Mr. Nitish Grover FCA, AICPA Intl Associate

GLG News by Mr. Nitish Grover FCA, AICPA Intl Associate, Principal, Owner

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Transfer Pricing and International Taxation Policy - Some Aspects of The Debate

September 28, 2010

Analysis of:The Send Jobs Overseas Act | online.wsj.com

Tax policy and transfer pricing is gaining in importance. The present debate on changing the US tax law on overseas profits brings into focus a number of aspects. I touch on a few of these aspects in my analysis presented below.

Indian Tax Procedures - Corporate Tax Returns - Extension of Last Date

September 27, 2010

Analysis of:CBDT Circular of 27th September 2010 | www.icai.org

The CBDT has issued a circular extending the last date of filing corporate tax returns in India. This comes as a welcome reprieve. The reason given for the extension is the environment. Another unstated reason is software problems. In this analysis below I look at some of  the effects of this circular.

Indian Tax Procedures - Impact of Recent Changes in Corporate Tax Returns

September 15, 2010

The Indian Income Tax Department has recently introduced a provision for mandatory filing with PAN based digital signature on Corporate Tax Returns. In my analysis below I discuss the implications of the same from a procedural viewpoint.

International Taxation - Transfer Pricing - The Grey Area of Tax Leakage Control

August 5, 2010

Analysis of:IRS Reorganizes Unit to Focus on International Tax Evasion | www.nytimes.com

International Taxation is an area where major tax leakages take place away from the prying eyes of authorities. Transfer pricing helps companies to keep funds away from multiple tax jurisdictions. It also helps multiple tax jurisdictions tax the same income across countries simultaneously. The Double Taxation Avoidance Treaties between nations in this regard help in the development of international trade and commerce. In this analysis I look at some of these aspects of international taxation.

Convergence of Accounting Standards - The Looming Challenge

July 14, 2010

Analysis of:Major Accounting Changes:When Will They Hit? | www.cfo.com

Convergence has been in the news and is proceeding at a marathon pace. Europe is already following IFRS. In Asia all the major economies want to follow IFRS - because it helps them raise capital and aids in the development of their capital markets. America  has major concerns concerning the principles rather than general rules of IFRS.  In this analysis I look at why convergence will come about and the revised timetable is not really a major departure.

Budgeting - An approach for recessionary times

July 13, 2010

Analysis of:From Adversity, Better Budgets | www.cfo.com

A budget is a planning tool and helps management guide the company through its business. A general economic recession with sales declining for most businesses lays  emphasis on budgets and increases their importance. In a recession financial and cost planning come to the forefront. A budget has to help the business achieve its objective and help it stay afloat. In this analysis I look at how budgeting needs to be adapted especially in recessionary times to enable a business to sustain itself.

Environment Liability Accounting - Measurement Problems for Company Accounting

June 18, 2010

Analysis of:BP Chief on Hot Seat | online.wsj.com

The BP oil rig disaster has shown that companies can have problems arising overnight for unforeseen reasons. The oil rig disaster raises questions for all kinds of companies and how they should provide for their environment liabilities. Coming at about the same time that  the judgment in the Bhopal gas disaster case of 1984 which is far from over, the impact of environmental liabilities can be long term and substantial. In this analysis I look at some factors that companies should consider.

Hedge Funds - The Benefits - Accounting Conundrums

June 13, 2010

Analysis of:Learning to Love Hedge Funds | online.wsj.com

Hedge Funds play a major role as risk stabilizers in the economy. At the same time they create accounting conundrums. In this analysis I examine these two aspects.

The Emerging Accounting Complication - Credit Default Swaps

May 21, 2010

Analysis of:Naked Truth on Default Swaps | www.nytimes.com

The emerging legislation and rules both in the US and Germany are bound to make Credit Default Swaps an area of confusion and accounting jugglery for some time to come. In this analysis I take a look at some of the possible confusion which may arise in this area.

Gold - The enigma - Accounting - Fair Value - Where Are We Headed

May 12, 2010

Analysis of:Gold Prices Extend Climb | online.wsj.com

The CDO crisis followed by the mortgage meltdown and now the Greek enigma are having a cascading effect on the price of gold. This in turn means that greater investible resources are flowing into the yellow metal - some in paper securities backed by gold and increasingly into the yellow metal itself. In this analysis I take a look at how this may impact fair value and its possible reflection on corporate earnings.

Complex Financial Instruments - Ambac Assurance Corp - Accounting Conundrums

April 28, 2010

Analysis of:Are Surplus Notes Disguised Equity | www.cfo.com

The referred article speaks of the case of Ambac Assurance and its issuance of debt which it says may be equity and thereby change the character of its EBITDA. In this analysis I look at how complex financial instruments are unhealthy for the company, mislead investors and may also create accounting problems.

The Greek crisis - the Euro and its effects on accounting instruments

April 9, 2010

Analysis of:Revival hopes beat soverign debt fears | www.ft.com

The Greek crisis is having its effects on the value of  Greek sovereign debt  and  the same may spread. The economic crisis which started some time back on the back of  the exposure to CDO's and derivative instruments is continuing to impact financial instruments due to sovereign defaults - real or perceived - Greece - Iceland. In this analysis I take a look at this problem in the context of the Balance Sheet, the Income Statement and the Cash Flow Statement.

Gold, Cash Flows and Accounting

March 25, 2010

Analysis of:The Shortest Distance to Cash | www.cfo.com

Gold  has always been a store of value and in the last 18 months its  market value has increased by over 20%. In this analysis I take a look at how this impacts treasury management, accounting and overall financial management. I also take a look at how this impacts the fair value of  derivatives based on gold.

Goodwill Impairment - Accounting in a Business Downturn

March 12, 2010

Analysis of:Goodwill Impairment: Open to Interpretation, Again | www.cfo.com

In a  time of economic upheaval and business downturn, intangible assets lose value and  artificially inflated value is put to a real test. Conversely, in a boom period goodwill can be easily created in the books. Just think of  the Dot Com era when share values just kept going up. In this analysis I look at some of the problems effecting goodwill valuation.

Indian Economic Policy - Effects on International Business in India

February 27, 2010

Analysis of:Govt. To Earn Rs 40,000 Cr From Excise Hike, Petro Duties | economictimes.indiatimes.com

The Budget has been along the expected lines as I stated in my analysis on Last Minute Budget Expectations. In this analysis I  analyze how the changes in tax laws will impact international companies doing business in India.

Indian Economic Policy - Last Minute Budget Expectations

February 25, 2010

Analysis of:Dear Mr Mukherjee - Show Us You Can Do It | online.wsj.com

In this analysis which I  write just around 12 hours before the presentation of the 2010 Indian  Union Budget  I give my  expectations of  what I expect in some key areas.

Indian Economic Policy - The 2010 Budget - Don't Expect Any Major Tax Changes

February 19, 2010

Analysis of:India Budget May Roll Back Tax Breaks | online.wsj.com

The referred article speaks of  an expected increase in tax rates in indirect taxes - service tax and excise duty. My take on the same is somewhat different. In the analysis below I give my opinion of where i think the budget is going to head.

Regulatory fumbles in the area of Finance - Systemic and Unsystemic Risk

February 15, 2010

Analysis of:US Senators oppose 'systemic risk' curbs | www.ft.com

The measurement of  risk is a subject of intense debate in financial academia and literature. The subject has also befuddled financial gurus ever since I can remember. The politicians attempt to set up a body to oversee and measure financial risk for individual securities is in my opinion doomed as it only attempts to do a job which rating agencies can do better. In this analysis I look at why rating agencies need to be regulated rather than direct measurement of systemic risk by a regulator.

Banking Regulation and Accounting - Effects on Accounting Estimates

February 8, 2010

Analysis of:Bankers, Government Officials Discuss Regulation in Davos | online.wsj.com

Bankers are getting the brunt of the blame for economic ills of  the global  economy. This  is  after  the  accountants  were first given the blame for accounting rules which showed that  there were losses  when bankers and economists claimed otherwise. In this analysis I  look  at  how this is going  to effect  accounting estimates especially in  the  backdrop  of  convergence of accounting standards.

Convergence IFRS-US GAAP - Is it too much debate for a futile cause?

January 16, 2010

Analysis of:Convergence vs. Conversion | www.cfo.com

2011 is just a year away and we are expected to see a uniform set of global accounting standards. The pros, cons, hows and whys are being endlessly debated. Amid all this I sometimes wonder "Is it  too much hoo ha over nothing?". In this analysis I look at  some aspects of  this very interesting and thought provoking debate.

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