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Financial Accounting Standards Board chairman Robert Herz fired back today at companies that have demanded the freedom to decide which accounting rules they must follow.

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Santosh Puthran
www.managementaccountant.in

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1. U.S. resists int’l accounting rules
2. IFRS 8 Segmental Reporting
3. New Standards for SME rejected

SMC and ASSOCHAM organized a National Conference on “Corporate Governance & Financial Reporting Norms” A US GAAP & IFRS Perspective at 9.30am on 20th September, 2007 at Hotel Leela Kempinski, Mumbai. Mr. P.C. Gupta, Hon’ble Minister of Company Affairs, Mr Sunil Talati, President, ICAI, Mr M Ramadoss, CMD, Oriental Insurance Co. Ltd. and D.K. Mehrotra, Managing Director, Life Insurance Corporation discussed various issues on Corporate Governance and Financial Reporting norms. CFOs from top 500 Indian companies and multinationals had also participated in the event.

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Regards,

Santosh Puthran

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1. Corporate India’s new strategy
2. Visionary Approach to Name Change

The Institute of Chartered Accountant of India (ICAI) has decided to adopt the International Financial Reporting Standards from April 2011.

The move would help it to integrate itself with the global accounting principles and take on upcoming challenges effectively.

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Regards,

Santosh Puthran
www.managementaccountant.in

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1. More on ICAI

A proposal that would allow foreign companies to use international accounting standards when filing with U.S. regulators has encountered pushback.

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Santosh Puthran

Express News Service

BHUBANESWAR: Being a cost accountant might have been a dream for many but today it has become the ultimate goal. As a matter of fact, in this globalised and competitive environment, corporate India is hunting for cost accountants like never before.

Cost and Management Accountants (CMAs) are no more associated with book keeping and auditing. Of late, the industry has realised on investing their expertise for effective and efficient use of financial tools in managing resources.

With increase in competition and consequent economic pressure, cost and management accountancy has been interwoven into the main fabric of management practice. Studies, no wonder then, estimate that corporate India is facing an acute shortfall of CMAs. The handful that are passing out annually are being lapped up in no time.

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Early this year, the biggest single body of investors, in the world’s largest IFRS-using capital market (the ABI, NAPF and IMA) objected to the European Union’s adoption of IFRS 8, the proposed standard for segmental reporting of companies. Read More

What is IFRS 8 ?

The IFRS requires an entity to adopt the ‘management approach’ to reporting on the financial performance of its operating segments. Generally, the information to be reported would be what management uses internally for evaluating segment performance and deciding how to allocate resources to operating segments. Such information may be different from what is used to prepare the income statement and balance sheet. The IFRS therefore requires explanations of the basis on which the segment information is prepared and reconciliations to the amounts recognised in the income statement and balance sheet. Click here to know more

The adoption of IFRS 8 is an ideal way of financial reporting ie. merging the traditional as well as management accountant thereby giving the readers of financial statement objective view of performance of the organisation. With this role of management accountants enhances with increased responsibility.

Although the reporting sounds great, the question is whether the Accounting systems are geared up to provide information i.e. how much investments in IT has to be made to provide P&L and Balance Sheet at the segment level ? Or will it be a case of paralysis by analysis !!!

Does the world’s no.1 ERP Solution SAP provide segmental reporting ?

Yes. From Release E.C 5.0 has a facility called New GL that combines the approach of financials and management accounting. The reporting can be done by Segments and the business has to decide their segments.

During the implementation, many financial controllers ask why SAP has FI reporting is different to CO. Now for any green field implementation of SAP from Release EC 6.0, new GL has become mandatory.

SAP listens to the needs of the business.

Regards,

Santosh Puthran

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1. Management Accounting Guidelines of CMA Canada
2. Activity Based Costing
3. Full Cost Accounting
4. Cost Audit Awareness in India
5. SAP EC 5.0 training

The non-banking finance companies (NBFCs) are set to face stringent reporting norms by the Reserve Bank of India. The apex banking authority has asked the statutory auditors of NBFCs to improve their reporting. The department of non-banking supervision of RBI has communicated to the Institute of Chartered Accountants of India (ICAI) for stringent reporting of NBFCs.

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1. ICAI unhappy with relaxation of Audit norms

In a fresh attempt to push for a change of name, the Institute of Cost and Works Accountants of India (ICWAI) is organising a two-day conference in January, the stated aim of which is to reposition the role of “management accountants” so as to get them more visibility across the globe. Management accountants in India are called cost accountants.

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1. Visionary Approach to Name Change

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