Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: form 3cd :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: VAT RATES
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

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 ( ).

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 ( ). 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 2016 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