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Eighth Edition of this practical commentary covers discussion on convergence, updated Indian Accounting Standards, Accounting Standards Interpretations, International Accounting Standards and International Financial Reporting Standards, US GAAP and Developments in Financial Risk Management.Highlights of New Topics covered in the Eighth Edition:VOLUME I * Global Convergence of Financial Reporting * Advances in Group Accounts * Elaborate discussion on Joint Ventures * Employee Benefits * Interim Financial Reporting * Segment Reporting vis-a-vis IFRS 8 * Comparative Disclosure Requirements VOLUME II * Detailed discussion on International Accounting Standards/Internal Financial Reporting Standards * US GAAP * Corporate Governance * SOX Requirements * Issues in Financial Risk Management and Risk Disclosures.
Economic reforms initiated in India since early 1990s have led to increasing attention being devoted to accounting standards as a means towards ensuring potent and transparent financial reporting by corporations. International Financial Reporting Standards (IFRSs) - issued by the International Accounting Standards Board (IASB) as the uniform language of business to protect the interests of international investors - have brought into focus the need for reforms in accounting procedures in different countries. IFRSs have been made applicable in India for specified business entities. The new accounting norms have posed challenges for business enterprises in terms of presentation of accounts, and accounting policies and procedures. This book explains the requirements of IFRSs and the attending implementation hurdles in India.

Corporate accounting practices

United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

Published: 2002

Total Pages: 310


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Eighth Edition of this practical commentary covers discussion on convergence, updated Indian Accounting Standards, International Accounting Standards and Financial Reporting Standards, IFRIC/SIC Interpretations, FASB Standards, developments in corporate governance, audit and assurance, risk management norms and practices and business valuation techniques.
With reference to India.
Prudent, verifiable, and timely corporate accounting is a bedrock of our modern capitalist system. In recent years, however, the rules that govern corporate accounting have been subtly changed in ways that compromise these core principles, to the detriment of the economy at large. These changes have been driven by the private agendas of certain corporate special interests, aided selectively—and sometimes unwittingly—by arguments from business academia With Political Standards, Karthik Ramanna develops the notion of “thin political markets” to describe a key problem facing technical rule-making in corporate accounting and beyond. When standard-setting boards attempt to regulate the accounting practices of corporations, they must draw on a small pool of qualified experts—but those experts almost always have strong commercial interests in the outcome. Meanwhile, standard setting rarely enjoys much attention from the general public. This absence of accountability, Ramanna argues, allows corporate managers to game the system. In the profit-maximization framework of modern capitalism, the only practicable solution is to reframe managerial norms when participating in thin political markets. Political Standards will be an essential resource for understanding how the rules of the game are set, whom they inevitably favor, and how the process can be changed for a better capitalism.
*Navigating the Complexities of Accounting Standards* provides a clear and comprehensive guide to understanding and implementing accounting standards like GAAP, IFRS, and Ind AS. This book delves into the intricacies of financial governance, covering topics such as cross-enterprise comparisons, standardization processes, and the global shift toward harmonized accounting practices. It offers insights into the evolution of these standards, the legal imperatives shaping them, and the practical challenges of adoption, making it an essential resource for professionals in finance, accounting, and auditing seeking to navigate today’s dynamic financial landscape.
This text presents international accounting within the context of managing multinational enterprises, focusing on business strategies and how accounting applies to these strategies. This unique approach gives students the opportunity to learn about international accounting from a perspective similar to what they will experience in the business world. The book explains the key factors that influence accounting standards and practices in different countires, and how those factors impact the convergence of standards worldwide. Particular emphasis is given to culture and its unique contribution to accounting standards and practices worldwide. The book focuses on the needs of users of financial and accounting information across borders with the aim of enhancing their understanding of how to use information and make more informed decisions in an increasingly complex and dynamic international business environment.