query: when was accounting standard board established in india

pos: Indian Accounting Standards Indian Accounting Standards Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervison of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc. The Ind AS are named and numbered in the same way as the International Financial Reporting Standards (IFRS). National Advisory Committee on Accounting Standards (NACAS) recommend these standards to the Ministry

pos: Accounting for leases in the United States out of pocket] - [Financed amount] = [Total finance charge] [Total finance charge] / [Term (years)] = [Finance charge per year] [Finance charges per year] / [Financed amount] = Annual Lease Rate Accounting for leases in the United States Accounting for leases in the United States is regulated by the Financial Accounting Standards Board (FASB) by the Financial Accounting Standards Number 13, now known as Accounting Standards Codification Topic 840 (ASC 840). These standards were effective as of January 1, 1977. The FASB completed in February 2016 a revision of the lease accounting standard, referred to as ASC 842. A

pos: Fisher School of Accounting Fisher School of Accounting The Fisher School of Accounting is the accounting program at the University of Florida. In 1977, the School of Accounting was established by the Florida Board of Regents as a separate school within the Warrington College of Business, and was endowed in 1985 by Frederick Fisher. Dr. John Simmons was the founding Director of the Fisher School. The School first conferred degrees in accounting in December 1978 although accounting has existed as a program in some form since 1928. The Fisher School of Accounting is often ranked in the top 10 accounting programs within public universities

pos: Accounting for leases in the United States Accounting for leases in the United States Accounting for leases in the United States is regulated by the Financial Accounting Standards Board (FASB) by the Financial Accounting Standards Number 13, now known as Accounting Standards Codification Topic 840 (ASC 840). These standards were effective as of January 1, 1977. The FASB completed in February 2016 a revision of the lease accounting standard, referred to as ASC 842. A lease is a contract calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time. A rental agreement is a lease in

neg: N. D. Gupta of Village Guhna,Sonipat District of Haryana. His Son CA Naveen N D Gupta is President of ICAI. • President: Institute of Chartered Accountants of India (ICAI), (2001–02) • Board Member nominated by S.E.B.I. on the Board of Directors of Delhi Stock Exchange and elected by the Board as its Chairman (2003) • Chairman, Group to identify gaps in compliance of Accounting Standards by Nationalized Banks constituted by the Reserve Bank of India (2002-2003). • Member, National Advisory Committee on Accounting Standard (NACAS) constituted by the Ministry of Company Affairs, Government of India (2001). • Board Member, International Accounting Standards Committee

neg: Forensic accounting India there is a separate breed of forensic accountants called Certified Forensic Accounting Professionals. The Certified Forensic Accountant (CRFAC) program from the American Board of Forensic Accounting assesses Certified Public Accountants (CPAs) knowledge and competence in professional forensic accounting services in a multitude of areas. Forensic accountants may be involved in both litigation support (providing assistance on a given case, primarily related to the calculation or estimation of economic damages and related issues) and investigative accounting (looking into illegal activities). The American Board of Forensic Accounting was established in 1993. In 2016, the Forensic Auditors Certification Board (FACB) of England

neg: Accounting Standards Board (Canada) and oversight councils as well as their staff carry out their standard-setting operations in an independent manner. The Accounting Standards Oversight Council (AcSOC) is an independent, volunteer body established by the Canadian Institute of Chartered Accountants (CICA)* in 2000 to serve the public interest by overseeing and providing input into the activities of the Accounting Standards Board (AcSB). In 2003, AcSOC started overseeing and providing input into the activities of the Public Sector Accounting Board (PSAB). It oversees the activities of the AcSB and the Public Sector Accounting Board. The Council ensures the Boards follow its rigorous due process. AcSOC

neg: International Federation of Accountants guidance to encourage high quality performance by professional accountants in business and small and medium accounting practices. To ensure the activities of IFAC and the independent standard setting bodies supported by IFAC are responsive to public interest, an international Public Interest Oversight Board (PIOB) was established in February 2005 by the Monitoring Group, which was formed when it became apparent that governance reform of the International Federation of Accountants (IFAC) was needed. Among the key initiatives of IFAC is the organizing of the World Congress of Accountants. The International Auditing and Assurance Standards Board or IAASB is an independent standard-setting

neg: Financial Accounting Standards Board (IFRS) for U.S. companies, to replace U.S. GAAP (Generally Accepted Accounting Principles) on a timetable that established several milestones to be achieved by 2011 as the basis for moving ahead toward a transition to IFRS beginning in 2014." In 2002, the FASB commenced work on a convergence project in partnership with the International Accounting Standards Board (IASB), the independent, accounting standard-setting body of the International Financial Reporting Standards Foundation. The two groups met on September 18, 2002, in Norwalk, Connecticut, to sign a Memorandum of Understanding (MoU) which "committed the boards to developing high-quality, compatible accounting standards with a common

neg: Balance sheet difference between total assets and total liabilities. Guidelines for balance sheets of public business entities are given by the International Accounting Standards Board and numerous country-specific organizations/companies. The standard used by companies in the USA adhere to U.S. Generally Accepted Accounting Principles (GAAP). The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to develop generally accepted accounting principles (GAAP) for federal financial reporting entities. Balance sheet account names and usage depend on the organization's country and the type of organization. Government organizations do not generally follow standards established for individuals or businesses.

neg: Financial Accounting Standards Board on relevant accounting issues. The FASB then implemented SFAS 157 which established new standards for disclosure regarding fair value measurements in financial statements in 2006. That same year, the FASB added Investor Liaisons to its staff, who would be responsible for reaching out to investors to hear feedback on the various FASB activities. The FASB and the International Accounting Standards Board created the Financial Crisis Advisory Group in 2008—an international group of standard-setting bodies—that coordinated responses "on the future of global standards in light of" the financial crisis of 2007–2010. The FCAG was composed of 15–20 senior leaders in finance

neg: IFRS 16 under US GAAP. IFRS 16 IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and will be effective for most companies that report under IFRS in 2019. Upon becoming effective, it will replace the earlier leasing standard, IAS 17. According to IASB chairman Hans Hoogervorst, “These new accounting requirements bring lease accounting into the 21st century, ending the guesswork involved when calculating a company’s often-substantial lease obligation. The new standard will provide much-needed transparency on companies’ lease assets and

neg: IFRS 16 IFRS 16 IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and will be effective for most companies that report under IFRS in 2019. Upon becoming effective, it will replace the earlier leasing standard, IAS 17. According to IASB chairman Hans Hoogervorst, “These new accounting requirements bring lease accounting into the 21st century, ending the guesswork involved when calculating a company’s often-substantial lease obligation. The new standard will provide much-needed transparency on companies’ lease assets and liabilities, meaning that

neg: IAS 37 IAS 37 International Accounting Standard 37: Provisions, Contingent Liabilities and Contingent Assets, or IAS 37, is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It sets out the accounting and disclosure requirements for provisions, contingent liabilities and contingent assets, with several exceptions, establishing the important principle that a provision is to be recognized only when the entity has a liability. IAS 37 was originally issued by the International Accounting Standards Committee in 1998, superseding IAS 10: Contingencies and Events Occurring after the Balance Sheet Date, and was adopted by the IASB in 2001. It was

neg: Michel Prada the Financial Crisis Advisory Group set by the International Accounting Standards Board and the US Financial Accounting Standards Board, with the mandate of considering financial reporting issues uncovered by the global financial crisis. After retiring from the Autorité des Marchés Financiers in December 2008, Prada became chair of the Conseil de Normalisation des Comptes Publics (Public Sector Accounting Standard Council) at the Budget Ministry of France. He was also appointed chairman of the Board of Trustees of the International Valuation Standards Council a post he held until December 2011 when he was appointed as chairman of the International Financial Reporting

neg: Financial Accounting Standards Board research projects, to ensure timely and appropriate results. The U.S Securities and Exchange Commission (SEC) issued Accounting Series Release No. 150 (ASR 150), which states that FASB pronouncements will be considered by the SEC as having “substantial authoritative support”, in 1973. That same year, the FASB issued its first standard, Statement of Financial Accounting Standards No. 1: Disclosure of Foreign Currency Translation Information. The FASB Conceptual Framework was established in 1973 as a comprehensible set of standards and rules intended to address and solve new emerging issues. The conceptual framework underlied financial accounting by serving as the Board’s reasoning behind

neg: Accounting Standards Board (Canada) support an independent standard-setting process. CPA Canada and the boards and oversight councils function at arms-length from one another. As a result, the boards and oversight councils as well as their staff carry out their standard-setting operations in an independent manner. Accounting Standards Board (Canada) The Accounting Standards Board (AcSB) establishes accounting standards for use by private enterprises and private sector not-for-profit organizations. The AcSB contributes to the development of International Financial Reporting Standards (IFRSs) by participating in consultations and activities of the International Accounting Standards Board (IASB) to ensure Canadian publicly accountable entities' financial reporting needs are considered. The

neg: IFRS 9 IFRS 9 IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments. It contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. It will replace the earlier IFRS for financial instruments, IAS 39, when it becomes effective in 2018. However, early adoption is allowed. IFRS 9 began as a joint project with the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an

neg: Accounting standard by many countries. Its acceptable in the U.S. (for a firm located outside of the U.S.) to report in this widely accepted format. Accounting standards by nation Many countries use or are converging on the International Financial Reporting Standards (IFRS) that were established and are maintained by the International Accounting Standards Board. In some countries, local accounting principles are applied for regular companies but listed or large companies must conform to IFRS, so statutory reporting is comparable internationally. All listed and grouped EU companies have been required to use IFRS since 2005, Canada moved in 2009, Taiwan in 2013, and

neg: N. D. Gupta (IASC), U.K (2000) (presently known as International Accounting Standards Board) • Board Member, International Federation of Accountants (IFAC), USA (2001-2004) (First Indian to be elected on the board of the International federation of the 164 regulatory accounting bodies of 116 countries) • Board Member of Insurance Regulatory & Development Authority, Government of India (2001) • Member, Working Group on Consolidated Accounting and Other Quantitative Methods to Facilitate Consolidated Supervision, Reserve Bank of India (2001). • Member, Central Direct Taxes Advisory Committee, Ministry of Finance, Government of India (2001). • Member, Audit Advisory Board, Comptroller & Auditor General of India (2001)

neg: IFRS 4 IFRS 4 IFRS 4 is an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) providing guidance for the accounting of insurance contracts. The standard was issued in March 2004, and was amended in 2005 to clarify that the standard covers most financial guarantee contracts. Paragraph 35 of IFRS also applies the standard to financial instruments with discretionary participation features. IFRS 4 was intended to provide limited improvements to accounting for insurance contracts until the IASB completed the second, more comprehensive phase of its insurance accounting project. The replacement standard, IFRS 17 was issued in May

neg: IFRS 4 keeps on giving." IFRS 4 IFRS 4 is an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) providing guidance for the accounting of insurance contracts. The standard was issued in March 2004, and was amended in 2005 to clarify that the standard covers most financial guarantee contracts. Paragraph 35 of IFRS also applies the standard to financial instruments with discretionary participation features. IFRS 4 was intended to provide limited improvements to accounting for insurance contracts until the IASB completed the second, more comprehensive phase of its insurance accounting project. The replacement standard, IFRS 17 was

neg: International Accounting Standards Board International Accounting Standards Board The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS), previously known as International Accounting Standards (IAS) and promoting the use and application of these standards. On December 31, 1920, The International Accounting Standards Foundation (IASF) was incorporated as a tax-exempt organization in the U.S. state of Delaware. On February 6, 2001, the International Financial Reporting Standards Foundation was also incorporated as

neg: Fair value accounting and the subprime mortgage crisis Fair value accounting and the subprime mortgage crisis The role of fair value accounting in the subprime mortgage crisis of 2008 is controversial. Fair value accounting was issued as US accounting standard SFAS 157 in 2006 by the privately run Financial Accounting Standards Board (FASB)—delegated by the SEC with the task of establishing financial reporting standards. This required that tradable assets such as mortgage securities be valued according to their current market value rather than their historic cost or some future expected value. When the market for such securities became volatile and collapsed, the resulting loss of value had a

neg: International Accounting Education Standards Board to accounting education. The IAESB periodically updates standards. In March 2010 the IAESB asked for comments on a proposed revision to the International Education Standard that defined Competence Requirements for Audit Professionals. This is one of the eight standards that address the principles of learning and development for professional accountants. The IAESB strongly encouraged organizations and individuals to comment on proposed revisions. In May 2011 the IAESB released a proposed revision of International Education Standard for Assessment of Professional Competence, requesting comments. International Accounting Education Standards Board The International Accounting Education Standards Board (IAESB) is an independent organisation within the

neg: IAS 10 no longer a going concern—IAS 16 considers this effect so pervasive that a fundamental change in basis of accounting would be required. In such instances, an entity shall not prepare its financial statements on a going concern basis. IAS 10 International Accounting Standard 10 "Events after the Reporting Period" or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements. The principal

neg: IAS 8 IAS 8 International Accounting Standard 8 "Accounting Policies, Changes in Accounting Estimates and Errors" or IAS 8 is an international financial reporting standard (IFRS) adopted by the International Accounting Standards Board (IASB). It prescribes the criteria for selecting and changing accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. The standard requires compliance with IFRSs which are relevant to the specific circumstances of the entity. In a situation where no specific guidance is provided by IFRSs, IAS 8 requires management to use its judgement to develop and apply an accounting policy that is relevant and

neg: International Accounting Standards Board a tax-exempt organization in Delaware. The IFRS Foundation is an independent, not-for-profit organisation. Its primary mission is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS) based upon clearly articulated principles. IFRS are developed by the International Accounting Standards Board (IASB), the independent standard-setting body of the IFRS Foundation. The IASB assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee (IASC), on March 1, 2001. This was the culmination of a restructuring based on the recommendations of the report "Recommendations on Shaping IASC for

neg: IAS 37 out rules on how entities would account for legal cases in their financial statements; it would require firms to recognize the contingent liability as a weighted average of the possible outcomes of a legal case. IAS 37 International Accounting Standard 37: Provisions, Contingent Liabilities and Contingent Assets, or IAS 37, is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It sets out the accounting and disclosure requirements for provisions, contingent liabilities and contingent assets, with several exceptions, establishing the important principle that a provision is to be recognized only when the entity has a liability.

neg: Current Expected Credit Losses Current Expected Credit Losses Current Expected Credit Losses (CECL) is a new credit loss accounting standard (model) that was issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. CECL replaces current Allowance for Loan and Lease Losses (ALLL) accounting standard. CECL standard focuses on estimation of expected losses over the life of the loans, while current standard relies on incurred losses. Financial crisis of 2007-2008 demonstrated that ALLL credit losses accounting standard did not allow for timely adjustment of reserve levels based on reasonable expectation of future conditions. It relied on losses that are incurred but not

neg: Financial Accounting Standards Board of the associated cost. Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and

neg: Financial Accounting Standards Board Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of

neg: Convergence of accounting standards are also allowed to use the IFRS, but most have chosen not to do so, and continue to use the UK accounting standards largely developed prior to 2005. Companies deemed small under the UK Companies Act are allowed to use the Financial Reporting Standard for Smaller Entities (FRSSE). For medium-sized entities that are not public companies, the Accounting Standards Board has proposed replacing the UK's generally accepted accounting principles (UK GAAP) with the Financial Reporting Standard for Medium-sized Entities (FRSME), which is based on the IFRS for Small and Medium-sized Entities. In the United States, the Financial Accounting Standards Board

neg: Institute of Chartered Accountants of India the constitution of the National Advisory Committee on Accounting Standards (NACAS), the institute was the sole accounting standard setter in India. However NACAS is not an independent body. It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities the accounting standards issued the ICAI continue to apply. The inception of the idea of convergence of Indian GAAP with IFRS was made by the Prime Minister of

neg: International Accounting Standards Board In 2008, American companies gave £2.4 million, more than those of any other country. However, contributions fell in the wake of the financial crisis of 2007–2010, and a shortfall was reported in 2010. Academics such as Oxford professor Karthik Ramanna have criticized this arrangement as facilitating regulatory capture. International Accounting Standards Board The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS), previously known as International

neg: National Accreditation Board for Hospitals & Healthcare Providers National Accreditation Board for Hospitals & Healthcare Providers NABH (National Accreditation Board for Hospitals & Healthcare Providers) is a constituent board of Quality Council of India Certification, set up to establish and operate accreditation programme for healthcare organizations. NABH was established in 2006. Organisations like the Quality Council of India (QCI) and its National Accreditation Board for Hospitals & Healthcare Providers have designed an exhaustive healthcare standard for hospitals and healthcare providers. This standard consists of stringent 600 plus objective elements for the hospital to achieve in order to get the NABH accreditation. These standards are divided between patient centered

neg: IFRS 15 reporting periods beginning on or after January 1, 2018, with early adoption permitted. The FASB’s standard (ASC 606) is effective for public entities for the first interim period within annual reporting periods beginning after December 15, 2017 (nonpublic companies have an additional year). IFRS 15 IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues

neg: IAS 1 IAS 1 International Accounting Standard 1: Presentation of Financial Statements or IAS 1 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It lays out the guidelines for the presentation of financial statements and sets out minimum requirements of their content; it is applicable to all general purpose financial statements that are based on International Financial Reporting Standards (IFRS). IAS 1 was originally issued by the International Accounting Standards Committee in 1997, superseding three standards on disclosure and presentation requirements, and was the first comprehensive accounting standard to deal with the presentation of financial standards.

neg: Institute of Chartered Accountants of India standards by the members will lead to disciplinary action against them. The technical standards issued by ICAI includes, Accounting Standards, Engagement and Quality Control Standards, Standards on Internal Audit, Corporate Affairs Standard, Accounting Standards for Local Bodies, etc. , the Institute of Chartered Accountants of India has issued 32 Accounting Standards. These are numbered AS-1 to AS-7 and AS-9 to AS-32 (AS-8 is no longer in force since it was merged with AS-26). Compliance with accounting standards issued by ICAI has become a statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India. Before

neg: IAS 1 changes include the following. The IASB amended the statement again in 2011, adding the requirement that items in other comprehensive income be grouped based on their potential reclassifiability to profit and loss, among several other changes. These amendments, when previously proposed, led to the Institute of Chartered Accountants in England and Wales advising that the approach of making "small changes to one standard" can have negative effects. IAS 1 International Accounting Standard 1: Presentation of Financial Statements or IAS 1 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It lays out the guidelines for

neg: Generally Accepted Accounting Practice (UK) Accounting Principles, or Generally Accepted Accounting Policies. Accounting standards derive from a number of sources. The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called "Financial Reporting Standards" (FRS). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies, and it replaced the Accounting Standards Committee (ASC), which was disbanded in 1990 following a number of criticisms of its work. To the extent that the ASC's pronouncements, known as "Statements of Standard Accounting Practice" (SSAPs), have not been replaced by FRS, they remain in force. The ASB has

neg: FASB 133 FASB 133 Launched prior to the millennium, (and subsequently amended) FAS 133 "Accounting for Derivative Instruments and Hedging Activities" provided an "integrated accounting framework for derivative instruments and hedging activities." Statements of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", commonly known as FAS 133, is an accounting standard issued in June 1998 by the Financial Accounting Standards Board (FASB) that requires companies to measure all assets and liabilities on their balance sheet at “fair value”. This standard was created in response to significant hedging losses involving derivatives years ago and the attempt to control and

neg: Nirav Tripathi and has one sibling. He studied accounting. One of the first businesses he established was a cleaning company. Both he and his Diya Group announced a multi-million dollar partnership with George Weah whereby global football academies would be established to help assist youth in both impoverished and emerging nations. The motivation for the academies is cited as a shared experience between both Tripathi and George Weah in how sport can transform lives in their nations of both India and Liberia, which both still suffer from severe poverty. Tripathi is a founding board member of Football for Peace in India .

neg: Accounting for leases in the United States never greater than the asset's fair market value). To distinguish the two, the Financial Accounting Standards Board (FASB) provided criteria for when a lease should be capitalized, and if any one of the criteria for capitalization is met, the lease is treated as a capital lease and recorded on the financial statements. The primary standard for lease accounting is Statement of Financial Accounting Standards No. 13 (FAS 13), which has been amended several times; it is known as topic 840 in the FASB's new Accounting Standards Codification. The basic criteria for capitalization of a lease by lessee are as follows:

neg: Institute of Cost Accountants of India Standards (CASs). The structure of Cost Accounting Standard consists of Introduction, Objectives of issuing standards, Scope of standard, Definitions and explanations of the terms used in the standard, Principles of Measurement, Assignment of Cost, Presentation and Disclosure. The CASB has primarily identified 39 areas/items on which CASs are to be developed. On visit to India during the month of May, 2010, the then President of IFAC, Mr. Robert Bunting praised the role of ICAI by saying that "In cost accounting standards, perhaps India is the global leader. Its role is limited to select sectors and is closely linked to public

neg: FIN 46 FIN 46 FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles published by the US Financial Accounting Standards Board (FASB) that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and liabilities. One of the main reasons FIN 46 was issued as an interpretation instead of an accounting standard was to issue the standard in a relatively short period of time in response to the Enron scandal. FIN 46 was an interpretation of ARB 51, an accounting

neg: Inflation accounting Accounting Principles Board (USA), the Financial Standards Board (USA), and the Accounting Standards Steering Committee (UK). Sweeney advocated using a price index that covers everything in the gross national product. In March 1979, the Financial Accounting Standards Board (FASB) wrote "Constant Dollar Accounting", which advocated using the Consumer Price Index for All Urban Consumers (CPI-U) to adjust accounts because it is calculated every month. During the Great Depression, some corporations restated their financial statements to reflect inflation. At times during the past 50 years, standard-setting organizations have encouraged companies to supplement cost-based financial statements with price-level adjusted statements. During a

neg: Standard cost accounting appropriate action to correct the situation. Standard cost accounting Standard cost accounting is a traditional cost accounting method introduced in the 1920s, as an alternative for the traditional cost accounting method based on historical costs. Standard cost accounting uses ratios called efficiencies that compare the labor and materials actually used to produce a good with those that the same goods would have required under "standard" conditions. As long as actual and standard conditions are similar, few problems arise. Unfortunately, standard cost accounting methods developed about 100 years ago, when labor comprised the most important cost of manufactured goods. Standard methods

neg: Standard cost accounting Standard cost accounting Standard cost accounting is a traditional cost accounting method introduced in the 1920s, as an alternative for the traditional cost accounting method based on historical costs. Standard cost accounting uses ratios called efficiencies that compare the labor and materials actually used to produce a good with those that the same goods would have required under "standard" conditions. As long as actual and standard conditions are similar, few problems arise. Unfortunately, standard cost accounting methods developed about 100 years ago, when labor comprised the most important cost of manufactured goods. Standard methods continue to emphasize labor efficiency even

neg: Current Expected Credit Losses by financial institutions and other organizations.” The OCC and Fed predicted that industry allowances would go up by 30% to 50%. CECL is expected to have a substantial impact on multiple financial institutions. Current Expected Credit Losses Current Expected Credit Losses (CECL) is a new credit loss accounting standard (model) that was issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. CECL replaces current Allowance for Loan and Lease Losses (ALLL) accounting standard. CECL standard focuses on estimation of expected losses over the life of the loans, while current standard relies on incurred losses. Financial crisis of

neg: IAS 16 IAS 16 International Accounting Standard 16 "Property, Plant and Equipment" or IAS 16 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It concerns accounting for property, plant and equipment (known more generally as fixed assets), including recognition, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them. IAS 16 was issued in December 1993 by the International Accounting Standards Committee, the predecessor to the IASB. It was reissued in December 2003 and has been amended multiple times, most recently in 30 June 2014. IAS 16

neg: IFRS 15 IFRS 15 IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues accounting guidance in the United States, and the guidance is substantially similar between the two boards. A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between

neg: Kailasam Raghavendra Rao Ahmedabad in 1979. Rao began his career in 1979 as the Financial Controller at "Pure Ice Creams" and later, moved to Ashok Leyland in 1981. A further move to Standard Medicals and Pharmaceuticals Limited, Hyderabad exposed him to the pharmaceutical industry. During these years, Rao obtained the cost accounting qualification of ICWAI of the Institute of Cost Accountants of India and Associateship Company Secretary (ACS). The next shift was to Muscat, Oman in 1982, where he worked for "Al Buraim Group" and returned to India in 1992 where he established his own venture, Orchid Chemicals & Pharmaceuticals Limited, a pharmaceutical

neg: IAS 10 IAS 10 International Accounting Standard 10 "Events after the Reporting Period" or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements. The principal factor for determining if an event is an "adjusting event"—and hence requiring adjustment in the financial statements—is whether the event provided evidence of conditions existing at the end of the reporting period. Non-adjusting events need also be disclosed

neg: Institute of Chartered Accountants of India Institute of Chartered Accountants of India The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India. ICAI is the second largest professional Accounting & Finance body in the world. ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in

neg: Indian Accounting Standards follow Ind AS either Voluntarily or Mandatorily. Once a company follows Indian AS, either mandatorily or voluntarily, it can't revert to old method of Accounting. === Mandatory Applicability (1 April 16) Net worth shall be checked for the previous four Financial Years (2013-14, 2014-15, 2015-16, and 2016-17) Ind-AS is in line with the International Financial Reporting Standards (IFRS). Ind-AS 107 deals with disclosures related to financial instruments and related risks and the policies for managing such risks. Indian Accounting Standards Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervison

neg: Accounting Professional & Ethical Standards Board these three major Australian accounting bodies have a responsibility to act in the public interest. They are expected to act with objectivity and integrity in their dealings with investors, governments, clients, employers and employees. The Accounting Professional & Ethical Standards Board (APESB) corporate structure is one of a company limited by guarantee. The role, structure and responsibilities of the Board of Directors is outlined in the Board Charter. Where relevant, APESB has adopted appropriate professional and ethical standards issued by a standard setting board of the International Federation of Accountants (IFAC). Whilst the applicable APESB standards remain consistent with IFAC

neg: Generally Accepted Accounting Principles (Canada) organizations, the Public Sector Accounting Standards board for the public sector, and the Auditing Standards Board for the auditing sections. In early 2006, the AcSB decided to completely converge Canadian GAAP with international GAAP, i.e. International Financial Reporting Standards (IFRS), as set by the International Accounting Standards Board (IASB), for most entities that must follow AcSB standards. For publicly accountable enterprises, IFRS will become mandatory in Canada for fiscal periods beginning after January 1, 2011. Privately accountable enterprises will have the option of adopting IFRS, or a new set of standards called Accounting Standard for Private Enterprises (ASPE). To develop

neg: IFRS 9 ease the hedge effectiveness test. They also enhance the disclosures related to hedges and risk management with a requirement to refer to a formal risk management strategy or describe it clearly in the hedge documentation. IFRS 9 IFRS 9 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments. It contains three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting. It will replace the earlier IFRS for financial instruments, IAS 39, when it becomes effective in 2018. However, early adoption is

neg: FIN 46 FASB Statement 167, in June 2009 in the aftermath of the Financial crisis of 2007-08. FIN 46 FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles published by the US Financial Accounting Standards Board (FASB) that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and liabilities. One of the main reasons FIN 46 was issued as an interpretation instead of an accounting standard was to issue the standard in a relatively short period of time in

neg: Accounting Professional & Ethical Standards Board them to APESB via the online issues register on APESB’s website. Accounting Professional & Ethical Standards Board The Accounting Professional & Ethical Standards Board (APESB) is an independent, national body that sets out the code of ethics and professional standards with which accounting professionals who are members of CPA Australia, Institute of Chartered Accountants or Institute of Public Accountants must comply. The APESB was established by CPA Australia and the Institute of Chartered Accountants in Australia in February 2006, and later that year the National Institute of Accountants (now called the Institute of Public Accountants) became the third member of

neg: Accounting Professional & Ethical Standards Board Accounting Professional & Ethical Standards Board The Accounting Professional & Ethical Standards Board (APESB) is an independent, national body that sets out the code of ethics and professional standards with which accounting professionals who are members of CPA Australia, Institute of Chartered Accountants or Institute of Public Accountants must comply. The APESB was established by CPA Australia and the Institute of Chartered Accountants in Australia in February 2006, and later that year the National Institute of Accountants (now called the Institute of Public Accountants) became the third member of the APESB. The three organizations jointly fund the APESB. Members of

neg: IAS 39 Accounting Standards Board (FASB) released a 'FASB Staff Position' statement in October, 2008, in response to the financial crisis. IAS 39 IAS 39: Financial Instruments: Recognition and Measurement is an international accounting standard for financial instruments released by the International Accounting Standards Board (IASB). It was replaced in 2014 by IFRS 9, which becomes effective in 2018. It was adopted by the European Union in 2004. In 2005, the EU also introduced the fair value and hedging provision of the amended version of IAS 39. The EU version was changed at the end of 2008 in response to the financial

neg: Financial Accounting Standards Board standard setters, whose members included the United States, Australia, the United Kingdom, Canada and New Zealand. In August 1994 the group released a special report, titled “Future Events: A Conceptual Study of their Significance for Recognition and Measurement”. In 1999, the FASB issued a report on “International Accounting Standard Setting: A Vision for the Future”, which acknowledged the rapid changes taking place in the international accounting standard setting environment, and that Convergence and development of high-quality international standards are coinciding goals. The U.S. Securities and Exchange Commission (SEC) published a "proposed Roadmap” for the adoption of International Financial Reporting Standards

neg: IFRS 17 discount rates would "increase comparability between insurance companies and between insurance and other parts of the financial industry, such as banks and asset management." Other benefits Hoogervorst sees in the new standard are increased consistency across companies in accounting for insurance contracts and a more theoretically valid measurement of revenue. IFRS 17 IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2021. Under the IFRS 17 model, insurance contract liabilities will

neg: Accounting Principles Board Accounting Principles Board The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, when it was replaced by the Financial Accounting Standards Board (FASB). The APB was disbanded in the hopes that the smaller, fully independent FASB could more effectively create accounting standards. The APB and the related Securities Exchange Commission were unable to operate completely independently of the U.S. government. According to the SEC, "the overall record of the

neg: Australian Accounting Standards Board the future to update them in this new regime. These include: Australian Accounting Standards Board The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB's functions and powers are set out in the "Australian Securities and Investments Commission Act 2001". The Australian Securities and Investments Commission’s (ASIC's) role is to enforce and regulate

neg: Australian Accounting Standards Board Australian Accounting Standards Board The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB's functions and powers are set out in the "Australian Securities and Investments Commission Act 2001". The Australian Securities and Investments Commission’s (ASIC's) role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and

neg: Australian Accounting Standards Board general purpose financial statements: (a) Tier 1: Australian Accounting Standards; and (b) Tier 2: Australian Accounting Standards – Reduced Disclosure Requirements. Tier 1 requirements incorporate International Financial Reporting Standards (IFRSs), including Interpretations, issued by the International Accounting Standards Board (IASB), with the addition of paragraphs on the applicability of each Standard in the Australian environment. Publicly accountable (defined in AASB 1053) for-profit private sector entities are required to adopt Tier 1 requirements, and therefore are required to comply with IFRSs. Furthermore, other for-profit private sector entities complying with Tier 1 requirements will simultaneously comply with IFRSs. Some other entities complying

neg: Cyril Shroff Global, Asia Legal 500, Asia Law and others. Cyril is a member of the Advisory Board of the Centre for Study of the Legal Profession established by the Harvard Law School, a member of the Advisory Board of the National Institute of Securities Markets and on Board of IIM Trichy. He is an advisory member of the Finance Planning Standard Board of India (FPSB India) and Macquarie. He is a member of the Media Legal Defence Initiative (MLDI) International Advisory Board. Cyril is also part of various committees of the Confederation of Indian Industry - the National Council on Corporate

neg: Board of Secondary Education, Madhya Pradesh It also runs model schools such as the Model High, TT Nagar. The Madhya Pradesh Legislature, in the sixteenth year of the Republic of India, enacted an Act for the establishment of a Board in order to regulate Secondary Education in Madhya Pradesh and other ancillary matters. In 1965 this autonomous body was established under The Madhya Pradesh Secondary Education Act,1965. The MPBSE prescribes the syllabus, for students from Standard IX to Standard XII, for schools affiliated with it & exams whose scores are necessary to gain admission in higher study institutes. It conducts three board examinations: the Middle School

neg: Entity-level controls also created the Public Company Accounting Oversight Board (PCAOB). The Public Company Accounting Oversight Board (PCAOB) became the primary regulator of audits of publicly traded companies. In June 2007, the PCAOB adopted Auditing Standard 2201 (Supersedes AS No. 5). This standard contains the standards over performing an audit of internal control over financial reporting that is integrated with an audit of financial statements. The auditor must test entity-level controls that are important to the auditor's conclusion about whether the company has effective internal control over financial reporting. Depending on the auditor's evaluation of the effectiveness of the entity-level controls, the

neg: IAS 19 IAS 19 IAS 19 or International Accounting Standard Nineteen rule concerning employee benefits under the IFRS rules set by the International Accounting Standards Board. In this case, "employee benefits" includes wages and salaries as well as pensions, life insurance, and other perquisites. The rules in IAS 19 explains the accounting for longer term employee benefits and post employment plans such as defined benefit retirement plans. Accordingly, most of the standard is taken up with explaining the rules for long term employee benefits. Defined benefit pension plans will offer various types of benefit according to the mode by which the employee

neg: Materiality (auditing) and globally accepted financial reporting standards based upon clearly articulated principles. These reporting standards consist of a growing number of individual standards. The Conceptual Framework is not an International Financial Reporting Standard (IFRS) itself and nothing in the Framework overrides any specific IFRS. However, the Framework has as its purpose to, "inter alia", assist the International Accounting Standards Board (IASB) and individual national standard-setting bodies in promoting harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by IFRSs. Chapter 3 of the

neg: Human resource accounting Human resource accounting Human resource accounting is the process of identifying and reporting investments made in the human resources of an organization that are presently unaccounted for in the conventional accounting practices. It is an extension of standard accounting principles. Measuring the value of the human resources can assist organizations in accurately documenting their assets. The human resource process was established to fulfill a number of objectives within the organization. These include: Approaches to human resource accounting H.R.A were first developed in 1691. The next approach was developed from 1691-1960, and the third phase was post-1960. There are two approaches

neg: Accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related

neg: Financial Reporting Council of Nigeria Financial Reporting Council of Nigeria The Financial Reporting Council of Nigeria (FRCN), formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria. NASB was established in 1982 as a private sector initiative closely associated with the Institute of Chartered Accountants of Nigeria (ICAN). NASB became a government agency in 1992, reporting to the Federal Minister of Commerce. The Nigerian Accounting Standards Board Act of 2003 provided the legal framework under which NASB set accounting standards. Membership includes representatives of government and other interest groups. Both ICAN and the Association of National Accountants of

neg: Accounting late twentieth century led to the dominance of the auditing market by the "Big Five" accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four. Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS) implemented by 147 countries. While standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The

neg: Financial Accounting Standards Board Public Company Accounting Oversight Board (PCAOB), and included accounting support fees from issuers of securities to FASB. In November 2002, FASB Chairman Robert Herz announced that FASB and AICPA came to the agreement that the AICPA would no longer issue Statements of Positions (SOPs) that are considered authoritative GAAP. They also concluded that consensus of the EITF will be required to be ratified by the FASB to become authoritative GAAP. The FASB established the Investor Task Force (ITF) in 2005, which was an advisory resource that provided the Board with sector expertise and specific insights from the professional investment community

neg: Coffee production in India serious infestation caused to this species by coffee rust, an alternative robust species of coffee, appropriately named as robusta and another hybrid between liberica and Arabica, a rust-tolerant hybrid variety of Arabica tree became popular. This is the most common variety of coffee that is grown in the country with Karnataka alone accounting for 70% of production of this variety. In 1942, the government decided to regulate the export of coffee and protect the small and marginal farmers by passing the Coffee VII Act of 1942, under which the Coffee Board of India got established, operated by the Ministry of

neg: South African Institute of Chartered Accountants accounting societies were established naming Cape Colony, The Orange River Colony and Natal. By the end of 1907, the Transvaal Society of Accountants(which represented more than a half of the registered accountants in South Africa) had grown to 522 members. From the earliest times attempts were made to form a national body. The first meaningful step took place on 6 May 1921 when the South African Accounting Societies' General Examining Board was formed to conduct the examination process on behalf of the societies. The second major milestone on the road to unification occurred in 1927, when the Chartered Accountants Designation

neg: Institute of Chartered Accountants of India India to National Advisory Committee on Accounting Standards (NACAS). and sets the accounting standards to be followed by other types of organisations. ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. It also issues other technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants. It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards. Members of the Institute are known

neg: Mark-to-market accounting by disseminating price quotes from broker/dealers or actual prices from recent transactions). Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities", commonly known as "FAS 115", is an accounting standard issued during May 1993 by the Financial Accounting Standards Board (FASB), which became effective for entities with fiscal years beginning after December 15, 1993. FAS 115 addresses the accounting and reporting for investments in equity securities that have readily determinable fair values and for all investments in debt securities. Those investments are to be classified in three categories and accounted for as follows:

neg: Financial Accounting Standards Board of globally accepted accounting standards. The FASB and IASB planned meetings in 2015 to discuss "business combinations, the disclosure framework, insurance contracts and the conceptual framework." As of 2017, there were no active bilateral FASB/IASB projects underway. Instead, the FASB participates in the Accounting Standards Advisory Forum, a global grouping of standard-setters, and monitors individual projects to seek comparability. The FASB pronouncements are a set of rules and general guidelines that help to facilitate the reporting of financial information. The pronouncements are part of the accounting framework known as generally accepted accounting principles. In order to establish accounting principles, the

neg: Accounting research historical records, and ethnography. Research by practicing accountants "focuses on solving immediate problems for a single client or small group of clients" and involve, for example, decision-making on the implementation of new accounting or auditing standards, the presentation of unusual transactions in the financial statements, and the impact of new tax laws on clients. Accounting research is also carried out by accounting organizations such as standard-setting bodies. For example, the International Accounting Standards Board (IASB) may initiate research projects for certain issues, the results of these may inform its decision whether to move the issues to its active agenda. Accounting

neg: Sarbanes–Oxley Act of the most recent fiscal year of the Company, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting". To do this, managers are generally adopting an internal control framework such as that described in COSO. To help alleviate the high costs of compliance, guidance and practice have continued to evolve. The Public Company Accounting Oversight Board (PCAOB) approved Auditing Standard No. 5 for public accounting firms on July 25, 2007. This standard superseded Auditing Standard No. 2, the initial guidance provided in 2004. The SEC also released its interpretive guidance on June 27,

neg: Ajay Shirke of India passed a judgement to remove Ajay Shirke from his role as the Secretary of the Board of Control for Cricket in India with immediate effect. The ruling came about after Board of Control for Cricket in India failed to implement the Lodha panel reforms. His association with Maharashtra Cricket started in 2003 and he assumed the office of President Maharashtra Cricket Association in 2005. He is credited with spreading the reach of cricket all over Maharashtra. As the Honorary Treasurer of the Board of Control for Cricket in India he brought transparency to the accounting of the board.

neg: Financial Accounting Standards Board of doing business and economic environment changes, and by acknowledging areas of insufficiency in financial reporting that could be improved through the standard setting process. The FASB is based in Norwalk, Connecticut, and is led by seven full-time Board members, one being the chairman, appointed by the Financial Accounting Foundation (FAF) to serve five-year terms and are eligible for one term reappointment. The qualifications to serve on the FASB Board include professional competence and realistic experience from professions like financial reporting, investment services, and financial planning. Board members also come from sectors such as academia, business, and legal, or government

neg: Business model business model wizard for software companies has been developed. It supports the design and analysis of software business models. The tool's underlying concept and data were published in various scientific publications. The concept of a business model has been incorporated into certain accounting standards. For example, the International Accounting Standards Board (IASB) utilizes an "entity's business model for managing the financial assets" as a criterion for determining whether such assets should be measured at amortized cost or at fair value in its financial instruments accounting standard, IFRS 9. In their 2013 proposal for accounting for financial instruments, the Financial Accounting

neg: Stock trader trading case in United States history. A well publicized accounting fraud of a listed company involved Satyam. On January 7, 2009, its Chairman Raju resigned after publicly announcing his involvement in a massive accounting fraud. Ramalinga Raju was sent to the Hyderabad prison along with his brother and former board member Rama Raju, and the former CFO Vadlamani Srinivas. In Italy, Parmalat's Calisto Tanzi was charged with financial fraud and money laundering in 2008. Italians were shocked that such a vast and established empire could crumble so quickly. When the scandal was made known, the share price of Parmalat in

neg: Accountant unified under the CPA banner. The Canadian CPA designation is held by more than 200,000 members in Canada and around the world. Chartered accountancy is offered in India by the Institute of Chartered Accountants of India (ICAI), the second largest accounting body in the world. This Institute was established in 1949 under the Chartered Accountants Act, 1949 for the regulation of the profession of chartered accountants in India. The ICAI set up the Accountancy Museum of India in 2009, the third museum of accounting in the world. It is located at ICAI's office in Noida. The Institute of Chartered Accountants

neg: International joint venture market since Turkey signed the European Customs Union (ECU). The Turkish Accounting Standards Board requires that all enterprises established under the Turkish Commercial Code in Turkey must prepare statutory financial statements in compliance with the Turkish Accounting Standards Board, which makes all accounting data transparent and more reliable for all parties involved. Under Turkish Law, a joint venture may be formed under two ‘umbrellas’: Commercial Company, governed by the Turkish Commercial Code or Ordinary Company, Governed by the Turkish Code of Obligations. Aera Energy covers a large area of California. The state's leading oil and gas producer (accounting for 30%

neg: National Shipping Board National Shipping Board The National Shipping Board is an Advisory Body on matters related to shipping and shipping infrastructure(ports) .As India gained its independence in 1947 shipping had become very important for the growth of India as the Shipping Laws were created by old British law it had to be revised and in 1958 when the Merchant Shipping Law was consolidated and the opportunity was taken to provide for the formation of a Permanent statutory body called the National Shipping Board. The National Shipping Board was established on 1 March 1959.The Body was established by a recommendation to the Reconstruction

neg: Norwalk Agreement Norwalk Agreement Norwalk Agreement refers to a Memorandum of Understanding signed in September 2002 between the Financial Accounting Standards Board (FASB), the US standard setter, and the International Accounting Standards Board (IASB). The agreement is so called as it was reached in Norwalk. The Agreement was a significant step towards the US formalising its commitment to the convergence of US GAAP and International Financial Reporting Standards. In the Press Release that announced the Agreement, Robert H. Herz, chairman of the FASB commented “The FASB is committed to working toward the goal of producing high quality reporting standards worldwide to support

neg: Norwalk Agreement healthy global capital markets”. The Agreement set out a number of initiatives, including a move to eliminate minor differences between US and international standards, a decision to align the two Boards’ future work programmes and a commitment to work together on joint projects. Norwalk Agreement Norwalk Agreement refers to a Memorandum of Understanding signed in September 2002 between the Financial Accounting Standards Board (FASB), the US standard setter, and the International Accounting Standards Board (IASB). The agreement is so called as it was reached in Norwalk. The Agreement was a significant step towards the US formalising its commitment to the

neg: Human resource accounting about the personnel i.e. either to keep or to dispense with their services or to provide mega-training. There are many limitations that make the management reluctant to introduce HRA. Some of the attributes are: Human resource accounting Human resource accounting is the process of identifying and reporting investments made in the human resources of an organization that are presently unaccounted for in the conventional accounting practices. It is an extension of standard accounting principles. Measuring the value of the human resources can assist organizations in accurately documenting their assets. The human resource process was established to fulfill a number of

neg: Financial Reporting Council six operating bodies: The role of the Accounting Standards Board (ASB) was to issue accounting standards in the United Kingdom and was recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. However, ASB was overtaken by the Financial Reporting Council (FRC) on 2 July 2012. Thus, FRC is now the authority that may issue accounting standards in the UK. The Financial Reporting Review Panel (FRRP) was established in 1990 as a subsidiary of the United Kingdom's Financial Reporting Council. The FRRP sought to

neg: Stephen Haddrill in the run-up to the January 2018 collapse of Carillion, in November 2018, it was announced that Haddrill was to quit as CEO of the FRC, and suggestions that his departure might lead to the body's abolition. Haddrill who was the only UK representative on the Financial Crisis Advisory Group (FCAG)—created by the Financial Accounting Standards Board and the International Accounting Standards Board in 2008. The FCAG was an international group of standard-setting bodies—that coordinated responses "on the future of global standards in light of" the financial crisis of 2007–2010. Just prior to the FCAG's report to the G20 in

neg: Kerala State Education Board Kerala State Education Board The State Council of Educational Research and Training (SCERT), Kerala is a board of school education in India, conducted by the Government of the state of Kerala, India. The board prepares the syllabus for schools affiliated with it. Their main academic focus is on medical care,engineering and telemarketing. Kerala is the first state in India to achieve 100% in primary education The whole schooling structure is divided into kindergarten(Lkg and UKG), LP(lower primary,classes/standard 1–4), UP(upper primary,classes/standard 5–7),(H.S)High School(classes/standard 8–10) and Higher Secondary (+1 equals 11th class/standard and +2 equals 12th class/standard). Usually the whole system of

neg: IAS 39 IAS 39 IAS 39: Financial Instruments: Recognition and Measurement is an international accounting standard for financial instruments released by the International Accounting Standards Board (IASB). It was replaced in 2014 by IFRS 9, which becomes effective in 2018. It was adopted by the European Union in 2004. In 2005, the EU also introduced the fair value and hedging provision of the amended version of IAS 39. The EU version was changed at the end of 2008 in response to the financial crisis of 2008. The comparative accounting measures in the United States are FAS 133 and FAS 157. The Financial