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  • 07-Jul-2013 | Ashish K Bhattacharyya

    Business responsibility reports can't enforce accountability

    Some companies have already published such reports. This gives an impression that business is being carried out responsibly

  • 12-May-2013 | Ashish K Bhattacharyya

    Integrated reporting: Concept capital

    It tells the complete value creation story and helps enforce accountability of firms towards society

  • 17-Sep-2012 | Ashish K Bhattacharyya

    Asish K Bhattacharyya: Transparent financial reporting essential for corporate governance

    It is difficult to separate corporate financial reporting from corporate governance. There are two reasons for this. First, shareholders have the right to receive information timely on the economic consequences of transactions entered into by the ...

  • 03-Sep-2012 | Ashish K Bhattacharyya

    Asish K Bhattacharyya: Discretion and subjectivity in accounting rules - necessary evil

    Globally, regulators, accounting standard setters, preparers and users have settled for principle-based accounting standards because it provides the flexibility that is needed to apply the accounting principles and methods appropriately in various ...

  • 12-Dec-2011 | Ashish K Bhattacharyya

    Audit oversight key to audit independence

    One of the important rights that shareholders enjoy is the right to receive financial information periodically. It is widely perceived that managers have a temptation to ‘cook’ account books and provide favourable financial information ...

  • 21-Mar-2011 | Ashish K Bhattacharyya

    Social Performance: CSR makes good business case

    Do investors evaluate companies against their social performance? No clear evidence is available to suggest that investors evaluate companies against their social performance. It is difficult to establish that companies that are socially responsive ...

  • 07-Mar-2011 | Ashish K Bhattacharyya

    Should Corporate Governance be Voluntary or Mandatory

    Today no one argues against the need for a system of good corporate governance to attract capital to the corporate sector. Regulators, which have the responsibility to protect the interest of sharehol-ders, continuously endeavour to improve the ...

  • 21-Feb-2011 | Ashish K Bhattacharyya

    Independent Directors strengthen audit

    The board of directors of a listed company is primarily an oversight board. It oversees the management of the company to ensure that the interest of non-controlling shareholders is protected. It also functions as advisory board. Independent ...

  • 07-Feb-2011 | Ashish K Bhattacharyya

    Firms need to pay up more for Professional Director

    In a recent round table discussion, a very senior professor, who is engaged in research on corporate governance for about two decades, suggested that state-owned companies should have a different corporate governance structure. They should not have ...

  • 24-Jan-2011 | Ashish K Bhattacharyya

    Use of profit or Loss a/c sans adjustments can mislead

    Net profit is the surplus for the period available for distribution after payment of return on the debt capital (interest) and government’s share in surplus (income tax). Conceptually, surplus is the amount that can be withdrawn from the ...

  • 29-Nov-2010 | Ashish K Bhattacharyya

    Liability is fair value less transaction costs

    Liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Therefore, a firm commitment to buy an asset is not a ...

  • 15-Nov-2010 | Ashish K Bhattacharyya

    Schedule XIV: State should prescribe intangibles' 'lives'

    Our first learning in financial accounting is that profit is an estimate. Profit is an estimate because estimation is at the heart of accrual accounting. Even, in the regime of transaction-based accounting system, profit was an estimate. For ...

  • 01-Nov-2010 | Ashish K Bhattacharyya

    No need to panic on IFRS as date nears

    April 1, 2011 is fast approaching. This is the date when India will adopt the new set of IFRS-convergent accounting standards. As the date is approaching, we are observing a lot of excitement and worries. It is quite natural. But it should not lead ...

  • 18-Oct-2010 | Ashish K Bhattacharyya

    Independent director: Short tenure not wise

    The Companies Bill 2009 has dealt with independent directors quite extensively. The Standing Committee has spent significant time on issues relating to independent directors as evident from the report of the Committee. This shows the criticality of ...

  • 04-Oct-2010 | Ashish K Bhattacharyya

    Rotation of Auditors may ensure Independence

    Legally, the auditor provides a reasonable assurance to shareholders, who appoint it, that financial statements provide true and fair view of the financial position and performance during the year. Although the auditor reports to shareholders, it is ...

  • 20-Sep-2010 | Ashish K Bhattacharyya

    New Focus on Auditing

    We are likely to get new Companies Act shortly. Indications are there that the wait is almost over. The Standing Committee on Finance has already submitted its report and the Ministry of Corporate Affairs is working hard to finalise the new ...

  • 23-Aug-2010 | Ashish K Bhattacharyya

    Auditor mindset needs to undergo change

    Section 227 of the Companies Act 1956 requires an auditor to express an opinion on if the balancesheet presents a true and fair view of the state of the company’s affairs at the end of the financial year and whether the profit and loss account ...

  • 09-Aug-2010 | Ashish K Bhattacharyya

    True and fair is a legal need

    The Companies Act requires that every balance sheet of a company should give a true and fair view of the state of affairs of the company as at the end of the financial year and every profit and loss of a company should give a true and fair view of ...

  • 26-Jul-2010 | Ashish K Bhattacharyya

    IFRS: Convergence gives Flexibility to adjust

    On July 17, 2010, a section of the press has quoted Salman Khurshid, the Minister for Corporate Affairs’ saying “Convergence gives you the flexibility to stop where you want to stop, adjust where you want to adjust and make an exception ...

  • 12-Jul-2010 | Ashish K Bhattacharyya

    Revenue be measured on what customer pays

    Indian GAAP requires that revenue should be measured by the charges made to the customer. IAS 18 requires that revenue should be measured at the fair value of the consideration received or receivable from the customer. It stipulates that if the ...

  • 28-Jun-2010 | Ashish K Bhattacharyya

    IASB draft standard aims at improving financial reporting

    On June 24, 2010, The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published for public comment a draft standard (ED) to improve and align the financial reporting of revenue from ...

  • 14-Jun-2010 | Ashish K Bhattacharyya

    Accounting for agriculture all set for major change

    Accounting for agriculture will change radically when companies will formulate accounting policy consistent with IAS-41 equivalent Indian Accounting Standard.

  • 31-May-2010 | Ashish K Bhattacharyya

    Cost Audit: expert body's advice can be considered

    Regulations regarding maintenance of cost accounting records and cost audit are likely to change. If the recommendations of the expert committee appointed by the Ministry of Corporate Affairs are accepted, all manufacturing companies with a paid-up ...

  • 17-May-2010 | Ashish K Bhattacharyya

    How do you determine normal capacity

    In calculating the cost of production, fixed overheads are assigned to units produced during the period using the normal capacity.

  • 10-May-2010 | Ashish K Bhattacharyya

    Fixed Assets: A matter of Accounting Choice

    Information provided in financial statements is used to value the entity’s equity capital. It is also used to evaluate the performance of the management in its stewardship function. ‘Decision usefulness’ is the overriding principle ...

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