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The Accounting World


June' 07
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Worldwide Financial Reporting : Charting for Future
Financial Reporting in India
Quality Financial Reporting : Using Truth to Achieve Market Efficiency and Greater Prosperity
Ethics in Financial Reporting
Directors' Report : The Nucleus of Corporate Reporting
Segmental Disclosures and Corporate Governance : The Road Ahead
Corporate Environmental Accounting and Reporting : A Green Framework
Fair Value : A Tool for Financial Reporting
Role of Voluntary Disclosure and Transparency in Financial Reporting
Accounting for Globalization and its Impact on Corporate Reporting
Converging Accounting Standards : The New Buzz in Financial Reporting
Financial Reporting of Banking Companies in India
     
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Worldwide Financial Reporting : Charting for Future

-- Lingisetti Venu

The international disparities against global accounting uniformity is an interesting study. This article demonstrates various inherent factors such as diverse country practices for such differences and how emphasis on quality disclosure could be helpful in this scenario. Change is inevitable! This is true even of the most standardized discipline "the Accounting". This discipline represents the so-called sound standards that are taken for granted by the corporates until something goes wrong. And things indeed went wrong, as the corporates cooked their financial reports with the aid of these decades-old standards. It's since late 1990s when the Asian financial crisis broke out that the dark ages of accounting stream began

Article Price : Rs.50

Financial Reporting in India

-- Vishnu Kanhere and Guruprasad Murthy

Financial reporting and fiscal discipline go hand in hand. From a few-page compilation of profit and loss account and balance sheet to today's comprehensive annual reports, reporting by corporates has indeed come a long way. The Management Information Systems (MIS) reports have undergone considerable change over the years. This article looks at financial reporting in India and the change that has come in both internal reporting and external reporting and its role in transforming corporate India.

Article Price : Rs.50

Quality Financial Reporting : Using Truth to Achieve Market Efficiency and Greater Prosperity

-- Paul BW Miller and Paul R Bahnson

This article is based on the authors' observation on India, as well as other nations engaged in similar effort of pursuing the twin goals of developing its own capital markets and gaining productive access to global capital markets. Reaching these goals is crucial, so that the nation can build an economy that will prosper and improve the welfare of its people. The message of the authors is straightforward: (1) They want the reader to succeed (2) useful financial information is essential for that success, and (3) mere compliance with the traditional Generally Accepted Accounting Principles (GAAP) will never serve that purpose. This article challenges and inspires the readers to seek higher levels of financial reporting quality, and to assure them that their goals are within their grasp.

Article Price : Rs.50

Ethics in Financial Reporting

-- Swapan Kumar Bakshi

Sound Financial Reporting is the key to efficient operation of capital markets. It also has high economic-efficiency enhancing value. But ironically, in spite of best intentions, lack of transparency and ethics in the financial reporting has become one of the controversial issues affecting the corporate world and accounting profession today. The present article looks into the controversial subject of Financial Reporting from economic and ethical perspectives and explores the ongoing issues surrounding it. It also examines the ethical dilemma encountered by the auditors in maintaining independence.

Article Price : Rs.50

Directors' Report : The Nucleus of Corporate Reporting

-- Dharminder Singh Ubha

Directors' Report is considered as the nucleus of the Annual Report of a company. It is treated as an index to corporate reporting. The present study is conducted to find out the deviations and variations in the presentation of information in the Directors' Reports of 30 select companies through a detailed item-wise analysis of the reports. The variations are found in the disclosure of most of the items. Directors' Report of the companies of all the three sectors vary from 15-50 with a considerable range of variation affecting the adequacy of information and its utility to their users.

Article Price : Rs.50

Segmental Disclosures and Corporate Governance : The Road Ahead

-- Neeti Sanan

Good corporate governance promotes the well-being of all stakeholders. In addition to profits, which result from the symmetry between the stakeholders in the near term, balancing interests guarantee the organization's survival and growth in the long-term. A good corporate governance engenders good financial reporting, which results in the production of efficient segmental reports. This in turn facilitates good governance. Quality segment reporting protects investors and inculcates confidence in the company's performance by overseeing and assessing management's stewardship. Segmental disclosures are regarded as one of the most useful revelations of financial reporting.

Article Price : Rs.50

Corporate Environmental Accounting and Reporting : A Green Framework

-- P Malarvizhi

Corporate environmental accounting and reporting is almost two decades-old now. Environmental accounting provides a common framework for organizations to identify and account for past, present and future environmental costs, in order to support management decision-making, control and public disclosure. And also environmental reporting consolidates and compiles the environmental performance status of an organization. Thus, accounting and reporting for the environment has become increasingly relevant to companies in this millennium.

Article Price : Rs.50

Fair Value : A Tool for Financial Reporting

-- S Vijayalakshmi

Fair value is one the tools for financial reporting. It explains the ins and outs of corporate disclosure practices. FASB is changing the rules for the disclosure of assets and liabilities at the Fair value. In the changing scenario of corporate disclosure practices, this article highlights the importance of Fair value in the financial reporting system.

Article Price : Rs.50

Role of Voluntary Disclosure and Transparency in Financial Reporting

-- Pankaj Madhani

This article discusses the role of voluntary disclosure and transparency in Financial Reporting. It identifies various characteristics and discusses transparency and benefits of voluntary disclosure. To enhance competitiveness, firms view disclosure as an opportunity rather than a burden. The higher the level of disclosure the lower is the information risk premium. Low risk premium provides higher valuation. Firms gain from building reputation for transparent reporting, as it eventually results in higher management credibility, a higher Price/Earning (P/E) multiple, increased liquidity and a lower cost of capital. This article also highlights risks and costs associated with voluntary disclosure.

Article Price : Rs.50

Accounting for Globalization and its Impact on Corporate Reporting

-- A Vinayagamoorthy

The accounting practices of the US and other countries vary significantly. World-wide accounting uniformity is an unattainable goal. This is due to differences in the economic, political and social values, and the different developments and goals of each individual country. However, International Accounting Standards Committee (IASC) and the International Organization of Securities Commissions (IOSCO) were formed to promote some kind of accounting uniformity throughout the world.

Article Price : Rs.50

Converging Accounting Standards : The New Buzz in Financial Reporting

-- B Sujatha

The convergence of Indian accounting standards with the International Financial Reporting Standards (IFRS) is a clear indication that the accounting profession is going to raise the demand for the globalization of Indian business. However, convergence will consummate into superior financial reporting only with necessary changes in legislations, regulations and institutional reforms.

Article Price : Rs.50

Financial Reporting of Banking Companies in India

-- Kashmir Singh

Financial reporting of banking companies is important for several reasons. First, the rapid changes brought out by economic reforms have exposed the Indian financial sector in general and the banking sector in particular to the challenges of global banking business. Second, banking companies in India are also moving towards public participation and are coming up with their Initial Public Offerings (IPOs) and also raising funds through Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) from abroad. Last, unlike other companies, most of the funds used by banks to conduct the business belong to creditors, particularly to depositors.

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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