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Showing posts from September, 2007

Let companies pick and choose which accounting standards they follow

No way, says the chief U.S. accounting regulator

Financial Accounting Standards Board chairman Robert Herz fired back today at companies that have demanded the freedom to decide which accounting rules they must follow.

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Santosh Puthran
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U.S. resists int’l accounting rulesIFRS 8 Segmental ReportingNew Standards for SME rejected


MCA announces likely amendments in Companies Act 1956 with industry leaders at SMC/ASSOCHAM event

SMC and ASSOCHAM organized a National Conference on "Corporate Governance & Financial Reporting Norms" A US GAAP & IFRS Perspective at 9.30am on 20th September, 2007 at Hotel Leela Kempinski, Mumbai. Mr. P.C. Gupta, Hon'ble Minister of Company Affairs, Mr Sunil Talati, President, ICAI, Mr M Ramadoss, CMD, Oriental Insurance Co. Ltd. and D.K. Mehrotra, Managing Director, Life Insurance Corporation discussed various issues on Corporate Governance and Financial Reporting norms. CFOs from top 500 Indian companies and multinationals had also participated in the event.

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Santosh Puthran

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Corporate India's new strategyVisionary Approach to Name Change

ICAI to go for global accounting principles

The Institute of Chartered Accountant of India (ICAI) has decided to adopt the International Financial Reporting Standards from April 2011.

The move would help it to integrate itself with the global accounting principles and take on upcoming challenges effectively.

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Santosh Puthran
www.managementaccountant.in

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More on ICAI

U.S. resists int’l accounting rules

A proposal that would allow foreign companies to use international accounting standards when filing with U.S. regulators has encountered pushback. Click here to read more Regards, Santosh Puthran www.managementaccountant.in Do you like to remain updated in Accountancy? Subscribe to Management Accountant by Email You may also like to readIFRS 8 Segmental ReportingNew Standards for SME rejected

Branding management accountants

Repositioning the management accountant, and showcasing him as a strategist and performance management specialist are among the themes that the Institute of Cost and Works Accountants of India (ICWAI) is planning to pursue at the ‘global summit’ early next year. The event, to be jointly hosted by the costing bodies from neighbouring countries, has technical partnership from the institutes in the UK, Canada and the US.

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Regards,

Santosh Puthran
www.managementaccountant.in

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Corporate India's new strategyVisionary Approach to Name Change

New standards for SMEs rejected earlier this month

Complex new standards for SMEs have become a game of political football for the big accounting watchdogs.

The international wrangling means small businesses still don’t know how the standards will look.

EU internal markets commissioner Charlie McCreevy effectively rejected the IASB’s proposed standards for SMEs earlier this month.


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Santosh Puthran

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IFRS 8 Segmental Reporting

CMAs: Corporate India’s new target

Express News Service

BHUBANESWAR: Being a cost accountant might have been a dream for many but today it has become the ultimate goal. As a matter of fact, in this globalised and competitive environment, corporate India is hunting for cost accountants like never before.

Cost and Management Accountants (CMAs) are no more associated with book keeping and auditing. Of late, the industry has realised on investing their expertise for effective and efficient use of financial tools in managing resources.

With increase in competition and consequent economic pressure, cost and management accountancy has been interwoven into the main fabric of management practice. Studies, no wonder then, estimate that corporate India is facing an acute shortfall of CMAs. The handful that are passing out annually are being lapped up in no time.

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Visionary Approach to Name Change

IFRS 8 - Segmental Reporting

Early this year, the biggest single body of investors, in the world’s largest IFRS-using capital market (the ABI, NAPF and IMA) objected to the European Union’s adoption of IFRS 8, the proposed standard for segmental reporting of companies. Read More

What is IFRS 8 ?

The IFRS requires an entity to adopt the ‘management approach’ to reporting on the financial performance of its operating segments. Generally, the information to be reported would be what management uses internally for evaluating segment performance and deciding how to allocate resources to operating segments. Such information may be different from what is used to prepare the income statement and balance sheet. The IFRS therefore requires explanations of the basis on which the segment information is prepared and reconciliations to the amounts recognised in the income statement and balance sheet. Click here to know more




The adoption of IFRS 8 is an ideal way of financial reporting ie. merging the traditional as well as manag…

RBI asks auditors to tighten reporting norms for NBFCs

The non-banking finance companies (NBFCs) are set to face stringent reporting norms by the Reserve Bank of India. The apex banking authority has asked the statutory auditors of NBFCs to improve their reporting. The department of non-banking supervision of RBI has communicated to the Institute of Chartered Accountants of India (ICAI) for stringent reporting of NBFCs.

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ICAI unhappy with relaxation of Audit norms

ICWAI counts on seminar for name change

In a fresh attempt to push for a change of name, the Institute of Cost and Works Accountants of India (ICWAI) is organising a two-day conference in January, the stated aim of which is to reposition the role of “management accountants” so as to get them more visibility across the globe. Management accountants in India are called cost accountants.



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Visionary Approach to Name ChangeYuvraj 6 Sixes vs England Twenty20 World Cup Match

35th National Convention of Company Secretaries

Following is the text of speech of the Minister of Corporate Affairs, Shri Prem Chand Gupta, delivered on the occasion of 35th national convention of Company Secretaries in Jaipur, today:

“I feel delighted to be here this afternoon in the mega gathering of professionals. I compliment the Institute of Company Secretaries of India for organizing such an event to deliberate upon a very topical theme- ‘Excellence Through Business Value Addition’ which is of paramount importance in today’s business arena.

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Visionary Approach to Name Change

Opportunities Abroad

The job market has become global and people with right skills are always sought after. Management Accountants across the world are in the business as financial controllers, accountants, directors or IT consultants.

When you are looking to work abroad, there are number factors you consider:

Quality, skills and Level of JobCompensationCountry where you want to relocateComplementary factors like education of your children, security ie. law and order etcCulture and acceptance of foreigners in the workforce.In 1980s - 2000, the most common place to work was Middle-East since there was ample opportunities and money as opposed to opportunities in the country of origin. Things have moved on since then as working opportunities exists across the developed countries.

As a Management Accountant, you should prepare your own Profit & Loss & Balance Sheet of your career and revise your targets every two years. The reason for writing the blog was to channel your thoughts to look in Permanent …

Six Sigma for Mumbai's Dabawalas

I had posted from one of the leading magazine/sites about the Mumbai Dabawalas in discussion board. Read More. Their efficiencies is one the most recognised in the world.

Dheeraj had sent me a message on the discussion board

Answer the following question of the Six Sigma Mumbai Tiffinwallas case study for 1-2 pages...

Discuss Value work involved in Mumbai TiffinwallasWhat are entrepreneurial qualities of 5000 tiffinwallas?How Tiffinwallas got fame as Six Sigma level service providers?I tried to search for any case study on the net and finally found one that should answer some the of the questions raised. Read More

Personally I have never availed their services. But when you see them in morning managing the tiffins in the Mumbai trains, you will be amazed with the skills they display.

Regards,

Santosh Puthran

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Non accountants for audit in South Africa

Will GOI be so pragmatic.I think this is high time for ICWAI to impress administrative ministries specially MCA and MOF of the importance of equal recognition of ICWAI members in the regulatory field and equal recognition for all attest functions. Read More

I also need to emphasis that the Auditing Profession Act does not preclude any one from conducting an audit. It simply specifies that in order for audit services to be provided by any firm or individual, such a firm or individual ought to be registered with the Independent Regulatory Board for Auditors. The legislation seeks to level the playing field in this regard, but we are mindful of the needs for the highest professional standards that need to be maintained. I have also requested a comprehensive review of the entrance requirements in an endeavour to facilitate entry for persons who may have undertaken a route of study other than an accounting degree.

I therefore would urge SAIPA to ensure that it influences the processes with t…

How to Study ? Query from a ICWAI student

I received a distress email from a ICWAI student:

Question:

"Actually this June'2007. I appeared in Stage-3. But, could not cleared as i run short of the aggregate. My total was 170 Marks out of 400. I m planning and already started my preparation for both the stages. The main problem that i m facing is that i m not able to understand the portion of Valuation Management & Management Accounting Strategic Management. I m not at all getting the material for the same. I m pretty much tensioned. Pl. help me."

My Suggestion was:

When I was appearing for ICWAI exams, I used to refer to lot of books. Got confused and then did not pass the examination.

Then I bought the institute study notes (which is around 200 pages) for each subject. It explained all the concepts about the subjects, referred previous examination question/answers and then went to the examination. I passed.

So do not get tensed. If i were you, I would study from institute study notes as my primary reference point…

Highest Paid Finance Director in India

Highest Paid.... Who do not want to be the highest paid employee in the organisation. I searched on google "highest paid finance director india" and surprised with the result. "No Finance director on the search."

The results were:
Mukesh Ambani's annual package $6.25 million (Rs. 25 crore)Peter Chernin, president and chief operating officer of News Corp notching up salary, stock awards, pension benefits and other compensation worth $34mMadras Cement’s Rajha is highest paid executive Rs24.78 croreT V Mohandas Pai, director (human resources) at Infosys was the highest paid employee of the Bangalore based IT bluechip in 2006-07 and drew $58,263, which was the highest remuneration in Infosys per annum.Krishak Bharati Cooperative Limited (Kribhco): The society has so far paid Rs 881.14 crore dividend to its shareholders, out of which Rs 616.05 crore was paid to the Government of India. This is the highest dividend paid by any Cooperative Society to the exchequer. Be…

Apple rolls out new ipod and sharply cuts prices

Apple rolls out new ipod and sharply cuts prices



Review of iphone few months back


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Santosh Puthran

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Accountancy News 07-Sep-07

IASB issues revision to IAS 1, Presentation of Financial Statements

The International Accounting Standards Board (IASB) has issued a revised version of IAS 1 Presentation of Financial Statements. The revision is aimed at improving users' ability to analyze and compare the information given in financial statements. Read More

ICAEW and ICAP Announce Training Programme in Pakistan

The Institute of Chartered Accountants in England & Wales (ICAEW) has announced an historic memorandum of understanding with the Institute of Chartered Accountants of Pakistan (ICAP). The agreement provides global opportunities and strengthens ties between both institutes. Read More

Second ACCA council member joins rival institute

ACCA faces more embarrassment after Jason Parker, a senior partner at Parker Randall and council member, used the ICAEW's Pathways membership scheme to join the institute. Read More

Depreciation on leasing ? An ageing puzzle

Under the Income Tax law, two most important conditio…

Finding a mentor

As they say, "Only the foolish learn from experience — the wise learn from the experience of others."

Find someone senior to be your mentor !!!

The guiding principle to find a mentor will not be number of grey hair on the person's head but the quality of experience and his achievements. To work with people like these, you will always find that they will guide your career in the right direction.

In my initial years of career, one of my managers (Mr J K Rajwade) told us, "I see you all as managers one day, may be in this company or in some other company." This very statement meant lot to us. We were capable of career progression in the organisation. The annual training programs conducted by him not only included the corporate messages but he made it a point to include management games. These session were similar to HR training program. He would reinforce his concepts in day to day working and change the way we think.

You should check your company policy whether th…