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Accounting News July 21 2007

Accounting news and snippets during the fortnight

'India can now count on global norms'

Indian companies can expect a series of major revisions in the guidelines for preparing their financial statements in the next four years, until India’s financial reporting standards get fully converged with international norms by April 1, 2011. Read More

Interview with Pervenche Berès on convergence

In this exclusive interview, the chairwoman of the Committee of Economic and Monetary Affairs of the European Parliament talks about the convergence of accounting standards. Read More

Deferred tax under MAT?

For a taxpayer, the determination of correct tax liability is as important an exercise as the legitimate tax planning. In today’s scenario, the determination of correct tax liability poses several challenges. The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Read More

How to survive summer holidays

The Institute of Chartered Accountants in England & Wales (ICAEW) outlines how small businesses can keep the cash flowing during summer months when many firms are short-staffed. Read More

WNS completes successful 'Build-Operate-Transfer' of Finance & Accounting Services Unit for Aviva Global Services

WNS (Holdings) Limited (NYSE:WNS), the parent company of WNS Global Services, a leading offshore business process outsourcing (BPO) provider, today announced it has demonstrated the successful completion of a unique outsourcing model with the handover of a Finance and Accounting Services unit in Sri Lanka to AVIVA, the world's fifth-largest insurance group and U.K's largest insurance service provider. Under a "Build, Operate, Transfer" (BOT) Model, more than 300 WNS specialists were seamlessly transferred to Aviva Global Services in Colombo as of July 2, 2007. Read More

Tata Motors bags Award for Excellence in Cost Management

Tata Motors has won the National Award for Excellence in Cost Management fo r the year 2006, conferred by the Institute of Cost and Works Accountants of India (ICWAI). Read More

New logo for CAs unveiled

A new logo for the profession of Chartered Accountants (CA) was unveiled by the Union Minister of Corporate Affairs, Prem Chand Gupta on the 59th Chartered Accountant�s Day. It was on July 1, 1949, that the Institute of Chartered Accountants of India (ICAI) was established with the enactment of the Chartered Accountants Act, 1949. Read More

Industry needs more cost accountants

With a growing demand for cost and management accountants across the country and the professionals playing a more strategic role in an organisation, the Institute of Cost & Works Accountants of India, (ICWAI) Pune chapter has chalked out an expansion plan to improve access of the professional course to more students. Read More

Govt plans bill for valuation professionals

The government is drafting a bill to regulate valuation professionals who analyse companies, shares, debt, assets, brands and intellectual property to arrive at a financial value. Read More


Santosh Puthran

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