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CORPORATE
GOVERNANCE
Corporate
Social Responsibility
- - S Vijayalakshmi
This
article presents the role of Corporate Social Responsibility
(CSR) in multinational organizations. CSR is defined as the
voluntary commitment to improve community wellbeing by utilizing
discrete business practices. Triple bottom line, which includes
the economic, social and environmental bottom line is the
new strategy to implement CSR.
© 2005 IUP. All Rights Reserved
CORPORATE
GOVERNANCE
Indian
Corporate Governance and Board Structure
- - Hitesh J Shukla
Considering
the importance of corporate governance in the context of sustainable
development, this paper intends to judge the responsibility
of the Indian corporate sector towards its various stakeholders.
The prime objective of this exploratory study is to know the
composition of boards of the corporate units working in India.
The corporate governance of Indian companies has been analyzed
for the year ending as on March 31, 2004 for the study. One
hudered companies in India are taken as a random sample for
the study. The main source of data is the annual reports of
the sample companies.
© 2005 IUP. All Rights Reserved
SARBANES-OXLEY
ACT
The
Bible of Corporate Governance in the USA: The Sarbanes-Oxley
Act, 2002
- - Naresh Kumar
In
the United States, the Sarbanes-Oxley Act, 2002 came into
force in the wake of financial failure and collapse of corporate
giants like Enron, Tyco, Quest, Global Crossings, and WorldCom
and the Xerox fiasco. In almost all the cases, reasons for
the fall of Multinational Corporations were accounting manipulations,
failure on the part of auditors like Arthur and Anderson and
dereliction of duties by the Board of Directors. Against this
backdrop, an attempt is made to analyze the salient features
of the Sarbanes-Oxley Act and appraise its effectiveness in
improving corporate governance and preventing malpractices.
© 2005 IUP. All Rights Reserved
ACCOUNTING
STANDARDS
Compliance
with Accounting Standards in the Globalized Indian Banking
Scenario
- - Ajaya Kumar Mohanty
This
article highlights various accounting standards and their
compliance in the Indian banking system. These accounting
standards rule the criteria for accounts measurement, where
to a great extent, they created uniformity in reporting and
analyzing with reasonable flexibility by considering various
circumstances of different enterprises. The focus is on AS-5,
AS-9, AS-15, AS-17, AS-18, AS-22, AS-23, AS-25 and AS-27.
© 2005 IUP. All Rights Reserved
REPORTING
Measuring
Sustainability and Green Reporting: The Role of Environmental
Audit
- - Arup Choudhuri
Caring
for the environment has assumed an important place in the
world culture. People from all walks of life, including the
corporate citizens, have become aware of the impacts that
pollution of air, ground and water can have on the quality
of life, the enjoyment of the earth's beauty, and the physical
well-being of its inhabitants. Because of this, governments
all over the globe have entered the picture with laws and
regulations that are intended to correct and cure the effects
of past violations of good environmental practices, and which
are designed to prevent future violations of good environmental
disciplines. Accounting, being a social discipline, cannot
thrive in a vacuum. It has been enriched with various environmental
guidelines and standards in different corners of the globe.
By using environmental accounting as a strategic weapon, companies
can prosper by acquiring brand equity and goodwill. To keep
an efficient environmental accounting system in place, the
two major areas to be considered are valuation vis-à-vis quantification
of environmental issues and control through proper environmental
auditing. This article brings out the major environmental
auditing issues and proper valuation of environmental perspectives
in order to achieve corporate social responsibility.
© 2005 IUP. All Rights Reserved
REPORTING
Single
Set of Financial Reporting: Globally Accepted Accounting Standards
- - C Padmavathi
The
growing capital market has made people focus on Financial
Reporting. Cross border investment and business has created
a need for Globally Accepted Accounting Standards. The process
of harmonization is accepted as the key factor to implement
a single set of standards, which includes adopting global
standards, MOM between International Accounting Standards
Board (IASB) and Financial Accounting Standards Board (FASB).
© 2005 IUP. All Rights Reserved
REPORTING
Gaps
in GAAP: Issues in Nonprofit Accounting and Reporting in India
- - Shailesh Gandhi
Nonprofit
Organizations (NPOs) in India play an important role as change
agents for social and economic development. As they command
substantial resources, their financial performance measurement
and reporting is a major concern. In the absence of a single
regulatory authority and specific accounting standards for
NPOs, the practices of accounting and reporting vary across
organizations. Based on an exploratory study, this paper documents
the status on requirements of accounting and reporting vis-à-vis
the current practices of NPOs, identifies the gaps, and proposes
an action plan to bridge the gaps. The paper classifies the
gaps in accounting and reporting under conceptual and institutional
frameworks. In order to bridge the gaps in the conceptual
framework, the paper recommends the need for developing a
uniform accounting and reporting system for all NPOs. This
should start with conceptualizing the information needs of
the stakeholders and end with conceptualizing appropriate
financial statements to meet these needs and, in the process,
resolve any ambiguity in the accounting treatment of specific
transactions. At an institutional level, the paper suggests
consultative processes among various stakeholders to develop
the proposed system and recommends a need for amendments in
various acts to implement it.
© 2005 IUP. All Rights Reserved
TAX
VAT:
The Impact
- - S Doshi, Rohit Kumar and Satyabrata Behera
This
article offers views on the newly implemented Value-Added
Tax and its impact on various industries such as Pharmaceutical,
Steel, Automobile, Cement, Sugar, Consumer Electronics and
Appliances, Tobacco, and finally on the Tea Industry.
© 2005 IUP. All Rights Reserved
TAX
Fringe
Benefits Tax: A Dire Need to Revisit
- - S B Kamashetty
Fringe
Benefits Tax (FBT) is defined in two parts as the benefit
that the employees receive as a result of their employment,
and the benefit provided through someone other than the employer.
Chidambaram highlighted the features of the Finance Bill 2005
and concluded that the government should clearly design the
guidelines and there should be no room for discretion at the
hands of the income tax assessing officer.
© 2005 IUP. All Rights Reserved
ENVIRONMENTAL
ACCOUNTING
Environmental
Accounting
- - Pradeepta Kumar Samanta and Ashok Kumar Mohanty
Environmental
Accounting is defined as an important tool for understanding
the role played by the environment in the economy as a mutual
relationship is identified between the two. Environmental
accounting prepares accounts that exhibit the cost of environmental
conservation during the normal course of business. This article
highlights the growing importance of environmental accounting,
lists the countries adopting it and finally explains its various
methods.
© 2005 IUP. All Rights Reserved
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