GLG News by Exploration & Production Financial Statement Analysts

Nitish GroverPrincipal, OwnerNitish Grover and Associates

India Budget 2011 - My Reading of Some Changes

February 18, 2011

Analysis of:Budget 2011 - Possible Questions and Answers FM faces | economictimes.indiatimes.com

February is the month in India when major changes in taxation and  economic policies are announced every year. The budget this year will be no exception and I give below my expectations of  some changes which in my opinion would be there.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Executives Compensation and Derivatives - a constantly evolving complexity

February 6, 2011

Analysis of:Stock-Hedging Lets Bankers Skirt Efforts to Overhaul Pay | dealbook.nytimes.com

The recent financial turmoil brought out the risks inherent in investment. With restrictions being placed on compensation and more compensation in stock, executives resorted to complex derivatives to protect their interests. In this analysis I share my thoughts on some of  the practices followed.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Kerala High Court clears way for India's first Islamic Bank

February 3, 2011

Analysis of:Kerala High Court clears way for India's first Islamic Bank | timesofindia.indiatimes.com

A new source of  finance  based on profit sharing and principles of  Islamic Law is set to enter India. The financial Institution is  to be set up by the Government. The Government claims it will not be a Bank but a financial institution. In this analysis I look at some of  the possible implications of  the move.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Convergence of Accounting Standards - Leasing, Fair Value, Revenue Recognition

January 31, 2011

Analysis of:The Path to Global Standards? | www.cfo.com

Convergence of  Accounting Standards attracts heated debate and myriad questions. The referred article speaks of  the manner in which FASB is addressing the issue and says that June 2011 is not sacrosanct for implementation and actual implementation may take longer. In the analysis below I highlight some of  the aspects and give my views on the same.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Islamic Banking - Sukuk - Lion Industries Antara Steel Offering

January 24, 2011

Analysis of:Lion Industries Antara Steel Plans RM300m Sukuk | www.theedgemalaysia.com

Islamic banking is fast evolving as a preferred source of finance in parts of the world. In India there are demands for introduction of Islamic Banking products. In this background the latest offering of Sukuk gives food for thought. The recent Dubai debt crisis was to some extent because of the absence of interest in Islamic banking products. In this context the growing popularity of Malaysian Islamic Banking products gives reason to think that these products will gain popularity in the future.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Accounting Regulation and Frauds - A Welcome Proactive Indian Initiative

January 7, 2011

Analysis of:Accounting bodies to take swift action against guilty members | epaper.timesofindia.com

The referred article speaks of  initiatives to be taken by Indian Accounting bodies against members who are accused of any professional wrongdoing. Coming in the wake of several scams - Satyam, Citibank, Telecom and a number of  others in the Indian  context this  is  a welcome development and should increase the respect and credibility of  financial statements attested by Indian Accountants.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Indian Tax Administration - Use of Tax Laws for Different Purposes

January 7, 2011

Analysis of:Taxman Visits Onion Traders | epaper.timesofindia.com

The referred article speaks of Tax Officials visiting Onion Traders in an effort  to understand the onion trade and bring down onion prices. This even before the time has come for them to file any returns. In this analysis I take a look at how this kind of pressure is used by the authorities in India to exert pressure on trade and industry and the use of  fiscal legislation for other purposes.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Indian Taxation - Transfer Pricing - Tax Environment

December 17, 2010

Analysis of:I-T lens on 20k cr worth transfer pricing deals | epaper.timesofindia.com

The referred news item speaks of major transfer pricing tax demands being raised on Microsoft India (denied by the company) and also on a number of international banks operating in India. It also speaks of the rejection of the cost plus method in a number of transactions by the Indian Income Tax Department. In this analysis I look at the tax environment in India as related to corporate taxation for transnational companies doing business in this country.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Indian Taxation - Vodafone - Twists in The Tale

November 14, 2010

Analysis of:Vodafone wants to settle tax row out of court - Dutch Govt. writes to India | economictimes.indiatimes.com

Ever since Vodafone took over the telecom business of Hutch in India, it has been faced with tax demands on the deduction of tax on the capital gains on the transaction earned by Hutch (the seller) but not deducted by the Indian entity. Vodafone has lost its appeals at the High Court level and is now fighting the case in the Supreme Court. In this analysis I look at the effects of the same on the factors which investors should keep in mind in the light of the same.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Gold Standard and Accounting Standards

November 8, 2010

Analysis of:Zoellick Seeks Gold Standard Debate | www.ft.com

The increasing price of gold in monetary terms has called  into question the intrinsic value of currencies. The referred article is fairly quiet on the kind of debate which Mr Zoellick calls for on how the value of currencies should be fixed in relation to gold. In this analysis I highlight certain points which this brings to my mind in relation to accounting and accounting standards.

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