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Does India need the new accounting norm?


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Godrocksbig
Double Entry
by Godrocksbig on Feb 21, 2011 02:48 AM

The Only Accounting Principle Congress knows is ... Debit Poor Indians and Credit Maino family in Italy with Billions of Dollars. We need single entry Book keeping running on the principle of take from Indians and give to Indians.

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RAVIKUMAR VADIVELU
IFRS
by RAVIKUMAR VADIVELU on Feb 20, 2011 12:06 PM

satyam report was published in IFRS.Was that tranparent?Ethics and Honesty come from minds and hearts and not from applying new standards.Convergence of IFRS to be used by big four brothers who are going to steal other small players livelihood and regulator is a mute spectator.

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ambikanand jha
Does India need the new accounting norm?
by ambikanand jha on Feb 20, 2011 09:11 AM

In April 2009, in response to the input received on its work responding to financial crisis, and following the conclusions of the G 20 leaders and the recommendations of international bodies such as the Financial Stability Board, the IASB announced an accelerated timetable for replacing the principal standard for recognition and measurement of financial instruments- IAS 39. IAS 39 is sought to be replaced by IFRS 9 in three phases. The first phase was completed with the issue of the portion of IFRS 9 which deals with the classification and measurement of financial assets and financial liabilities. The second and third phases are in the area of Hedge Accounting and Impairment, where currently work is underway. It is expected that IFRS 9 will replace IAS 39 in its entirety by June 2011.


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ambikanand jha
Does India need the new accounting norm?
by ambikanand jha on Feb 20, 2011 08:33 AM

Accounting as a “Language of Business” communicates the financial results and health of an enterprise to various interested parties by means of periodical financial statements. Like any other language accounting should have its grammar and these sets of rules are Accounting Standards. The objective of Accounting Standards is three fold. Firstly, they help to standardize the diverse accounting policies and eliminate the incomparability of financial statements within an entity and across entities. Secondly, they facilitate the presentation of high quality, transparent and comparable information in financial statements. Thirdly, they reduce to accounting alternatives and thereby eliminate the element of subjectivity in financial statements.
Accounting as a “Language of Business” communicates the financial results and health of an enterprise to various interested parties by means of periodical financial statements. Like any other language accounting should have its grammar and these sets of rules are Accounting Standards. The objective of Accounting Standards is three fold. Firstly, they help to standardize the diverse accounting policies and eliminate the incomparability of financial statements within an entity and across entities. Secondly, they facilitate the presentation of high quality, transparent and comparable information in financial statements. Thirdly, they reduce to accounting alternatives and thereby eliminate

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MKeny
Yes
by MKeny on Feb 19, 2011 09:05 AM  | Hide replies

All companies who make accounting software keep a copy of data with themselves. The software makes bank employees lazy, and into believing software is God. Then the software company holds the keys to unlocking the software databases. In order to make the process more transparent FROM the end user software companies want to implement CLOUD COMPUTING as soon as possible so as to make accounting and accountability Opaque

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MKeny
Re: Yes
by MKeny on Feb 19, 2011 09:11 AM
I mean fudging accounts, to be made more opaque and the process more transparent FROM end user so that they dont get right answers

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Sunish Mathew
Are you in your right mind?
by Sunish Mathew on Feb 18, 2011 08:33 PM

What is your point? "Hidden hand of some powerful forces is at play". Give me a break. What paranoia? What a shame?

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