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COVER
STORY
Accounting
for VAT
- - S Vijayalakshmi
This
article explains the differences in law on account of the
availability of Value Added Tax (VAT) credit and the appropriate
accounting treatment for the same. It also focuses on the
Institute of Chartered Accountants of Indias (ICAI) guidance
note on "Accounting for State Level Value Added Tax" for disclosing
the accounting treatment for VAT.
©
2006 IUP . All Rights Reserved.
AUDITING
Role
of Auditors in Detecting and Preventing: Accounting Landmines
- - Vunyale Narender
The
article is about preventing the accounting games, known as
accounting landmines, in preparing internal financial reports
of the organization. The author focuses on the role of auditors
in preparing financial reports and asks them to minutely scrutinise
the reports to be published.
©
2006 IUP . All Rights Reserved
AUDITING
On
the Trail: How Financial Audits Mark the Path for Forensic
Teams
- - Paul R Brazina
The
article discusses the guidelines that affect CPAs while gathering
evidence for tax fraud, the role audit evidence plays in prosecuting
an individual accused for fraudulent tax information, and
the laws that have been enacted to protect the integrity of
audit evidence.
©
2006 The Pennsylvania CPA Journal (www.picpa.org). This article
was published in the Spring 2006 issue of The Pennsylvania
CPA Journal. Reprinted with permission.
ACCOUNTING
Mergers
and Acquisitions : A Potential Option for Growth?
- - GP Samanta and Sangeeta Makhija
The
authors are highlighting the trends of Mergers and Acquisitions
(M&A) in the Indian economy. It was transmitted from fulfilling
business needs into aggressive growth plans for acquiring
more and more market share. They found that companies have
taken M&A as one of the fastest ways to set up overseas business,
as it helps to gain access over the customer base and also
the existing market share of the acquired company.
©
2006 IUP . All Rights Reserved
ACCOUNTING
STANDARDS
Convergence
of Accounting Standards : An Indian Perspective
- - Pradeepta K Samanta and Ashok K Mohanty
The
article is about the fairly high standards of accounting information
in corporate financial reporting. The International Accounting
Standards Committee (IASC) comprising professional accounting
bodies of 85 countries who are also members of the International
Federation of Accountants (IFAC) prepare the International
Accounting Standards (IAS) to serve as a benchmark for setting
national standards and/or to be used directly by Multinational
Corporations (MNCs).
©
2006 IUP . All Rights Reserved.
IFRS
The
Impact of IFRS on Corporate Tax
- - Robert Stretch
The
article is about the impact of International Financial Reporting
Standards (IFRS) on the corporate tax function. It focuses
on the results of a survey conducted by Ernst & Young, to
the tax directors and Chief Financial Officers (CFOs) about
how their corporate tax function was most impacted by converting
to IFRS.
©
2006 Accountancy SA (www.accountancysa.org.za). This article
first appeared in the March 2006 issue of Accountancy SA.
Reprinted with permission.
BUSINESS
ENVIRONMENT
By
Any True Accounting, The Deed Was Fraud
- - Jim Wanserski
A
former financial services manager at MCI recounts what happened
in a well-publicized case that he came to know intimately,
and offers advice to others about how to deal with fraud and
any ensuing litigation.
©
2006 Financial Executive Magazine. This article was published
in the Financial Executive Magazine of March 2006. Reprinted
with permission.
SOA
Limitations
of Section 404 of the Sarbanes-Oxley Act
- - Heng Hsieu Lin and Frederick H Wu
The
article is about the Section 404 of the Sarbanes-Oxley Act
of 2002 (SOX) which requires reporting of internal control
effectiveness over the financial reporting where it could
prevent the corporate scandals. And finally highlighting the
limitation of Section 404 such as internal control was not
conceptually designed to be a panacea for corporate ills;
failure of the Foreign Corrupt Practices Act of 1976 (FCPA)
should have conveyed the potential difficulties in the implementation
of SOX Section 404.
©
2006 The CPA Journal (www.cpajournal.com). This article was
first published in the March 2006 issue of The CPA Journal.
Reprinted with permission.
TECHNOLOGY
Accounting
Going Techno, Are You Ready! : Experience ERP
- - Pradeep Tibrewala
Accounting
has become a key component of corporate performance indicators.
The regulatory compliances, investors demands and competition
advantages in the global market require speedy and transparent
reporting which can be trustworthy. In todays scenario where
business domains are fast, voluminous and complex, it is almost
impractical to handle such critical work with standalone systems.
With Enterprise Resource Planning (ERP) closing becomes fast,
segment reporting becomes practical, auditing process becomes
foolproof, general ledgers are fully integrated, and tax and
valuations are online and perfect. The article discusses the
various features and uses of ERP.
©
2006 IUP . All Rights Reserved.
SPEECH
Speech
by SEC Commissioner : Remarks before the Securities Regulation
Institute
- - Paul S Atkins
The speech was presented by Paul S Atkins, Commissioner
of the US Securities and Exchange Commission, about the corporation
financial rule making during the last fiscal year.
©
2006 US Securities and Exchange Commission (www.sec.gov).
Speech by Paul S Atkins, Commissioner delivered on January
19, 2006 in San Diego, California, US Securities and Exchange
Commission. |
