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COVER
STORY
Auditing
: Harmony with Growing Indian Economy
-- Lingisetti Venu
To sustain its recent economic growth India needs to
upgrade its auditing systems at the earliest. This article
gives the bird's eyeview of the current scenario of auditing
in India and its preparations for the future needs.
© 2007 IUP . All Rights Reserved
ACCOUNTING
Responsibility
Accounting : A Performance Measurement Tool
-- S Vijayalakshmi
Responsibility accounting is a type of management accounting
that measures the performance of various divisions of an organization.
Among the control techniques responsibility accounting plays
a significant role. This article gives a broad view of the
meaning and application of responsibility accounting and also
responsibility budgeting.
© 2007 IUP . All Rights Reserved
ACCOUNTING
Human
Resources Accounting
-- R Krishnamurthi
Human resource is among the most important resource an
organization has yet it is the most neglected in terms of
evaluation of its worth to the organization. The underlying
reason for this neglect seems to lie partly in ambiguous corporate
attitudes towards employees and partly in the perception that
measuring human contribution and worth is difficult contentious
and irrelevant. This article seeks to understand the issue
by briefly tracing the history of HRA to analyze its two basic
components i.e. Human Resource costs and Human Resource value.
However the application of various HRA models are very problematic
and theoretical at this point of time. Effective evaluation
of a human resource if applied would help to safeguard the
erosion of the potential economic value of HRA.
© 2007 IUP . All Rights Reserved
FINANCIAL
REPORTING
Environmental
Accounting : The Financial Figuring of Environment
-- Hanuman Prasad and Sunita Mehla
Increased
awareness about environment among consumers and investors
has compelled industries to focus on discharging their environmental
responsibilities. The concept of environmental accounting
has helped the industries in financially figuring out their
environment-protection efforts. In this article an attempt
has been made to draw tales from the available literature
to present an overview about the concepts of environmental
accounting at national as well as corporate levels. The need
of environmental accounting and the concept of environmental
costs and its categorization have been discussed.
© 2007 IUP . All Rights Reserved
TAXATION
Service
Tax-key Perspectives : Budget 2007-08
-- CA Praveen Gupta
Service
tax is an easy and effective tool in the hands of finance
minister to generate revenue. This article discusses service
tax right from the Finance Act 1994 by which it was first
introduced to the amendments made by the budget 2007-08 in
a eloquent and tabular manner indicating the position before
and after the budget.
© 2007 IUP . All Rights Reserved
VAT
VAT
: Analgesia for the Public or an Instrument of Deprivation?
-- Goutam Chatterjee and Anirban Biswas
The
Value Added Tax (VAT) is a tax on the value added to the goods
and services with a progressive deduction at every stage of
the production/sale/resale process. VAT was introduced in
France in 1954 and it gradually became an important element
of the tax structure of the European Economic Community. In
India it has been made applicable from April 1 2005. In
the context of our country it is an extended version of the
sales tax. This article argues that like other indirect taxes
VAT too is a tax the burden of which is borne by the final
customer.
© 2007 IUP . All Rights Reserved
FAIR
VALUE ACCOUNTING
Fair
Value : An Unlikely Broker of an Accounting and Marketing
Marriage
-- Roger Sinclair
Changes
in International Financial Reporting Standards brought changes
in the disclosure practices also. As so many mergers and acquisitions
are taking place fair value is playing a vital role in valuating
the corporate based on the intangible asset valuations and
calculations. This article explains the meaning of fair value
its role and importance in the calculation of purchase consideration
during mergers and acquisitions.
© 2007 Roger Sinclair. This article first appeared in the
May 2007 issue of Accountancy SA (www.accountancysa.org.za)
published by South African Institute of Chartered Accountants
(SAICA). Reprinted with Permission.
BUSINESS
ENVIRONMENT
E2VA
: An Excellent Financial Metric for Environmental Concerns
-- L Shankari
Of
late there is a lot of hue and cry about global warming and
its impact on the world's environment. Today's pollution (in
all shapes and forms) has serious impacts on environment and
how to do away with it is being discussed at length in cozy
board meetings. But these issues are linked to Supply Chain
Management. This article elucidates the significance of the
financial metric called Environmental Economic Value Addition
(E2VA) in demonstrating to the top management that the company's
investment in environmental issues will contribute value to
the organizations.
© 2007 IUP . All Rights Reserved
BUSINESS
ENVIRONMENT
The
Critical Six
-- Diana Cawfield
In a marketplace that's hot for CAs certain specialties-like
business valuation and IT-are just plain sizzling.
© 2007 Diana Cawfield. This article first appeared in the
May 2007 issue of CAmagazine published by the Canadian Institute
of Chartered Accountants Toronot. Reprinted with permission.
ACCOUNTING
STANDARDS
New
SME Standards
-- Stephen Spector
The
IASB is set to release an exposure draft on reporting by Small
and Medium Entities (SME).
© 2007 Stephen Spector. This article first appeared in the
March-April 2007 issue of CGA Magazine. Reprinted with Permission.
SPEECH
Speech
by SEC Commissioner : Is Excessive Regulation and Litigation
Eroding US Financial Competitiveness?
-- Paul S Atkins
In this speech issues have stimulated a national and
global discussion about the supremacy of US and its losing
competitive edge as a market for raising capital. Globalization
today means that both seekers and providers of capital have
choice and competition which will suffer in future decades
as overseas markets mature and develop.
© 2007 US Securities and Exchange Commission (www.sec.gov).
Speech by Paul S Atkins Commissioner US Securities and Exchange
Commission delivered at a Conference co-sponsored by the
American Enterprise Institute and the Brookings Institution
Washington DC. April 20 2007. Reprinted with permission.
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