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Showing posts from January, 2008

Waiver of cost audit, rules for industries not producing essential goods: CII

I read the Article " Waiver of cost audit, rules for industries not producing essential goods: CII " by Ganesh on 29-Jan-2008 and could not help pondering over the following point. " Maintenance of cost accounting records entails a huge cost for companies in terms of time and money since they are required to be maintained in very minute and detailed manner. Details of all components of cost have to be included even though it may be insignificant. It may, at times, not be possible to extract such minute details even through a sophisticated ERP system. Maintenance of cost records is difficult for companies that produce multiple commodities, as actual consumption records have to be maintained for power, fuel and utilities per unit of production for each type of product. Moreover, non-application of these Rules to traded imported goods put our local industry to an unfair cost disadvantage, by unnecessarily increasing its transaction costs ." When I read this, I

Knock, Knock - Opportunity

Knock, Knock. Who's there? Oppurtunity!! Can't be. Why Not? Bcoz Opportunity knocks only once. I had a good laugh when I watched this video. The lady tells, "If you type google into the google, you can break the internet." Type google into google and you will notice the results on the right hand corner 1800 million hits. This indicates that the word google is on 1800 million websites. Now try search your name on google. E.g "Santosh Puthran" and check whether you are visible on any websites. If there too many people with your name, the try "Your Name " Cost Accountant. Check the results and determine whether the results help you professionally. So if you do not find yourself on google search, then it is time to be active on the web to promote yourself professionally: Create your profile on and connect with your colleagues and ex-colleagues who will help you to recommended. Participate in discussions of your

When will cycle rickshaw stop in India

I read somewhere "Too many choices, too little time, Who's gonna change the system. If I don't do it, someone else will. Time is money, both add up! Business is civilized warfare! Go for the kill! After all we are capitalists! The end justifies the means." I stumbledupon on the video, " Only in India " and was relating the passage above. I worked in one of the top IT companies and was based in Noida. The city is well known for reputed IT companies. When you look at Noida roads, you will see all soughts of vehicles plying on the road. I was appalled to see Cycle Rickshaw on the roads given the fact Noida is IT hub and not a remote village in UP. The question that came to my mind, "How will you eliminate Cycle Rickshaw from Noida ?" The solution very simple.... but difficult to implement. What is alternate employment opportunities for Cycle Rickshaw puller and who will fund them ? Any thoughts .... how to find a solution ? please share the

Now Company Secretaries want to be known as "Chartered"

Recent interview of Preeti Malhotra, President, Institute of Company Secretaries of India (ICSI) in Business Standard . To the question "Why are you seeking a name change of the institute?" In the changing international context, our members are destined to play a much larger role in public practice as well as in service. The executive council of the institute decided that to reflect the ICSI’s changing agenda and image, it should change its name to “The Institute of Chartered Secretaries of India”. This will also eliminate the dichotomy between its brand name “chartered secretary” propagated through its corporate journal and its formal name The Institute of Company Secretaries of India. I wonder changing the name by affixing the word "Chartered" would enhance the brand image, then India has around 50 specialised institutions who should not be discriminated. See GOI directory for list of specialised institutions. Presently there is only one institute form

StarOffice 8 is available free on Google Pack

It is a pleasant surprise to see that StarOffice Version 8 is available free on Google Pack . The product retails for $ 69.95. The product is a viable alternative to Microsoft Office which is very expensive to buy unless you are a student. The other option is to download Open Office which is also a productivity suite available free. Both the productivity suite is supported by Sun Microsystem and is available free. The download size is 144 mb. If you have broadband connection, then you can download them. Otherwise check out whether it is available in CD in some computer magazine. If you are using a pirated software, please support the use StarOffice or Open Office Applications. Did you like the post ? Subscribe to Management Accountant by Email Regards, Santosh Puthran Management Accountant Blog Be my friend on Stumbleupon You may also like to read News on StarOffice Accountant Excel and Google Pack iGoogle - You friend, philosopher

Free Laptop with AOL Broadband Widgets Has the world started rotating the other way round "Free Laptop with AOL Broadband at Carphone Warehouse" !!! or Free Laptop when you subscribe for mobile phone contract . I did not believe when these offers came the first time. The mobile phone offer reads: Our best offer yet! Connect selected mobile phones to selected monthly contracts this month and get a free laptop! That's right a Free Dell Inspiron 1520 laptop is yours on many £35 a month tariffs this winter when you connect to an 18 month contract. There are no catches or small print, we'll simply send out your free laptop as soon as we've confirmed you've paid your first month's mobile bill. The laptop retails at £ 380 to £ 489. And the total commitment on mobile phone contract is £ 630. So you can guess where the margins come from when the buying is wholesale. The other product that amazes me is Gillette Shaving Razor . Every year they add extra blade on the raz

Top audit firms push to use their own judgment

Auditors and corporate finance departments must be able to use professional judgment without being second-guessed if countries continue to adopt principle-based accounting standards, the chief executives of the top six global accounting networks argued in a white paper on Tuesday. The paper, presented at a Global Public Policy Symposium in New York, urged regulators and other stakeholders to create a system where reasonable auditor judgments are accepted. "Investors are best served when financial reports are clear and easy to understand and use," the CEOs of Deloitte Touche Tohmatsu [DLTE.UL], Ernst & Young [ERNY.UL], PricewaterhouseCoopers [PWC.UL], KPMG [KPMG.UL], Grant Thornton, and BDO Seidman wrote. click here to read more on Reuters Did you like the post ? Subscribe to Management Accountant by Email Regards, Santosh Puthran Be my friend on Stumbleupon

Signpost in Hindi - Where is it ?

I was amazed when I saw this signpost in Hindi. Can you guess where it was ? Did you like the post ? Subscribe to Management Accountant by Email Regards, Santosh Puthran Be my friend on Stumbleupon You may like to know about About Hindi Language

Tata's New Car - $ 2600 or Rs 100,000

It is a pleasant surprise to read the Independent newspaper " Can the world afford this car ?" British Press has given this car fair amount of publicity both on press and TV. BBC - World's cheapest car goes on show Times - Tata Nano - world's cheapest new car is unveiled in India Financial Times - Tata’s new $2,600 car There was mixed reviews. The Tata's hailing it to be a peoples car whereas the greenpeace supporters were concerned about pollution in over congested Indian roads. The positive aspect is that it force the Government of India to speed up the infrastructure projects. Tata Motors are going global on their own brand they are targetting the markets in Latin America, SouthEast Asia and Africa for Tata Nano range. Currently Tata's are in negotiations and is a top contender to buy Land Rover and Jaguar , UK. Link to video debate I am very happy that India companies (non - IT) are growing globally. There is incident that I wish to tell. I


The Minister of Corporate Affairs Shri Prem Chand Gupta will inaugurate the “Global Summit on Management Accounting” on 10th January 2008. This three-day Mega event of Management Accounting bodies across the globe is being organized by the Institute of Cost and Works Accountants of India (ICWAI) at Vigyan Bhawan New Delhi from 10th-12th January 2008. The summit is first of its kind and is expected to create a historical turn in the evolution of the management accounting profession globally. The Minister of External Affairs Shri Pranab Mukherjee will deliver the Valedictory Address on 12th January 2008. Deliberations during the Summit would focus on Management Accounting in its new manifestation including the territories of accounting, strategy and management of enterprises. As the management accounting bodies of the Western world has already been witnessing and turning them to such a paradigm, some beginning has to be made to complete the process across the globe among similar bo

Stumbled upon Practising Cost Accountants Directory

I have been stumbling lot of accountancy websites today. Then I stumbled upon the online practising members of ICWAI directory and provided a review. The stumbleupon link is I would request you to provide your review on the above link. The more the reviews on the link above, the search engines will bring up the results for practising accountants in India. (Stumbleupon is very powerful tool.) In few days, practising accountants will notice increase in telephone calls or emails for new assignments. The online directory should include following details for the benefit of practising members: Contact telephone number should always be +Country code + STD + Local number: If anyone calls from abroad, he/she should have ready access to your telephone number. Website : A column should be added to include website of practising members. Our institute has guidelines for maintaining the website. Website is a window for prospective client

Profit Warning and Competition

Definition : An announcement made by a public company in advance of its earnings announcement indicating that profits will fall short of previously expected levels. A recent news item The owner of Currys and PC World, UK , DSG International, has issued a profit warning after poor Christmas trading. DSG said it had seen lower demand for laptops, and profit margins had been hit after it cut prices to drive sales of flat panel televisions and other electrical goods. "Profit margins remain pressured via a combination of increased promotional activity and consumers' growing addiction to sale prices." Read more In Christmas, when you look around in UK, you will find stores offering discount like upto 50%, buy one get one free, buy one get one half price and special prices only for two days. The online prices are comparatively cheaper than the in-store price. Christmas Sales The rules are changing and ever evolving: Sales prices drives the shoppers to buy Latest tec

Management Tips from Mr. Gopalakrishnan

Mr. Gopalakrishnan succeeds Mr.Ratan Tata as Chairman of Tata Sons Ltd., the holding company for many of the Tata Bluechips like Tata Steel, Tata Motors,Tata Power, Tata Chemicals, Voltas, etc., Possibly he is the first non-Tata person to head the Tata Empire. The below article written by him is really interesting! The grass isn't always greener on the other side !! Move from one job to another, but only for the right reasons. It's yet another day at office. As I logged on to the marketing and advertising sites for the latest updates, as usual, I found the headlines dominated by 'who's moving from one company to another after a short stint, and I wondered,why are so many people leaving one job for another? Is it passe now to work with just one company for a sufficiently long period? Whenever I ask this question to people who leave a company, the answers I get are: "Oh, I am getting a 200% hike in salary"; "Well, I am jumping three levels in my desi

Mail from HDFC Bank to protect their customers from Phishing

This is a message from HDFC Bank to protect their customers from phishing. This is applicable to you even if you are a customer from other bank, credit card or insurance company. "Falling prey to fraudsters online is common these days. This message from HDFC Bank is to inform and educate you on precautions you must take to ensure that you are not a victim of these fraudsters. . Please carefully read through and adopt these safe banking practices. Be careful when responding to emails: You may get messages that seem like they are coming from HDFC Bank seeking confidential information. This activity is commonly known as ‘phishing’. Through such messages, you may be directed to websites appearing to be genuine, and asked to key-in your confidential information. Beware of such messages . Please always bear in mind that: HDFC Bank will never ask for any confidential information such as password, customer ID and so on over an email. A phishing email will normally have a tone o