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Showing posts from August, 2007

100th post on the MA blog .....

The longest journey begin with a small step. That's how MA blog started on 25-Nov-06.

The first post was Best Practice in Managerial Accounting with mySAP ERP financials. I feel that SAP is one of best management accounting solution available in the marketplace.

This is the 100th posts on the MA blog. As I summarise, some of the key topics discussed

Management Accounting :
10 Myths on Activity Based Costing - SSRKTransfer Pricing
Throughput AccountingSSRK's Management Accounting RepositoryAccounting Bodies

RV has posted about happenings in Accounting bodies around the world. His knowledge and updates has always helped readers of MA blog. Read more

Technology Updates

Management Accountant should be a all rounder who should have keen interest not only in accounting but also in technology . To balance his knowledge diet, there are posts in MA blog to help him to widen his horizon and look for ways how to use them in business.

Car Satellite Navigation - Are you in tune with timesInteres…

Accountancy News 24-Aug-07

ICWAI: Open door system for entry after graduation

The Kolkata-based Institute of Cost and Works Accountants of India (ICWAI) has drawn up a roadmap for global recognition of the Institute so that students from other countries can join the course. “Our focus will be on e-learning so that foreign students can study,” said Mr Chandra Wadhwa, President of the Institute, speaking to Business Line. Read More

Fair value accounting a 'bubble-blowing' model

Two influential academics have slated fair value accounting as a 'bubble-blowing accounting model' that has contributed to the recent market crash and credit crunch. Read More

ICAI to open 12 new centres of excellence

The Institute of Chartered Accountants of India (ICAI) is contemplating the setting up of 12 centres of excellence for chartered accountants (CAs) across the country within two years. The centres would enhance the capability, quality and performance of CAs in the country. Read More

ICAI mulls action against audit f…

Accountancy News 18-Aug-07

ICWAI: Open door system for entry after graduation

The Kolkata-based Institute of Cost and Works Accountants of India (ICWAI) has drawn up a road map for global recognition of the Institute so that students from other countries can join the course. “Our focus will be on e-learning so that foreign students can study,” said Chandra Wadhwa, president of the Institute, speaking to Business Line. Read More

Govt to scrap cost audit in select sectors

The government is set to exempt a host of industries in the manufacturing sector from mandatory cost audits. The sensitive operational details of industries that are set to go off the government’s penetrating gaze include synthetic textiles, engineering, power transmission and distribution, chemicals, cosmetics, all electronic products and telecommunication gadgets. Read More

Is the ‘impairment’ standard beyond repair?

In ‘A Midsummer Night’s Dream’ the Bard describes, through Hermia, how nature compensates impairment, thus: “Dark night, that from th…

Visionary Approach for change of name

The name change committee of ICWAI has submitted letter to Honorable Minister of Corporate Affairs - Shri Premchandji Gupta to change the name of ICWAI to The Indian Institute of Cost & Management Accountants" (IICMA).

Similarly the letter proposes to delete the word "Chartered" from name of The Institute of Chartered Accountants of India. Click here to read more

A letter is also written by Mr V C Kothari, Member Council of ICWAI to Mr. Sunil Talati, President ICAI to support the cause for name change of both the Institutes of India. Click here to read more

Some ICAI members have did not appreciate the fact that name change of ICAI is required and comments were made in different yahoogroups.

"Vispi Patel wrote: A proposal to delete the word CHARTERED from the name of ICAI is in Bad taste.

V J Babu wrote : Hi Mr.Kothari. How can a person like you can suggest for deleting the words :chartered: from the name of our institute. It seems that instead of trying to crea…

Interview - President ICWAI

Costing body plans `accounting technicians' course

In addition to the present shortage of 25,000 qualified finance professionals, there will be a demand for 10 lakh accountancy-trained personnel in the next 10 years at a the junior level, says Mr Chandra Wadhwa, the newly elected President of the Institute of Cost and Works Accountants of India (ICWAI). "We are in the process of introducing a certificate course for Accounting Technicians to meet the shortage," he adds, speaking to Business Line.

A practising cost accountant in New Delhi, Mr Wadhwa is the Chairman of the Task Force formed by the Ministry of Corporate Affairs (MCA) for The Institute of Valuers, Member of the Committee formed by the Ministry of Commerce on Indo-UK Accountancy Sector, Member of the Committee formed by the MCA on Opening of Accountancy Sector in GATS regime, and Member of the Committee of CII on WTO.

Excerpts from an interview:

In what ways is the ICWAI different today from two decades ago?

Two …

Accountancy News 12-Aug-2007

Should a ‘tax balance sheet’ capture ‘deferred’ items?

Accounting Standard-22 (AS-22) is an important standard for presentation of true and fair view of accounts on any particular date, as it provides guidance for accounting of various aspects of taxation in a unified manner, says Mr S. Gopalakrishnan, Partner, Lovelock & Lewes. Read More

Auditors need greater third party access

A new paper put out by the ICAEW-backed Audit Quality Forum has argued that auditors be given access to 'sufficient audit evidence to form an independent opinion' after warning of the adverse impact third parties can have on financial statements. Read More

ACCA launches report on climate change reporting

Businesses have to improve considerably reporting on the impacts their operations and products have on climate change, a report published by ACCA (the Association of Chartered Certified Accountants) reveals. Read More

Japanese GAAP to Converge with IFRS

Japanese GAAP is moving closer to International Fi…

Institute Publications and Study Notes

I was browsing the websites of ICWAI, ICSI and ICAI to know about how they expect the members, students and general public to order their publications, I was quite surprised that there was little information on their websites. ICSI was better than her counterparts where they had a order form which was available for download and print. After filling up the details, the form can be sent to the institute along with the cheque. It is too long a process to order !!!

I remember in my student days, I had to commute to the WIRC to buy the Study Notes at a particular time of the day. If they were available in stock, then you could buy them or else you had to wait. Same with the institute publications for Cost Audit Record Rules, most of them were out of stock. I think, it was no different for a student of ICAI. What a sheer waste of time, travelling from one end of city to other and then you find the book is not in stock. At that time, the telephones were not answered. I hope the situ…

Instant messenging at workplace

In last century when the telephone was introduced in the workplace, people were sceptical of the real use of the invention. Old timers considered it a nuisance when they felt they can walk around and talk to people face to face. And now, imagine your office without a telephone !!!... I guess it must be beyond your imagination to consider not having one.

Now in this century, it is Instant Messaging and Net Meeting on your desktops. Some employers feel that Instant Messenger (IM) will make their employees to avoid work and for employees, it may be a intrusion of privacy. I feel that is one the best thing to happen at workplace to communicate on real time and save the cost to the business when communicating with people who are spread across the globe.

Most of the IM are freely downloadable and installed on your desktop. The IMs that will more popular will be those which you can use it on Internet browser.

Yahoo Messenger

Or you can have it on your website. Google Talk

Another good thing …

Enhancing MA blog

I have been exploring ways how to enhance the value of MA blog to readers. You may have noticed that there are changes on the layout and contents of the blog. I receive feedback from the readers by email and I try to incorporate those keeping in mind that they benefit the readers in general. Similarly RV posts good articles on Accountancy and happenings around the world.

Each time you visit MA blog, you will find updates on

Accounting NewsManagement Accounting (if ICWAI is in news everyday, you will find that it would be updated)Finance JobsSAP JobsYou will also notice as you do a page down on the blog, there are news updates from Financial Times, UK, Economic Times & Financial Express so you get the best diet in Finance & Accounting.

I thought of removing Finance Jobs from the contents several times as I feel that you may be keeping track of it anyway through your own sources. But then I felt that it should remain on the blog to make it look complete. However if you feel that …

Accountancy News Aug 4 2007

Career development key to staff retention
A quarter of accountants have turned down a job opportunity because of a perceived lack of clear opportunities for progression. Read More

US standard-setter's processes may be scrutinised
The US standard setter's processes could be questioned by a top-level SEC committee tasked with reducing the complexities of financial reporting. Read More

ICAEW accused of selling ACA cheap
ICAEW's advert for ACA qualification enrages rival institutes for being cheap and burnishing the qualification's credentials. Read More

Dividend, profitability norms eased for IDRs
In a bid to infuse life into the Indian depository receipts (IDR) market --which is yet to see a single float-- the government today eased several stringent clauses for foreign companies to raise funds by selling shares to Indian investors. Read More

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