Could help curb spread of pandemic influenza and antibiotic-resistant infections To help curb the spread of pandemic influenza and antibiotic-resistant infections, the U.S. Department of Health and Human Services' (HHS) Office of the Assistant Secretary for Preparedness and Response (ASPR) announced today it is advancing the development of a next-generation genetic sequencing platform. This is the first next-generation genetic sequencing platform supported by ASPR's Biomedical Advanced Research and Development Authority (BARDA). Next-generation sequencing describes technology that has enabled DNA and RNA to be read much more quickly than the previously used Sanger sequencing method. Under a $8.5 million, one-year contract with ASPR's BARDA, DNA Electronics (DNAe) of London, United Kingdom, and Carlsbad, California, will advance the development of its Genalysis sequencing platform, which determines the genetic code of a sample and identifies the organism within two to four hours. This information enables clinicians treating infected patients to anticipate antimicrobial resistance associated with the bacteria or diagnose the specific strain of influenza virus. Under this contract, DNAe will perform additional development and testing of its platform. The contract could be extended for up to a total of $51.9 million and four years. This testing will support the company's applications to the U.S. Food and Drug Administration for clearances of the platform for a series of applications. More rapid diagnoses will allow clinicians to ensure the right treatment is being given, providing faster care for their patients and potentially curbing the spread of pathogens, said Dr. Richard Hatchett, acting director of BARDA. This platform could help enable a faster and more accurate public health response to pandemic influenza and antibiotic resistant infections. The Genalysis sequencing platform could be used by healthcare and public health laboratories and hospital emergency clinics to sequence the genes of pathogens in patient samples. The machine then compares that information to a reference database being developed to determine the pathogens present in the samples and their resistance to particular drugs. Currently, obtaining that information can take several days and must be performed by experts. BARDA plans to couple this platform with another technology BARDA already is sponsoring that produces purified samples for testing and genomic analysis from a blood draw, nasal swab or other samples. The combination of these technologies may one day allow clinicians to identify pathogens by testing blood or other fluids from an infected patient without needing the sophisticated training required to operate genomic sequencers, potentially bringing this capability closer to patients' point-of-care. The Centers for Disease Control and Prevention (CDC) has estimated that a flu pandemic in the U.S. could result in between 89,000 and 207,000 deaths, and could cost the economy $71.3 billion to $166.5 billion. Additionally, the CDC estimates that more than 2 million people per year suffer antibiotic resistant infections in the U.S. resulting in more than 23,000 deaths. Advancing the development of this next-generation genetic sequencing platform technology is part of ASPR/BARDA's comprehensive integrated portfolio approach for advanced research and development, innovation, acquisition, and manufacturing of vaccines, drugs, diagnostic tools, and non-pharmaceutical products for public health emergency threats. In addition to antimicrobial resistant pathogens and pandemic influenza, these threats include emerging infectious diseases, and chemical, biological, radiological, and nuclear agents. ASPR leads HHS in preparing the nation to respond to and recover from adverse health effects of emergencies, supporting communities' ability to withstand adversity, strengthening health and response systems, and enhancing national health security. HHS is the principal federal agency for protecting the health of all Americans and providing essential human services, especially for those who are least able to help themselves. To learn more about ASPR and preparedness, response and recovery from the health impacts of disasters, visit the HHS public health and medical emergency website, phe.gov. Description: To help curb the spread of pandemic influenza and antibiotic-resistant infections, the U.S. Department of Health and Human Services' (HHS) Office of the Assistant Secretary for Preparedness and Response (ASPR) announced today it is advancing the development of a next-generation genetic sequencing platform. Contact Office Email: [email protected] Source link
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RELEVANCE: In recent years, the Oman economy has undergone a number of reforms, resulting in a more market-oriented economy. Particularly, the financial impetus extended by the Sultanate of Oman had signaled the beginning of a positive trend. The size of Oman industry is becoming much bigger and the expectations of various concerned parties are also increasing, which can be satisfied only by good Corporate Governance. The importance of good Corporate Governance has also been increasingly recognized by the industry for improving the firms' competitiveness, better corporate performance and better relationship with all stakeholders(1). In oman also the industries have obliged to reform their principles of Governance, for which, Oman companies will now be required to make more and more elaborate disclosures than have been making hitherto. This necessiates to adhere to the uniform and proper accounting standards, as the standards reduce discretion, discrepancy and enhances not only the degree of transparency in sharing of information with the parties concerned but also reinforces the broader role the directors need to play for achieving Corporate objectives in the midst of challenges and adversities. Here, the Corporate Governance is a voluntary, ethical code of business concerned with the morals, ethics, values, parameters, conduct and behavior of the company and its management. The corporate responsibility begins with the directors who are the mind and soul of a firm. The Board is expected to act as conscience-keeper of the corporate vision and mission, and devise the right type of systems for organizational effectiveness and satisfaction of stakeholders. Thus, the Corporate Governance is a system of accountability primarily directed towards the shareholders in addition to maximizing the shareholders' welfare(2), where the debate on disclosure/ transparency issues of Corporate Governance eventually centres around the proper accounting standards and their practices and issues, as the application of accounting standards give a lot of confidence to the corporate management and make the disclosure more effective and ensure the good Corporate Governance to promote a healthy investment climate. Thus, the study of practices of accounting standards is an important and relevant issue of good Corporate Governance in the present environment, as the standards are viewed as a technical response to call for better financial accounting and reporting; or as a reflection of a society's changing expectations of corporate behavior and a vehicle in social and political monitoring and control of the enterprise(3). STUDY: The old ways of selective and conservative reporting is yielding place to more transparent and voluntary disclosures, in tune with the changing times. There is no alternative to adopting by the corporate entities of new standards of accountability, where the accountability is largely a matter of disclosure, of transparency, of explaining a company's activities to those to whom the company has responsibilities(4) i.e. the disclosure in simple, understandable and comparable form, forms clearly the basis for accountability, which can be provided only if companies adopt uniform accounting policies and disclose adequate information about the accounting standards followed. Thus, accounting standards ensure the comprehensive disclosure of the corporate's accountability, which may be regarded as a prime issue and a pre requisite for good Corporate Governance. An examination of practices of accounting standards, and their issues in Oman industry may help to understand the existing practices of accounting standards, which in turn help in designing the effective standard practices so as to ensure good Corporate Governance leading to a healthy investment environment. In this context, an attempt is made here to examine the accounting standards and their practices in Oman, with a view to strengthen the accounting standards and improve their practices for good Corporate Governance. The data for the study are obtained from the annual reports (published during 2001-'02) of ten Omani companies of different nature, selected from the top companies in terms of assets. The sample consisted of 6 private and 4 public companies. The simple per centage method is used to analyze the data. The authenticity of the data is verified with the opinions of management, who are aware of the company affairs and Corporate Governance. The corporates' perceptions on the relevance of accounting standards for good Corporate Governance in the context of Oman are also examined. STANDARDS IN OMAN: In any country, the awareness and competitiveness among the corporates would be strengthened when they understand each other and compare their performance, for which the simple, understandable and comparable disclosure is an important instrument. The main objective of disclosure would be fulfilled and the utility of the disclosure towards good Corporate Governance would be improved when the disclosure is done on the basis of uniform and consistent accounting standards. Thus, the development and the practice of uniform accounting standards has become an essential ingredient of Corporate Governance and the various bodies have been contributing their wisdom to strengthen the standards to make the Corporate Governance more effective in the context of the changing corporate environment. The corporate management is also now feeling the pressure for reforming accounting practices and level of transparency emanating from alert lenders, regulatory agencies, financial analysts and above all, board of directors who realize that it is the quality of information which will determine how efficiently they have discharged their responsibilities towards the good Corporate Governance. In Oman, though the financial statements have been prepared in accordance with International Accounting standards issued by the International Accounting Standards Committee (IASC), interpretations issued by the Standing Interpretation Committee of the IASC and the requirements of the Commercial Companies Law of the Sultanate of Oman and the disclosure requirements set out in the rules for disclosure issued by the Capital Market Authority of the Sultanate of Oman, the disclosure is inadequate and is a negative phenomenon to a country which wishes to be strengthened further, because it cannot hope to tap the GDR market with inadequate financial disclosures, since the more transparent activities of a company governed by the proper accounting standards, the more accurately will its securities be valued(5). The International Accounting Standards followed in Oman industry are Presentation of Financial Statements (IAS 1); Inventories (IAS 2); Cash Flow Statements (IAS 7); Net Profit or Loss for the period (IAS 8); Fundamental Errors & Changes in Accounting policies (IAS 9); Events After the Balancesheet Date (IAS 10); Construction Contracts (IAS 11); Income Taxes (IAS 12); Segment Reporting (IAS 14); Effects of Changing Prices (IAS 15); Property, Plant and Equipment (IAS 16); Leases (IAS 17); Revenue (IAS 18); Employment Benefits (IAS 19); Accounting for Govt. Grants & Govt. Assistance (IAS 20); Effects of Changes in Foreign Exchange Rates (IAS 21); Business Combinations (IAS 22); Borrowing Costs (IAS 23); Related Party Disclosures (IAS 24); Retirement Benefit Plans (IAS 26); Consolidated Financial Statements (IAS 27); Investments in Associates (IAS 28), Hyperinflationary Economies (IAS 29); Banks & Similar Financial Institutions (IAS 30); Interests in Joint Ventures (IAS 31); Financial Instruments: Disclosure & Presentation (IAS 32); Earnings Per Share (IAS 33); Interim Financial Reporting (IAS 34); Discontinuing Operations (IAS 35); Impairment of Assets (IAS 36); Provisions, Contingent Liabilities & Assets (IAS 37); Intangible Assets (IAS 38); Financial Instruments: Recognition & Measurement (IAS 39); Investment Property (IAS 40); Agriculture (IAS 41). Though the Oman industry has been following all the International Accounting Standards, in practice, some of them are not free from criticism due to certain inherent weaknesses. The practices of these standards in the Oman industries and the gaps are discussed in what follows with a view to strengthen them for ensuring the good Corporate Governance. PRACTICES: The primary and secondary data collected from the select companies are carefully examined to find the extent of compliance with the accounting standards and issues in corporate practices. Some of the important findings are as follows: i) Perceptions on the relevance of Accounting Standards for Corporate Governance: Except one sample of private companies which has not disclosed its opinion, all others (90% of the sample) have expressed the accounting standards as more relevant for Corporate Governance. ii) Practices of Accounting Policies Disclosed in Annual Reports: The majority of the sample companies (80%) disclosed twenty to twenty five policies and the remaining is equally distributed between less than twenty and more than twenty five standards disclosed by the select companies. All the select public limited companies have complied with twenty to twenty five accounting standards. iii) Practices of Inventory Valuation: The sample companies have adopted either the lower of cost or net realisable value or moving average methods for the inventory valuation. iv) Practices of Preparation of Cash Flow Statement: All the select companies have presented cash flow and changes in equity statements. v) Corporate Practices of Depreciation: The study revealed that the majority of the sample companies (90%) have followed straight line method for the computation of depreciation and the remaining followed diminishing value method. Further examination revealed that all sample public companies followed the straight line method of depreciation. vi) Practices of Construction Contracts: The sample consists of one construction company, which has followed per cent of completion method. vii) Practices of Research & Development: None of the select companies has disclosed the expenditure on research and development. viii) Practices of other Standards: The study revealed that the accounting practices related to fundamental errors and changes, effects of changing prices, business combinations, hyperinflationary economies, financial statements of banks and similar financial institutions and agriculture were not disclosed by any of the select companies as the companies are not concerned with such activities. From the analyses of practices and general discussions, some of prime issues of accounting standards in the context of Oman are identified and presented here under in brief. ISSUES: i) Disclosure of Accounting Policies is followed by most of the sample companies, since it is mandatory. The items stated under accounting policies or notes are more or less same in all the concerns selected for the study, but the treatment of some items were not similar to the other concerns. The requirement of the disclosure standard is only to disclose the material facts, what is the material or immaterial it would be decided by the organization, where the influence of personal judgement is expected in the absence of concrete guidelines. Therefore, the existence of the standard is doubtful. ii) In few accounting standards, such as, valuation of inventories and depreciation accounting, the alternative accounting treatment is allowed. This kind of flexibility creates problems in judging the quality and reliability of financial statements of an enterprise and the different methods are followed for different companies or for different periods, the possibility of inter-unit, intra-industry or inter-period comparison is impaired. The lack of comparability renders the financial information less useful and creates confusion in the minds of the investing public. iii) In case of construction contracts, the standard provides for adoption of either completed contract method or percentage of completion method for recognition of profit on completed contract, which attracts the same limitation of comparability. iv) The hybrid method of accounting i.e. accounting for income on cash basis and expenditure on accrual (mercantile basis), followed by corporates, conveniently allows them to manipulate their reports. v) The standards setting process is closed and narrow and the execution is unsound , that causes the various practices and imperfect disclosure, which defeats the prime objective of accounting standards in achieving the good Corporate Governance. vi) The adoption of IAS in toto without looking into their relevance in the context of Oman industrial environment, lacks the focus on the domestic problems and indigenisation. The following suggestion are made on the basis of discussions with the corporates to solve the above issues and to improve the utility of accounting standards for ensuring good Corporate Governance. SUGGESTIONS: i) The most important suggestion for strengthening the accounting standards to improve the quality reporting thus Corporate Governance values, is focusing on the local conditions, improving the relevance i.e. indigenisation of accounting standards to make the standards more suitable or appropriate to the existing industrial phenomenon in Oman. ii) The Capital Market Authority in Oman in consultation with other professionals and regulatory bodies should evolve some mechanism to limit the scope of alternative methods available within an accounting standard. Thus,the use of uniform accounting standards would enhance the qualitative and comparability dimensions of financial statement and reporting. iii) The establishment of harmony among the applicable laws like Companies Act, Income Tax Act, Banking Regulations etc., which have significant bearing on different items of financial statements, would give true and fair view of business. iv) The formulation of comprehensive and indigeneous standards, like accounting for changes in prices, inflationary economies, segment accounting, accounting for joint ventures, earning per share, investment in subsidiaries, associates etc., useful to make accounting standards more user friendly and international acceptable. To sum up, though the entire industrial community in Oman has been following the International Accounting Standards and adopting disclosure practices to ensure true and fair view of the economic activities, still a lot more needs to be done to promote good corporate governance and a healthy investment climate. The other middle east countries, which adopt the policy of liberalization and intend to increase in international capital market activities due to globalization should learn that reducing the variety of approaches in the each accounting standards, formulating the comprehensive and indigeneous standards and making all accounting standards as mandatory have to be given top priority for attaining the required objectives, otherwise it will be exceedingly difficult for Oman investors to trust the Corporate Governance. ************************************************************* * The article is presented in Accounting, Commerce & Finance: The Islamic Perspective International Conference V, held in Brisbane, Australia during 15-17, June 2004. REFERENCES: 1. Tiwary, Ojha, Arun Kumar, Corporate Governance in India: What it Means and What it needs?, The Indian Journal of Commerce, New Delhi, Oct-Dec,1998, p.154. 2. Chandratre, KR, Role of Board of Directors in Emerging Dimensions of Corporate Governance and Impending Changes in Company Law, The Chartered Secretary, The Institute of Chartered Secretary of India, New Delhi, May 97, p. 505. 3. R.I.Ticker, Corporate Responsibility, Institutional Governance and the Roles of Accounting Standards in Michael Bromwich and Anthony G. Hopwood (Eds.), Accounting Standards Setting, An International Perspective, Pitman Books Ltd., London, 1883, p.27., Cited in Lele RK, Jawahar Lal, Accounting Theory, Himalaya Publishing House, New Delhi, 96,p.56. 4. Sir Adrian Cadbury, Developments in Corporate Governance, The Company Secretary, The Institute of Chartered Secretary of India, New Delhi, May 97, p. 497. 5. The Report of the Cadbury Committee on Financial Aspects of Corporate Governance, The Company Secretary, The Institute of Chartered Secretary of India, New Delhi, May 97, p. 573. 6. Verma, Garg, Singh, Disclosure of Accounting Standards Vis--vis Company Characteristics: A Study of Indian Corporate Sector, The Indian Journal of Commerce, New Delhi, Oct-Dec,1998, p.131. *************************************************************** Source by Kanukuntla Shankaraiah Tags: steve azoury,life insurance,annuities,investment,insurance,financial planning,steven azoury,northwestern mutual financial network,financial advisors,azouy financial,investment services The U.S. Commodity Futures Trading Commission and the Environmental Protection Agency today entered into a Memorandum of Understanding that allows the agencies to share Renewable Fuel Standard (RFS) data and analysis. Source link Tags: growth,business,wyandotte,average annual,wealth management,safe haven,brian teets,financial services,investments insurance,insurance retirement,financial planning,wealth accumulation,safe haven wealth management,investments,retirement planning Business Commentator N Lapeer St Lake Orion MI 48362 Have you ever bothered to have a look at your credit score? Most of us are not even aware about the importance of maintaining a healthy credit score. If your credit report has a bad credit score rating it's the time you start to improve your credit score rating. Credit score is just a three digit number but it has a great importance especially when you're thinking for applying a loan. Bank and money lenders check your credit score rating to judge your credit worthiness. Thus it becomes very much important to maintain a healthy credit score and report. Improve credit score is the best way to extend credit facilities. One of the best ways to improve your credit score is credit score repair. Credit score repair can help you eliminate any bad or negative remarks in your credit report. In order to improve your credit score you can also ask for online credit reports and score that can cost you a small nominal fee. In short improving credit score means increasing your credit score. Negative remarks require certain time to cease from your credit report. For example, bankruptcy exists for 10 years on your credit report whereas other negative remarks prevail for 7 years. Usually credit score ranges from 300-750 but average credit score lies within 600-750. In order to have good credit score a person must score above 700. It is obvious that person with bad credit finds credit limitations whereas person with good credit has credit flexibility. Concerning the growing importance of credit in modern business one must understand his responsibility to improve it. Below are some of the guidelines that can help you to improve your credit score. Pay your bills on time or on due date. Assure that you do not apply for credit too often. Maintain time limit to apply for credit. Too many and frequent inquiries can lower down your credit score. Don't open too many unnecessary accounts. Remember a zero balance account is taken into consideration Assure that you open only necessary accounts. Any balance in the credit card must be paid completely. Assure that you check your credit score periodically at least once in six months. Try to increase or raise your credit score rating to obtain better credit. Tags: The U.S. Commodity Futures Trading Commission (CFTC) announced that CFTC Chairman Timothy Massad signed a Memorandum of Understanding (MOU) with Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Ashley Alder regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Hong Kong. Source link Tags: WASHINGTON In 2012, Congress authorized the Rental Assistance Demonstration (RAD) to test a new way of meeting the large and growing capital http://www.michiganhomecareguide.com/paying-for-care/long-term-care-insurance/ needs of the nation's aging public housing stock. Source link Tags: Personal Finance Firm Texas 78731 The U.S. Commodity Futures Trading Commission (CFTC) today voted unanimously to issue for public comment a supplement to its December 2013 position limits proposal that will modify the procedures proposed for persons seeking exemptions from speculative position limits for non-enumerated bona fide hedging. Source link Tags: ... Tags: Retirement Consultant Oakland County MI Area 5 tricks to make it big with real estate investing Real estate investing is one of the most attractive ways of making good money (that is if you do it correct). Moreover, real estate investing is also a lot of fun. A lot of people practice real estate investing as their core profession and, in fact, make a lot of money that way. Real estate investing is really an art and, like any art, it takes time to master the art of real estate investing. The key, of course, is to buy at a lower price and sell at higher price and make a profit even after paying all the costs involved in the two (buy/sell) transactions. Generally, people are of the opinion that real estate investing makes sense only when the rates are on the rise. However, real estate investing for profits is possible just about any time (and as I just said, real estate investing is an art). Here is a list of tricks that can make real estate investing profitable for you: 1) Look for public auctions, divorce settlements and foreclosures (bank/FHA/VA): Since quick settlement is the preference here (and not price), you might get a property at a price that is much lower than the prevailing market rate. You can then make arrangements to sell it at the market rate over a short period of time. However, make sure that the property is worth the price you are paying. 2) Looking for old listings: The old listings that are still unsold may provide you with good real estate investing opportunities. Just get hold of an old newspaper and call up the sellers. They might have given up hope of selling that property at all and with a bit of negotiation you can get the property for a real low price. 3) The hidden treasure: A really old (and dirty) looking house may scare off buyers. But this might be your chance for real estate investing that can yield good profits. So, explore such properties and check if spending a bit on them can make them shine. You can get these at very low prices and make a big profit in a short time. 4) Team up with attorneys: There are a number of attorneys who handle property sales on behalf of sellers or in special circumstances (like the death of the property owner). They might sometimes be looking to dispose off the property rather quickly and hence at a low price. Be the first one to grab such real estate investing opportunities and enjoy the profits. 5) Keep tab on the newspaper announcements: Property sell offs due to deaths, divorce settlements, immediate cash requirements and other reason are frequently announced in local papers. Keep track of such real estate investing avenues. Tags: |
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