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Finance
The IUP Journal of Accounting Research and Audit Practices

Oct'15
Focus

The process of stabilization and structural adjustment programs initiated by the countries across the world led the respective governments to liberalize, privatize and globalize the industries in their country.

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A Study of Convergence of Indian GAAP with IFRS and the Major Carve-Outs
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Convergence with IFRS: The Case of Infosys Limited
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A Comparative Analysis of the Financial Performances of Selected Indian IT Companies During 2010-2014
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A Study of Convergence of Indian GAAP with IFRS and the Major Carve-Outs

--Soheli Ghose and Abhishek Prahaladka

The history of convergence can be traced to 2007 when The Institute of Chartered Accountants of India (ICAI) issued a concept paper which focused on achieving convergence with IFRS. Convergence of Indian Generally Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS) has been one of the most discussed topics in recent times. After a number of delays, the Ministry of Corporate Affairs (MCA), in a press release issued on January 2, 2015, announced its long-awaited road map for implementing the Indian Accounting Standards (Ind AS). Its revised plan for the adoption of Ind AS converged with the IFRS issued by the International Accounting Standards Board (IASB) has resolved the uncertainty surrounding the execution timeline of Ind AS in India. This paper deals with Ind AS, its history and the bottlenecks in its implementation. The paper aims to analyze the major carve-outs/ins in Ind AS as compared to IFRS, to identify the impact of the key changes of convergence on the financial statements and to analyze the key differences between the existing accounting standards and the Ind AS (12, 110 and 115) as notified by MCA. With India opting for mandatory convergence with IFRS, as envisaged in the maiden budget speech of Finance Minister, Arun Jaitley, understanding the implications of Ind AS becomes imperative.

© 2015 IUP. All Rights Reserved.
Article Price : Rs.50

Convergence with IFRS: The Case of Infosys Limited

--Saurabh Khaira and Joy Chakraborty

Convergence from Indian Generally Accepted Accounting Principles (or IGAAP as it is commonly known) to International Financial Reporting Standards (IFRS) has given many positive results to the organizations. The adoption of IFRS has brought about significant changes in the financial reporting process. In IFRS, every identifiable transaction is clearly disclosed and classified separately, unlike in IGAAP. Apart from that, there are differences in the treatment of items such as expenses and revenue recognition. Under IFRS, items are classified using the fair value method of accounting, unlike the traditional historical cost method followed in IGAAP. This has resulted in more transparency and reliability for the investors in the financial statements prepared as per IFRS. Infosys has been the first Indian IT company to be listed in NASDAQ and the first such company to have adopted the IFRS reporting process since the year 2009. The present study is an attempt to figure out the differences and similarities in the financial reporting process between IGAAP and IFRS in general, and to point out the changes in the financial reporting process in the case of Infosys Ltd. over the FYs 2009-10 to 2013-14 in particular.

© 2015 IUP. All Rights Reserved.
Article Price : Rs.50

A Comparative Analysis of the Financial Performances of Selected Indian IT Companies During 2010-2014

--Rohit Bansal

IT sector plays a vital role in strengthening the Indian economy. In order to compare and set benchmark, a financial statement analysis should be made of all companies. The objective of the present paper is to measure the financial and accounting performances of leading Indian IT companies for the period 2010-2014. Financial statements and income statements of Tata Consultancy Services (TCS), Wipro, Infosys and Tech Mahindra were taken from databases like CMIE Prowess, Money Control and Yahoo Finance. The information derived from these financial statements were summarized and used to compute financial ratios for the five-year period. A graphical representation is provided in order to compare the financial ratios of one industry against the others for the same period. Based on factors like current ratio, return on shareholder’s equity, earnings per share, debtor turnover ratio and most importantly debt equity ratio, it is concluded that Infosys is the most sought-after company for investors. Along similar lines is TCS whose working capital turnover, total asset turnover and DuPont analysis returns show encouraging signs for shareholders who have profits as their prime point of consideration.

© 2015 IUP. All Rights Reserved.
Article Price : Rs.50

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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