GLG News by IFRS Accounting Specialists

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Offshoring - Changing Accounting Dynamics - Auditing and Control

October 8, 2009

Analysis of:The New Calculus of Offshoring | www.cfo.com

Increased  overseas costs, security dynamics and  the sudden availability of  newly jobless employees has changed the offshoring dynamics. Offshoring continues but the repetitive tasks with high risk and control difficulties are getting out of the offshoring matrix. In this analysis I look at  the effects of these changing dynamics in relation to auditing and control factors.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Central Bank Policy - Gold - Dollar - Accounting and the Gold Standard

October 8, 2009

Analysis of:Central Banks in Europe Hold Rates Steady | www.nytimes.com

The policy of Central Banks over the last year has left the  monetary system in a state of limbo. The value of the dollar in terms of  bullion and other commodities is taking a beating.  The increasing value of gold in currency terms reminds one of the days of the gold standard and the benefits of having gold as a store of  value. In this analysis I take a look at how this increasing value of gold may effect   internal controls and corporate financial policies.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Business Cycles, Legislation and Accounting - Where will it Lead?

September 15, 2009

Analysis of:For Obama, a Chance to Reform the Street is Fading | www.nytimes.com

The current recession is part of a business cycle. The reasons for the recession are several but then a trough after a long period of prosperity is to be expected. President Obama puts the blame on investment bankers and executives. There is also talk of legislation to limit further repeats. I wonder how this will impact accounting and in turn the figures on which financial decisions are made. In this analysis i present some of my thoughts on the subject..

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Impending Changing Capital Structure at Banks - Challanges for Accountants

September 7, 2009

Analysis of:G20 Calls for Better Capital Buffers at Banks | www.ft.com

The G20 meeting has agreed that banks need to be properly capitalized with equity instruments as compared to hybrid debt-equity. A number of other changes in the capitalization of banks is also proposed. This would mean that debt instruments with characteristics of equity would have a bleak future in the capital structure of banks. In this analysis I highlight some of  the issues involved in this conundrum.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Global Debt Situation - Fair Value - Financial Statements - Paradigms

September 6, 2009

Analysis of:US says debt Outlook Worsening | www.ft.com

The global economy is in a tailspin. Politicians and economists like us to believe otherwise amid  worsening job losses and a weakening US dollar. The graph of the USD vs. gold price shows the fall in value of the USD. This situation throws up questions for the auditor/CFO/accountant and others involved with financial statements. Analysts would  also need to evaluate the fair value of assets on financial statements in this evolving situation. In this analysis I look at some of  these questions.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Tax Fudges and Financial Reporting - The Paradigm - Accounting Standards Context

August 25, 2009

Analysis of:Closing the Havens | www.ft.com

Tax havens have represented security against political repression for long. They have also with the evolution of  tax laws become a pain for Governments. This is especially with the growth of acceptability of  the right of the State to levy taxes. The recent developments with Tax Haven authorities agreeing to divulge confidential information raises questions for the accounting profession. In  this analysis I look at issues that these developments raise for the accounting and auditing profession.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

CDS Regulation , Accounting and Economic Effects

August 16, 2009

Analysis of:Derivatives Plans Spark Doubts on CDS | www.ft.com

 CDS have created problems for some time now. The proposal to regulate CDS over the counter sales will in my opinion create more problems than it will solve. This is especially in the context of the triple regulation suggested - SEC, CFTC and a dispute regulatory mechanism for the turf between the two bodies. In this analysis I look at the accounting and economic problems that this will create.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Accounting Disclosures - FASB Moves - My Comments

July 29, 2009

Analysis of:FASB Initiates "Disclosure Framework" Project Aimed at More Useful, Organized and Consitent Disclosures | www.fasb.org

 The referred FASB news release speaks of a new FASB project to simplify accounting disclosures and make them more meaningful. In this analysis I look at the relevance of such a major project in the realm of accounting and how this could make financial statements more meaningful.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Serious Frauds and Internal Controls - A Look at Emerging Practices

July 23, 2009

Analysis of:Allegations of massive fraud in the gulf: A $10 billion Saudi Fraud Claim | www.economist.com

Surplus investment cash is always a problem. Loose internal controls and financial practices compound the problem. In the referred article there is an extensive discussion of  how a large and respected Saudi conglomerate defaulted on financial commitments on account of  frauds and lapses perpetrated ostensibly by a family member. In this analysis I look at why and how control practices are and will have to change in response to changing circumstances.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

A Season for Fraud - Possible Effect on Audit Quality and Audit Standards

July 15, 2009

Analysis of:Lawyer Sentenced to 20 Years in $700 Million Fraud | www.nytimes.com

As I read the referred article about a lawyer who was at the top of his profession being sentenced to 20 years for fraud and of other cases like Madoff et. all (including the cases over the last ten years) I  think this is the season for frauds. Major frauds are being announced and uncovered in innovative ways including in two major cases by public announcement (Madoff and Satyam). In this analysis I take a look at how this "season for fraud" is going to impact audit quality, audit standards and also forensic accounting.

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