Sri T.N. Manoharan conferred with Padma Shri award by Government of India

by R. Venkata Subramani

Sri T.N. Manoharan

Sri T.N. Manoharan

The Government of India named Sri T.N. Manoharan the first accountancy professional from Tamil Nadu to be conferred with the Padma Shri award. Manoharan is based out of Chennai, India and was recently appointed as a board member of the scam-hit Satyam Computer Services and later made as its chairman before the company was taken over by the Mahindra group. He is a distinguished professional and has several acheivements to his credit. Son of T.L. Narayana Chowdhry, a 93-year-old a freedom fighter, Manoharan, 52, is a partner in Manoharan Chowdhry Associates. He is also the past president of the Institute of Chartered Accountants of India (ICAI).

Padma Shri is an award given by the Government of India generally to Indian citizens to recognize their distinguished contribution in various spheres of activity including the Arts, Education, Industry, Literature, Science, Sports, Medicine, Social Service and public life. It stands fourth in the hierarchy of civilian awards after the Bharat Ratna, the Padma Vibhushan and the Padma Bhushan. On its obverse, the words “Padma”, meaning lotus in Sanskrit and “Shri”, in Devanagari script, appear above and below the lotus flower. The geometrical pattern on either side is in burnished bronze. All embossing is in white gold.

‘Accounting for Investments’ blog congratulates Sri T. N. Manoharan on being conferred with the Padma Shri award.

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A boon to all aspiring CPAs – Wiley CPA Exam Review 2010 Test Bank CD – Complete Set (CD-ROM)

by R. Venkata Subramani

Wiley CPA Exam Review 2010 Test Bank CD – Complete Set (CD-ROM) that is scheduled to be released during mid February 2010 is a real boon to all aspiring CPAs: Here are the details:

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I F R S to be mandatory only for big corporates in the first phase

by R. Venkata Subramani

The much-anticipated International Financial Reporting Standards (IFRS) is likely to be rolled out only partially in India from April 1, 2011.That’s because a core group on IFRS implementation, set up by the ministry of company affairs and headed by renowned chartered accountant Y H Malegam, is set to recommend that it be made mandatory only for big corporates in the first phase.

Source: DNA India

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Direct Tax issues on convergence of IFRS with Indian Accounting Standards

by R. Venkata Subramani

Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of India’s accounting standards with International Financial Reporting Standards (IFRS).With IFRS convergence due for April 2011 and the government coming up with the new Direct Taxes Code (DTC), the suggestions of the study group finds relevance.

Source: Economic Times

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Automatic FDI route to close for 10 sectors

by R. Venkata Subramani

Keen to beef up national security, the government plans to slap new entry route restrictions on foreign direct investment (FDI) beyond 49% in eight specified “sensitive” sectors, including airports, seaports, pharma, petroleum refining and gas pipelines. In all these sectors, 100% FDI through the automatic route is permitted now.Once a stricter policy is in place, proposals to expand FDI beyond 49% in these sectors would have to be vetted by the Foreign Investment Promotion Board (FIPB), official sources said.

Source: Indian Express

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SEBI extends stock lending, borrowing tenure to 12 months

January 7, 2010

The Securities and Exchange Board of India (SEBI) has extended the tenure of contracts for stock lending and borrowing (SLB) up to a maximum period of 12 months, as it tries to revive the comatose segment.SLB was introduced in April 2008, starting with a contract tenure of seven days. With hardly any interest from market [...]

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New online course on IFRS 9: Financial Instruments

December 29, 2009

There is a new course on IFRS 9 and you can take the course here: Accounting for Investments
On 12 November 2009, IASB published IFRS 9 Financial Instruments on the classification and measurement of financial assets. The present IAS 39 is proposed to be replaced in three phases as follows by International Accounting Standards Board (IASB):
Phase [...]

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Salient differences between IAS 39 and IFRS 9

December 23, 2009

On 12 November 2009, the International Accounting Standards Board (IASB) issued IFRS 9 Financial Instruments.

Salient differences between IAS 39 and IFRS 9

Parameter

IAS 39

IFRS 9

Name

Financial Instruments:
Recognition and Measurement

Financial Instruments

Applicability

Currently effective

Effective from 1st Jan 2013 with early adoption permitted

Scope

All aspects of Financial
assets & Financial Liabilities including hedge accounting

Only Financial assets included. Presently the standard does not include [...]

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Wiley GAAP, CD-ROM and Book: Interpretation and Application of Generally Accepted Accounting Principles 2009 (Wiley Gaap (Book & CD-Rom)) (Paperback)

December 6, 2009

The most practical, authoritative guide to GAAP-updated for 2009
The complexities of financial reporting – which for too many preparers, auditors and users were only revealed through the exposure of scores of occurrences of reporting fraud in recent years – demand a reliable, readable GAAP resource.
Wiley GAAP 2009 provides in-depth coverage of the most recent developments [...]

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Wiley IFRS 2009, Book and CD-ROM Set: Interpretation and Application of International Accounting and Financial Reporting Standards 2009 (Paperback)

December 5, 2009

With widespread acceptance and use of the IASB standards around the globe, the need to understand the IASB standards greatly increases. Wiley IFRS 2009 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. The Wiley IFRS 2009 Book and CD-ROM set covers [...]

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