...such that m(8) m(77') That is, the standards if and only if 77R77'. are used to single out a most preferred alternative. Using the standards, we are able to compare any two accounting alternatives and decide which of the two is superior or whether they are equally desirable. Presumably, the comparisons are also transitive. One way of describing such a choice process, which we adopt, is to view the standards as providing a hypothetical numerical ranking for each of the alternatives. Note, however, that the domain of this ranking function is limited to E itself, without any reference to the individual's preferences and beliefs. A fundamental question now arises: does any such function, m(.), exist? In selected settings the answer is, no doubt, affirmative. But, in general, the answer is negative. This is discussed below. THE IMPOSSIBILITY RESULT max A E(U I y, 7, ay*)D(y | X7EXc YEY (2) (2) Observe that this characterization of the choice, or specification, of an accounting alternative is but an expected utility variant of the situation initially discussed. We provide for comparison of any pair of alternatives; and our comparisons are transitive. We place these comparisons in an expected utility format simply because it is convenient. Reliance on standards to specify the most preferred accounting alternative follows a somewhat different tack. The purpose is to select the preferred alternative, but the method of analysis does not...
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...Human Resource Accounting Human Resource Accounting Literatur Review To measure human value as a part of the goodwill, HRA was introduced in the accounting literature in the 1960s (Flamholtz, 1985). In 1968 Brummet, Flamholtz & Pyle used the term “human resource accounting” for the first time. In 1973 the American Accounting Association’s Committee on Human Resource Accounting defined HRA as “the process of identifying and measuring data about human resources and communicating this information to interested parties. It provides information about human resource costs and values, serves to facilitate to decision making, and motivates decision makers to adopt a human resource perspective (Sackmann et al., 1989,). Research to examine the way in which human resource variables affect the efficiency of firms could be performed in a number of ways including analyzing the association between different aspects of human resources and firm performance (Bassi & McMurrer, 1998; Boudreau & Ramstad, 1997; Grojer, 1998). Looking at different proposals (Conner, 1991), the resource theory considers human resources in a more explicit way. This theory considers that the competitive position of a firm depends on its specific and not duplicated assets. The most specific (and not duplicated) asset that an enterprise has is its personnel. It takes advantage of their interdependent knowledge. That would explain why some firms are more productive than others. With the same technology, a solid human...
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...Professional Knowledge and Abilities American Accounting Association Introduction The following will describe the American Accounting Association (AAA), the ability the organization can attribute to my professional career and knowledge, and how this knowledge can be an attribute to my career success. How it will also help me to develop strategies and skills that will in the long run allow me to be a great asset to any agency in which I choose to work for . Describe AAA The American Accounting Association promotes worldwide excellence in accounting education, research, and practice (AAA, 2010). The AAA, founded in 1916, was first known as the American Association of University Instructors in Accounting until 1936 when the association name was changed. The American Accounting Association is composed of voluntary persons and professionals that are interested or involved in accounting, accounting education, and research (AAA, 2010). American Accounting Association Mission The American Accounting Association mission is “to further the discipline and profession of accounting through education, research, and service” (AAA 2010). The Association acknowledges that its members share a number of common values, which include the importance of their personal integrity, their objectivity, sense of community, open communications, respect for each other, high ethical values and personal behaviors, and an obligation to serve important stakeholders, including the broader society...
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...© 2000 American Accounting Association Accounting Horizons Vol. 14 No. 2 June 2000 pp. 235-250 Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and Regulators Patricia M. Dechow and Douglas J. Skinner Patricia M. Dechow is an Associate Professor and Douglas J. Skinner is a Professor, both at the University of Michigan. SYNOPSIS: We address the fact that accounting academics often have very different perceptions of earnings management than do practitioners and reguiators. Practitioners and reguiators often see earnings management as pervasive and probiematic—and in need of immediate remediai action. Academics are more sanguine, unwiiiing to beiieve that earnings management is activeiy practiced by most firms or that the earnings management that does exist should necessarily concern investors. We explore the reasons for these different perceptions, and argue that each of these groups may benefit from some rethinking of their views about earnings management. INTRODUCTION Despite significant attention on earnings management from regulators' and the financial press,^ academic research has shown limited evidence of earnings management. While practitioners and regulators seem to believe that earnings management is For example, SEC Chairman Levitt delivered a major speech on earnings management in the fall of 1998 in which he advocated a niunber of initiatives to improve the quahty of financial reporting (Levitt 1998). As part...
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...IMPACT OF INTELLECTUAL CAPITAL ON FINANCIAL PERFORMANCE - AN EMPERICAL STUDY ON THE INDIAN BANKING SECTOR. Abstract: Purpose: Present study makes an attempt to examine the impact of intellectual capital on financial performance of firms based on a sample consisting of 12 Indian banking companies which constituted the CNX Banking index of NSE during 2012-13. More specifically, it seeks to examine the impact of the IC represented by VAIC and the value added, on corporate financial performance measured by return on assets, earnings per share, and return on equity. Design/methodology/approach: In this study VAIC™ is considered as a key valuation model for measuring the IC performance of Indian Banking Companies. Capital employed, human capital and structural capital are used as components of intellectual capital and return on assets (ROA), return on equity (ROE) and Earning Per Share (EPS) indexes are used as criteria of financial performance. The value of three performance measures i.e. Return on Equity (ROE), Return on Assets (ROA), and Earning Per Share (EPS) are obtained from the annual reports of respective banks, whereas the values of VAIC and Value added are computed using appropriate formula and the ranking is made. The companies having highest value is ranked 1, next highest is ranked as 2, and so on. Next, a bar chart is prepared using the computed values of HCE, SCE, CEE representing various components of intellectual capital efficiency which constitute the VAIC...
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...Notes I.28 Session – I important that they would affect the auditor’s report if not resolved. They include the following: • Matters that are significant and involve issues regarding the appropriate selection, application and consistency of accounting principles pertaining to the financial statements, including related disclosures. Such matters often relate to accounting for complex or unusual transactions or to estimates and uncertainties and any applicable management assumptions. Results of auditing procedures that indicate the financial statements or disclosures could be materially misstated or that the auditing procedures need to be significantly modified. Circumstances that cause the auditor significant difficulty in applying auditing procedures he or she considers necessary. Other findings that could result in modification of the auditor’s report. Compliance of Auditing Standards and Audit Documentation – a must for all practice units satisfy any applicable legal or regulatory requirements for records retention. Internationally the norm is assemble the final audit file and submit it for archiving within 60 days from the date of our audit report. The PCAOB standard has shortened this period to 45 days. 51 The auditor would also need to adopt procedures that enable him or her to gain access to the documentation throughout that period. One way for auditors to accomplish this is by creating a policy to maintain electronic documentation. One needs to bear in mind...
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...FMCG NOVEMBER 2011 For updated information, please visit www.ibef.org 1 FMCG NOVEMBER 2011 Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities Useful information For updated information, please visit www.ibef.org 2 FMCG NOVEMBER 2011 Advantage India Growing demand • Attractive opportunities • 2018E Market size: USD74 billion Rising disposable income of the young population has been a major growth driver for the sector Emergence of organised retail has boosted the distribution of FMCG sector Low penetration levels in rural market offer room for growth Consumers are highly adaptable to new and innovative products • • • Advantage India Increasing investments • There is a growing market for premium products Policy support • Industry saw heavy FDI inflows as they accounted for 2.1 per cent of the country’s total FDI 2000-10 Many players are pursuing inorganic growth by acquiring regional players Automatic investment approval of up to 100 per cent foreign equity is allowed Have improved on the infrastructure facilities which has increased access to the industry • • 2010 Market size: USD28 billion Notes: Market size estimates from Technopak 2018E – estimated figure for 2018 For updated information, please visit www.ibef.org ADVANTAGE INDIA 3 FMCG NOVEMBER 2011 Contents Advantage India Market overview and trends Growth drivers Success stories: Major players Opportunities...
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...GUIDELINES TO INVEST IN INDIA MRIDUL AGRWAL mridul.15@tapmi.edu.in +919629482047 NANDINI BRAHMANAND HEGDE nandini.15@tapmi.edu.in +919686488851 MRIDUL AGRWAL mridul.15@tapmi.edu.in +919629482047 NANDINI BRAHMANAND HEGDE nandini.15@tapmi.edu.in +919686488851 India is a federal republic, with 28 states and seven federally administered union territories; it operates a multi-party parliamentary democracy system. It is a common law country with a written constitution. Parliament has two houses: the Lok Sabha (lower house) and the Rajya Sabha (upper house). The President, the constitutional head of the country and of the armed forces, acts and discharges the constitutional duties on the advice of the Council of Ministers, which is headed by the Prime Minister. The Prime Minister and the Council of Ministers are responsible to parliament and subject to the control of the majority members of parliament. Independently elected governments govern the states and union territories. India is a three-tier economy, comprising a globally competitive services sector, a manufacturing sector and an agricultural sector. The services sector has proved to be the most dynamic in recent years, with trade, hotels, transport, telecommunications and information technology, financial, and business services registering particularly rapid growth. Government Empowerment The central and state governments have passed legislation to control production, supply, distribution and...
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...are:- * The company must not be listed on any recognised stock exchange. In case of a listed company,it will have to wait for atleast one year after its delisting. * Shareholders' approval by special resolution for alteration of Articles of Association for incorporation of the definition of a private company. The Articles shall be suitably amended to include the basic restrictions applicable on a private company and other provisions necessary thereto. * No resolution amending the Articles, which has the effect of converting a public company into a private company, shall be effective unless it has been approved by the Central Government. * After the alteration has been approved, a printed copy of the Article shall be filed with the Registrar of Companies within one month of the date of receipt of the order of approval. * The name of the company shall be amended to include the word 'private' on all its documents. The Companies Act contains the following procedure for the conversion:- * Convene a Board meeting for consideration of the proposal of conversion of the company into a private company. * Prepare the proposal for alteration of Articles of Association or prepare a new set of Articles of Association meeting the requirements of a private limited company. * Hold the Board meeting and get approval of the Board for the proposal, fix up the day, date and time of holding the general meeting of the company, approve notice and explanatory statement...
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...bManual on Financial and Banking Statistics LIST OF ABBREVIATIONS ACF AD ADB ADR AFS AGM AIRCSC Auto-Correlation Function Authorized Dealer Asian Development Bank American Depository Receipt Annual Financial Statement Annual General Meeting All India Rural Credit Survey Committee Additive Outliers Auto Regression Auto-Regressive Integrated Moving Average Available For Sale CBS CC CD CD Ratio CDBS CF CFRA CGRA CII CO CP Consolidated Banking Statistics Cash Credit Certificate of Deposit Credit Deposit Ratio Committee of Direction on Banking Statistics Company Finance Combined Finance and Revenue Accounts Currency and Gold Revaluation Account Confederation of Indian Industries Capital Outlay Commercial Paper Consumer Price Index Consumer Price Index for Industrial Workers Capital Receipts Capital to Risk Weighted Asset Ratio Cash Reserve Ratio Council of Scientific and Industrial Research Central Statistical Organisation Central Vigilance Commission Development Action Plan Department of Banking Operations and Development Department of Banking Supervision, RBI Department of Company Affairs, (Now known as Ministry of Companies Affairs, MCA) Government of India AO AR ARIMA AFS CPI ASSOCHAM Associated Chambers of Commerce and Industry of India ATM ATM BIS BOI BoP BPM5 Asynchronous Transfer Mode Automated Teller Machine Bank for International Settlements Bank of India Balance of Payments Balance of Payments Manual, 5th edition Balance of Payments Division, DESACS...
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...FIRST SEMESTER Course : 1: Principles of Management Introduction: - Concept of Management, Scope, Functions and Principles of Management, Evolution of Management thought. 2. Planning: - The Process of Planning, Objectives, Policy and Procedures, Forecasting and Decision Making. 3. Organizing: - Meaning, Importance and Principles, Span of Management, Centralization and Decentralization, Patterns of Organization, Line and Staff Relationships. 4. Staffing: - Nature & Scope of Staffing, Manpower Planning, Selection & Training, Performance Appraisal. 5. Controlling: - Concept or Managerial Control, Control aids, Score Responsibilities of Managers. Books Recommended: by Paul Hersey & Ken Blanchard 1. Management & Organizations Behaviour 2. Essentials of Management by Koontz & O Donald 3. Principal and Practice of Management by L.M. Prasad 4. Human Behavior at Work by Kaith Devis 5. Organizational Behavior by Robbins 1. Course : 2: Business Organization Introduction: - Nature & Scope of Business System, Objectives of Business and Social Responsibilities of Business 2. Organizing a Business: - Forms of Ownership Organization Sole Proprietor, Partnership, Private & Public Ltd. Companies, Choice of suitable form of Business Organization. Public Sector: - Central Government, Public Corporation, Local Government, Organization 3. neither Public nor Private Sector, Clubs & Society, Cooperative Societies, Worker s Cooperatives, Building Societies. 4. Elements of Insurance: - Meaning and...
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...SOCIAL RESPONSIBILITY 8 3.2 CORPORATE GOVERNANCE 10 4.0 MARKET ENTRY STRATEGIES 11 4.1 JOINT-VENTURE 11 4.2 DISTRIBUTION SYSTEM 12 5.0 CONCLUSIONS 13 6.0 REFERENCES 14 1.0 INTRODUCTION The purpose of this paper is to discuss and evaluate the attractiveness of the food retail industry in India. Research on the Indian food retail industry will be executed to construct an analysis of the overall competitiveness and investment attractiveness. In Part 1, the researcher will apply the extended version of Porter’s National Diamond (PND) model to the Indian food retail industry. In Part 2, two key management issues will be taken into account and analysed before developing any further operations into the Indian food retail industry. In Part 3, two market entry strategies will be selected, compared, and discuss the advantages and limitations of each to determine the optimal strategy to be implemented in regards to the Indian food retail industry. 2.0 Part 1: PORTER’S NATIONAL DIAMOND ANALYSIS India has experienced significant social and economic change as of late, enabling a solid consumer market for foreign retailers. According to UNICEF, the Indian economy has been booming, with an average GDP growth rate of 4.5% from 1997 to 2007 (Mann & Byun, 2011), and is anticipated to be the world's third greatest economy after the USA and China by 2050. When market size, development prospects, and consumer wealth and preparedness are considered to determine the retail food index...
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...No. 2 Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil, ACMA (Corresponding Author) Department of Business Administration East West University 43, Mohakhali C/A, Dhaka – 1212, Bangladesh Tel: 9887989(Off.) ext 253, 01819289589 (M) E-mail: nikhilacc@yahoo.com Dr. Bhagaban Das P.G. Department of Business Management, Fakir Mohan University P. O.: Balasore, Pin.: 756019, Orissa, India E-mail: bhagaban_fm@yahoo.com Alok Kumar Pramanik Department of Commerce, Bhatter College P. O.: Dantan, Pin. : 721426, Paschim Medinipur, West Bengal, India E-mail: alokdantan@sify.com Abstract The journey to have a common set of accounting standards started long before to give it a professional shape and essence. And accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization. Still, we have a couple of strong variants of accounting practices (say, for example, US GAAP, UK GAAP, IAS etc.) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe that accounting world is controlled and...
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...manufacturer of wrist watches in the country. In 1984 a joint venture of Tata and TIDCO by the name of Titan Industries was formed and it took over most of the market shares from HMT becoming the undisputed leader in the wrist watch industry. After the liberalization of market in India in 1992, there was a tremendous competition in the watch industry as more and more foreign companies started to enter the Indian market. In 1999, the new import and export policy relaxed the hitherto stiff upper bar on imports of luxury watches and more brands started to enter the market. Due to the global economic recession in 2008-2009 the overall production of wrist watches declined around the world, however, there was an increased demand and sales growth for luxury and premium watches in the Indian market. There was an increasingly high demand for luxury watches in India starting eighties. Luxury watches were bought for their symbolic significance and experiential benefits. It was basically attributed to the major lifestyle changes. The other brands having high demand in luxury segment in Indian market were Tissot, Rado, Omega, Tag Heuer and Longines. Xylys is a premium Swiss brand housed by Titan in India. At the launch of the Xylys brand in 2006, the management of Titan Industries created a unique brand perception for Xylys in the consumer market. The brand employed it with style and attitude and was directed towards both men and women who were conscious of their image projection. The aim...
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...advancement of medical technology and increasing self awareness of both mental and physical well being, the health of most Americans has increasingly improved. However, the same cannot be said of the health of American Indians and Alaskan Natives. Health improvements for American Indians and Alaska Natives have not improved, with health disparities still existing in areas such as: infant mortality, chronic diseases such as cardiovascular disease, diabetes, asthma, obesity, cirrhosis and liver disease, arthritis, smoking, and cancer (Indian Health, n.d.). According to the 2000 Census, there are 4.1 million Native Americans/Alaskan Indians in the United States (U.S Census Bureau, 2000). Historically, Native Americans have lived in extreme poverty. The U.S. Census reported in both 1990 and 2000 that poverty still prevails in Native American populations throughout the nation, accounting for 25% of the nation (Selected Population, 2012). There are known health disparities between the Native American population and the rest of the U.S. Some of these disparities exist due to geographic isolation, cultural barriers and economic factors. Health care experts, policymakers and tribal leaders are trying to account for the many factors that impact the health of Indian people (The Health Care Challenge, 1999). Native American males are found to have the quickest dying rate of most citizens in the U.S., with life expectancy of 71 years of age, 6 years younger than the life expectancy...
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