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Message Icon Topic: Are we geared to face the Accounting Challenges? Post Reply Post New Topic
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Vivek Sukhani
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Quote Vivek Sukhani Replybullet Topic: Are we geared to face the Accounting Challenges?
    Posted: 16/Aug/2006 at 10:47pm
I think Indian corporates are very lazy as far as getting themselves to the conservative accounting practices that are coming up.Such practices pertain to:
 
1.FCCB Accounting: Very rarely you will find corporate accounting it in a proper manner. I beleive, you should write off the interest patable in the event of non-conversion, to the Share Premium at the very outset as the way Tata Chemicals has done.
 
2.Employe Benefits, Superannuation accounting : Rarely does a company properly provide for that.
 
3.Impairment of Assets: Most corporates are also very lazy in impairing their redundant assets
 
I will be much glad if some one from the accounting and auditing profession throw some light on it.
 
Regards,
 
Vivek


Edited by Vivek Sukhani - 14/Apr/2008 at 10:27am
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kulman
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Quote kulman Replybullet Posted: 14/Apr/2008 at 7:18am

Esop Fables: New accounting norms to hit dole-happy cos

Accounting of acquisitions, Esops, derivatives and restatement of profits are the major areas where the new accounting norms will impact the financial statements


These compliance norms become effective FY11 onwards.

On a side note, we haven't yet had in India any backdating of options scandal. Whatever happened in the West....is likely to happen here.
Life can only be understood backwards—but it must be lived forwards
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