Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: VAT Audit :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: form 3cd :: TDS
 
 
News Headlines »
 Tax-saving for young earners simplified
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case

Fill the GAAP gap
August, 16th 2007

Indian accounting is getting ready to blend with the global norms by 2011. To professionals preparing to cope with the shift, here is the second edition of The Complete Guide to International Financial Reporting Standards by Ralph Tiffin ( www.vivagroupindia.com ).

A prime aim of standards is to bring consistency of reporting within and between countries. Investors and others using financial statements (e.g. for investing or benchmarking purposes) can then make decisions based on consistently prepared data, he explains. As never before, professional advisers, directors and executive officers from functions other than finance are affected by the requirements of accounting standards.

If you were ever curious to know whether the chronological or numerical order of accounting standards has any significance, Tiffins opinion is that the order is illogical. In any event it is questionable as to whether academics or practitioners could agree to a logical order, he adds. It may help to remember that the majority of accounting standards were issued in response to an event a significant lapse in proper accounting and disclosure.

To achieve some coherence, the author groups the standards under sections such as: financial statement formats and contents, accounting methods and conventions, disclosure, specialised industries, and so on.

A chapter on creative accounting demonstrates how distortions and abuse can result from the absence of standards.

Fills a gap in your GAAP (generally accepted accounting principles) gyan.

Paper life vs real life


You should only have the minimum amount of inventory on hand required for either production or distribution, but be careful not to purchase small quantities over and over again, advises Max Muller in Essentials of Inventory Management ( www.jaicobooks.com ). Buying small amounts frequently will lead to an excessive cost of replenishment, the R factor, he reasons.

The book, aimed at the new stockroom/warehouse manager, non-financial inventory control individual, and the small business owner, presents immediately usable information in the areas of forecasting, physical control and layout, problem recognition, and resolution.

A quickly practicable exercise, for instance, is to track an items real life and its paper life within your system. Track an items physical movement through your facility while noting what is happening to its paper life during that same time period. You will be able to discover when one of these lives moves ahead of the other and when there are system errors such as an item is moved but there is no paperwork authorising that action.

Another ready-to-use tip is this guidance for an enthusiastic storekeeper who finds it difficult to convince the finance man that non-productive stock needs to be disposed of: Ask your financial officer how much the company is paying per square foot for rent. Multiplying the square footage being consumed by dead product times the rent per square foot often results in a truly eye-opening dollar amount.

A book to add to your reading stock.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions