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Showing posts from October, 2007

NPPA moots online check as remedy for overpricing

The drug price regulator is setting up a nationwide electronic price monitoring system in a bid to detect overcharging with the click of a mouse and check customers from being cheated. The National Pharmaceutical Pricing Authority (NPPA) is all set to make it mandatory for corporations to file a price list of all their brands online.

Click here to read more and post your comments

Nice to read Cost Audit helped NPPA

"The cost audit information provided by the CAB is used in pricing decisions. NPPA recently started physical surveillance of the retail prices in almost all cities."


Santosh Puthran

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ICAEW launches new group in response to increasing demand for non executive directors

The Institute of Chartered Accountants in England and Wales (ICAEW) has launched a new special interest group to support non-executive directors.

Demand for, and expectations of, non-executive directors is growing. They have an increasingly important role to play, with responsibility for corporate governance and providing strategic advice for organisations in every sector. Click here to read more

I believe that ICAEW focus is very strategic. Being one of the top accounting body in UK, their members are placed at high places given the fact there are 4 other sister accounting bodies.

As you may read from the article “This new group will train and support members so that they are able to work effectively as non-executive directors to challenge decisions, provide strategic advice and contribute to the success of their organisation.”

Being Management Accountants, I believe we should network ourselves effectively and share knowledge and opportunities. Read how Lion's Club expanded.


Management Accountant Portal

Management Accountant Portal for qualified accountants like you. Check out the MA portal and it your home page on your firefox browser.

Check out the presentation about MA portal... click here.

How do you I use it

I have a personalised my email with with 2 GB space from Google Mail.All the emails from my other email ids are forwarded to my MA email id. So I do not have to access other emails. However if I want to send email from other email id, google mail offers me the facility to camouflage the email.
In the MA portal, some of the contents are defaulted. I have added stuff that I would like to remain updated like maps, currency convertor, SAP job sites, good blogs etc which helps me professionally. You can also Add StuffI am exploring the option of Google documents to share presentations, documents and spreadsheet which should help professionally.Just keep adding stuff to the portal. Learn and Share.If you are a member of any accounting body, you wish to apply …

Probing accountants attitude

I came across a article Institutes are irrelevant, says profession. 45% of UK accountants believed institutes were no longer relevant.

The responses were broken down:

The ICAEW topped the dissatisfaction league, with 40% of finance director members complaining that it was irrelevant to their everyday work. CIMA came next with 37% followed by CIPFA with 30%. ACCA was top of the institutes for member satisfaction.

If you are accountant from India and member of ICWAI or ICAI, please vote on the poll.


Santosh Puthran

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Steps on the road to common global standards

More than 100 countries on all five continents require or permit the use of international financial reporting standards or are converging with them.

This work is overdue and of critical importance. It has, however, become bogged down in divisions on such issues as: the objectives of financial statements; whether the perspective should be forward- looking or historic; whether items should be measured at fair value or some form of cost; whether markets are efficient or not.

Click here to read more on Ian Mackintosh article who is chairman of the UK's Accounting Standards Board

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U.S. resists int’l accounting rulesIFRS 8 Segmental ReportingNew Standards for SME rejectedLet Companies pick and choose accounting standard Widgets

ICAEW qualification in Middle East

News from Dubai: The Institute of Chartered Accountants in England & Wales (ICAEW) has today announced the launch of the internationally recognised Associate Chartered Accountant (ACA) qualification in the Gulf. The launch comes at an important time for the region which is experiencing rapid growth as a global financial centre.

Click here to read more

ICAEW wants to catch with its counterparts ACCA/CIMA and keep its membership base across the world.

They are luring the members of ACCA, CIMA or CIPFA through a route - Join as a CCAB. ICAEW had been complacent for years and now facing the music as their membership fall. Career opportunities in other fields and ACCA/CIMA offering training route through employment route has taken the charm off for pursuing ACA qualification.

Now ICAEW is aggressively marketing themselves.


Santosh Puthran

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B-school grads prefer PSU jobs: survey

Graduates from medium and small business schools in India are increasingly seeking jobs in the public sector due to their stable and secured nature, said a survey.

Students from those business schools which are located in tier-II cities, such as Ghaziabad, Lucknow, Chandigarh, Dehradun, Jaipur, Indore, Kochi, Chennai, Hyderabad and Pune, expressed eagerness to join 'scheduled A' public sector units (PSUs) like ONGC, NTPC, IOC, GAIL, HPCL, BPCL, SAIL, MTNL, said the survey by Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Click here to read more on NDTV

It is quite difficult to believe that B-graduates are attracted to PSU jobs. Either the PSU pay scales are quite good and perks are quite attractive. Or under table emoluments looks to be attractive !!! Job stability in public sector ... no way. You will find lot the people down the line whose jobs are stable and as a manager difficult to implement your vision.


Santosh Puthran

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Accountants association ACCA urges employers to nurture finance leadership

Nearly 70% of respondents said there was an element of luck in their career progression and development and that getting on was more about being in the right place at the right time. True isn't it.You may observe that in any organisation, accountants has been looked on differently.

The general image is that accountants have a different mindset and are sometimes difficult when it comes to practical situation. This may be due to we are taught to be conservative. However accountants play an important role in keeping the business on track.

ACCA study points out that finance need a structured training. In another report on management accountant, they argue that the best way to broaden and deepen a management accountant’s experience is to have them work with other specialists, including engineers and ­marketeers. To be part of a team you have to trust the other members of that team. This is what the accounting function needs to learn more of and it is closely related to personal developme…

Real estate accounting under lens

The Securities and Exchange Board of India (Sebi) has asked the Institute of Chartered Accountants of India (ICAI) to clarify the accounting standards that real estate companies have to follow.

The capital market regulator has noticed that different real estate firms have been using varied methods for accounting revenues.

According to the ICAI, there are two methods of accounting for real estate revenues. The one followed by most companies accounts for revenues according to the stage of completion of construction. If a particular project is half complete, the company will account for half of the project revenues.

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What happens in UK in circumstances where there unsatisfactory interpretation of accounting standards ?

It is referred to Urgent Issue Task Force (UITF) which is a subsidiary of the Accounting Standards Board.

The main role of the UITF is to assist the ASB where unsatisfactory or conflicting interpretations have developed (or seem likely to develop) about a …