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COVER
STORY
Sustainability
Reporting
- - RK Srivastava and PT Giridharan
The
changing business environment of today, which is symbolized
by cross-border flow of capital, technology and products has
broadened the dimensions of accountability and performance.
An increasing awareness of issues like ecological, economical
and social sustainability has made it imperative for the accounting
profession to adapt itself to a substantive role in creating
and enabling such development which does not impair the future.
Professional accountants are increasingly involved in the
measurement, recording, reporting and stating assurance on
sustainability issues. Sustainability permeates many aspects
of an accountants work including the measurement of liabilities
and impaired assets, the design and operation of management
control systems, the identification and management of risk,
the reporting and assurance of information, and compliance
with laws and regulations.
©
2006 IUP . All Rights Reserved
ACCOUNTING
STANDARDS
Indian
Accounting Standards : An Overview
- - Punita Ahuja
Preparation
and presentation of financial statements based on accounting
standards usually known as Indian GAAP has emerged as an effective
way of harmonizing different accounting practices followed
in India. Besides other benefits, financial statements prepared
on the basis of these standards are considered to present
a true and fair view of financial results of the enterprises.
In this article, the various aspects of accounting standards
like the advantages, scope, procedure, compliance, etc., are
discussed, along with their contents and applicability.
©
2006 IUP . All Rights Reserved
ACCOUNTING
STANDARDS
Accounting
for Arrangements - Part I
- - Elmar Venter and Tania Tomes
The
application of IFRIC 4 (AC 437) and SIC 27 (AC 427) and their
interaction with IAS 17 (AC 105) and other accounting principles
are discussed in this two-part article. Part-I of the article
considers the implications of IFRIC 4 (AC 437).
©
2006 Elmar Venter and Tania Tomes. This article first appeared
in the July 2006 issue of Accountancy SA (www.accountancysa.za).
Reprinted with permission.
COST
ACCOUNTING
Implementation
of Activity-Based Costing and Product Mix Model
- - NVVS Swamy
This
article focuses on the implementation of Activity-Based Costing
(ABC) in a packaging company (XYZ). The ABC costs are used
to arrive at a product mix model. It describes a procedure
that allows the company to switch over from traditional costing
to the ABC. The article also recommends a balanced approach
for beginners.
©
2006 IUP . All Rights Reserved
IT
GOVERNANCE
Promoting
IT Governance at the CEO Level
- - Jackie Bassett
Crossing
the language divide between senior executives and internal
auditors is important to ensure audit reports are understood
and IT governance becomes a business priority.
©
2006 Jackie Bassett. Originally published in ITAudit, Vol.9,
July 10, 2006 by The Institute of Internal Auditors Inc. (www.theiia.org/itaudit).
Reprinted with permission.
ACCOUNTING
Forensic
Accounting
- - RS Raghavan
With
Liberalization, Privatization and Globalization (LPG) making
inroads into the financial world, modern accounting appears
to be no longer confined to book keeping reflecting merely
the statement of financial affairs of an entity. It is actually
an instrument of control and a tool for various management
functions. Various types of accounting such as cost accounting,
management accounting, inflationary accounting, financial
accounting, etc., are already in place in the field of accounting.
But the one that has gained importance in the recent past
is `forensic accounting'. In the financial world, nothing
ends but something begins anew, sprung from the seeds planted
earlier.
©
2006 IUP . All Rights Reserved
ACCOUNTING
System
of Accounting in Hospitality Industry
- - Bibhuti B Pradhan
This
article presents the Uniform System of Accounts (UNISYA) in
the Hospitality Industry. Initiated in the UK in the 1960s,
UNISYA focuses on five aspects of accounting i.e., financial
statements, statement of cashflow, departmental statements,
financial analysis, and expense dictionary. Prominent hotels
like the Excelsior have used the system of accounting process
quite successfully. The policy-making bodies across the globe,
in general, and India, in particular, could use this model
to their advantage in a competitive and volatile capital market.
©
2006 IUP . All Rights Reserved
TECHNOLOGY
Revenue
Recognition Revolutionized : The Brave New World of RFID Chips
- - William Stout and Sidney J Baxendale
Years
ago, the "ka-ching" of a cash register signaled the appropriate
time to recognize revenue. With the advent of Radio Frequency
Identification (RFID) chips, revenue recognition in the future
may be signaled by a "beep".
©
2006 The New York State Society of Certified Public Accountants.
First published in The CPA Journal (www.cpajournal.com), July
2006 issue. Reprinted with permission.
TECHNOLOGY
Finance
and IT : The Transforming Power of Technology
- - Peter S Cohan
Over
the years, technology has reshaped the finance function and
sparked a profound change in the way business is done. But,
surprisingly, much has stayed the same. A look at the juncture
of business, finance and technology.
©
2006 Financial Executives International (www.fei.org). First
published in August 2006 issue of Financial Executives International.
Reprinted with permission.
BOOK
REVIEW
Everybody
Wins
- - Phil Harkins, Keith Hollihan
The
book Everybody Wins, is a full-color snapshot and universally
applicable template for a business to succeed. This book presents
a model, RE/MAX, to create unmatched success with the help
of innovation, improvement, hard work, persistence and passion
towards work. This success is for all who have dedicated their
professional lives for the company's growth.
©
2005 by Linkage, Inc. All Rights Reserved. IUP holds the copyright for the review.
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