The word consolidated financial statement is common in accounting, business, and finance world industry but not on the layman or common person. So, what is consolidated financial statement? But before we will answer that question let us understand first what is financial statements? We can’t understand, talk and discuss consolidated financial statements without first talking and knowing the word financial statement because naturally and generally they are similar only the scope, purpose or form differs but you should not confuse and mixed the two.
Financial statements are an official record of the financial activities and positions of the business, companies, entity, individual, and even the government institutions. Relevant financial data and information is presented in a well-structured manner and in a form easy to understand even by the ordinary readers of the financial statements. The users and beneficiaries of the financial statements are not only limited to owners, investors, and stockholders but also includes the government, employees, unions, creditors, debtors, banks, and credit institutions. They use the information’s written in the financial statements to assess how the company are performing in terms of managing the business whether it losing or gaining profit and can continue its operations. The three basic financial statements are balance sheet (statement of financial position), income statement (statement of financial performance or profit and loss, cash flows (statement of cash flows), and statement of retained earnings. The usual information that can be seen in financial statements are cash, accounts receivables, accounts payable, retained earnings, share capital, sales revenue, expenses, cost of sales, net income, and tax expense. It is very important that any companies or business should have financial statements as it is a minimum requirement, this is where the vital information of the financial activities of the company shown, and it is the documents that banks ask if the companies files for bank loan.
Below three image illustrations are the sample of Consolidated Financial Statements. These three images below are the three major example of Consolidated Financial Statements. Credit to Al Jaeera Steel Products Company SAOG.
What is Consolidated Financial Statement and How it is Related to Financial Statement?
Consolidated financial statements are the financial statements of a group of companies in which their assets, liabilities, equities, sales, expenses, incomes, and cash flow activities of the parent company and its multiple subsidiary are presented as those of a one single economic entity per IAS 27 (International Accounting Standard 27) and IFRS 10 (International Financial Reporting Standard 10) requirements. Simply to say consolidated of financial statement is a combination of different financial statements of the parent company and its subsidiaries inputted as one with doing some eliminations as necessary to avoid double recognition of same inter-company transactions. In preparing consolidated financial statement there are two basic procedures to be followed. First, you need to cancel out all the entered items that are accounted as assets in one company and liabilities in another company then add together all uncancelled items this activity called inter-company reconciling items.
The relationship and similarities of financial statements and consolidated financial statements were they have both balance sheet (statement of financial position), income statement (statement of financial performance or profit and loss), cash flows (statement of cash flows), and statement of retained earnings. They presented almost the same with the financial statements but will differ naturally the figures because consolidated financial statement is the combination of all financial statements of parent company and its subsidiaries while financial statements may either just a financial statement of one subsidiary or the parent company without yet the input of the other. Simply to say financial statements is financial information activities of one company while consolidated financial statement is the combined financial information activities of multiple companies combined as one single entity.
The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
In a social context, innovation helps create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers’ purchasing power. Innovations are divided into two broad categories:
Evolutionary innovations (continuous or dynamic evolutionary innovation) that are brought about by many incremental advances in technology or processes and
revolutionary innovations (also called discontinuous innovations) which are often disruptive and new.
Innovation is synonymous with risk-taking and organizations that create revolutionary products or technologies take on the greatest risk because they create new markets.
Imitators take less risk because they will start with an innovator’s product and take a more effective approach. Examples are IBM with its PC against Apple Computer, Compaq with its cheaper PC’s against IBM, and Dell with its still-cheaper clones against Compaq.
In 2010, Thomas Thwaites decided he wanted to build a toaster from scratch. He walked into a shop, purchased the cheapest toaster he could find, and promptly went home and broke it down piece by piece.
Thwaites had assumed the toaster would be a relatively simple machine. By the time he was finished deconstructing it, however, there were more than 400 components laid out on his floor. The toaster contained over 100 different materials with three of the primary ones being plastic, nickel, and steel.
He decided to create the steel components first. After discovering that iron ore was required to make steel, Thwaites called up an iron mine in his region and asked if they would let him use some for the project.
Surprisingly, they agreed.
The Toaster Project
The victory was short-lived.
When it came time to create the plastic case for his toaster, Thwaites realized he would need crude oil to make the plastic. This time, he called up BP and asked if they would fly him out to an oil rig and lend him some oil for the project. They immediately refused. It seems oil companies aren’t nearly as generous as iron mines.
Thwaites had to settle for collecting plastic scraps and melting them into the shape of his toaster case. This is not as easy as it sounds. The homemade toaster ended up looking more like a melted cake than a kitchen appliance.
This pattern continued for the entire span of The Toaster Project. It was nearly impossible to move forward without the help of some previous process. To create the nickel components, for example, he had to resort to melting old coins. He would later say, “I realized that if you started absolutely from scratch you could easily spend your life making a toaster.”
Don’t Start From Scratch
Starting from scratch is usually a bad idea.
Too often, we assume innovative ideas and meaningful changes require a blank slate. When business projects fail, we say things like, “Let’s go back to the drawing board.” When we consider the habits we would like to change, we think, “I just need a fresh start.” However, creative progress is rarely the result of throwing out all previous ideas and innovations and completely re-imagining of the world.
Consider an example from nature:
Some experts believe the feathers of birds evolved from reptilian scales. Through the forces of evolution, scales gradually became small feathers, which were used for warmth and insulation at first. Eventually, these small fluffs developed into larger feathers capable of flight.
There wasn’t a magical moment when the animal kingdom said, “Let’s start from scratch and create an animal that can fly.” The development of flying birds was a gradual process of iterating and expanding upon ideas that already worked.
The process of human flight followed a similar path. We typically credit Orville and Wilbur Wright as the inventors of modern flight. However, we seldom discuss the aviation pioneers who preceded them like Otto Lilienthal, Samuel Langley, and Octave Chanute. The Wright brothers learned from and built upon the work of these people during their quest to create the world’s first flying machine.
The most creative innovations are often new combinations of old ideas. Innovative thinkers don’t create, they connect. Furthermore, the most effective way to make progress is usually by making 1 percent improvements to what already worksrather than breaking down the whole system and starting over.
Iterate, Don’t Originate
The Toaster Project is an example of how we often fail to notice the complexity of our modern world. When you buy a toaster, you don’t think about everything that has to happen before it appears in the store. You aren’t aware of the iron being carved out of the mountain or the oil being drawn up from the earth.
We are mostly blind to the remarkable interconnectedness of things. This is important to understand because in a complex world it is hard to see which forces are working for you as well as which forces are working against you. Similar to buying a toaster, we tend to focus on the final product and fail to recognize the many processes leading up to it.
When you are dealing with a complex problem, it is usually better to build upon what already works. Any idea that is currently working has passed a lot of tests. Old ideas are a secret weapon because they have already managed to survive in a complex world.
In this special report we focus on the top innovations that will fuel some of the key trends in 2018 and offer plenty of opportunities for businesses across retail, travel, publishing, property management and the healthcare sector. From tackling ‘fake news’ to reviving bricks-and-mortar as well as embracing the circular economy and the power of data, these innovations aim to inspire you and support you in your mission to drive product and business transformation.
Top 5 innovation ideas for 2018
1 Smart box wants users to take control of their health
The health industry has boomed in the past five years, with the desire to achieve peak fitness levels and track progress along the way proving popular with both fitness junkies and those simply wanting to look after themselves. Technology has allowed people to access their personal data from their own homes, with smart devices, apps, wearables and personalised services meaning it has never been easier to know how fast you run, what your blood pressure is and how many calories you are consuming.
UK-based Vie’s creation of a smart box that provides readings on heart rate, blood pressure, glucose and cholesterol levels, and blood oxygen can help the user detect the early signs of chronic diseases. The simplicity of having such a device in your home provides a preliminary step when tracking health that can be used before consulting a professional. Another notable device is the low-cost product that uses temperature to detect skin cancer. We predict the continuation of steady growth in this field as the public’s desire to be healthy proceeds to grow worldwide.
2 Digital publishing platform connects artists with audiences
Cryptocurrencies came to the forefront of news in 2017 thanks to their value multiplying at unprecedented rates. While many are still sceptical of its reliability as a form of currency, it is undeniable that such forms of payments are to become more prominent in coming years, especially now investors have had an insight in how their money can grow. The Lightstreams digital publishing platform uses an Ethereum-based blockchain network to connect music artists with audiences. The network will provide transparency for artists and help avoid misallocation of royalty fees and the damage caused by fake reviews.
Polish startup Userfeeds is also utilising the power of cryptocurrencies by using it as a means to provide transparency in news, thereby thwarting the spread of so-called ‘fake news’. This unique approach to using cryptocurrency is just one way it can be manipulated for differing industries. In 2018 we will see increased transparency across all sectors through the use of blockchain technology and streamlined transactions with the spread of smart contracts.
3 Interactive and practical retail space pilots new emerging brands
Retail spaces are no longer just places to browse shelves and make purchases. Technology has revolutionised the shopping experience by replacing store assistants with robots, boosting sales opportunities with digital walls and more. A new store developed by Simon Property Group is acting as a micro-retail space for emerging brands, eliminating the high cost of renting a permanent bricks and mortar shop. The spaces provide a multitude of technology-based offerings like staffing solutions and temporary displays.
Such leasing models will help small and new companies entering their respective fields gain the publicity they need to evolve. The flexibility that comes with innovative store concepts makes it a mutually beneficial business model, with new companies keen to take advantage of such opportunities and the brains behind the models having plenty of customers. E-commerce fashion business Farfetch has taken its own approach, combining the luxury retail experience with technology. Its store creates an augmented retail environment that brings the advantages of online commerce into the physical space. 2018 will see retailers embrace the concept of ‘experiential store’ making use of new technology to gain competitive edge.
4 Virtual aquarium tunnel speeds up security checks
With security measures at transport hubs tighter than ever before, technology has an integral role to plays in providing a simple, smooth and fast solution that is reliable for both passengers and security. Biometric security systems are a popular method adopted by airports such as Dubai International, which introduced a facial recognition system within a virtual aquarium. Passengers simply walk through the tunnel-shaped aquarium and when focused on a fish, 80 built-in cameras scan the face.
In addition to this unique take on the technology, NEC Corporation has created an earphone prototype that assists secure computing thanks to authentication. The device recognizes the characteristics of a user’s ear in order to enable hands-free authentication, providing an even faster way of logging into your computer. Biometrics is gradually integrating into everything we do, and businesses adopting the technology into its own product prototypes will give a nod to the future ‘normal’.
5 AI property management saves time and money
Once featuring only in Hollywood films, artificial intelligence is now expanding the way companies approach data that can hugely impact their business action.
Manual collation or even use of basic systems can be laborious, hard to analyse and mistakes can be easily made. By using an AI system, companies can access the widest range of information possible with minimal effort.
One example is AskPorter, an AI property management platform that aims to reduce inefficiencies in workflows and change the role of property manager into that of a supervisor or concierge. By acting as the first point of contact for queries, simple questions and requests from tenants can be managed quickly and easily.
In a different industry, DemandJump has created an AI-enabled marketing platform named TrafficCloud that guides marketers on what action to take next with campaigns. Unlike traditional data collation tools that would look into page hits, for example, this new tool is able to link customer activity across devices and present a much more detailed analysis of traffic between sources. Such innovation could revolutionise the way businesses look at their data.
Al Jazeera Steel Products Company SAOG was established on Jun 27, 1996 which mostly deal in manufacturing business of different types of structural and steel tube products in the middle east countries. They also exported their manufactured products to twenty-five major western countries, including USA, Canada, Mexico, Australia, Germany, and other EU countries. The company also imported their products on major Asian countries like Indonesia, China, and Malaysia. The company also sold and manufactures like electric resistance welded products, angle bars, rounds bars, and deformed bars, bar mill products for the constructions of buildings. Al Jazeera Steel manufactured products are used in various application like building constructions, building housing projects, bridges, canal irrigation, agricultural infrastructures, engineering, public health, public highways, toll bridges and public roads, scaffolding tubes, fencing and boring, steams and gas, firefighting equipment, water and sanitation pipes, civil and industrial engineering, mechanical engineering, and building structures.
In the past several years the mills manufacturing plant has become one of the leading tubing manufacturer plants in the Middle East region and also made the company Al Jazeera Steel Products Company SAOG one of the leading players on steel manufacturing. Al Jazeera company also offers tubulars products in both black and galvanized conforming to major International specifications industry standards. Al Jazeera Steel Product is primarily based in Sultanate of Oman. Al Jazeera Steel Products Company SAOG is one of the subsidiaries of Global Buyout Fund LP a Kuwait base pipe manufacturing company. Al Jazeera Steel Products Company SAOG is listed at Muscat Securities Market at Muscat, Oman, Sultanate of Oman on January 6, 2003 which they belong on as Industrial Index industry sector category.
As shown in the illustration table above for Z-score of Al Jazeera Steel Products Company SAOG from year 2013-2017 it is very evident and clear that Al Jazeera Steel Products Company SAOG have a very good credit worthiness outstanding from year 2015-2017. Year 2015-2017 Al Jazeera Steel Products Company SAOG have above 3-point Z-score which means the company will be less likely enter bankruptcy and in good financial condition while for year 2013-2014 the same have good Z-score of above 2 which lie on safe range because Z-score of below 1.8 are in bad financial condition. Al Jazeera Steel Products Company SAOG have best financial health status, good credit worthiness status, high revenue, good net income earned per year, paid dividends well, the stock market price are very fair and good. Al Jazeera Steel Products is a good company for the investors to make their investment buy its stocks traded on Muscat Securities Market and will get a good return on investments. Their Z-score have gradually increase per year to year basis from 2013 to 2017.
Yes Z-score is the appropriate tool or useful data for the investors to determine the company credit worthiness and if it is good to invest in the company. The Z-Score that computed on the combination of five very important financial ratios in financial statement analysis that can help the investors to determine if their investment made to the company are right. The important message from the study computation made on Z-score analysis is to mainly avoid companies with Z-score of less than 1 point unless the investors have a very good reason to buy it like making the company more competitive by heavy investing and complete overtures. There are many bankrupt companies that are been bought even though their Z-score is very small way below 1 point because of market share or the technology and management value. The investor can use the Z-score results in investment analysis as an early warning signal. Should the Z-score computation results be less than three points it needs further analysis using other financial ratios and other important data thus need more investigations. A Z-score of lower than 1.8 point, in particular, indicates that the company is heading for bankruptcy or have financial difficulties. Company with scores more than 3 points are unlikely to enter into bankruptcy and have a very good financial health status. Scores within range of 1.8 and 3 points lie in a gray area which indicate they are not in bad shape nor in good shape this need further assessments. This Z-score ratio is a good test for corporate distress and corporate performance. So, this Z-score will be one of the basis or indication for investors to determine if the company is on the road of bankruptcy and whether the investors will invest their funds to the company.
Whether it’s to keep in contact with friends or family to advance your career, you are likely on at least one social network. While Facebook, Twitter,and Google are extremely popular, these platforms might not be able help you professionally. That’s when professional social networking sites come into play. And, there’s one name that instantly jumps out when you mention “professional social networking” – LinkedIn.
Even with these problems, most of us join potentially rewarding sites like LinkedIn. But, if you’re not a fan of the most popular professional networking site, then we suggest that you try out one the following eight alternatives.
The most appealing feature with PartnerUp is how the site focuses on the needs of small business owners and entrepreneurs. There’s also a lot of beneficial articles written by small business owners that could come in handy. The company has now moved to the Google + Communities, but the advice and connections are still there.
Meetup is an online social networking portal that facilitates offline group meetings with like-minded people, both professionally and personally, in your area. Known for posting a ton of events, MeetUp is a great tool to network in the really real world.
Not only can you post a resume on Zerply, you can actual showcase your work through videos, portfolios or even story boards. The perfect location for creative and talented job seekers and employers.
Known primarily as platform for startups, AngelList can connect you with thousands of startups seeking your skills and talent. As a whole, the site is extremely efficient, easy to use and secure.
If you have Facebook, then you might have spotted BranchOut before, it’s only the most popular app for professional networking on Facebook platform. While it resembles LinkedIn, recruiting and job hunting is achieved through Facebook connections, which means no awkward introductions and the ability to tap into any company.
While LinkedIn has proven to be a great resource for finding employment or employees – which is why it’s such an extremely popular site – there are other sites that offer similar, if not better, services. If you’ve used one of these site that were mentioned, or know of one that we’ve neglected, let us know in the comments!
Both the government and the private sector continue to invest in renewable energy, and the industry as a whole has seen explosive growth in recent years. Today, renewable energy represents a dynamic and transformative sector of the global economy. It encompasses wind power, solar power, hydropower and biofuels along with other forms of energy generation.
Cost declines and improvements in technology have turned the industry into a global driver of economic development. And as the real-world implementation of renewable energy technologies continues to grow, so does the demand for qualified professionals who could design, build and service these power plants.
If you are interested in learning more about potential career paths in the energy industry but don’t know where to start, here’s a list of renewable energy jobs you could consider.
1. Solar Installer
As arrays of solar panels begin to cover more and more roofs, the demand for solar (PV) installers has never been greater. According to the Bureau of Labor Statistics (BLS), the job market for solar installers is projected to grow at a rate of 105 percent from 2016 to 2026.1 This is about 98 percent higher than the average growth rate of all other occupations.
As a solar installer, your job is to assemble, install and maintain solar panel systems, working mostly outside on rooftops or other structures on which solar panels are typically installed. The median annual wage for solar photovoltaic installers was $39,490 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $28,760, and the highest 10 percent earned more than $61,580.1However, your salary may be different depending on factors such as your location, experience and any optional professional certifications you may have.
Manufacturing technicians are responsible for setting up, testing and adjusting machinery and equipment at solar manufacturing facilities. Depending on your area of specialty, you may be working with a variety of technologies, including electrical, mechanical, digital and others in order to calibrate equipment, diagnose malfunctions and ensure compliance with various safety and environmental procedures.
As more and more wind turbines sprout across the country, the demand for workers who can help set up and service the huge machines continues to increase. In fact, wind techs and solar installers are currently the two fastest-growing professional occupations in the United States,4 according to the BLS.
Wind techs are involved in installation, maintenance and repair of wind turbines. They generally work outdoors and atop giant wind turbines.
The median annual wage for wind turbine technicians was $53,880 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,850, and the highest 10 percent earned more than $80,170.5 Keep in mind that your salary could vary based on your location or if you have additional experience or qualifications.
Wind farm site managers, or wind energy operations managers, ensure that wind farms generate adequate amounts of energy and that all turbines are properly serviced and maintained by dedicated technicians. Site managers are also responsible for maintaining business records, training new staff and enforcing safety protocols.
According to O*Net Online, wind energy operations managers earned $50.77 hourly, or $105,610 annually, in 2017.6 As this is not an entry-level position, employees in this occupation usually need several years of work-related experience, on-the-job training, and/or vocational training. In some cases, a bachelor’s degree may be required.
The demand for wind farm managers is projected to grow as much as nine percent through 2026, which is not surprising considering the increase in implementation of offshore wind farms.
Wind, solar or hydro — no energy can reach our homes without the electrical grid. Linemen are responsible for installing, maintaining and repairing the high voltage systems that distribute electricity from power plants to consumers.
Linemen work primarily outdoors servicing and repairing poles and reconnecting fallen power lines. Needless to say, good knowledge of electrical processes and safety procedures is required to perform this job. Technical knowledge of electricity or electronics obtained through military service and/or vocational programs that offer a diploma or certificate can be helpful if you are looking to become a lineman.7
The median annual wage for electrical power line installers and repairers was $69,380 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,600, and the highest 10 percent earned more than $99,860.7
Most manufacturing, business and renewable energy applications these days require the use of sophisticated electronic equipment. Therefore, it comes as no surprise that there will be a continued need for electronics technicians who can maintain and service electrical equipment.8
Electronics technicians often work under direction of engineers to set up, test or troubleshoot electrical equipment. They need to possess robust knowledge of electric circuitry and be able to follow complex instructions.
The median annual wage for electrical and electronics installers and repairers was $57,210 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $31,940, and the highest 10 percent earned more than $90,590.8
Energy efficiency specialists, or energy auditors, assess buildings and blueprints to determine their energy efficiency. They analyze and record data from a variety of energy-generating and consuming systems and make recommendations for how those systems can be made more efficient.
According to O*Net Online, based on data collected from BLS for business operations specialists such as energy auditors, the median wage was $33.66 an hour or $70,010 annually.9 The lowest 10 percent earned less than $38,050 annually, and the highest 10 percent earned more than $120,460 annually.10
Energy efficiency specialists may require training in vocational schools and/or related on-the-job experience.9
8. Power Plant Operator
Power plant operators are responsible for controlling various power-generating equipment, such as wind turbines, hydroelectric stations or nuclear reactors.
While power plant operators primarily work indoors and their job is not physically strenuous, it does require constant attention. They read charts, meters and gauges to monitor and adjust voltage and electricity flow between generating stations and substations. Power plant operators start and stop generators, turbines and other equipment as necessary.
The median annual wage for power plant operators, distributors, and dispatchers was $80,440 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $49,210, and the highest 10 percent earned more than $108,240.11