Financial Daily from THE HINDU group of publications
Thursday, Jul 15, 2004
Columns - Globe Trot
Accounting becomes accountability
It is anticipated that the name change will help reduce confusion among job applicants and the public. It would, however, be too soon to expect that `advanced accounting' papers for CA exams get rechristened as advanced accountabilities.
Question of GAAP
A related question is "whether or not the cost of providing all that is required in private company GAAP financial statements is justified, as it may be for publicly traded companies."
The need has been felt for such a survey because small and young companies are creating two-thirds of the net new jobs in the US, and employing half of all private sector workers. Perhaps, something similar is brewing here too with a relook at Schedule VI disclosure norms.
Super growth, superwomen
"Companies in Japan, Mexico and Turkey are least likely to be `super growth'. Only 2 per cent of companies in these countries were classified as such. Around average performers include Hong Kong, Italy and South Africa (each 12 per cent). Leading EU economies, Germany and France, are below average with only 8 per cent of companies in those countries being `super growth'."
Interestingly, `super growth' companies have more women in senior management, according to Grant Thornton. "Nearly half (46 per cent) of `super growth' companies have two or more women in the senior management team, compared with a third (34 per cent) among companies as a whole." Super news.
"One firm donated tickets that sent the city's treasurer to the 2003 Super Bowl. Another bought a $1,750 pass that sent him to a week of events at the 2002 NBA All-Star Game. Others donated tens of thousands of dollars to Mayor John Street's re-election campaign or hired one of his top fund-raisers as a consultant." User charges, aren't they?
Be pro anti-fraud
Strangely, the US Congress, SEC and PCAOB have not yet delineated what constitutes an effective anti-fraud programme and controls.
To help, PwC has identified "the key elements of an effective anti-fraud programme based on the core principles shared by the new law, regulations and standards: prevention and timely detection of fraud." Worth a read even if you're not hit by SOX.
Raise the performance bar
Thrust to trust
mail to: GlobeTrot@TheHindu.co.in
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