Skip to main content

Accountancy News July 28 2007

Accountancy News last week.

SEC eases stance on accounting rules

US companies moved a step closer to being allowed to file financial results under international accounting standards after the Securities and Exchange Commission proposed a radical move away from US rules. Read More

Q&A on accounting standards convergence with less than four years to go

Indian accounting is shifting gears on the desi roads, as a prelude to joining the global standards highway. The premier accounting body, the Institute of Chartered Accountants of India (ICAI) has announced that we will be fully converging with IFRS (International Financial Reporting Standards) from April 1, 2011. With less than four years to go for the C-Day, if we may say so, there is a lot to do for convergence – from changes in laws to training of CAs. But first, a quick Q&A, for the beginner. Read More

India to Internationalize Accounting Standards

India plans to bring its accounting standards in line with International Financial Reporting Standards by April 1, 2011. The Institute of Chartered Accountants of India made the decision, which will apply to public companies in time for the deadline, according to the Business Standard of India. Private companies will come under the sway of IFRS in phases. Read More

Hurdles in converging Indian accounting standards with IFRS

Convergence of Indian accounting standards with the international standards may have to contend with more than one obstacle, point out experts in the profession.

For one, the accounting standards or accounting-related requirements are issued not only by the ICAI (Institute of Chartered Accountants of India) but various regulators, such as the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority (IRDA). Read More

Benefits & pitfalls of new accounting norms

The move to achieve total compatibility of India’s accounting norms with the International Financial Reporting Standards (IFRS) seems to be happening with minimal voices of discord.

Ficci and Assocham have already vowed to extend their allegiance to the conversion, coming as it does at a time when Indian corporates are globalising with a vengeance. Read More

IFRS compliance costs may harm small firms, fears Ministry

Taking note of the decision of the Institute of Chartered Accountants of India (ICAI) to adopt an International Financial Reporting System (IFRS), the Union Ministry of Micro, Small and Medium Enterprises (MSME) has started consultations with business. Sources revealed that ahead of implementing IFRS, the ministry wants to know the impact of IFRS application on small and medium companies. Read More

Accountants advised to be more ethical

ACCOUNTANTS have to be more ethical to avoid financial scandals, the Association of Certified Chartered Accountants’ (ACCA) global president has advised. Read More

Did you like the remain updated in Accountancy?
Subscribe to Management Accountant by Email


Santosh Puthran

Related Posts
  1. Accountancy News 21-July-07
  2. Accountancy News 15-June-07
  3. Accountancy News 10-June-07


Popular posts from this blog

Poll : Does CIMA, UK qualification add value

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 Widgets Regards, Santosh

Learning Curve Theory

Learning Curve Theory is concerned with the idea that when a new job, process or activity commences for the first time it is likely that the workforce involved will not achieve maximum efficiency immediately. Repetition of the task is likely to make the people more confident and knowledgeable and will eventually result in a more efficient and rapid operation. Eventually the learning process will stop after continually repeating the job. As a consequence the time to complete a task will initially decline and then stabilise once efficient working is achieved. The cumulative average time per unit is assumed to decrease by a constant percentage every time that output doubles. Cumulative average time refers to the average time per unit for all units produced so far, from and including the first one made. Major areas within management accounting where learning curve theory is likely to have consequences and suggest potential limitations of this theory. Areas of consequence: A Standard

Resistence to Change - Approaches of Kotter and Schlesinger

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 cha