R. Venkata Subramani

Source: http://www.accountingweb.com/topic/cfo/sec-approves-work-plan-assess-us-adoption-global-accounting-standards

While the SEC approved a statement supporting the adoption of global accounting standards for U.S. companies, the Chairman Mary Schapiro cautioned that, “Incorporating International Financial Reporting Standards (IFRS) into our financial reporting system would involve a significant undertaking. We must carefully consider and deliberate whether such a change is in the best interest of U.S. investors and markets.

“The Commission also voted to approve a Work Plan developed by SEC staff that would gather information to aid the Commission as it evaluates the impact that the use of IFRS by U.S. companies would have on our securities market,” Schapiro said. The Work Plan will be completed in 2011, the target date set by the 2008 Proposed Roadmap.

Schapiro said, however, that no decision had been made about the timing of a possible conversion to IFRS. “We must still determine what this means for U.S. companies and markets; should we incorporate IFRS into our reporting system and, if so, when and how?

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

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.

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

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:

Product Description

The key to CPA Exam success is practice, practice, and more practice!

Highly organized, up-to-date, comprehensive

* Multiple-choice questions and their solutions help you sharpen your problem-solving skills
* Simulation questions and solutions address the computerized Exam’s simulation-style problems
* The most effective system available to prepare and practice for the CPA Exam
* All current AICPA content requirements in each subject are included
* Covers all new question forms and formats for the computerized Exam, including multiple-choice and simulations
* Guidelines, pointers, and tips on how to build knowledge in a logical, reinforcing way
* Unique modular format helps you zero in on areas that need work, organize your study program, and concentrate your efforts

Dozens of special features to fit your special needs

* In Study mode you can structure and monitor your practice study time based on your own objectives
* The Exam mode simulates actual exam conditions
* Customizable question formats let you con-centrate on specific exam sections, question types, and question status (“not seen before,” “answered incorrectly,” etc.)
* TextLink feature provides comprehensive explanations that show you why incorrect answers fall short
* Diagnostic feedback on user performance helps you focus on areas where you need the most work
* Printing options let you keep studying when you can’t be near your computer

System Requirements

512 MB RAM recommended, PIII compatible or higher processor – 1 GHz recommended, Windows XP, or Vista 32-bit or 64-bit, 100 MB disk space for application files, .NET 3.5 Framework (280 MB disk space), SQL Server 2005 Express (600 MB disk space), Microsoft Internet Explorer 6.0 SP1 or later, Windows Installer 3.0

*.NET 3.5 Framework and SQL Server 2005 Express are included on the CD.

Installation instructions:

1. Insert CD into your CD-ROM drive.
2. From Start menu, select Run.
3. Type D:\setup.exe and hit OK (where D is the letter of your CD-ROM drive).
4. Follow instructions on screen

For technical support, please visit http://www.wiley.com/go/cpasupport

Product Details

* CD-ROM
* Publisher: Wiley; Cdr edition (February 15, 2010)
* Language: English
* ISBN-10: 0470453486
* ISBN-13: 978-0470453483

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

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

Direct Tax issues on convergence of IFRS with Indian Accounting Standards

January 10, 2010

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 [...]

Automatic FDI route to close for 10 sectors

January 7, 2010

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, [...]

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 [...]

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 [...]

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 [...]