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For the right kind of ‘prudence’

06 Jan 2014

Supporters call for a distinction between ‘bad’ prudence, or deliberate misstatement, and caution necessitated by uncertainty.

Sales that return to haunt the book-keeper

06 Jan 2014

For some time now, companies have been grappling with a peculiar issue related to the recognition of sales returns after the reporting date. While the issue is relevant to all industries, it is more so for the consumer goods sector such as garments, footwear, white goods, accessories and so on, where sales happen through various dealers, distributors and franchise channels with the understanding that unsold goods can be returned to the seller. Companies have chosen the guidance available under Accounting Standard 9: Revenue Recognition and AS-29 — Provisions, Contingent Liabilities and Contingent Assets, often leading to varied practices.

When the BOOT pinches

06 Jan 2014

There is “double accounting” for revenue, first for the construction service and later as the fee or toll charged from users.

Europe Joins India In Audit Reform

06 Jan 2014

The European legislator’s recently reached agreement in principle to reform the law as it applies to large companies and their auditors. Much of the reform will be familiar to followers of developments under the Indian Companies Act 2013, and provides further evidence that issues in capital markets are rarely national in nature.

Retail is the single biggest opportunity in the mid to long term

01 Jan 2014

Ed Nusbaum, global CEO of Grant Thornton International, and Vishesh Chandiok, National Managing Partner, Grant Thornton India LLP, recently spoke to CEO India magazine on the firm’s focus and growth strategy both globally and in India as well as the key issues their clients the world over are seeking answers to.