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There is going to be a biggest change in accounting standards on convergence with International Financial Reporting Standards (IFRS). Implementation of IFRS cannot be dealt with as a year-end accounting issue. One area where the education is required is ‘derivative accounting’. Derivatives make headlines every other day, and, almost always for the wrong reasons. What are derivative contracts? Where do they trade? Why do they exist? While a seemingly endless number of derivative contract structures will appear, do not be misled. Only two basic contracts exist – a forward and an option. All other product structures are nothing more than portfolio of forwards and options. Similarly, derivative products are offered by an almost endless number of institutions in the market - brokerage houses, banks, investment houses, commodity exchanges, and so on. Again, do not be misled. Fundamentally there are only two types of derivative markets – exchange traded markets and over-the-counter (OTC) mark...

Click here to download: http://www.4shared.com/account/file/I-L0FB1Y/Rupee.html Download and enjoy. Please let us know if you face any problem. IF YOU HAVE ANY DOUBTS IN UNDERSTANDING HOW TO DO THIS CAN ASK US. How to Enter New Rupee Symbol of India On Your PC (MS Word,Note Pad) through Key Board 1)Created by Foradian Technologies .They are first Creators of Indian Currency symbol to get used . 2)How to use on Your system 3)Download the above attached font Rupee_Foradian.ttf 4)Install the font. (It is easy. Just copy the font and paste it in “Fonts” folder in control panel) 5)Start using it. 6)How to type the Rupee symbol ? 7)Rupee symbol mapped the grave acent symbol – ` (the key just above “tab” button in your keyboard) with the new Rupee symbol. Just select “Rupee” font from the drop down list of your fonts in your application and press the key just above your tab button.

How to plan my tax liability? Most of taxpayers wanted to reduce tax they pay to the government. Some people manage to do some adjustment to actual figure and pay lesser tax. But finally they have to pay huge tax with penalty. Making adjustment is risky and unlawful manner. How people reduce tax lawfully. It is one challenge taxpayers have to achieve. Solution is tax planning. Tax planning is the process of organizing the tax affairs by which can minimize the incident of tax in leave of doing fraudulent, fictitious and illegal actions. You can not plan your past transactions. It is involve on future affairs what is to be done. When planning your tax, you should have through knowledge about tax law, especially on tax concessions, exemptions and tax rates. Most people do not think about tax implication on investments and other day to day business activities. As a example as a VAT registered person when you purchase you should buy from VAT registered supplier, even though his price is bit...

With not even a year to go for the April 1, 2011 deadline of International Financial Reporting Standards (IFRS) to be implemented by Indian companies with a net worth of over Rs 1,000 crore, a number of training institutes have sprung all over the country to cater to the demand for trained manpower in the field. Set up by the International Accounting Standards Board (IASB), the London-based independent body of accounting standards, IFRS have been adapted by over 110 countries already. In India, the ministry of corporate affairs has prepared a roadmap for its implementation as per which BSE 30 and Nifty 50 companies as well as those with shares listed overseas and those with a net worth of over Rs 1,000 crore have to implement the standards by April 1 next year. Companies with a net worth of more than Rs 500 crore and less than Rs 1,000 crore have time till April 1, 2013 while by April 1, 2014, all companies whether listed or not and with a net worth of less than Rs 500 crore will have...

IIT graduate gives Indian Rupee its symbol An IIT post-graduate D Udaya Kumar has given the Indian Rupee a symbol of its own (See pic). Information and Broadcasting Minister Ambika Soni announced this, saying the Rupee had now arrived on the international platform in sync with universal standards. The Cabinet approved the design today.(How do you like the symbol?) Soni would not commit to a date by when the symbol would be officially in use but said it would take about six months in India and about two years to make it recognized internationally. The government had organised a symbol design competition with a prize of Rs 2.5 lakh for the winner. Five designs were shortlisted. D Udaya Kumar had submitted more than one design. The contestants were asked to design a symbol that would be the Hindi alphabet Ra with two lines - to "reflect and capture the Indian ethos and culture," in Finance Minister Pranab Mukherjee's words. The growing influence of the Indian economy in th...

Indian GAAP requires that revenue should be measured by the charges made to the customer. IAS 18 requires that revenue should be measured at the fair value of the consideration received or receivable from the customer. It stipulates that if the payment is deferred and the time value is material, fair value of the consideration is the present value (PV) of the consideration determined using the imputed interest rate as the discount rate. The imputed rate of interest is the more clearly determinable of either: the interest rate at which the customer could borrow from the market at the same terms and conditions; or a rate of interest that discounts the nominal amount of the consideration to the current cash sales price of the goods or services. Application of the principles stipulated in IAS-18 gives a result different from the result that is obtained by applying the principles stipulated in the Indian GAAP. For example, a dealer sells diesel to companies that own tea gardens at the regul...

The government today said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. "We are still working on fair value concepts and other issues like depreciation, but I can assure you that we will stick to the roadmap laid for the convergence of Indian standards with the IFRS," Corporate Affairs Minister Salman Khurshid said on the sidelines of an Assocham seminar on International Financial Reporting Standards (IFRS) here. Even though the government has announced that companies with a turnover of more than Rs 1,000 crore will converge by 2011, the industry and accountants still have differences on how to determine the "fair value" of assets and liabilities. In accounting, fair value is used as an estimate of the market value of an asset or liability. While some accountants are of the view that the historical cost should be taken into account ...

Do you have a few spare rooms? Can you do them up as classrooms and rent them out? If you can, welcome to a new business – IFRS training. With some 1,500 Indian companies needing to do their accounts in accordance with the principles of International Financial Reporting Standards (IFRS) from April 1, 2011 – and thousands more to follow thereafter – the demand for training accountants in IFRS is a huge business. It can only grow, given at least two distinct factors. One, IFRS standards are dynamic and hence professionals have to keep pace with the changes. Two, more importantly, the world is opening up to Indian professionals for IFRS-related work. Today, the community of Indian accountants cleaves into two – those who welcome IFRS and those who don't. The former class feels that the system (which mandates over 2,000 points of disclosure) is transparent, investor-friendly. The latter feels the need for IFRS is not well-founded, the regime is not preceded by any market demand for it....

Applicable to : every person or partnership for each quarter commencing on or after 1/4/2006 Turnover Limit : Rs. 7.5 Mn per quarter Special Exemption : during the period 1/1/2009 to 31/12/2009 for following receipts Export of any good Deem Export Any operation of Hotel, Tour Operation or Tour Agent Calculation of ESC : {Turnover – (VAT+ Capital Assets Disposal + Bad Debts)}* Relevant Ratio Specifically defined turnover for: Freight Forwarder : Turnover of any freight forwarder shall be reduced by the sum payable by such freight forwarder to any person on account of the carriage by such person, of any cargo loaded in to any ship or aircraft Export of cut and polished Diamonds from raw Diamonds imported: Turnover for ESC is difference between CIF value of raw diamonds and FOB value on the export Export of Garment manufactured from Raw Material imported on NFE basis: Turnover for ESC is difference between CIF value of raw materials and FOB value on the export ESC Rates Turnov...

A large number of listed companies may be referred to the BIFR in 2014 following the implementation of International Financial Reporting Standard (IFRS) for all listed entities, financial experts feel. IFRS would become the norm for level-1 companies having a turnover of more than Rs 1,000 crore from April 2011. LSI Financial Services MD Rajya V Kajaria said over 25-30% companies could be affected once IFRS is rolled out fully. LSI is working on the impact of IFRS on Indian companies. Kajaria said under IFRS, redeemable preference shares would be treated as a liability in the balance sheet instead of capital. "This structural change would significantly alter the debt-equity ratio of many firms. As a fallout, the net worth of many companies will go down," he added. LSI director P K Ghosh said depreciation norms in IFRS, too, are different and could impact profitability. "In IFRS, the depreciation is more subjective. For example, depreciation of an aircraft and its engine ...