Evaluate financial reporting standards and theoretical models andconcepts.

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

Assignment Brief

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.