CHANGING PARADIGM OF ACCOUNTING AND FINANCE

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1 CHANGING PARADIGM OF ACCOUNTING AND FINANCE IN GLOBAL PERSPECTIVE Edited By Harish S. Oza Director and Professor S. D. School of Commerce Gujarat University Ahmedabad m ^Himalaya c Fublishing c House MUMBAI NEW DELHI NAGPUR BENGALURU HYDERABAD CHENNAI PUNE LUCKNOW AHMEDABAD ERNAKULAM BHUBANESWAR INDORE KOLKATA GUWAHATI

2 CONTENTS SECTION -1 IMPACT OF NEW DIRECT TAX CODE IN INDIA IN GLOBAL CONTEXT Sr. Title Page No. 1. DIRECT TAX CODE: CHALLENGES AHE AD FOR IMPLEMENTATION 3-7 A.K. Chakrawal Dept. of Commerce, Saurashtra University, Rajkot Harish S. Oza S.D. School of Commerce, Gujarat University, Ahmedabad 2. FOREIGN INSTITUTIONALINVESTMENTS AND DIRECT TAX CODE 8-15 Martina R. Noronha & Aishwarya R. Kulkarni SPB English Medium College of Commerce, Surat 3. NEW DIRECT TAX CODE - IT'S PROBABLE IMPACT ONINDIVIDUALS AND CORPORATES Ketan Desai & Nirav Shah Dept. of Accounting and Financial Management, The M. S. University of Baroda 4. DIRECT TAX CODE-OLDWINE INA NEW BOTTLE Marzun E. Jokhi S.M. Patel Institute of Commerce, Ahmedabad 5. A STUDY ON IMPACTS OF DIRECT TAX CODE ON INDIVIDUALS IN INDIA Harmitsingh Sikh Shree Chimanbhai Patel Inst, of Computer Application, Ahmedabad 6. INDIA'S NEW DIRECT TAX CODE IN GLOBAL SCENARIO Ali asgara. Vohra <6 Paresh S. Khetal Dept. of Accounting and Financial Management, The M. S. University of Baroda

Noronha & Aishwarya R. Kulkarni SPB English Medium College of Commerce, Surat 3. NEW DIRECT TAX CODE - IT'S PROBABLE IMPACT ONINDIVIDUALS AND CORPORATES 16-21 Ketan Desai & Nirav Shah Dept.

3 7. DIRECT TAX CODE: HIGHLIGHTS OF CRANGES IN DTC AFFECTING IN DI VI DUAL INCOME-TAX, TAX ON COMPANIES AND WEALTH TAX Hiral Parikh K.S. School of Business Management, Ahmedabad 8. A COM PA R ATI VE STUDY OF NEW DIR1ECT TAX AND EXISTINGINCOME TAX ACT Shailesh N. Ransariya OMWIM College For IT and Management, Morbi 9. IMPACTOF NEW DIRECT TAX CODE DM INDIA IN GLOBAL CONTEXT Chabdubhai K. Patel Shree S.G. Patel Arts and Shri P.K. Desai Commerce College, Nizar. 10. DIRECT TAX CODE-ANEWFEATHER IN INDIAN TAX STRUCTURE Patel Hitesh & Rabari Rajnish Govt. Arts and Commerce College, Songadh SECTION - II IFRS - A GLOBAL CONVERGENCE OF ACCOUNTING STANDARDS Sr. Title Page No. 1. INTERNATIONAL FINANCIAL RE PORTI NC STANDARDS - AHARD ROCK TO DRILL Gurudutta P. Japee S.M. Patel Institute of Commerce, Ahmedabad Harish S. Oza S.D. School of Commerce, Gujarat University, Ahmedabad 2. IMPACTOF IFRS ONDIFFERENT ACCOUNTING ASPECTS Atul Bansal C.Z. Patel College of Business and Management, Vallabh Vidyanagar 3. REFLECTIONS ON KEY CHALLENGES IN TRANSITION TO IFRS FROM INDIAN PERSPECTIVE Gautam V. Mistry Shree Narayana College of Commerce, Ahmedabad Sandip K. Bhatt P.G. Department of Business Studies, S P. University, Vallabh Vidyanagar

IMPACTOF NEW DIRECT TAX CODE DM INDIA IN GLOBAL CONTEXT 57-59 Chabdubhai K. Patel Shree S.G. Patel Arts and Shri P.K. Desai Commerce College, Nizar. 10.

4 4. IFRS CONVERGENCE - INDIAN SCENARIO Heena Sunil Oza SBP English Medium College of Commerce, Surat INDIA'S CONVERGENCE TO GLOBALLYRECOGNIZED REPORTING STANDARDS -IFRS Sumita Shroff Dept. of Accounting and Financial Management, The M. S. University of Baroda IFRS: IMPLEMENTATION CHALLENGES FOR BANKS IN INDIA Ramchandani Kumar & Kinjal Jethwani L.J.I.E.T., Ahmedabad ACCOUNTING FOR DERIVATIVE INSTRUMENTS: HEDGEACCOUNTING Ketan R. Upadhyay & Jayesh K. Pandya Dept. of Accounting and Financial Management, The M.S. University of Baroda 8. IFRS - A GLOBAL CONVERGENCE OF ACCOUNTING STANDARDS: ACCOUNTING FOR EARNINGS PER SHARE Visalakshi Mohan & Aakruti Shah Dept. of Accounting and Financial Management, The M.S. University of Baroda 9. A REVOLUTION IN INTERNATIONAL FINANCIAL REPORTING: A GLOBAL CONVERGENCE OF ACCOUNTING STANDARDS IN IFRS Bansi R. Shah & Rajnish Barasara Shri N. R. Vekaria Institute of Business Management Studies, Junagadh 10. NEW ACCOUNTING NORMS (IFRS) MAY POSE HEADACHES FOR COMPANIES Ashish C. Mehta G H. Patel P.G. Institute of Business Management, Vallabh Vidyanagar 11. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND SMES IN INDIA: PERCEPTIONS OF ACADEMIC Bhavna Mashru & Darshini Adatia Research Scholar, Porbander.

ACCOUNTING FOR DERIVATIVE INSTRUMENTS: HEDGEACCOUNTING 127-130 Ketan R. Upadhyay & Jayesh K. Pandya Dept. of Accounting and Financial Management, The M.S. University of Baroda 8.

5 12. IFRS - ATRULY GLOBAL ACCOUNTING STANDARDS Parvatbhai R. Patel & Ketulkumar I. Sheth Shree J.D. Gabani Commerce College, Varachha, Surat IFRS AND INDIAN ACCOUNTING STANDARDS - A COMPARATIVE AN ALY SIS Hitesh S. Viramgami V. R. Patel College of Commerce, Mehsana Ashok D. Parmar V. R. Patel College of Commerce, Mehsana Prashant M. Joshi M. B. Patel Rashtrabhasa Arts And Commerce College 14. IMPAIRMENT OF ASSETS: A REVIEW WITH RESPECT TO PRACTICES FOLLOWED BY SELECTED LISTED COMPANIES IN INDIA Kamlesh D. Vala & Vishai N. Shah Dept. of Accounting and Financial Management, The M.S. University of Baroda. 15. EVOLUTION OF IFRS-CONCEPTS AND CONVERGENCE Richard Remedios & Dipesh Nathwani S.V.E.T. Commerce, BBA and IT College, Jamnagar 16 IFRS: ACONCEPTUAL STUDY Sonal V. Nena Smt J J. Kundaliya Arts and Commerce College, Rajkot. 17. THE IMPACTOF IFRS ON INDIAN INFRASTRUCTURE AND REAL ESTATEINDUSTRY Kirtilal G Judal C.C. Mahila Arts and Sheth C.N. Commerce College-Visnagar. 18. CONVERGENCE OF INDIAN GAAP WITH IFRS - ACOMPARISON OF SELECTED STANDARDS Snehal Kotak Shri GH. Gorrani Commerce and Shri D.D. Nagdal B.B.A. College, Jamnagar. 19. IFRS: A GLOBAL CONVERGENCE OF ACCOUNTING STANDARD K.S. Vataliya M.J. Comm. College-Bhavnagar.

Joshi M. B. Patel Rashtrabhasa Arts And Commerce College 14. IMPAIRMENT OF ASSETS: A REVIEW WITH RESPECT TO PRACTICES FOLLOWED BY SELECTED LISTED COMPANIES IN INDIA 183-190 Kamlesh D. Vala & Vishai N.

6 SECTION - III GLOBAL SCENERIO OF BUSINESS ETHICS AND CORPORATE GOVERNANCE Sr. Title Page No. 1. CORPORATE GOVERNANCE IN THE CHANGING SCENARIO Harish S. Oza S.D. School of Commerce, Gujarat University, Ahmedabad 2. ACOMPARATIVESTUDYOF CORPORATE GOVERNANCE IN ASIA Martina R. Noronha, Pinak K.Chakrabartty & Purnima U. Mehta SB? English Medium College of Commerce, Surat 3. IMPACT OF CORPORATE GOVERNANCE STRUCTURES: A STUDY OFSELECTEDINDIAN BANKS Hemal Pandya & Chetana Parmar S.D. School of Commerce, Gujarat University, Ahmedabad 4. CORPORATE GOVERNANCE AND ACCOUNTABILITY IN THE CHANGING SCENARIO Jeevraj Purohit & Vina D. Dave C.U. Shah City Commerce College, Ahmedabad 5. BUSINESS ETHICS AND CORPORATE GOVERNANCE Ajay N. Soni M.M. Gandhi Arts and Comm. College, Kalol Dhiraj M. Parmar N.C. Bodivala Commerce College, Ahmedabad 6. CORPORATE GOVERNANCE PRACTICE IN ASIA WITH SPECIAL REFERENCE TO INDIA Bhavesh A. Lakhani Shri K.K. Shastri Government Commerce College, Ahmedabad. Gurudutta P. Japee S.M.Patel Institute of Commerce, Ahmedabad.

IMPACT OF CORPORATE GOVERNANCE STRUCTURES: A STUDY OFSELECTEDINDIAN BANKS 242-254 Hemal Pandya & Chetana Parmar S.D. School of Commerce, Gujarat University, Ahmedabad 4.

7 7. PRENCIPLESOFGOOD CORPORATE GOVERNANCE Sandip K. Bhatt P.G. Department of Business Studies, S. P. University, V.V. Nagar Yashasvi R. Rajpara SGM (Eng. Med.) College of Commerce and Management (Semcom), V.V. Nagar. 8. CORPORATE GOVERNANCE: AREFLECTIONOFTHE COMPANY Martin J. Babu Janardan Rainagar Rajasthan Vidyapeeth University, Udaipur Robert Omundi Obuba Mohanlal Sukhadia University, Udaipur 9. CORPORATE GOVERNANCE: IMPACT OF COMPLIANCE TO CLAUSE 49 ON PERFORMANCE - AN KMPIRICAL CASE STUDY OF SELECTED AUTOMOBILE COMPANIES Naziya S. Mansuri Maharaja Sayaji Rao University Vadodara 10. BUSINESS ETHICS: AKEY COMPONENT OF CORPORATE GOVERNANCE Manisha S. Bhavsar H L. College of Commerce, Ahmedabad. 11. EMPOWERING CORPORATE GOVERNANCE WITH BUSINESS ETHICS IN GLOBAL PERSPECTIVE Nipa B. Dave P. D. Malavia College, Rajkot 12. GROWTH AND DYNAMICS OF CORPORATE GOVERNANCE IN INDIA-AN EMERGING TREND TOWARDS GLOBAL ECONOMY Rajiben S. Vagh T. N. Rao College, Rajkot 13. GLOBAL SCENARIO OF BUSINESS ETHICS AND CORPORATE GOVERNANCE Hasmukh Padia, V.B. Malavia & Hansa Sabhaya Shree A.K. Doshi Mahila College, Jamnagar

Babu Janardan Rainagar Rajasthan Vidyapeeth University, Udaipur Robert Omundi Obuba Mohanlal Sukhadia University, Udaipur 9.

8 14. BUSINESS ETHICS, CORPORATE GOVERNANCE AND CORPORATE CITIZENSHIP-INDIAN SCENARIO ShitalP. Vekariya Late M.J. Kundaliya Arts and Commerce Mahila College, Rajkot 15. OBSERVATIONS ON PREVALENT BUSINESS ETHICS PRACTICES BYINDIAN CORPORATES Ramnik J. Yadav P.D.Malaviya Commerce College, Rajkot Shailja C. Tiwari C.U.Shah Commerce College, Ahmedabad 16. BUSINESS ETHICS AND CORPORATE GOVERNANCE PRACTICES IN ASIAN COUNTRIES Prakash J. Rachchh Shree RD. Malaviya College of Comm., Rajkot 17. TRANSPARENCY, FINANCIAL ACCOUNTING INFORMATION AND CORPORATE GOVERNANCE Nirali Ketan Shah National College of Commerce, Ahmedabad 18. CORPORATE GOVERNANCE DISCLOSURE PRACTICES ATRELIANCE Shilpa S. Motwani Gujarat Commerce College, Ahmedabad 19. SATYAM FIASCO - BREACH OF TWIN ROAD TO SUCCESS Amee Dave & Priya Parikh Teachers Assistant M.S. University BUSINESS ETHICS AND CORPORATE GOVERNANCE A PRACTICE IN EVDIAN CONTEXT Jyotindra M. Jani M. J. Kundaliya English Medium Commerce College, Rajkot GLOBAL SCENARIO OF CORPORATE GOVERNANCE AND BUSINESS ETHICS Hiral J. Pujara Om Vindhyavasini Institute of Information Technology and Management, Morbi.

BUSINESS ETHICS AND CORPORATE GOVERNANCE PRACTICES IN ASIAN COUNTRIES 341-348 Prakash J. Rachchh Shree RD. Malaviya College of Comm., Rajkot 17.

9 22. CORPORATE GOVERNANCE IN GLOBALIZEDINDIA: OPPORTUNITIES AND CHALLENGES P.S. Hirani & Hetal S. Shah Dept. of Commerce and Management K.S.K.V. Kachchh University, Kachchh. 23. ANCIENT INDIAN CULTURALPRINCIPLES AND VALUES: ANSWER TO GLOBAL BUSINESS ETHICALISSUES Nailesh Limbasiya & Alpesh Nasit R K College of Business Management -Kasturbadham-Rajkot 24. A STUDY OF CORPORATE GOVERNANCE PRACTICES IN SELECTED UNITS OF STEEL AND IRONINDUSTRY OF INDIA Margi S. Desai B. R College of Business Administration, Gandhinagar Upendra T. Desai K T. College of Commerce, Surat 25. BUSINESS ETHICS: BEINGA PART OFLARGER SOCIAL ETHICS Nilesh M. Marvaniya & Dineshchandra D. Ferar Department of Commerce and Business Admin., Saurashtra University, Rajkot 26. GLOBAL SCENARIO OF BUSINESS ETHICS AND CORPORATE GOVERANANCE P. J. Suthar & G. V. Patel Smt. T. S. R. Commerce College, Patan 27. ROLE OF CORPORATE GOVERNANCE AND BUSINESS ETHICS FOR SME IN DEVELOPING COUNTRIES EIKE INDIA: CHALLENGES AND WAYFORWARD Vijay V. Parmar Shri GH. Gosrani Commerce and Shri D.D. Nagada B.B.A. College, Jamnagar 28. CORPORATE GOVERNANCE FAILURES: SOME EVIDENCES Bhavin A. Patel N.S.V.K.M.S. MBA College, Visnagar

A STUDY OF CORPORATE GOVERNANCE PRACTICES IN SELECTED UNITS OF STEEL AND IRONINDUSTRY OF INDIA 399-411 Margi S. Desai B. R College of Business Administration, Gandhinagar Upendra T. Desai K T.

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