A study of Effects and implications of differences between Indian GAAP and IFRS

Economic growth in any economy requires sustainable high-quality financial reporting standards. However in the era of globalization, with rapidly changing rules and regulations in accounting world, Indian financial reporting system too cannot be isolated from the global developments. Lack of standardization in different accounting standards imposes a financial burden on all the stakeholders, which includes both internal as well as external burden to an organization. It is also too cumbersome for investors to compare the financial statement of corporates if they follow different accounting policy. It was felt that there should be one global set of accounting standards for all. Thus IASB came in existence and formulated IFRS. IFRS is high-quality principle-based accounting standard which aims to bring uniformity comparability and transparency in accounting world. In India the conversion process has started in 2015-16 onwards where all the accounting standards will be gradually fully converged with IFRS and will be named as Ind as. This paper attempts to find out the key difference among IFRS, Indian GAAP and ind AS and its implications. A questionnaire survey has been conducted to find out the implication of differences. The paper concludes that adoption of IFRS would benefit the economy in all aspects. Keywords: IFRS, Indian GAAP, Ind AS, key difference between IFRS, Ind AS and Indian GAAP, IFRS adoption

Ayurveda: The Intangible Cultural Heritage of India

Publication and documentation are the most essential thing for Vedic literature to protect them from Piracy. The term Vedic literature means the four Vedas, their Samhita and the allied literature based on or derived from the Vedas. The four Vedas are Rigveda, Samaveda, Yajurveda and Atharvaveda including their Samhitas and Brahmanas attached to each Samhita7. The current scenario is changing globally, any knowledge related to science and technology is regulated under Patent and copy right act and laws. For getting a patent the claimed thing should have the following 3 qualities; it should be new, novel (nonobvious) & have commercial application. The Vedic literatures are spared from patent regulation act, because this knowledge is in public domain and comes to instance since thousands of years; before the creation of patent laws

Study of Teratogenic Effects of Chitrak (Plumbago-zeylanica) an Ayurvedic Drug on Developing Mice Embryo

In classical Ayurvedic literature, the root preparation of plant Chitrak (Plumbago-zeylanica) is well documented to be having anti-cancer properties. Away from its use as anti-neoplastic drug, it is also a very common ingredient in so many Ayurvedic formulations which are used as herbal digestive and carminative. Many times they can be prescribed to a pregnant woman also, so the present study is designed to assess the teratogenic effect in mice embryos induced by Chitrak as Ayurvedic medicine. After evaluation of 24 fetuses who have received Chitrakroot powder during their anti-natal life period, it can be said that Chitrak is relatively safe for them; however, only a few fetuses have shown subcutaneous hemorrhages in their necks

USE OF CAMEL RATING FRAMEWORK: A COMPARATIVE PERFORMANCE ANALYSIS OF SELECTED COMMERCIAL BANKS IN INDIA

The performance of the banking sector is significant for any economy. The growth of a nation relies significantly upon efficient and optimum utilization of resources and also on operational efficiency of various sectors of an economy, of which the banking sector is a critical part. Banking system strengthens the stimulation of capital formation and provides liquidity. Indian banking sector comprises private, public, rural and foreign banks. In India, public sector banks are encountering challenges from private sector banks and are under constant pressure to perform better. Hence, this study endeavors mainly to analyze and compare the financial performance of the private and public banking sector by using CAMEL rating approach and for this purpose total of fourteen banks, representing the private and public, have been selected. The selected sample are the market leaders and have the highest market capitalization in the capital market. Overall, the paper aims to measure and compare the financial performance of private and public sector banks by employing CAMEL approach on their audited financial reports of eight years period i.e. (2011–2018). The ratios considered for this analysis includes Capital Adequacy (CA), Asset Quality (AQ), Management Soundness (MS), Earnings and Liquidity (LR). This study devised ranking method based on averages of various ratios and one way annova test is applied to find out statistical significance difference amongst groups. Results shown that private sector banks are better performers compare to Public sector bank. The overall results signify that the performance of private sector banks has improved because of the implementation ofmodern technology banking reforms and recovery mechanism

Insights into structural, spectroscopic, and hydrogen bonding interaction patterns of nicotinamide–oxalic acid (form I) salt by using experimental and theoretical approaches

In the present work, nicotinamide–oxalic acid (NIC-OXA, form I) salt was crystallized by slow evaporation of an aqueous solution. To understand the molecular structure and spectroscopic properties of NIC after co-crystallization with OXA, experimental infrared (IR), Raman spectroscopic signatures, X-ray powder diffraction (XRPD), and differential scanning calorimetry (DSC) techniques were used to characterize and validate the salt. The density functional theory (DFT) methodology was adopted to perform all theoretical calculations by using the B3LYP/6-311++G (d, p) functional/basis set. The experimental geometrical parameters were matched in good correlation with the theoretical parameters of the dimer than the monomer, due to the fact of covering the nearest hydrogen bonding interactions present in the crystal structure of the salt. The IR and Raman spectra of the dimer showed the red (downward) shifting and broadening of bands among (N15-H16), (N38-H39), and (C13=O14) bonds of NIC and (C26=O24), (C3=O1), and (C26=O25) groups of OXA, hence involved in the formation of NIC-OXA salt. The atoms in molecules (AIM) analysis revealed that (N8-H9···O24) is the strongest (conventional) intermolecular hydrogen bonding interaction in the dimer model of salt with the maximum value of interaction energy −12.1 kcal mol−1. Furthermore, the natural bond orbital (NBO) analysis of the Fock matrix showed that in the dimer model, the (N8-H9···O24) bond is responsible for the stabilization of the salt with an energy value of 13.44 kcal mol−1. The frontier molecular orbitals (FMOs) analysis showed that NIC-OXA (form I) salt is more reactive and less stable than NIC, as the energy gap of NIC-OXA (form I) salt is less than that of NIC. The global and local reactivity descriptor parameters were calculated for the monomer and dimer models of the salt. The electrophilic, nucleophilic, and neutral reactive sites of NIC, OXA, monomer, and dimer models of salt were visualized by plotting the molecular electrostatic potential (MESP) surface. The study provides valuable insights into combining both experimental and theoretical results that could define the physicochemical properties of molecules

A study of micro finance institution’s role in developing the small scale enterprises of Ethiopia

This study was conducted in Gedio zone small scale enterprise financed by micro finance institution. The main objective the study was to evaluate and determine the factor that determines loan repayment performance of small scale enterprise financed by yirgachefeMFI. For the success of the study both primary and secondary data were collected to determine the loan repayment performance of small scale enterprises in Gedio zone. Questionnaire were administered to 50 borrower  and manager of MFI. The data gathered are tabulated and interpreted for ease of analysis and suitability for the reader.

A Study of Effects and Implications of Differences Between Indian GAAP and IFRS

Economic growth in any economy requires sustainable high-quality financial reporting standards. However in the era of globalization, with rapidly changing rules and regulations in accounting world, Indian financial reporting system too cannot be isolated from the global developments. Lack of standardization in different accounting standards imposes a financial burden on all the stakeholders, which includes both internal as well as external burden to an organization. It is also too cumbersome for investors to compare the financial statement of corporates if they follow different accounting policy. It was felt that there should be one global set of accounting standards for all. Thus IASB came in existence and formulated IFRS. IFRS is high-quality principle-based accounting standard which aims to bring uniformity comparability and transparency in accounting world. In India the conversion process has started in 2015-16 onwards where all the accounting standards will be gradually fully converged with IFRS and will be named as Ind as. This paper attempts to find out the key difference among IFRS, Indian GAAP and ind AS and its implications. A questionnaire survey has been conducted to find out the implication of differences. The paper concludes that adoption of IFRS would benefit the economy in all aspects. Keywords: IFRS, Indian GAAP, Ind AS, key difference between IFRS, Ind AS and Indian GAAP, IFRS adoption

Association of metabolic syndrome with schizophrenia

Background: Metabolic syndrome (MetS) is associated with mental illnesses. It is a major predictor of mortality and morbidity in patients of such mental illnesses. This study was undertaken to study the association of MetS and schizophrenia. Objectives: To study the association of MetS in patients of schizophrenia. Materials and Methods: Adult schizophrenic patients diagnosed as per Diagnostic and Statistical Manual -IV Third R evisioncriteria visiting the psychiatric Out Patient Day during the study period were evaluated for prevalence of MetS as per the criteria of the international diabetes federation. Fifty patients of schizophrenia with age-and sex-matched 50 controls were enrolled for the study. Results: MetS was found to be 28% in patient group and 12% in control group (P < 0.05). Fourteen patients were found to have MetS out of 38 patients who were on antipsychotics for >6 months. All the 14 patients having MetS were taking second-generation antipsychotics (SGAs) ( P < 0.05). Conclusion: The study showed a higher prevalence of MetS in schizophrenia than in general population. MetS was present only in patients taking SGAs and prevalence of MetS had a positive correlation with duration of treatment. The study points toward urgent need for consultation - liaisoning between Diabetologist and Psychiatrists

Cloning of GST Gene in Plant Expression Vector

Abstract Tau class glutathione transferases (GSTU) genes are plant specific, induced by different abiotic stresses and protect plants against oxidative stress. GST gene of 258 A