...This Literature Survey has been submitted by Mr. Anirudh Dhawan ID No: 212142 On Economics-I During the Monsoon Semester 2013 Cost Recovery in the Increasing Block Tariff System in India Introduction The need for imposing a tariff on the consumption of water domestically by households arises for the basic reason of revenue sufficiency. Due to the economic diversity prevalent in the society and diversified and potential inequitable use of the good, this tariff has to be determined keeping in mind the basic principles of equity and fairness and should be made to be economically efficient. Hence, reasonable objectives for an adequate tariff scheme would be all of these three, revenue sufficiency, economic efficiency and equity and fairness. This literature survey would concentrate only on the first aspect, that of revenue sufficiency vis-à-vis imposition of water tariffs. The various single-part tariff systems followed in major cities in India include increasing block tariffs (IBT), uniform water tariff, linear water charge and a pre-determined annual flat rate. The first three are for connections that are for connections that are metered and the last one is for connections that are unmetered. This literature survey seeks to assess whether the tariff system of increasing block tariff is adequate for production cost recovery in the Indian cities that it is being currently implemented and to ascertain the possible reasons for such a deficit, if at all there...
Words: 3328 - Pages: 14
...Financial reporting developments A comprehensive guide Consolidated and other financial statements Revised November 2013 Noncontrolling interests, combined financial statements, parent company financial statements and consolidating financial statements To our clients and other friends This Financial reporting developments (FRD) publication is primarily designed to help you understand financial reporting issues related to the accounting for noncontrolling interests. This publication also includes interpretive guidance on consolidation procedure and on the presentation of combined, parentonly, and consolidating financial statements. The publication reflects our current understanding of the relevant guidance in these areas, based on our experience with financial statement preparers and related discussions with the FASB and SEC staffs. The accounting for noncontrolling interests is based on the economic entity concept of consolidated financial statements. Under the economic entity concept, all residual economic interest holders in an entity have an equity interest in the consolidated entity, even if the residual interest is relative to only a portion of the entity (that is, a residual interest in a subsidiary). Therefore, a noncontrolling interest is required to be displayed in the consolidated statement of financial position as a separate component of equity. Likewise, the consolidated net income or loss and comprehensive income or loss attributable to both controlling...
Words: 57119 - Pages: 229
...measured, and the concepts underlying these measurements and related disclosures. Learning Objectives LO1–1 Describe the function and primary focus of financial accounting. LO1–2 Explain the difference between cash and accrual accounting. LO1–3 Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards, including convergence between U.S. and international standards. LO1–4 Explain why the establishment of accounting standards is characterized as a political process. LO1–5 Explain factors that encourage high-quality financial reporting. LO1–6 Explain the purpose of the conceptual framework. LO1–7 Identify the objective and qualitative characteristics of financial reporting information, and the elements of financial statements. LO1–8 Describe the four basic assumptions underlying GAAP. LO1–9 Describe the recognition, measurement and disclosure concepts that guide accounting practice. LO1–10 Contrast a revenue/expense approach and an asset/liability approach to accounting standard setting. LO1–11 Discuss the primary differences...
Words: 7130 - Pages: 29
...CHAPTER 4 Income Statement and Related Information ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) | | |Brief Exercises | | |Concepts for Analysis| |Topics |Questions | |Exercises |Problems | | | 1. |Income measurement concepts. |1, 2, 3, 4, 5, 6, 7,| | | |3, 4, 5, 6, 8 | | | |8, 9, 10, 18, 28, | | | | | | | |31, 32, 33 | | | | | | 2. |Computation of net income from | |1 |1, 2, 7 | | | | |balance sheets and selected | | | | | | | |accounts. | | | | | | | 3. |Single-step income statements; |11, 19, 23, 24 |2, 8 |3, 4, 6, 7, 10, 15, |2, 3, 4, 5 |1, 2, 7 | | |earnings per share...
Words: 14589 - Pages: 59
...from Infosys financial statements Abstract: INTRODUCTION: To reassure the position of a globalised economy, India is all set to implement IFRS .This paper attempts to show cause the disclosures as per the new accounting standard IFRS. Infosys, the software giant is one of the early movers in India to prepare the financial statements as per IFRS. This company has carved a niche in itself in good practices in financial reporting. Though India has missed the earlier deadline of converging to IFRS from April 2011, has shown its commitments to implement IFRs compliant accounting standards once few ambiguities are addressed to The main thrust of IFRS prepared by IASB (internal Accounting standard Board) is the “fair value accounting and detailed disclosures to make the financial statements more useful for the stakeholders. With the paradigm shift in the accounting standard there might be volatilities of the numbers reported. Right from the classification of assets, liabilities, equities until principle differences of asset valuations, revenue recognitions IFRS differ from existing GAAP. There were inquisitive analysts, accounting experts who would want to capture the transition difference of the two accounting standards. Hence, it will be of academic interest to study the difference between local GAAP and IFRS. This paper analyses the IFRS statement of Infosys from Financial year 2009 and makes comparisons with the Indian GAAP numbers. This study would help to understand the...
Words: 4318 - Pages: 18
...FASB Accounting Standards Codification Case This case consists of a series of questions. For each question, your mission is to locate the paragraph in the FASB Accounting Standards Codification (ASC) that answers the question. Please CUT AND PASTE the paragraph from the standards into this document for each question and provide a full reference, including the topic, subtopic, section, and paragraph (e.g. “ASC 605-15-25-1”, or “ASC Master Glossary” for definitions). Submit a hard copy of your answers by Wednesday, October 30th 9:00 am. The FASB Codification database is available at: http://aaahq.org/ascLogin.cfm Student Access Username: AAA51226 Password: KMFpjSW 1. To gain familiarity with the content and organization of the FASB’s Accounting Standard Codification (ASC), use the general topics presented below and determine where the following accounting terms would be located. Topical Categories: Section # General Principles ................................... 100 Presentation .............................................. 200 Assets........................................................... 300 Liabilities...................................................... 400 Equity........................................................... 500 Revenue........................................................ 600 Expenses..................................................... 700 Broad Terms............................................... 800 Industry.................
Words: 2093 - Pages: 9
...Held-to-maturity. 4, 5, 7, 8, 10, 13, 21 1, 3 1, 2, 3, 5 1, 7 4 (b) Trading. 4, 6, 7, 8, 10, 21 4 1, 4 (c) Available-for-sale. 4, 7, 8, 9, 10, 11, 21 2, 10 4 1, 2, 3, 4, 7 1, 4 2. Bond amortization. 8, 9 1, 2, 3 3, 4, 5 1, 2, 3 3. Equity securities. 1, 12, 13, 16 4, 7 (a) Available-for-sale. 7, 10, 11, 15, 21 5, 8 6, 8, 9, 11, 12, 16 5, 6, 8, 9, 10, 11, 12 1, 2, 3 (b) Trading. 6, 7, 8, 14, 15, 21 6 6, 7, 14, 15 6, 8 1, 3 (c) Equity method. 16, 17, 18, 19, 20 7 12, 13, 16, 17 8 5, 6 4. Comprehensive income. 22 9 10 10, 12 5. Disclosures of investments. 21 8, 9 5, 9, 10, 11, 12 6. Impairments. 24 10 18 3 7. Transfers between categories. 23 1, 3, 7 *8. Derivatives 25, 26, 27, 28, 29, 30, 31, 32 19, 20, 21, 22, 23, 24 13, 14, 15, 16, 17, 18 *9. Variable Interest Entities 33, 34 *This material is dealt with in an Appendix to the chapter. 17-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Identify the three categories of debt securities and describe the accounting and reporting treatment for each category. 1 2. Understand the procedures for discount and premium amortization on bond investments. 1, 2, 3, 4 2, 3, 4, 5 1, 2, 3, 4, 7 3. Identify the categories of equity securities and describe the accounting and reporting treatment for each category. 5, 6, 8 1, 6, 7, 8, 9, 11, 12, 14, 15, 16 3, 5, 6, 8, 9, 10, 11, 12 4. Explain the equity method of accounting and compare...
Words: 16945 - Pages: 68
...Please cite this paper as: Severinson, C. (2010), “The New IAS 19 Exposure Draft”, OECD Working Papers on Finance, Insurance and Private Pensions, No. 5, OECD Publishing. doi: 10.1787/5km7rq4hlw5g-en OECD Working Papers on Finance, Insurance and Private Pensions No. 5 The New IAS 19 Exposure Draft Clara Severinson * JEL Classification: G23, G32, M41, M52 * OECD, France THE NEW IAS 19 EXPOSURE DRAFT Clara Severinson September 2010 OECD WORKING PAPER ON FINANCE, INSURANCE AND PRIVATE PENSIONS No. 5 ——————————————————————————————————————— Financial Affairs Division, Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal, Paris 75116, France www.oecd.org/daf/fin/wp ABSTRACT/RÉSUMÉ The New IAS 19 Exposure Draft At the end of April 2010, the International Accounting Standards Board (IASB) published an exposure draft with proposed changes to International Accounting Standard No. 19 (IAS 19). IAS 19 is the current standard for the financial reporting of company pension obligations that stem from defined benefit (DB) and similar plans. It is required for exchange-listed companies in many parts of the world. If enacted, the changes to IAS 19 proposed by the IASB are expected to have a significant impact on company financials on a global basis. The following paper summarizes the proposed changes as presented in the April 2010 exposure draft and explores some of their implications...
Words: 3806 - Pages: 16
...Business Evaluation Case Study By Julia S. Kwok* Elizabeth C. Rabe Northeastern State University * Corresponding author: Department of Accounting and Finance, College of Business and Technology, Northeastern State University, Broken Arrow, OK 74014; Email: kwok@nsuok.edu; Phone: 918-449-6516. What Went Wrong with Starbucks? Financial Statement Analysis Abstract After decades of grande growth based on the Starbucks experience, Starbucks Coffee Company experienced continuous drop of stock price since the beginning of 2007. Upon first glance of their financial statements, there was 20% increase in revenues and 9% increase in net income last year. Such growth could be counter intuitive to the drop of market value. This case encourages a more in depth examination of how the financing of the expansion impacted financial ratios. Further assessment should evaluate the impact of expansion on the company‘s free cash flows and return of the capital investment. Students would need to evaluate the relative contribution of factors leading to the drop of the stock price. The case provided detailed information that would allow students to investigate the impact of the economic and business conditions, the competition and Starbuck‘s business strategies on their financial performance. The students were advised to consider what changes to Starbuck‘s strategies could increase the economic value added of the expansion and help to reverse their road to failure. This case illustrates the importance...
Words: 5621 - Pages: 23
...INTRODUCTION TO FEDERAL INCOME TAX ACCT 5135 Spring 2014 MONDAY 5:45-9:05pm HMH 1-103 Instructor: Tammy Naples, CPA, MBT Office Hours: By appointment, CSOM 4-259 Phone: 612-624-6077 E-mail: naples@umn.edu TA: Nathan Reigstad reigs025@umn.edu Course Prerequisite: ACCT 2050 Introduction to Financial Reporting Course Objectives: To introduce the student to the philosophical, economic and legal aspects of the United States federal system of income taxation. Specifically, the course will: (1) provide a historical perspective with respect to the system of income taxation in general and with respect to various specific provisions within the system; (2) examine the interrelationships between legislative authority (the Internal Revenue Code), judicial, and administrative authority; (3) analyze the structure of the Internal Revenue Code and its provisions with respect to specific areas of the law; (4) introduce the reading of case law and other tax authority; and (5) provide a basic knowledge of tax research tools and techniques. You will not be a tax expert when you complete this course, but you will be familiar with fundamental income tax rules, primarily with respect to individuals, and how the federal tax system works. The instructor will also attempt to provide some insight into the role of the tax professional in private and public practice in order to help you to determine...
Words: 2266 - Pages: 10
...Business Evaluation Case Study By Julia S. Kwok* Elizabeth C. Rabe Northeastern State University * Corresponding author: Department of Accounting and Finance, College of Business and Technology, Northeastern State University, Broken Arrow, OK 74014; Email: kwok@nsuok.edu; Phone: 918-449-6516. What Went Wrong with Starbucks? Financial Statement Analysis Abstract After decades of grande growth based on the Starbucks experience, Starbucks Coffee Company experienced continuous drop of stock price since the beginning of 2007. Upon first glance of their financial statements, there was 20% increase in revenues and 9% increase in net income last year. Such growth could be counter intuitive to the drop of market value. This case encourages a more in depth examination of how the financing of the expansion impacted financial ratios. Further assessment should evaluate the impact of expansion on the company‘s free cash flows and return of the capital investment. Students would need to evaluate the relative contribution of factors leading to the drop of the stock price. The case provided detailed information that would allow students to investigate the impact of the economic and business conditions, the competition and Starbuck‘s business strategies on their financial performance. The students were advised to consider what changes to Starbuck‘s strategies could increase the economic value added of the expansion and help to reverse their road to failure. This case illustrates the importance...
Words: 5622 - Pages: 23
...08 Fall 08 Fall ABSTRACT This paper is written with a purpose to give a strategic advice to 3M’s current CFO D.W. Meline how to manage 3M’s future exposure of the foreign exchange rate risk. In doing so, the overall profile of the company is discussed; the current foreign exchange risk management instruments are described; and conclusions are drawn, followed by recommendations. ABSTRACT This paper is written with a purpose to give a strategic advice to 3M’s current CFO D.W. Meline how to manage 3M’s future exposure of the foreign exchange rate risk. In doing so, the overall profile of the company is discussed; the current foreign exchange risk management instruments are described; and conclusions are drawn, followed by recommendations. International Risk Management: An Analysis of 3M’s Foreign Risk Management International Risk Management: An Analysis of 3M’s Foreign Risk Management Contents Executive Summary 3 Introduction 4 1. Description Historical Exchange Rates 6 2. Foreign Currency Exchange Rate Risk 10 2.1. Current Strategy to Manage Exchange Rate Risk 10 2.1.1. Cash Flow Hedging 10 2.1.2. Net investment hedging 13 2.2. Currency Translation Effects...
Words: 5228 - Pages: 21
...Investments ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics | Questions | Brief Exercises | Exercises | Problems | Concepts for Analysis | 1. Debt securities. | 1, 2, 3, 13 | | 1 | | 6 | (a) Held-to-maturity. | 4, 5, 7, 8, 10, 13, 21 | 1, 3 | 2, 3, 5 | 1, 7 | | (b) Trading. | 4, 6, 7, 8, 10, 21 | 4 | | | 1 | (c) Available-for-sale. | 4, 7, 8, 9, 10, 11, 21 | 2, 10 | 4 | 1, 2, 3, 4, 7 | 1 | 2. Bond amortization. | 8, 9 | 1, 2, 3 | 3, 4, 5 | 1, 2, 3 | | 3. Equity securities. | 1, 12, 16 | | 1 | | 6 | (a) Available-for-sale. | 7, 10, 11, 15, 21 | 5, 8 | 6, 8, 9, 11, 12, 16, 19, 20 | 3, 5, 6, 8, 9, 10, 11, 12 | 1, 2, 3 | (b) Trading. | 6, 7, 8, 10, 14, 15, 21 | 6 | 6, 7, 14, 15, 19, 20 | 6, 8 | 1, 3 | (c) Equity method. | 16, 17, 18, 19, 20 | 7 | 12, 13, 16, 17 | 8 | 4, 5 | 4. Comprehensive income. | 22 | 9 | 10 | 9, 10, 12 | | 5. Disclosures of investments. | 18 | | 10 | 5, 8, 9, 10, 11, 12 | | 6. Fair value option. | 25, 26, 27 | | 19, 20, 21 | | | 7. Impairments. | 24 | 10 | 18 | | 3 | 8. Transfers between categories. | 23 | | | 8 | 1, 3, 6 | *9. Derivatives. | 28, 29, 30, 31, 32, 33, 34, 35 | | 22, 23, 24, 25, 26, 27 | 13, 14, 15, 16, 17, 18 | | *10. Variable Interest Entities. | 36, 37 | | | | | *This material is dealt with in an Appendix...
Words: 20095 - Pages: 81
...ANSWERS TO QUESTIONS 1. The income statement is important because it provides investors and creditors with information that helps them predict the amount, timing, and uncertainty of future cash flows. It helps investors and creditors predict future cash flows in a number of different ways. First, investors and creditors can use the information on the income statement to evaluate the past performance of the enter-prise. Second, the income statement helps users of the financial statements to determine the risk (level of uncertainty) of income—revenues, expenses, gains, and losses—and highlights the relationship among these various components. It should be emphasized that the income statement is used by parties other than investors and creditors. For example, customers can use the income statement to determine a company’s ability to provide needed goods or services, unions examine earnings closely as a basis for salary discussions, and the government uses the income statements of companies as a basis for formulating tax and economic policy. 2. Information on past transactions can be used to identify important trends that, if continued, provide information about future performance. If a reasonable correlation exists between past and future performance, predictions about future earnings and cash flows can be made. For example, a loan analyst can develop a prediction of future performance by estimating the rate of growth of past income over the past several periods and...
Words: 13937 - Pages: 56
...Business: Environments and Operations, (Daniels, Radebaugh, Sullivan) Journal of Political Economy 2. International Real Business Cycles, (Backus, Kehoe and Kyland) Journal of Political Economy 3. Going global: Using information technology to advance the competitiveness of the virtual, (Boudreau, Loch, Robey, Straub) Academy of Management Executive 4. Working with Americans, (Thompson) The FLAME of Claremont Graduate University Websites: 1. Economist.com (The Economist Magazine) 2. FT.com (Financial Times Newspaper) 3. cia.gov/cia/publications/factbook (CIA world Fact Book) 4. loc.gov/rr/international/portals.html (Library of Congress Country Info) 5. windowontheworldinc.com/countryprofile/index.html (Tips for Global Business Etiquette 6. transparency.org (Transparency International) 7. scholar.google.com (Google for academic search) INSTRUCTOR: Taj Ahmad Eldridge, MBA, Ph.D Int’l Political Economics & World Politics candidate WELCOME: Buenas noches, Banji mashite, Boa noite, Masaa al-khair, Good Evening! Welcome to MGT 448 – Global Business Strategies. Business has been changed drastically by the advent of technology and globalization. This course should prepare you to become aware of many of the externalities that businesses face as they enter the global market. It doesn’t matter if you are not currently conducting business...
Words: 3977 - Pages: 16
