Management Accountant Blog - Up-to-date with Accountancy

Accounting Bodies or Cartels - Competiton Act India

2009-07-13T10:26:00Z

I was reading the provisions and objectives of the Competition Act 2002 and then relating it with how accountancy is regulated in India by Acts of Parliament like ICAI Act, ICWAI Act and ICSI Act.

An Act to provide, keeping in view of the economic development of the country, for the establishment of a Commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India, and for matters connected therewith or incidental thereto.

(c) "cartel" includes an association of producers, sellers, distributors, traders or service providers who, by agreement amongst themselves, limit, control or attempt to control the production, distribution, sale or price of, or, trade in goods or provision of services;

(f) "consumer" means any person who—

(ii) hires or avails of any services for a consideration which has been paid or promised or partly paid and partly promised, or under any system of deferred payment and includes any beneficiary of such services other than the person who hires or avails of the services for consideration paid or promised, or partly paid and partly promised, or under any system of deferred payment, when such services are availed of with the approval of the first-mentioned person whether such hiring or availing of services is for any commercial purpose or for personal use;

(m) "practice" includes any practice relating to the carrying on of any trade by a person or an enterprise;

u) "service" means service of any description which is made available to potential users and includes the provision of services in connection with business of any industrial or commercial matters such as banking, communication, education, financing, insurance, chit funds, real estate,transport, storage, material treatment, processing, supply of electrical or other energy, boarding, lodging, entertainment, amusement, construction, repair, conveying of news or information and advertising;

Will ICAI, ICWAI and ICSI Act, fall under the definition of cartel ?

ICAI Act: The institute of Chartered Accountants of India is a statutory body established under Chartered Accountants, 1949 for regulation of profession of Chartered Accountants in India. ( ICAI Website). I have not yet found ICAI Act on internet or ICAI website.

ICWAI Act: An Act to make provision for the regulation of the profession of cost and works accountants. BE it enacted by Parliament in the Tenth Year of the Republic of India. See ICWAI website.

The scope of the accountants under the respective act is defined in Clause 2 of Section 2 of their respective Acts. Moreover the council of the institutes issue notification to their members for recommended minimum fees to be charged.

1. As per provision of clause 2 of Section 2 of the Chartered Accountants Act 1949, reproduced below--
“A member of the Institute shall be deemed “to be in practice”, when individually or in partnership with chartered accountants [in practice], he, in consideration of remuneration received or to be received—
(i) engages himself in the practice of accountancy; or
(ii) offers to perform or performs services involving the auditing or verification of financial transactions, books, accounts or records, or the preparation, verification or certification of financial accounting and related statements or holds himself out to the public as an accountant; or
(iii) renders professional services or assistance in or about matters of principle or detail relating to accounting procedure or the recording, presentation or certification of financial facts or data; or]
(iv) renders such other services as, in the opinion of the Council, are or may be rendered by a chartered accountant [in practice]; and the words “to be in practice” with their grammatical variations and cognate expressions shall be construed accordingly.”

And

As per provision of Section 2 of the Cost and Works accountants Act 1959, reproduced below—
“Save as otherwise provided in this Act, a member of the Institute shall be deemed “to be in practice” when, individually or in partnership with one or more members of the Institute in practice, he, in consideration of remuneration received or to be received
(i) engages himself in the practice of cost and works accountancy; or
(ii) offers to perform or performs services involving the costing or pricing of goods or service or the preparation, verification or certification of cost accounting and related statements or holds himself out to the public as a cost accountant in practice; or
(iii) renders professional services or assistance in or about matter of principle or details relating to cost accounting procedure or the recording, presentation or certification of costing facts or date; and interpretation thereof or,
(iv) renders such other services as, in the opinion of the Council, are or may be rendered by a cost accountant in practice;
and the words “to be in practice”, with their grammatical variations and cognate expressions, shall be construed accordingly.”

Members of the respective institutes have defined areas of practice vide the provisions of the respective Acts under the administration of the Ministry of Corporate Affairs

Recommended Fees

See ICAI website for Revision of Recommended scale of fee chargeable for the work done by the members of the Institute. Other guidelines on ICAI website.

In a competitive environment, you can fix Maximum Retail Price and producers are free to charge price less than MRP. However it is not the case with Accounting bodies in India where they have published the minimum fees to be charged and members are bound by the notification from their respective body.

The other objective of the Competition Act is "to ensure freedom of trade carried on by other participants in markets, in India".

Accountancy is regulated in almost all the developed countries and India is no exception. Most of the rules in India are derived from the UK or best the practices across the world. UK also a Competition Commission

The Accounting Framework is more developed in the UK so that no single body has an influence on the Accountancy profession. The public/consumers have a choice of availing services from any 6 accounting bodies. Moreover they can practise accountancy by being member of any of the accounting body. In India, there are only two accounting bodies and their role are mutually exclusive (more or less).

The Accounting Standards are set by an independent board, ASB, in the UK. In India, the accounting standards are recommended by ICAI and then approved by NACAS. So ICAI calls the shots in all the aspects of Accounting. Moreover Press notification No. 1/5/2001-CL.V dt 13th May, 2008 from Ministry of Corporate Affairssubscribes to the view that not enough have done for checks and balance of regulation of accountancy profession in India. ICAI took the task of framing accounting standards and the Companies Act was amended in 1999 to provide a statutory backing. and Indian Competition Act has been drawn in similar lines as the UK.

2. The work of formulating down accounting standards for the companies operating in India was initiated when the Institute of Chartered Accountants of India (ICAI), a statutory body regulating the accounting profession in the country, first took up this task in 1977. However, the accounting standards prepared and issued by the ICAI were mandatory only for its members, who, while discharging their audit function, were required to examine whether the said standards of accounting were complied with. With the amendment of the Companies Act, 1956 through the Companies (Amendment) Act, 1999, accounting standards as well as the manner in which they were to be prescribed, were provided a statutory backing.

Competition Act 2007 is a recent addition of rules to protect the interest of consumers and public in India. In the UK, the accounting profession is regulated and no single accounting body can influence the profession. However with the advent of Competition Act in India, the acts enacted earlier needs to be relooked or else they would fall under "Cartel" by definition under Competition Act. Having two accounting bodies with mutual exclusive objectives is not in public interest in India as there is little or no competition within the meaning of the Competition Act.

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Now Google parks its tanks right outside Microsofts gates | Media | The Observer

2009-07-12T18:13:43Z

From the page: "What's the toughest question a venture capitalist can ask? Answer: "What will you do if Google enters your market?" The web has been buzzing with speculation that senior Microsoft executives are now asking that question. The truth is that they have been asking it for quite a while. In an intriguing interview he gave several years ago, Bill Gates observed that the only company out there that reminded him of Microsoft in its early days was Google. He didn't elaborate, but most of the audience knew what he meant: a company that was smart, agile and hell-bent on world domination."

ICWAI recognised by CPA Australia

2009-07-12T06:22:00Z

From 1 June 2009 if you held, or hold, full membership of a professional body recognised by CPA Australia you can apply for Associate membership.

An assessment of your professional qualifications will be conducted to determine your eligibility. The examinations you completed as part of your membership will be considered in regards to our core knowledge requirements, and the result of your eligibility for Associate membership will be advised accordingly.

Recognised professional bodies

* The Association of Chartered Certified Accountants (ACCA)

* The American Institute of Certified Public Accountants (AICPA)

* Chartered Institute of Management Accountants (CIMA)

* The Chartered Institute of Public Finance and Accountancy (CIPFA)

* Certified General Accountants Association of Canada (CGA-Canada)

* The Society of Management Accountants of Canada (CMA Canada)

* The Hong Kong Institute of Certified Public Accountants (HKICPA)

* The Institute of Certified Public Accountants of Kenya (ICPAK)

* Institute of Certified Public Accountants of Singapore* (ICPAS)

* The Institute of Chartered Accountants in England and Wales (ICAEW)

* The Institute of Chartered Accountants of India (ICAI)

* The Institute of Chartered Accountants in Ireland (ICAI)

* The Institute of Chartered Accountants of Pakistan (ICAP)

* The Institute of Chartered Accountants of Scotland (ICAS)

* The Institute of Chartered Accountants of Sri Lanka (ICASL)

* The Institute of Cost and Management Accountants of Pakistan (ICMAP)

* The Institute of Cost and Works Accountants of India (ICWAI)

* Malaysian Institute of Accountants* (MIA)

* Southern Africa Institute of Chartered Secretaries and Administrators (SAICSA)

* The South African Institute of Chartered Accountants (SAICA)

*CPA Australia will require to see your degree qualification(s). You will be required to supply a certified true copy of your degree and transcripts with your application form.

For CPA Australia to determine your eligibility you will be required to provide:

an Associate application form
a certified true copy of a membership certificate or letter of good standing explaining you held / hold full membership (the letter or certificate does not need to be current)
a certified true copy of your examinations and results for your professional qualifications
100 points of identification
the membership fee

Source: CPA Australia

The Institute of Chartered Accountants in Australia is yet to recognise ICWAI qualification for the purpose of skilled migration assessment.

Members of ICWAI who wish to migrate to Australia should apply with CPA Australia for a successful outcome.

This is a great news of members of ICWAI and ICWAI for recognition of qualifications abroad.

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FT.com / Companies / Technology - Google to launch PC operating system

2009-07-08T08:28:39Z

From the page: "Google has taken direct aim at Microsoftâ€s core personal computer software business, with the announcement of a PC operating system to rival Windows.

The system, based on Googleâ€s Chrome web browser, is designed for all classes of PCs, â€oefrom small netbooks to full-sized desktop systemsâ€ , and will be available in machines from â€oemultipleâ€ PC makers in the second half of next year, the company said.
EDITORâ€S CHOICE
Google statement - Jul-08
Tech blog - Jul-08
In depth: Browser battles - Sep-03

Google also promised that the new software would solve many of the frustrations felt by users of Windows-based PCs, from slow start-up times to threats from computer viruses."

Jai Ho - Wikipedia, the free encyclopedia

2009-07-03T14:24:37Z

From the page: ""Jai Ho" was originally composed for Yuvvraaj, but was turned down by director Subhash Ghai who thought the song was not suitable for actor Zayed Khan to perform onscreen.[3] After his Oscar win, A. R. Rahman revealed in an interview that it was Ghai who had asked him to use the words Jai Ho in a song.[4] After its inclusion in Slumdog Millionaire, it was later nominated for best song at the 2008 Broadcast Film Critics Association Awards, the 2008 Satellite Awards and at the 2008 Houston Film Critics Society Awards. In 2009, it won the Academy Award for Best Original Song, beating out WALL-E's "Down to Earth" by Peter Gabriel, and "O... Saya", also of Slumdog Millionaire and by A. R. Rahman.[5]"

Nokiafree unlock phone codes calculator software

2009-07-02T15:25:38Z

From the page: "Nokia free unlock online calculator by IMEI "

FT.com / Markets / Insight - The flawed wisdom of crowds

2009-06-17T12:52:40Z

From the page: "The conventional wisdom of academic investment theorists is taking a terrible beating in the post-bubble era. Rightly so, in the case of the efficient market theory, which now gives rise to growing scepticism.

The notion that stocks follow a random walk and all available information is in the price has always looked suspect in the light of history, which repeatedly tells us that Homo economicus is not the rational man of the economistsâ€ musings and that markets are prone to periodic bubbles. In its strongest form it even attributes the success of investors such as Warren Buffett and Fidelityâ€s Anthony Bolton to pure luck, which to my mind is too strong by half. "

Volendam, Holland - Beautiful Photos

2009-06-17T11:33:33Z

From the page: "Volendam is a popular tourist attraction in the Netherlands, well-known for its old fishing boats and the traditional clothing still worn by some residents. The women's costume of Volendam, with its high, pointed bonnet, is one of the most recognizable of the Dutch traditional costumes, and is often featured on tourist postcards and posters."

How small businesses can get started with Twitter

2009-06-16T13:56:05Z

From the page: "Love it or hate it, Twitter - the latest social media phenomenon - has grown exponentially in recent months.

Twitter allows you to post small SMS-size bits of information about yourself or your business on to your own dedicated page. To achieve 'success' on Twitter, you need to encourage other users to become your 'followers', which will the propogate your messages to an ever-growing audience (that's the plan anyway).

So, here are some tips to help small businesses get started onTwitter.

Top Twitter tips

1. Sign up for a new Twitter account using a sensible, future-proof name. Either your business name, or something related to it. As with all naming ideas, it's best to avoid trademarks or names associated with famous people or brands - just in case."

FT.com / Comment / Analysis - Companion of wisdom

2009-06-14T06:05:54Z

From the page: "Gadget lovers have never had it so good.

Consider some of the headlines of just the past few days. Palm, a handheld computing company largely given up for dead, came out with the first smartphone that truly deserved to stand alongside Appleâ€s groundbreaking iPhone â€" only to have the rug pulled from under its feet two days later as Apple unveiled a new generation of its device while slashing the US price of its cheapest model to $99.

This comes just after the worldâ€s biggest computer makers, at a trade show in Taiwan, showed off a new range of low-priced, small-scale personal machines that test the boundaries of traditional computing. They include the first laptop-style computer to carry an operating system made by Google, an indication of how the new classes of device are heightening competition among technology companies."

The Organization Structure of the IASC Foundation

2009-06-13T07:07:00Z

This is a guest post by CMA Devarajan Swaminathan. He has over 10 years post qualification experience in Accounting, Auditing, Finance as well as Management Accounting. He is the proprietor of Devarajan Swaminathan & Co - Cost Accountants.

View CMA.Devarajan Swaminathan's profile

IFRS or The International Financial Reporting Standards are the accounting standard norms that Companies globally have started to adopt. India is committed to prepare its financial statement based on IFRS from 2011 onwards. An attempt is made here to understand the DNA of the Organization, namely the International Accounting Standards Committee Foundation or the IASC Foundation, which has taken on the responsibility to frame International Financial Reporting Standards and how India is represented in this structure (at least till now).

In writing this article references have been heavily drawn from the IASB website www.iasb.org , IASC Foundation Constitution and the book IFRS Practical Implementation Guide and Workbook – 2nd Edition by Abbas Ali Mirza, Magnus Orrell, Graham .J. Holt, a John Wiley Publication.

The International Accounting Standards Committee Foundation or the IASC Foundation is the parent body or the Organization.

A little back in History:

From 1973 untill 2001 the body in charge was the International Accounting Standards Committee (IASC). IASC was created in 1973 between the professional accountancy bodies in 9 countries and from the year 1982 its membership comprised of all the accountancy bodies who were members of the International Federation of Accountants (IFAC). The principle significance of the IASC was to encourage national accounting standard setters around the world to improve and harmonize national accounting standards.

The members of the IASC who were Professional Accountancy Bodies of the world delegated the responsibility to the IASC Board. The IASC Board was responsible for all activities including standard setting activity. The Standards adopted by the IASC Board were known as the International Accounting Standards (IAS).

ORGANIZATION STRUCTURE

The IASC Foundation:

The constitution of the International Accounting Standards Committee Foundation (IASC Foundation) was approved in its original form by the erstwhile International Accounting Standards Committee (IASC) in the year 2000 and by the members of the IASC at a meeting on 24th May 2000.

The erstwhile IASC Board had appointed a nominating committee to appoint the first Trustees. In execution of its duties the first trustees formed the International Accounting Standards Committee Foundation on 6th February 2001.

There is a key difference between the erstwhile IASC and the present IASC Foundation. The members of the IASC were the accounting bodies of the world who were also the members of the IFAC. The IASC Foundation does not have such a relationship with these global accounting bodies.

The IASC Foundation is an independent not for profit private sector organization. Its Governance rests with its 22 Trustees.

It receives funding in the form of donations from Organizations, Accounting firms, Central Banks and Capital Market Regulators amongst others. The funding of the IASC Foundation is based on four principles.

In its Annual Report of 2007, the Foundation received funds of approximately 11.28 Million Sterling Pounds. 26 Countries contributed. Of these, 174,358 Sterling Pounds was India’s contribution. Contributors from India include the RBI, ICICI, Infosys, Grasim Industries, Bharti Airtel, Tata Sons, Satyam Computers, L&T and RIL.

It is interesting to note that International Accounting Firms contributed 3.24 Million Sterling Pounds approximately 28% of the Total Funding received by the Foundation. Firms included PWC, Deloitte, E&Y, KPMG, Grant Thornton, BDO and Mazars.

The governance structure within IASC Foundation comprises its key parts namely:

1.The Monitoring Board

2.The Trustees

3.The International Accounting Standards Board (IASB)

4.The International Financial Reporting Interpretation Committee (IFRIC)

5.The Standards Advisory Council (SAC)

The Monitoring Board:

Although the governance of the IASC Foundations rests with the Trustees, the Monitoring Board plays a pivotal role as the crucial link between the Trustees and the Public Authorities that have generally overseen accounting standard setters. This link between the Trustees and the Monitoring Board is established by way of a Memorandum of Understanding (MoU). Such a MoU will be made available to the public. A draft of the MoU is available on www.iasb.org. The process of getting the MoU signed between the Trustees and the Monitoring Board is already in process.

The monitoring board has the authority to participate in the process and the appointment of Trustees. It has the authority to overlook whether the trustees are discharging their duties in accordance with the constitution. The Trustees make an annual written report to the Monitoring Board.

Initially the Board comprise of

1.A responsible member of the European Commission.

2.The Chair of the IOSCO Emerging Market Committee.

3.The Chair of the IOSCO Technical Committee

4.The Commissioner of Japan Financial Services Agency

5.The Chairman of the United States Securities Exchange Commission and

6.As an observer, the Chairman of the Basel Committee on Banking Supervision

India as is apparent is not represented on the Monitoring Board.

The Trustees:

The Trustees of the IASC Foundation are responsible for its Governance including funding. The Trustees are publically accountable to the Monitoring Board of the capital market authorities.

According to the present trustee distribution, the Trustees comprise of 22 individuals. 6 Trustees have been appointed from the Asia Oceanic region, 6 Trustees have been appointed from North America, 8 Trustees have been appointed from Europe (although the constitution has provided only for 6 from Europe), 1 Trustee from Brazil and 1 Trustee from South Africa (although the constitution provides for 4 from other regions).

India is represented by Mr. Mohandas Pai of Infosys.

The Trustees are initially appointed for a period of three years.

The trustees are, in addition to the governance of the foundation, responsible for the appointment of the members of the International Accounting Standards Board (IASB), the International Financial Reporting Interpretation Committee (IFRIC) and the Standards Advisory Council (SAC). They also have the power to terminate non performing members of the above board, committee and council.

The International Accounting Standards Board (IASB):

The IASB is responsible for all standard setting activities, including the development and adoption of IFRS. The IASB comprises of 14 members that is to be increased to 16 members. The members of the Board are a mix of practical experience in standards setting process, or as a user, or accounting, academia or from the preparer community. The Trustees appoint the members of the Board.

The present distribution of the Board is 6 members from Europe (although the constitution provides for 4), 4 Members from Asia Oceanic (the constitution provides for 4 members from Asia Oceanic), 3 members from North America (although the constitution provides for 4), 1 from South Africa (the constitution provides for 1 member from Africa) and 1 from Brazil (the constitution provides for 1 member from Latin America). That takes the tally to 15 members.

The constitution also makes it amply clear that the work of the IASB will not be invalidated by its failure at any time not to have representation in accordance with the geographical allocation laid down in the constitution. Members of the IASB are appointed for a term of up to 5 years, renewable once.

Mr. Prabhakar Kalavarcherla is a member of the ICAI so can be said to represent India.

At the time the IASC Foundation was constituted first, the IASB adopted all IAS issued by the erstwhile IASC. The existing IAS continues to be operative till the extent it has not been amended or withdrawn by the IASB. New standards issued by the IASB are called the IFRS. Collectively IFRS includes both IAS and IFRS.

The International Financial Reporting Interpretation Committee (IFRIC):

The interpretative body of the IASC Foundation is IFRIC. It is responsible for developing guidance on the interpretations of the application of both the IAS and IFRS. Such guidance on interpretation would be on financial reporting issues not specifically dealt with in the IAS and IFRS. It would also be on those issues where there are conflicting or divergent interpretations in the absence of an authoritative guidance.

IFRIC comprises of 14 members appointed by the Trustees for a renewable period of three years. No specific geographical allocations have been spelt out in the constitution.

Going by the profile of the existing members that comprise the IFRIC it is apparent that the committee does not have representations from India.

The constitution provides that the Trustees, as they deem necessary, appoint non voting observers representatives of the regulatory authorities who shall have the right to attend and speak at the meeting. Accordingly, IOSCO (International Organization of Securities Commission) and European Commission are presently the Observers.

Standards Advisory Council (SAC):

The members of the SAC are appointed by the Trustees. The objective of the SAC is to advice the IASB on agenda decisions and priorities. The constitution provides that the council may comprise of 30 or more members. No geographical allocations have been specified. Members appointed on the council would represent a wide group of organizations and individuals who are affected by or with an interest in international financial reporting.

Conclusion:

With so many organizations, institutions, individuals, countries that are participating in this exercise of creating an Organization that will eventually issue Reporting Standards that will be adopted globally, it remains to be seen how the various committees, councils, trustees steer away from the political pushes / compulsions to have a high quality standards drafted and issued. The IASC Foundation has a Conflict of Interest Policy in place but the same was not available on their website for download and for me to include it here. India has to increase its participation in the entire process to ensure that its interest is addressed appropriately.

Book Name     :     UNDERSTANDING IFRSS
Author Name   :     T P GHOSH
Price                :     INR 1500 | USD 112.5
Edition             :     2009

ISBN No. :     978-81-7194-528-3
http://www.taxmann.net/bookshop/productdetail.aspx?pid=1494

The book is available in Mumbai at Sertling Book Depot in Fort.

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Information Technology Services:Google Search Appliance

2009-05-26T13:25:07Z

From the page: "Google is Stanford University's official search engine. Google represents a significant enhancement to the University's web environment, providing:

* Better and quicker search results
* Advanced search features, including searching for PDF, .doc and .ppt files, and displaying them as HTML
* Easy and powerful search administration
* Easy integration into web sites"

How to Make Gmail Your Ultimate Productivity Center | Zen Habits

2009-05-09T07:54:23Z

From the page: "These days there are a proliferation of digital tools we use for productivity, for time management, for communication, for social networking, for keeping track of our lives, online and off.

It can be a nightmare to keep track of it all, and frankly, itâ€s a bit unproductive to keep switching between a dozen different tools.

Enter Gmail, my favorite solution for just about anything. OK, maybe not for things like solving marital problems or spending time with my kids, but â€¦ give it time. :)

Itâ€s already pretty clear that Gmail is the best tool for email, and integrations with calendar and chat have made it the go-to place for much of our information. But Gmail Gadgets have allowed us to bring the rest of the pieces of the puzzle together. Now we can do just about everying in one place - Gmail."

NetSuite OneWorld Accredited by UK Accountanting Institute & NEWS - The CPA Technology Advisor

2009-05-09T07:51:33Z

From the page: "LONDON â€" NetSuite Inc., a provider of on-demand, integrated business management software suites for mid-sized companies and divisions of large enterprises, has announced that the accounting component of NetSuite OneWorld has been accredited by The Institute of Chartered Accountants in England & Wales (ICAEW). The ICAEW is a professional accountancy body with over 132,000 members in 165 countries. Its Accreditation Scheme is the most widely recognised accreditation scheme in the UK for financial software and completion of the stringent evaluation process affirms that NetSuite OneWorldâ€s business management suite fulfils the ICAEW's criteria for financial and accounting software."

ICAEW extends reach to south east Asia - Accountancy Age

2009-05-09T07:49:37Z

From the page: "The ICAEW has recruited its first south east Asian regional director, Mark Billington.

The institute hopes that Billington, previously chief executive officer in the Asia Pacific region for telecom company O2, will expand its presence in the international markets.
Advertisement

'It is very exciting to become the ICAEW's first regional director outside of the UK' said Billington."

Leadership in Finance: Morrisons' Richard Pennycook - - CFO.com

2009-05-07T15:12:59Z

From the page: "When Richard Pennycook joined Morrisons, a Â£14.5 billion UK supermarket chain, as group finance director in October 2005, its problems were well known. A year before, the company paid Â£3 billion for Safeways, a larger rival, and bungled the integration. A string of subsequent profit warnings led to Pennycook joining the board to help straighten the enlarged group out.

Pennycook had pedigree. In the past he, helped lead turnarounds as finance chief at fashion group Laura Ashley, motorway service station company Welcome Break and drinks company HP Bulmer."

The U.S. Entrepreneurs Guide to Patents

2009-05-07T15:10:30Z

From the page: "Young Entrepreneurs are full of excellent ideas, and there are plenty of people out there looking to find these ideas or worse trying to copycat them! You have to make sure you keep your genius safe, so you can take the credit for your hard work when it comes to cashing in on your invention.

If you developed a new product that is completely different from whatâ€s currently available on the market, then getting a patent for it is of utmost importance. A patent will protect your creation from being replicated or sold by others without your permission. In the United States, patents are issued by the federal governmentâ€s U.S. Patent and Trademark Office and are valid for 20 years."

Deloitte to Pay $1M in Beazer Suit - Auditing - CFO.com

2009-05-07T15:07:03Z

From the page: "Deloitte & Touche has agreed to pay investors of Beazer Homes USA nearly $1 million to settle claims the firm should have noticed the homebuilder was issuing inaccurate financial statements as the housing market began to decline earlier this decade.

The audit firm, Beazer, and former Beazer executives have settled the class-action lawsuit for a total of $30.5 million, pending approval by the U.S. District Court for the Northern District of Georgia. Deloitte is scheduled to pay $950,000."

Swadeshi-style accounting - Views - livemint.com

2009-05-06T09:15:13Z

From the page: "Local unaffiliated accountants have never been happy with the market share stolen by these powerful foreigners. Satyam now provides a vent to rail against them. Icaiâ€s role in the matter seems suspect: It serves as both the accounting regulator and the industry association representing members. But when Icai is asking for disclosure of a companyâ€s global relationship, including details of fees, profits and remittancesâ€"information already provided to other regulatorsâ€"is it Icai the regulator or Icai the lobby that is interested?"

Google Accounts

2009-05-05T13:59:53Z

Google Contact to organise your address book