Exchanges, Ferozson Lab’s sets a goal to provide “best-in-industry” returns to their shareholders. Despite participating in an environment with a challenging regulatory environment Ferozsons Labs consistently reward shareholders with cash/stock dividends. Despite ridge price controls and a local currency depreciating the company has been named one of KSE top companies. Pakistan is part of the Islamic Republic, whose capital is Islamabad. Pakistan has a rich heritage, a large amount of resources both natural and human, a great potential for vast agricultural production, as well as a strategic location for trade. Pakistan has maintained a positive economic growth despite its political instability. The republic has been under military rule for an upward of 50% of the time over the past 64 years. More recent developments in the accounting sector have helped to stabilize Pakistan growth. The Institute of Charter Accountants of Pakistan (ICAP) was established in 1984. ICAP is the governing body for standard setting, quality control, and investigation, similar to the FASB in the United States. The government accounting system in Pakistan is overseen by Audit and Accounts. Order 1973 requires a general financial statement by the auditor based on the consolidated fund. The auditor is responsible for both accounting and auditing in Pakistan. This rule is currently under review by the charter. The public sector companies are required to use a cash basis for accounting while most private companies tend to use the accrual basis. When setting standards ICAP publishes exposure drafts that in turn are reviewed and commented on by its members. ICAP then makes final recommendations to the Securities and Exchange Commission. If the commission accepts the changes a “special regulatory order” is issued.
Once an order is issued compliance by public companies is required. Ferozsons Laboratories year end financial statements mirror of the same things as US financial statements. The annual financial report starts by listing the companies key note executives. The company’s mission statement is included followed by a “notice of annual general meeting. The notice serves to inform investors of the time, location, and areas of discussion for the meeting of the shareholders. Under Pakistan accounting code Ferozsons laboratories are required to include a “statement of material facts”. Next is a consolidated and individual set of financial results comparing the last 2 years for the company. Disclosures on corporate governance, future developments, IT, and highlights for the company round out the letter to the shareholders section of the financial statements. An auditor’s report is included which verifies the legitimacy of the financial statements based on Pakistan standards. The auditor gives a reasonable assurance opinion stating the reliability of the financial statements. Immediately following the auditor’s opinion the company provides a detailed state of financial statements. Included in the financial statements are adequate footnotes and detailed

disclosures. The disclosure requirements adhere to those required by ICAP. Overall the financial statements for Ferozsons very much mirror financial statements and requirements of the US companies. Stricken by colonial rule many developing Asian countries such as Pakistan have experienced a low confidence in their financial markets. Pakistan is one of these countries that has taken a stand and increased their quality of accounting to help stabilize and grow their financial markets. Due to these changes Pakistan accounting has moved toward a more transparent approach. Pakistan accounting rules and regulations require publicly traded companies to be open and publicly accountable. As you can see Pakistan has made great stride in their accounting system over the past several years. Due to these changes the economic growth has been on a stable rise. As far as Ferozsons Laboratories the financial statements appear to be in line with ICAP standards and regulations. Additionally the information provided by Ferozsons Laboratories is relevant and reliable to those who rely on the financial statements. Some of the strengths within Ferozsons statements are the clear, concise disclosures. Ferozsons disclosures are well documented and give an

accurate account of where the company stands. If any weaknesses exist in the financial statements it may be the abundance of information provided. Any time the accounting requirements are geared toward transparency the weakness of revealing too much information exists. By accounting for every ounce of question or uncertainty that may exist some investors may be weary of the strength of the company. It is very important for Ferozsons accountants to account for all aspects of the business and present them in a manner that does not leave investors questioning its strength. Ferozsons has seen great growth and stability of the past years. Stockholders of the company have been rewarded consistently through cash and stock dividends. Overall Ferozsons is in compliance with ICAP standards and as they continue to grow their market strength and be a staple in the Pakistan economy.

Works Citied

Ferozsons Laboritories Limited. (2011) Retrieved from: http://www.ferozsons-labs.com/investor.htm

Godden, Ted. (2010) “Financial Management and governance issues in Pakistan”. Retrieved from: http://www.adb.org/Documents/Books/Financial_Mgt/Pakistan/prelims.pdf

Institute of Charter Accountants of Pakistan. (2011) Retrieved from: http://www.icap.org.pk/web/links/0/ourvisionourmission.php

Radebaugh, Lee. (2006) “Culture, Societal Values, and Accounting” Pages 38-72.

Similar Documents

Premium Essay

Answers

...Slovenia, 5-8 September 2011  2011 WIETE Remote engineering laboratories for collaborative experiments A. Nafalski, Z. Nedić & J. Machotka University of South Australia Adelaide, Australia ABSTRACT: Personal and professional attributes of university engineering graduates have become local and national priorities in Australia and elsewhere. These include communication skills, the management of information, a capacity for creation and innovation, commitment to professional and ethical responsibilities, leadership and team skills, capacity for lifelong learning and appropriate professional attitudes. This paper reports on selected collaborative remote engineering laboratory developments that can address some or all of the above competence items, and allow experiments to be conducted with partners sitting at the same computer next to each other or at computers dispersed around the world. The Internet enables the global collaboration and information interchange in social media and also in more professionally oriented remote engineering and science laboratories, where students may work together being geographically located elsewhere. INTRODUCTION Remote laboratories offer great opportunities for local students’ worldwide access to facilities elsewhere in the city, in the country and in the world, the facilities being either unique, expensive, or allowing for interaction via the Internet [1-3]. Few remote laboratories offer a co llaborative working environment, even though engineers...

Words: 1543 - Pages: 7

Free Essay

Transmittal Letter

...As a part of a research project in our Business Communication class, we targeted the laptop requirement by students in the College of Business. Reasoning for the policy being implemented, its helpfulness for students and faculty alike, and the policy’s effectiveness was our main focus. This report will show the results of that research. Students, faculty, and the administration in the college of business were our focal point. Surveys were given to students with questions regarding financial hardships caused by laptop requirement and their opinions of the policy among others. Faculty was interviewed on their thoughts and how the policy helped with the classroom. Administration helped with the reasoning behind implementing the policy and some hints to phase outs of the computer labs located in the college of business. We found that students believed that the policy is not effective, but should be enforced. For faculty, some believe that the policy is helpful for learning and welcome laptops in the classroom while others feel that laptops can be a distraction to everyone. The administration implemented the policy because they want students to have the ability to work anywhere at any time with the specialized tools/software needed for courses taken. They also feel laptops are necessary for non-traditional students who may be full time professionals and have the option to complete courses online. Rumors that the laptop requirement was put into place because of possible computer...

Words: 314 - Pages: 2

Premium Essay

Action Research

...Action research Action research is a process by which educators carry out research, educators are urged to focus on issues they can influence. This is because educators are more often than not motivated to solve problems they have personally identified rather than those that have been identified by others. One of the topics approached through action research is the class specific research. In this topic, teachers investigate and seek solutions for a specific issue in the classroom. For example, a teacher may notice paroxysm in a certain student when a particular subject begins and can therefore move to address that issue by trying several remedial actions then identifying the most effective one. Another topic is collaborative research whereby teachers can work collectively to resolve a specific problem. For instance, a school may have limited computer facilities and teachers may notice that their requests to access the computer lab are overlapping. Teachers can seek a remedy to this problem by developing plans that allow different classrooms to access the labs at different times of the school year which will never overlap. The third is presenting findings. In this topic, teachers work individually in conducting action research which then can benefit other teachers who are doing research. After conducting individual research, teachers present their findings to a teacher’s meeting to let other teachers to incorporate their findings in the classroom. The final topic is the district...

Words: 267 - Pages: 2

Free Essay

Evolution Lab

...Evolution Lab Sherrie Hamby BIO/101 January 18, 2012 James Marlowe Evolution Lab Evolution is a necessary stage and part of life. It’s what has shaped and define all living organisms on this planet. Evolution has helped all population and organisms respond to change in their habitat. The way they have survived is by passing on certain traits that have worked on keeping them alive it is known as adaptation. I wanted to see what would happen if you changed the eating habits of finches. What effect this will have on the evolution of life on this island? Materials All of the materials that you will need for this experiment are: a computer, pencil, paper for notes, and access to the Evolution Lab on the student website for the University of Phoenix. Introduction First, I went to the student web site and used the Evolution Lab website for the University of Phoenix. What I wanted to do is run two different scenarios to determine how much effect food sources have on finches. The test has seven different variables that you can change and those are beak size, variance, heritability, clutch size, island size, population, and precipitation. The test is simulated on two different islands one is named Darwin’s Island and the other is named Wallace’s Island. Experiments The first experiment that I ran I chose to set my parameters for Darwin’s and Wallace’s island the same. The parameters are: initial beak size 12.0 mm, heritability 0.7, variance 1.0, clutch size 10.0 eggs...

Words: 1003 - Pages: 5

Free Essay

English Paper

...This is to be written about a lab you've already done in the course. See the instructions for possibilities on the lab topic. It is to be at least 3 pages, and not more than 5 pages double spaced. Below are listed the sections you should have in the paper. You DO need to separate sections and label them each separately! Don't run them all together or else points will be deducted. Title: 10 words or less. Introduction: This is to be background information. Here you give the hypothesis and talk about what other experiments have been done on this subject. This is where you can cite some outside sources. What is the purpose of the experiment? Methods: What equipment was used to do the experiment? What was being measured? Results: Here is where your graphs, figures, tables etc. go. Record the data here. Conclusion/Discussion: Here you can describe the data. What does it mean? Did your experiment support the hypothesis? Come to a conclusion. Here you also cite outside sources as you explain the results. References: Here is where you cite the sources used in your paper. This lab report should be 3 to 5 double spaced pages. Its format should follow that given in Lab Module 1 and illustrated in the lab simulation concerning Scientific Reports assigned at the beginning of the semester. That is, the report should be divided into 4 sections: Introduction, Methods, Results, and Discussion or Conclusion. Consult the Scientific Reports lab simulation concerning the content...

Words: 369 - Pages: 2

Free Essay

Paper

...After completing Lab 4 Acceleration Due To Gravity I can conclude that using a direct method (free falling activity) in obtaining acceleration is more precise than compared to the indirect method (pendulum swing activity). Thusly when I compared my results of each experiment, the free falling measurements were not so great, but closer to the earth’s acceleration. For example, my last measurement of the free falling activity was approximately 985.11 cm/s^2, which was very close to the earth’s acceleration. On the other hand my last measurement on the pendulum swing activity my last measurement was 2196.14 cm/s^2, which was very off from the earth’s acceleration. It is possible to assume errors in my calculations may had alter any of my measurements. Also possible errors in the experiment could have also altered my results. I can honestly say it is not that simple to obtain multiple measure close to the earth’s average. This experiment was overall simple to conduct, but obtaining really good results compared to the earth’s average is the challenge. I really enjoyed conducting this experiment using two different methods to obtain acceleration. My favorite activity was the free falling activity, because I actually obtain one very good measure. These experiments were pretty simple once I got the hang of using the equipment. I thought this experiment was quite interesting looking at my results and comparing them to the average. I had no dislikes on these experiments. Overall this...

Words: 258 - Pages: 2

Free Essay

Outline and Critically Evaluate Research Into Out-of-Body Experiences

...is inconclusive. Miss Z was an American student who claimed to have out-of-body experiences during her sleep. Charles Tart arranged for Miss Z to spend four nights in a sleeping laboratory, during which time he would test to see whether her out-of-body experiences really occurred. In order to test it, Tart hid a random five-digit number in the sleeping lab each night and asked Miss Z to find and remember the number during her out-of-body experience. She managed to get the number correct every night – the probability of this being due to luck is 1/100,000 therefore Tart concluded that she must have had out-of-body experiences each night in order to get the number correct. Sceptics have since questioned the reliability and validity of the findings of Tart’s research. Miss Z moved away straight after the experiment, meaning it could not be replicated. The results therefore cannot be verified and compared to other results therefore they lack reliability. Tart (1969) did attempt a similar study using Robert Monroe who also claimed to have out-of-body experiences but the experiment was unsuccessful and the findings were never published. Also noted by sceptics were the methodological issues during the Miss Z experiment. Despite Tart’s claim that Miss Z had limited movement in the sleep laboratory due to being attached to several machines, sceptics claim it could have been possible for her to gain the information using normal sensory channels. The target object was in the same...

Words: 529 - Pages: 3

Free Essay

Buckling Lab

...Scope: In this lab we studied Buckling. Buckling is one type of failure mode which is related to stability. Buckling is the result of axial compression resulting in a lateral deflection. In this experiment five steal columns with different lengths 25-5 “in” are being under axial compression forming buckling. Buckling can occur in any compressive structure and should always be considered in design. Significance: Columns are one type of the commonly used structure in bridges and building to support. However whenever these columns are compressed with axial load, they tend to buckle. The shorter the column the better it is when it comes to buckling. Longer columns tend to bulk faster and under a lower load. An extensive buckling may results into a fracture. Engineers prefer to use columns due to their lightweight and high strength, however, buckling is an important failure to look at whenever there is any structure with an axial load applied on it. Apparatus Required: Tools and materials used in this experiment are: 1. Baldwin Universal Testing Machine with 60, 0000 lb. capacity 2. Ruler. 3. Micrometer or Caliper. 4. Specimens: steel (C1018 hot rolled or ASTM A36) rods with nominal 0.5 inch diameter of with lengths of 5, 10, 15, 20 and 25 inches. (Nominal properties: E = 29500 ksi, sy = 36,000 psi) 5. Lubricating grease for ends of specimens. Procedure: First the diameter and the length of the sample specimens using a ruler for length and micrometer or caliper for diameter...

Words: 668 - Pages: 3

Free Essay

Hardware

...ITCS102 Desktop HardwareWeek 2 - Lab Worksheet | Student Name: <<Insert Name Here>> Guidelines for the Week 2 Assignment: This worksheet will assist you in completing your labs for this week. After you complete this worksheet, please save it as lastname_Week2Lab.docx and submit. You are required to complete all sections as indicated below. You will replace the red brackets and text with the indicated material. For example, for the “Student Name” section above, a completed response would look like this: Student Name: Monti Stanley When responding with text, please leave the text red so that your instructor will be able to find your responses easily. When pasting an image, please replace the red text with the image. Taking a screen shot: Be sure to press Alt+PrtScn key combination to capture a screen shot, instead of Ctrl+PrtScn. As you can see below, Ctrl+PrtScn captures the entire desktop while Alt+PrtScn captures only the active window. | | * Press Ctrl+PrtScn keys together * Press Ctrl+Fn+PrtScn keys together for some laptops | * Press Alt+PrtScn keys together * Press Alt+Fn+PrtScn keys together for some laptops | Complete the following activities by logging into the http://login.cengagebrain.com web site: 1) | LabConnection: Chapter 1 – Lab 1Follow the instructions provided in the course for accessing the LabConnection web site. Locate the labs for your class and then click on Chapter 1 – Lab 1. When you...

Words: 459 - Pages: 2

Premium Essay

Should Every Student Have a Computer

...decades ago and the subsequent introduction of the Internet, it has become an essential tool for many students and adults alike. Computer is used at work and even at schools which usually have computer laboratories. However, although computers are a great technological invention contributing tremendously to human kind, it is not necessary that each student should own a computer to be intelligent and smart. firstly, as mentioned above, most schools have computer labs which are accessible for students. thus, poor students who are unable to afford computers can utilise the facilities at their school or assignment and research. Secondly, research has shown that many students do not use the computer wisely. Most computers have internet connections that help students with research as it contains volumes of data. However there are students who use it to watch illegal and pornographic sites. some even download pornographic images and distribute it to other students. Thus, if students possess individual computers, they may be tempted to visit these sites as there is no supervision from school authorities. These smuts cannot be accessed via school computers as the sites are barred by school authorities. There is thus, better control and supervision of students at the school computer laboratories compared to students who own personal computers. In addition, many cyber and internet cafes are sprouting in malaysia. It is relatively inexpensive to use their facilities. Thus, it is not necessary...

Words: 426 - Pages: 2

Free Essay

Best Practice Guide for a Ddos Attack

...Running head: Best Practice Guide Best Practice Guide for a DDoS Attack WGU – LOT2 Hacking Task 2 Abstract This paper will accompany a PowerPoint presentation about best practices for preventing a DDoS attack. This will be the best practice guide and will be mentioning and elaborating all of the points in the slideshow. Best Practice Guide for a DDoS Attack It is important to have a plan in place when dealing with a DDoS attack. This guide will serve as the best practice guide for the university. Outlined will be some of the best practices to help prevent a DDoS attack and will be followed by the university. The first thing that the university needs to do is create a response plan and practice the plan over and over. The worst thing that could happen is a DDoS attack starts to occur and nobody knows what to do or what their role is in stopping this attack. A team must be formulated and assignments can be broken down between team members to divide and conquer this attack. It is better to have five different people working on five different tasks or ways to stop the attack instead of five people working on one. The best way to understand the attack is to attack yourself and find the weak spots. Performing a vulnerability assessment on your network will give you a better understanding how your networks functions and where you can find single points of failure. Redundancy is being able to still continue working...

Words: 935 - Pages: 4

Premium Essay

Explain the Processes Involved in Storing Information in a Scientific Workplace.

...scientific information in a laboratory management system. LIMS (laboratory information management system) is used in a laboratory for the management of samples, standards, instruments etc. The instruments are used in the laboratory network in order to be able to receive worklists from the LIMS so they are able to update any information that is relevant to other systems. An example of where LIMS is used is in industry as it maintains the information in the systems. Overall, LIMS have some special functions for example the registration of a sample, the storage of data and the equipment that is used in the analysis of the sample. The main feature of a LIMS is the sample management which involves tracking them. For instance if a sample container arrives the registration must be completed and the LIMS would track it and record its location. This could consist of printing off barcodes in order to identify the sample containers. LIMS could exchange and record electronic information. Along with all these functions of LIMS, it also manages the communication with your clients and the related documents. Also, all information is centralised. Some of the main types of information that would need to be stored on your lab’s LIMS would be COSHH records (control of substance hazardous to health) to ensure the awareness of health and safety, waste disposal to show how much waste is disposed and how much is actually produced, security because different types of laboratories have different levels of...

Words: 363 - Pages: 2

Premium Essay

Experiement

...Part I (6 points) Briefly describe the steps of the scientific method that would be followed when preparing for—and doing—a study. Make sure to put them in the proper order and to include the following terms: test hypothesis, conduct background research, analyze your results, report results, identify a problem, and formulate a hypothesis. The scientific method used for a study consists of the following; First of all, we must identify the problem that we will be studying on, this is simply knowing what the problem actually is. Once you know the problem, one must do a background research on such. This will help you build knowledge for the following step which is formulating a hypothesis. The person must use the knowledge acquired to support his theory. After this is done, the person must test the hypothesis to prove if his statement is supported or rejected. To figure this out, the person must analyze the results and report them to conclude his study. With the results the person can determine answer of the study. Part II (12 points) Design a quick, basic experiment to study the effects of background music on memory in terms of test performance (word recall). In your description of the procedure, remember to identify the following: hypothesis, independent variable, dependent variable, experimental group, and control group. Procedure: First of all, Hypothesis: We believe that background music effects a persons memory and does in fact help in terms of test performance....

Words: 547 - Pages: 3

Free Essay

Btru

...------------------------------------------------- Biology 215 (Biostatistics) Laboratory Spring 2016 Syllabus ------------------------------------------------- TA: Patrick Saldaña Office: LS 201 (Fish Ecology Lab, there is an angry fish on the door window) Hours: Thursday 1230-1330 (or by appointment) ------------------------------------------------- Email: psaldana@rohan.sdsu.edu Course Information: Located in room LS-126 Section 6, Thursday, 0800 Section 7, Thursday, 1400 Required materials: Biology 215 Course Packet, Dr. Douglas Deutschman Specific Grading Scheme Laboratory (Total = 40%) | Note | Quizzes and Homework 10% Lab Practical 1 12% Lab Practical 2 12% Participation 6% | You must pass both the lecture and lab portion of the class in order to receive a grade of C or higher for the class | Welcome to Biostatistics laboratory! The information below should be referenced for questions regarding class structure, policies, and procedures. Attendance is Required: You must attend lab! If you have more than two unexcused absences you will fail the course! Speak to me beforehand if you need to miss a lab for any reason. Come to Lab Prepared: You are responsible for reading the laboratory manual exercise for that day before class. Check Blackboard Regularly: You are responsible for checking Blackboard for announcements and materials. Be On Time: You are responsible for reading the laboratory manual exercise for that day before class...

Words: 809 - Pages: 4

Free Essay

Love

...ANATOMY AND PHYSIOLOGY I COURSE OUTLINE AHS 131 Professor: Kevin M. Costa Course Description: The study of cell structure and function, tissues, skeleton, muscular system, nervous system, and special senses. Required of all students in Physical Therapist Assistant, Surgical Technology, Medical Laboratory Technology, Respiratory Care, Nursing, Radiologic Technology and Radiation Therapy. (3 lecture, 3 laboratory hours). Required Text Book: Fundamentals of Anatomy and Physiology, Ninth Edition Frederic H. Martini Lab Manual: Laboratory Textbook of Anatomy and Physiology, Fourth Edition Michael G. Wood, Prentice Hall, N.J. 2001 Grading Policy: 50% - Lecture 50% - Laboratory Grading System: 90 – 100% A 85 – 89% B+ 80 – 84% B 75 – 79% C+ 70 – 74% C 65 – 69% D+ 60 – 64% D < 60% F Withdrawal Policy: It is the responsibility of the student to withdraw officially from courses by filing a properly completed Drop/Add form. If you fail to file a signed form with the Office of the Registrar within 24 hours of my signing, you will receive a WU or F grade for the course. You have 24 hours to officially withdraw from the course after the return of your 3rd exam or your grade will stand as is or earn an F. ...

Words: 635 - Pages: 3