...The basic cause of international difference in financial reporting practice is the different degree of interference by governments in accounting. It is understood that “International Financial Reporting Standards (IFRS)” has been adopted in many countries around the world, as a minimum for the companies that are obliged for financial reporting. IFRS has been implemented in nearly one hundred and fifteen countries around the world, whilst phasing out the previous standard of rules of Generally Accepted Accounting Practice or more commonly known as GAAP. The United States is the only large major country to holdout and not adopt IFRS. IFRS is increasing its widespread backing from all over the world. All United States established companies are obliged to use the “Financial Accounting Standards Board FASB” (Wikipedia, 2012) many companies use these set of standards as they are “detailed and comprehensive” (Media Wiley) compared to the “International Accounting Standards Board IASB” (Wikipedia, 2012) which are more set in stone and less rule based. What the United States need is a set of high quality accounting standards improves comparability. “It is generally believed that IFRS has the best potential to provide a common platform on which companies can report and investors can compare financial information.” (Media Wiley) It is expected that if all countries adopt IFRS it will be beneficial for investors and others who use financial statements by reducing costs and increasing...
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...------------------------------------------------- V Year, B.A. LLB (Hons.) ------------------------------------------------- ------------------------------------------------- National Law School of India University Bangalore ------------------------------------------------- Contents Continuing Legal Education - Introduction 3 Giving CLE Form – Indian scenario 5 CLE in other countries 9 Concerns for CLE 11 Conclusion 14 Bibliography 15 ------------------------------------------------- Continuing Legal Education - Introduction John Grisham, the famous novelist, has remarked in The Rainmaker: “I don’t feel stupid, just inadequate. After three years of studying the law, I’m very much aware of how little I know.” Continuing legal education (CLE) connotes a formal educational experience, such as a lecture, a seminar, or a workshop, related to the practice of law and sponsored by a bar association, a law school, or an organization which specializes in such advanced professional training. Thus, when we talk about CLE, the focus is not on students, instead it is the lawyers themselves whose education post them having become lawyers, is what is hinted at. Among professionals, lawyers begin their careers with a very little knowledge with a lot to learn. While medical graduates are no more fit to practice as doctors, a law school graduate is not exactly equipped to perform the various...
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...Legal System By Dr. Rakesh Kumar Srivastava Dr. R.K. Shrivastava is presently Chief Librarian at the Supreme Court of India, New Delhi. He has more than twenty-four years of experience in the field of law librarianship in India. He has a degree in Law, a Postgraduate degree in Library & Information Science and a Doctorate degree in Library & Information Science. He has been a guest faculty member in many institutions, an academic counsellor of Indira Gandhi National Open University (IGNOU) and the Rajarishi Tandon Open University, Allahabad. He has been an Honorary Principal of School of Law of Library Science, Lucknow for more than 15 years. He is a member of many professional bodies, including his service as the General Secretary of the U.P. Library Association and the Vice-President of the Indian Library Association. Due to his work in the field of law librarianship, he has been awarded by the U.P. Government. He is presently a member of the Academic Council, Hidayatullah National Law University, Raipur. He recently delivered lectures on legal research methodology in National Judicial Academy, Bhopal and Karnataka Judicial Academy, Bangalore, Academic Staff College, Jamia Milia Univesity and in Ranganathan Research Circle, New Delhi. He has published more than fifty papers on various aspects of library and information science and law, and he has presented papers in many national and international conferences. He has been invited to deliver many online lectures...
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...University P. O.: Balasore, Pin.: 756019, Orissa, India E-mail: bhagaban_fm@yahoo.com Alok Kumar Pramanik Department of Commerce, Bhatter College P. O.: Dantan, Pin. : 721426, Paschim Medinipur, West Bengal, India E-mail: alokdantan@sify.com Abstract The journey to have a common set of accounting standards started long before to give it a professional shape and essence. And accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization. Still, we have a couple of strong variants of accounting practices (say, for example, US GAAP, UK GAAP, IAS etc.) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe that accounting world is controlled and guided by a single set of standards giving it a status of legal discipline in true sense. The paper focuses on this harmonization issue, its current status, challenges with special reference to Indian perspective. Keywords: Harmonization of Accounting Standards, International Accounting Standards, International Financial Reporting Standards, Generally...
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...International Journal of Criminology and Sociological Theory, Vol. 6, No. 4, December 2013, 228-234 Police Corruption in India ____________________________________________________________________ Ravikanth B. Lamani1 G. S. Venumadhava2 Abstract Police as a Law enforcing agency is an important institution of that social control which existed in some form or the other in all society in all ages. Police is an integral part of the present day society. A society in the present set up cannot live and progress without an effective, sincere and honest police force. The Indian police have its roots in the ancient period and the present day police are the outcome of an evolutionary process. The bad things which it has inherited from the old system include corruption among policemen today. Corruption exists in one form or the other in the police system. Corruption has infected every sphere of modern life. It has vitiated the moral values of the society and the police force cannot be an exception. In fact, corruption of police is not a new phenomenon, but the irony is that the issue has seldom been seized by the organization with a sense of seriousness. In this paper an attempt has been made to discuss the various aspects of police corruption in India. The author has tried to discuss the various factors responsible for police corruption and suggest some remedies to control the corruption among policemen. The main objective of the paper is to discuss the extent, causes and...
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...them and never forgave his parents for them (19). His father worked as a clerk in the payroll office for the Navy. He was born in No. 1 Mile End Terrace, Landport, Portsmouth England. “He was baptized on March 4th in St. Mary’s church near the modest, narrow house on the mile end terrace that his family rented” (Kaplan 19). His parents were not very good with money and had a lot of problems with debt. In fact, his father was sent to debtor’s prison when Charles was twelve years old. Even though Charles Dickens is a world famous author, he had very little formal education and was primarily self-taught. He did attend William Giles’ school in Chatham, Kent between the ages of nine and eleven. He loved to read and perform. In the fall of 1821 at the age of nine, he wrote a tragedy called Misnar, the Sultan of India and liked the attention he got for being an author (Kaplan 28). When he was twelve, Charles was forced to leave school and work in a shoe factory to help support his family. At thirteen, he did go back to school and attend Wellington House Academy in London until he was fifteen. Because his family still had financial problems, his mother convinced a young solicitor named Edward Blackmore to hire Charles as a law clerk in early 1827. Charles left Wellington House Academy to work as a law clerk for the firm of Ellis...
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...Body……………………………………………………………………………………………………………………………………………….2 1. Harmonisation – what it means……………………………………………………………………………………………….…2 2. IASB’s reasoning for financial reporting harmonisation…………………………….………………………………..3 3. Approaches to harmonisation………………………………………………………………………..…………………………..4 4. Obstacles in harmonisation………………………………………………….……………………………………………………..6 5. The convergence between IASB and FASB today and the Changes within the IASB towards achieving their goal ……………………………………………………………………………………………………………………7 Conclusion ………………………………………………………………………………………………………………………………………………8 References & bibliography………………………………………………………………….…………………………………………………..9 1. Harmonisation – what it means Harmonisation is the process which aims to converge the accounting practices around the world and to increase the compatibility between countries in regards to financial statements. However, we must keep in mind that this process does not target uniformity in the accounting practice, but to reduce the differences over time. Standardising the accounting practices around the world comes as a boomerang effect of capitalisation. We have companies that trade in different countries and thus they must oblige with each of the accounting practices of every country where the company produces financial statements. This leads to the situation where you have a company reporting a shareholders’ equity of just over $15 million under the UK regulations, while in accordance with the US accounting rules the same company...
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...always implemented into companies around the globe. Most industrialized countries have their own organizations, such as the United States Financial Accounting Standards Board, that govern their accounting standards. This can cause major difficulties for multi-country corporations, as well as confusing for investors who are trying to compare company financials. To rectify this problem, the SEC has prepared a roadmap that proposes requiring all U. S. companies to implement an improved version of International Financial Reporting Standards as soon as 2014. What would be required to implement these changes? Are accountants today ready and able to implement these news standards or will continuing education be vital to prepare them? If the U. S. takes on these changes, are other countries willing and able to implement changes as well? What will be accomplished with the implementing of a more universal system? Implementing International Financial Reporting Standards As the countries of the world become increasingly interdependent, language barriers must be transcended in order to promote adequate communication. This is true not only of spoken language, but also of accounting, which is commonly known as the language of business (Spiceland, Sepe & Nelson, 2011, p. 4). Global commerce has sounded the call for financial entities worldwide to speak one common language. Historically, the standardization of accounting principles has followed the integration of the financial...
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...Running head: Internal Fraud Internal Fraud Jennifer England Strayer University Accounting Capstone – ACC 499 Professor Grant A. Wills August 3, 2011 Internal Fraud Infosys Limited is an IT and consulting company, it defines, designs and delivers technology-enabled solutions for Global 2000 companies. Infosys provides business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services and business process outsourcing. Infosys pioneered the Global Delivery Model, which is based on the principle of taking work to the location where the best talent is available, with the least amount of acceptable risk and where it makes the most economic sense. Infosys employs more than 15,000 foreign workers in the United States. In February of this year, a suit was filed in Alabama that accuses Infosys of purposefully sending its Indian employees to work full-time on incorrect visas, and that Infosys was paying these employees in India for full-time work in the United States without withholding federal or state income taxes, and overbilling customers for the labor costs of these employees. Foreign nationals that work in the United Stated on temporary contracts require an H-1B visa. In 2009, increased restrictions began on H-1B visas and in 2010 the application price for H-1B visas doubled, this is when Infosys began sending...
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...Inter North several years later. When Jeffrey Skilling was hired, he developed a staff of executive that, with the use of accounting loopholes special purpose entries, and poor financing reporting, were able to hide billions in debt from failed deals and projects. Shareholders lost nearly $11 billion when Enron's stock price, which hit a high of US$90 per share in mid-2000, plummeted to less than $1 by the end of November 2001. The U.S. Securities and Exchange Commission (SEC) began an investigation, and rival Houston competitor Dynegy offered to purchase the company at a fire sale price. The deal fell through, and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Enron's $63.4 billion in assets made it the largest corporate bankruptcy in U.S. history until WorldCom's bankruptcy the following year. Many executives at Enron were indicted for a variety of charges and were later sentenced to prison. Enron's auditor, Arthur Andersen, was found guilty in a United States District Court, but by the time the ruling was overturned at the U.S. Supreme Court, the firm had lost the majority of its customers and had shut down. As a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies. ❖ Bank of Credit and Commerce International The Bank of Credit...
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...audit file and submit it for archiving within 60 days from the date of our audit report. The PCAOB standard has shortened this period to 45 days. 51 The auditor would also need to adopt procedures that enable him or her to gain access to the documentation throughout that period. One way for auditors to accomplish this is by creating a policy to maintain electronic documentation. One needs to bear in mind that archiving needs to be done in a format that ensures its compatibility with newer versions of audit software or by retaining older versions of such software and, if necessary, the hardware on which it runs. Also, working papers for a specific audit engagement are assembled in a separate audit file. • • Conclusion 52 Auditors in India will have to gear themselves up to meet the new...
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...‘Large Hadron Collider could spell doomsday for Earth in nine days!’ (News track India 2008). Exaggerations, misinterpretations and lack of knowledge can lead people in a society to believe things such as black holes that could potentially consume and destroy the Earth being created by the Large Hadron Collider. This is often the beginning of a phenomenon known as a moral panic unless it proves invalid by the masses or not profitable for institutions or organisations. First coined by Jock Young (1971:37) in his book ‘Images of Deviance’, edited by Stanley Cohen, his peer and colleague. It was Cohen (1973:9) though, in fact, who brought the phrase to the forefront of sociology and defined it when he said: Societies appear to be subject, every now and then, to periods of moral panic. A condition, episode, person or group of persons emerges to become defined as a threat to societal values and interests; its nature is presented in a stylised and stereotypical fashion by the mass media (Cohen 1973:9). This paper assess’ Cohen’s’ ‘moral panic’ as a useful notion for explaining increased social anxiety about criminal behaviour using his work on ‘mods and rockers’ and Wilkins (1964:90) ‘Deviancy Amplification Feedback Loop’, a cyclic process that alienates perpetrators and increases sensitization to their actions creating more frequent arrests and often harsher punishments. Moral panics come and go and more often than not the ‘problem’ has been around for many years before it becomes...
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...DISSERTATION PROPOSAL The Impact of Foreign Share Ownership on Financial Performance in Australia Word Count: 2,696 Table of Contents 1. Introduction ........................................................................................................................ 3 2. Literature Review ............................................................................................................... 5 2.1 2.2 3. 4. Corporate Governance in Australia ............................................................................. 5 Ownership Structure and Financial Performance........................................................ 6 Hypothesis .......................................................................................................................... 8 Methodology....................................................................................................................... 8 4.1 4.2 Model Design .............................................................................................................. 9 Sample ....................................................................................................................... 10 5. 6. References ........................................................................................................................ 11 Appendix .......................................................................................................................... 14 6.1 6.2 Structure .................
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...August 2005 Tackling the key issues in banking and capital markets* 1 Contents Page Editor’s comments 2 New challenges for central banks 4 Business integrity: A foundation for rebuilding reputation 16 The battleground for consumer banking 24 India: From sleeping tiger to stirring elephant 30 IFRS: Is your financial reporting sustainable? 42 Shari’a compliant financial services – standing its ground 48 Editor’s comments 2 by Phil Rivett the journal • Tackling the key issues in banking and capital markets Phil Rivett Global Leader, Banking & Capital Markets, UK Tel: 44 20 7212 4686 Email: phil.g.rivett@uk.pwc.com 3 Welcome to the August 2005 edition of the PricewaterhouseCoopers banking and capital markets journal. This is the 7th edition of the journal and brings together a rich selection of topics from our industry experts. Central banks are increasingly coming under the spotlight as they face a number of changes and challenges. In ‘New Challenges for Central Banks’, Chris Sermon, Peter Trout and Elizaveta Filipova highlight some of the new and existing opportunities facing the central banking sector in the areas of accounting, reporting, transparency, corporate governance and risk management and explore the importance of evolving practices and developments. Trust and integrity are fundamental to the financial sector, no more so than now following recent corporate transgressions. In ‘Corporate Integrity: A...
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...enhancement of a corporation’s competitive advantage, Enabling a corporation perform efficiently by preventing fraud and malpractices, Providing protection to shareholders’ interest, Creates additional shareholder value over time, Enhancing the valuation of an enterprise, Ensuring compliance of laws and regulations Good Corporate Governance: National Interest, Political Non-alignment, Legal Compliances, Rule of Law, Honest and Ethical Conduct, Corporate Citizenship, Ethical Behavior, Social Concerns, Corporate Social Responsibility The Treadway Report: published in 1987 highlighted the need for a proper control environment, independent audit committees and an objective internal audit function and called for published reports on the effectiveness of internal control. Cadbury Committee on Corporate Governance, 1992: to help raise the standards of corporate governance and the level of confidence in financial reporting and auditing by setting out clearly what it sees as the respective responsibilities of those involved and what it believes is expected of them. The Cadbury Code of Best Practices had 19 recommendations Relating to the board of directors, non executive directors, reporting and controls The Greenbury Committee, 1995: to identify good practices by the Confederation of British Industry (CBI) in determining directors' remuneration and to prepare a code of such practices for use by public limited companies of the United Kingdom. Produced the Greenbury Code of Best Practice...
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