Management Accountant Blog

The major accounting institutes in UK are gathering evidence from members in a bid to persuade the government to protect the title accountant.


In his blog, ICAEW chief executive Michael Izza said the CCAB institutes - ICAEW, ACCA, CIMA, CIPFA, and ICAS - were asking members to help back a bid to legally define the term accountant.

The CCAB bodies have long been trying to persuade the government that people without proper qualifications should not be able to call themselves accountants.

The DTI had previously said that the term 'chartered accountant' was recognised in legislation.

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In my earlier post on Professional Body, I found an interesting definition to the term.

"A professional body or professional organization, also known as a professional association or professional society, is an organization, usually non-profit, that exists to further a particular profession, to protect both the public interest and the interests of professionals. The balance bet…

I had been reviewing the visitors of MA blog and there were visitors from place called "Mahape". I was surprised to see the result since they have been a regular visitors to MA blog. I wondered where this place and on search it is in Navi Mumbai, India.

On Wikipedia, "Mahape or Mohope is a suburb of Navi Mumbai, India. It is also the name of a railway station on new Panvel - Karjat section of the Mumbai Suburban Railway, between Panvel and Khopoli."

As a inquisitive visitor, I searched on google and the results were very astonishing. Leading companies in India have their offices in this place. Although, Mahape is a suburb of Navi Mumbai, how did the residents of Mahape did not write anything on wikipedia.

"Business without advertising is winking a girl in the dark. You know what you are doing, but the girl doesn't." Even though Mahape has lot of credentials but unless you go ahead and search for this place, you will never know about.

It is partly true wit…

The International Financial Reporting Interpretations Committee (IFRIC) issued an Interpretation, ‘IFRIC 13 Customer Loyalty Programmes’. The IFRIC is the successor to the Standards Interpretation Committee (SIC) of the International Accounting Standards Board (IASB) and is the Interpretative arm of the IASB functioning much in the same way as our Accounting Standards Interpretation (ASI) does. IFRIC 13 was issued on June 28, 2007, and is applicable to accounting periods commencing on or after July 1, 2008.



Loyalty programmes have been developed as customer relationship management exercises and are designed to tie a customer to a particular entity. These programmes typically offer incentives in the form of ‘free’ products and services, the quantum being dependent upon the products and services a customer has bought. Every time a customer purchases a product or service, points are credited which are redeemable for either own products or services or third party products or services. The …

Reading and planning time (RAPT) is an additional 15-minute time allowance given to all students taking three-hour exam papers from December 2007 onwards. It is being introduced for all CAT Advanced level papers (except Paper 5) as well as ACCA Qualification papers in the Skills module at the Fundamentals level and all Professional level exams.

WHAT CAN YOU DO IN RAPT?

This additional time, to be spent at the beginning of each three-hour exam allows you to familiarise yourself with, and to navigate around, the exam paper. During RAPT you can read and understand the questions on the paper and begin to plan your answers before you start writing in your answer books. You can also use calculators to make some preliminary numerical calculations.



RAPT begins when instruction is received from your centre supervisor. You must not open your question paper until advised to do so, and during RAPT you may only write or make notes on your question paper. You must not write anything in your answer boo…

TORONTO, Dec. 12 /CNW/ - KPMG Enterprise(TM) today released the results of its recent survey of private business' financial reporting needs. The survey results confirm the long-standing view that private businesses in Canada need a simplified accounting model reflective of the different information needs of the limited users of their financial statements.

The positive news for Canada's accounting standard setters is that private businesses value the basic concepts of Canada's existing accounting framework, including the traditional historic cost measures of assets,liabilities, revenues and expenses. The ability to compare financial performance with others in the same industry is also important. However, there is less support for a number of recent developments in Canadian accounting standards including the evolution towards fair value measurements and disclosures. Further, there is only a limited perceived need to be able to benchmark financial performance against public co…

NEW DELHI: The government is set to make it mandatory for companies to get all share allotments for non-cash considerations valued by an expert registered with the government. In a bid to bring transparency in share allotments for non-cash contributions like technology, intellectual property and other assets, the new company law proposed by the government seeks to introduce a new framework for valuation of corporate assets.


The updated version of the Companies Bill, which the ministry of corporate affairs intends to introduce in Parliament during the Budget session, proposes independent fair valuation for different purposes, including mergers & acquisitions and restructuring. The valuer will be appointed by the audit committee of the company concerned.

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Regards,

Santosh Puthran

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Govt. plans to certify valuation professionals

Jeff Bezos was a gifted child; at the age of three, tired of sleeping in a crib, he found a screwdriver and took the crib apart. He subsequently tinkered with models and with a Radio Shack electronics kit. Every summer Bezos stayed at his grandfather's ranch, where he would repair windmills and the tractor and brand cattle, among other tasks. An avid young inventor, he created a solar microwave and a door buzzer that alerted him when his siblings were entering his room. When asked who his heroes were in a Time magazine interview, Bezos cited Thomas Edison and Walt Disney. He visited Disney World six times and was impressed with Disney's powerful vision: "He knew exactly what he wanted to build and teamed up with a bunch of really smart people and built it" (December 27, 2003).



Bezos was a model student who was profiled (under an assumed name) in the 1977 book entitled Turning on Bright Minds: A Parent Looks at Gifted Education, by Julie Ray. Bezos was named class vale…

Keeping pace with international practices, AS-22 was introduced by the Indian Institute of Chartered Accountants (ICAI) and deferred tax accounting was made mandatory for all Indian listed companies.

As per AS-22, a company is liable to provide for deferred tax liability on the first day it accounts for such income. The basic premise being that revenues and expenses of an accounting period should meet matching principle and disparity in computing income for tax and book purposes should be appropriately resolved.





Differences between the two sets of computation of income can be classified into two categories; permanent and timing differences. Permanent differences arise with respect to expenditure legitimately incurred but are wholly or partially disallowed for tax purposes.

Such expenses do not give rise to deferred tax provision. Temporary differences are those that arise due to timing reasons. A typical example is provision for depreciation with varying rates for book purposes and tax p…

A couple of days back, one of my friends asked me whether I had SAP FICO interview questions.

The book "Configuring SAP R/3 FI/CO by David Nowak, Quentin Hurst" is for release 3.1. The concepts explained in the book is relevant in the current releases.

Amazon.co.uk Widgets


Some competency based questions

Knowledge of the Organisation and Role

How would you measure your success or failure in this job?What skills and personal qualities are essential for success in this role?What would you like to know about this organisation?What do you believe you can contribute to this organisation?What do you know about our industry?What do you know about our organisation?Why are you interested in working for our organisation?Why should I hire you?
You will find the answers in the job description, company's website and people who are working in the organisation. The question why should I answer you is simple to answer when you relates your experiences and qualification with the job descriptio…

Smile :- A curve that can set a lot of things straight.

Office :- A place where you can relax after your strenuous home life.

Yawn :- The only time some married men ever get to open their mouth.

Etc. :- A sign to make others believe that you know more than you actually do.

Committee :- Individuals who can do nothing individually and sit to decide that nothing can be done together.



Experience :- The name men give to their mistakes.

Atom Bomb :- An invention to end all inventions.

Philosopher :- A fool who torments himself during life to be spoken of when dead.

Optimist :- A person who starts taking bath if he accidentally falls into a river.

Pessimist :- A person who says that O is the last letter in ZERO, instead of the first letter in word OPPORTUNITY .

Miser :- A person who lives poor so that he can die rich.

Father :- A banker provided by nature.

Criminal :- A guy no different from the rest... except that he got caught.

Boss :- Someone who is early when you are late and late wh…

India is spearheading the process of establishing accounting standards in emission trading.

Even though enough carbon credits are being generated and transacted under the Kyoto Protocol, there are currently no international accounting standards on emissions. To enable India take the lead on this front, the Institute of Chartered Accountants of India (ICAI) - a statutory body established under an Act of Parliament - is soon going to constitute an expert group to formulate a draft to establish accounting standards on emissions.

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It is good to see the an Indian body is in forefront of setting accounting standard. I do not have a clue what it is all about. Can someone comment on it.

Regards,

Santosh Puthran

Do you like to remain updated in Accountancy?Subscribe to Management Accountant by EmailYou may also like to readArticles on IFRS on MA blog

Congrat's Ramesh on your 100th blog post. I am subscriber to your blog.

Quality of life issues are often in the eye of the beholder. Yet in this age of global economic integration, executives and their families do place such factors as schooling, quality housing, health care, recreational amenities, and environment at the top of their list. Mercer Human Resource Consulting, which provides advice to multinational companies on international assignments, has come up with a global ranking of the world’s most livable cities based on 39 criteria ranging from personal safety to public transportation.


Switzerland’s main commercial and cultural center, Zurich topped the 215 cities considered globally, followed by Geneva, Vancouver, and Vienna, which tied for third. In the Asia-Pacific region, Auckland, New Zealand, (5) led the pack, while Sydney (9) cracked the top 10. Meanwhile, in North America, Canadian cities such as Toronto and Ottawa fared better than U.S. ones, of which Honolulu (27)…

The Chartered Institute of Management Accountants (CIMA) has expressed a number of concerns over the complexity of financial statements.



Reported in Accountancy Age, Charles Tilley, chief executive of CIMA, claims that companies are not putting 80 per cent of their assets on balance sheets and that there is not enough disclosure on cash flow.

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Regards,

Santosh Puthran

Do you like to remain updated in Accountancy?Subscribe to Management Accountant by EmailYou may also like to read

Articles on IFRS on MA blog