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Showing posts from April, 2008

Accounting not just for accountants

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The President of the Association of Chartered Certified Accountants Ghana, Kwame Antwi Boasiako has said the accountancy profession is open to professionals of all walks of life.
In his view, medical officers, teachers, engineers among others who have keen interest in the profession could simply start afresh from the basics and would be welcomed into any accounting institution afterwards.Click here to read more
Share your thoughts on "The accountancy profession is open to professionals of all walks of life."
Regards,

Santosh Puthran


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Make my life easy ?

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I missed to watch the episode "The Apprentice" last Wednesday and I was checking on the when you would be the repeat telecast. The repeat telecast scheduled on Saturday at 11:40 pm . Today is Sunday.... I missed it also. When I was search on the BBC website, I came across BBC iPlayer.

It says, "Making the unmissable, unmissable". Woh. I was able to watch the entire episode on the internet.

Quick lesson from the experience:
BBC will retain its customerBBC encourages its customer to try out new experience and technologyBBC sells its programs through another medium i.e. internet and explores the opportunities to grow its viewership base.BBC initiatives will drive its competitors to innovate or they will perish.


Source: Prairie Air Show

You may ask yourself similar questions
Do I keep in tune with the latest technology and influence people at my workplace.Do I use my Office Applications like Excel, Word or Access to the full. Do i query Office Help to find answers and imp…

Resistence to Change - Approaches of Kotter and Schlesinger

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The Six (6) Change Approaches of Kotter and Schlesinger is a model to prevent, decrease or minimize resistance to change in organizations.
According to Kotter and Schlesinger (1979), there are four reasons that certain people are resisting change: Parochial self-interest (some people are concerned with the implication of the change for themselves ad how it may effect their own interests, rather than considering the effects for the success of the business)Misunderstanding(communication problems; inadequate information)Low tolerance to change (certain people are very keen on security and stability in their work)Different assessments of the situation (some employees may disagree on the reasons for the change and on the advantages and disadvantages of the change process) Kotter and Schlesinger set out the following six (6) change approaches to deal with this resistance to change: Education and Communication - Where there is a lack…

Venezuela redenominates currency dividing by 1000 from Jan 1, 2008

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As of January 1st, 2008, three zeros will be eliminated from the denomination. This means that 1,000 Bs. as the Venezuelan currency is known, would be worth 1 Bs.F. “bolivar fuerte” .The measure necessarily means that all prices, salaries, bonds, taxes, pensions, and , in general, any transaction or reference to the old currency, should be changed into “bolivar fuerte” by dividing said amounts by 1,000.

There would be a period of transition of six months in which both, the old and the new currency would coexist. After this period, currency exchange will continue as long as necessary, so that people could change old currency for new currency at financial institutions and also at BCV.

Parra further explained, “Currency redenomination will not alter the relative value of incomes, expenses, goods or debts”. If a person has saved 1,000,000 old bolivars, they would be worth 1,000 “bolivar fuerte” after the redenomination process. This does not mean that her savings have decreased but that the…

The Rising Cost of Audit

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It goes without saying that the international regime has certainly put the cost of audit up and in most cases, the extent of these costs are sometimes irrecoverable – meaning that audit is becoming more of a hindrance to professional firms than a benefit. Invariably, clients will express their dissatisfaction at their fees going up by anymore than the annual rate of inflation and even that can sometimes ‘ruffle feathers’.

So why did the standards change so dramatically, and how can firms at the smaller end of the scale manage the increased costs inherent with the audit process?
Click here Accounting Web - Steve Collings
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Derivative accounting by 2009: RBI

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The Reserve Bank of India (RBI) has initiated talks with accounting standards regulator Institute of Chartered Accountants of India (ICAI) to advance the mandatory implementation of accounting standards for derivatives transactions by Indian banks and companies from its present 2011 deadline.

Click here to read more on Business Standard

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KPMG Establishes IFRS Institute

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NEW YORK, April 22 /PRNewswire/ -- KPMG LLP, the audit, tax and advisory firm, today announced the establishment of the KPMG IFRS Institute to raise awareness and address the information needs of companies, investors, academics and others who may be affected by a transition by U.S. companies to International Financial Reporting Standards (IFRS).

"As companies expand their reach and economies globalize, the ability to compare financial statements across borders has become imperative. The question about whether the world is going to global standards is no longer 'if,' but 'when,'" said Timothy P. Flynn, KPMG LLP chairman and CEO.

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Top 10 Email Scams

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Spam is the name given to unwanted emails sent to you - electronic junk mail. Some people have lost money through spam that contained bogus offers and fraudulent promotions. Scammers are very cunning - they know how to make their claims seem legitimate. Some spam messages ask for your business, others invite you to visit a website with a detailed story. Many scam emails will come from America or other countries, and will talk about currencies like US dollars. These tips can help you avoid spam scams: Protect your personal information. Share credit card or other personal information only when you're buying from a company you know and trust.Know who you're dealing with. Don't do business with any company that won't provide its name, street address, and telephone number.Take your time. Resist any urge to 'act now' despite the offer and the terms. Once you turn over your money, you may never get it back.Read the small print. Get all promises in writing and review them…

Combined Code on Corporate Governance, UK

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The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders.
All companies incorporated in the UK and listed on the Main Market of the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. Overseas companies listed on the Main Market are required to disclose the significant ways in which their corporate governance practices differ from those set out in the Code.

The Combined Code contains broad principles and more specific provisions. Listed companies are required to report on how they have applied the principles of the Code, and either to confirm that they have complied with the Code's provisions or - where they have not - to provide an explanation.
Source: Financial Reporting CouncilThe rule is principle based (voluntary) to encourage th…

Canada's CAs extend historic agreement with U.S. and Mexican counterparts

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TORONTO, April 17 /CNW/ - Canada's Chartered Accountants today announced the extension of the historic Professional Mutual Recognition Agreement (PMRA) with their American and Mexican counterparts.

A special signing ceremony took place this afternoon in Alexandria, Virginia, involving Canada's CAs, the Certified Public accountants (CPAs) from the United States and Mexico's Contadores Publicos Certificados (CPCs). Representatives from all three governments attended. This accord is a five-year extension of the first-ever mutual recognition agreement among professional designations consistent with the North American Free Trade Agreement (NAFTA). It was originally signed in 2002 and ratified by the NAFTA Free Trade Commission.

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Poll : Does CIMA, UK qualification add value

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Poll : Does pursuing CIMA, UK qualification add value to a member of ICWAI, India ? Vote on the poll and share your thoughts by commenting the blog.


Poll: Vote here

I feel that if you are a member of ICWAI and you pursue CIMA, UK qualification, you are not adding any value to your skills since you will be learning the same. Once you are qualified, you are still a Cost & Management Accountant but from UK. For an employer, I would still have same skills and training on Management Accounting.

However if you pursue qualification like Company Secretary or CPA or ACCA, your skills are enhanced with the knowledge gained during training and passing of exams. After qualification, you are bound to follow the CPD programs of ICWAI and other institute. In competitive world, employer look for people with multiple skills.

Which one promotes you as professional better against your name:
AICWA, ACMA
or AICWA, ACS
or AICWA, CPA
or AICWA, ACCA

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Regards,

Santosh Puthran



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India and China

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There is an article on Daily Mail, UK "Why China is the REAL master of the universe ?" by Anthony Brown emphasises

"The global power shift from the West to the East is no longer just a matter of debate confined to learned journals and newspaper columns - it is a reality that is beginning to have a huge impact on our daily lives.


After a long hibernation, China, and her 1.3 billion people - twice the population of the U.S. and EU combined - is awaking almost overnight.
And not just China. The world's second most populous country, India, is industrialising at a historically unprecedented pace.
The economic explosion of China, and to a lesser extent India, has given them an almost overpowering hunger for raw materials with which to build their factories, homes and cars.


Western attitudes of superiority to China and the rest of the East will also subside, as Westerners realise they are no longer the masters of the world.
The U.S. company Orient Express complained when T…

Strategic Drift

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The concept of strategic drift, where an organisations response to the changing environment is often within the parameters of the organisations culture, which over time becomes more and more apparent.

In this respect culture is traditionally seen as a preventative to change, which stifles innovation and results in a momentum of strategy that can lead to strategic drift.In short the organisations response to the business environment is internally constructed rather than objectively understood. This view therefore supports the assumption that strategic change must always be accompanied by an appropriate cultural change.Faced with a stimulus for action, managers may seek to extend the market for the business, but may assume that it will be similar to their existing market, and therefore set about managing the new venture in much the same way as they have been used to.If this is not successful, strategy development is likely to go into a state of flux, with no clear direction, further dam…

Poll: Is your company's Accounting Manual on the company's intranet/portal ?

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Good Bye GAAP

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Audit firms and multinationals have been pressuring the SEC to keep the global-standards movement on the fast track ever since the end of 2007, when the agency began allowing foreign companies to submit their IFRS-prepared filings without reconciling them to GAAP. That effectively blessed IFRS as high-quality, notes Margaret Smyth, vice president and controller of United Technologies Corp., some of whose international subsidiaries use the global standards. "If it's good enough for the SEC, I would think it's good enough for most people," she says.

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Strategy Development

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Patterns of Strategy Development

Henry Mintzberg
argues that strategy emerges over time as intentions collide with and accommodate a changing reality, rather being due to a deliberate planning process. This emergent strategy not envisaged in the planned strategy of the organisation. For e.g. a supplier pursuing modern ideas on supplier/customer relationships might encourage a partnership approach to sourcing. It is easy to imagine that buyers in the customer organisation might see benefits in this, and could pursue the idea to the point where sourcing strategy took on an aspect not at all contemplated when planned strategic developments were laid down.

Example

Potbelly Sandwich Works began in 1977 as a small antique store run by a nice young couple. Despite the fast-paced, never-a-dull-moment world of antique dealing, the couple decided to bolster their business by making sandwiches for their customers. What began as a lark, turned out to be a stroke of genius. Soon, people who couldn…

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