SPECIAL ISSUE

International Financial Reporting Standards : Global and Indian Context

- - Sangeeta Makhija and GP Samanta

This article investigates the rationale behind the International Financial Reporting Standards (IFRS) and its impact on the financial and accounting world. The adoption of IFRS puts a big question to us in the present globalized environment as to how to develop internationally acceptable accounting standards that are also acceptable locally. Moreover, it focuses on the emerging challenges and opportunities in adopting IFRS in the Indian context.

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

Convergence with Accounting Standards : Indian Gaap and US Gaap

- - Pradeep Singh

In this era of globalization and economic reforms, political boundaries are no longer barriers for the companies to exchange the idea, services and items. Convergence of Indian Accounting Standards (GAAP) with US GAAP is essential to take advantage of foreign capital and technology. GAAP, which is known as Generally Accepted Accounting Principles, is based on the double accounting system. With the help of these principles preparers and users are able to understand the financial statements which are prepared by various companies in the world. This research article highlights the concept of Indian GAAP and US GAAP, the various issues involved in GAAP, advantages to Indian companies, need for harmonization of Indian GAAP with US GAAP, the shortcomings of Indian GAAP and suggestions to improve Indian accounting GAAP as per national and international requirements.

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

AS I : Disclosure of Accounting Policies

- - 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. An Enterprise needs to take care that its financial statements are prepared in accordance with the accounting standards. If the organization is operating globally, statements of various US GAAP are also to be taken care of. These accounting standards are applicable only to the items that are material in nature. Deviation from these accounting standards requires a disclosure in the financial statement along with the impact thereof.

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

International Education Standard 8

- - Praveen Kumar GN

Its time for the member bodies to modify their policies and procedures to ensure that audit professionals meet the competence requirements of International Education Standard (IES) 8 released by The International Accounting Education Standards Board (IAESB).

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

AS 8 : Accounting for Research and Development

- - V Raju

This article about Accounting Standard 8 presents how the costs of research and development activities are treated in the financial statements of an enterprise.

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

Merger and Amalgamation : Accounting Standards

- - Naresh Kumar

Mergers and Amalgamations are part of business strategy for growth in a competitive environment. Successful completion of mergers and amalgamations requires multidisciplinary approach of law, finance and management, besides complicated accounting principles and practices. The article discusses the basic concepts and accounting standards, which are of practical utility for professionals.

©2006 IUP . All Rights Reserved

SPECIAL ISSUE

Accounting Standards for the Effects of Changes in Exchange Rates in India and Australia : A Comparative Study

- - TR Shastri

Australia is one of the founding members of the International Accounting Standards Committee, whereas, India is its first associate member. Both these commonwealth countries have derived their accounting practices from the UK. This article compares one of the accounting standards that has a global significance as prevailing in these two important countries.

©2006 IUP . All Rights Reserved

SPECIAL ISSUE

Compliance of AS 28

- - Palash Goswami

This article focuses on the recently issued Accounting Standard 28 (AS 28) for Impairment of Assets. Here the author makes an attempt to simplify the steps required for compliance of AS 28, which is mandatory in nature.

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

Compliance Provisions and Accounting Standards

- - Ajaya Kumar Mohanty

Globalization has called for strong organizations to cope with emerging challenges and their necessity in the home country is sine qua non as they have to face stiff competition from MNCs. The economic behemoths of developed nations are well versed with the international benchmarks and accounting standards as they have already passed the test of the international accounting standards. The subcontinent has been a prime destination for investments and one of the best marketing avenues for which there has been a concerted effort by international giants to come to the forefront and enjoy the benefits. With this background the importance of accounting standards is gaining ground and so is its convergence towards international accounting standards.

© 2006 IUP . All Rights Reserved

SPECIAL ISSUE

Some Reflections on Accounting Standards in India

- - Sandip K Bhatt

With the development of the technological changes in the present global economy, accounting has a tendency to become more and more complex in all sectors of the economy. Due to this, every person, economic sector and international environments call for simplified procedures of the accounting system. The sound health of any corporate enterprise can be judged as well as assessed according to its financial position at any time of the year. Information that is conveyed through the various published accounts at the end of each accounting period has been accepted to be a more effective mode of providing information for improvement and progress of the accounting standard.

© 2006 IUP . All Rights Reserved