SUSTAINABILITY REPORTING : Emerging CSR Tool

“Every profession bears the responsibility to understand the circumstances that enable its existence.”-Robert Gutman

“Corporate sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic ,environmental and social developments” (-Wikipedia)
The most widely adopted framework has been the Global Reporting Initiative (GRI) Sustainability Reporting Framework.
Disclaimer- the figures/ data/ reports have been referred from the respective relevant websites. Definitions produced have been marked by source.

Introduction
Corporate Social Responsibility is not a new concept. However it has been statutorily recognised when the said provisions came into the picture at the time of advent o

FORENSIC AUDITING : A way to detect Corporate Frauds

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related concepts and the vital areas where the technique of Forensic Auditing can be best used in detecting the misappropriations and manipulations in the financial as well as operational matters.

CA Rubneet Kaur

B.Com, M.Com, MBA

rubneet@gmail.com

Introduction

The manipulations and misappropriations in the corporate world relates back to Sept 1720 when after the War of Spanish Succession, the UK signed the Treaty of Utrecht 1713 with Spain, ostensibly allowing it to trade in the seas near South America. In fact, barely any trade took place as Spain renounced the treaty; however this was concealed on the UK stock market. A speculative bubble saw the share price reach over £1000 in August 1720, but then crash in September. A Parliamentary inquiry revealed fraud among members of the government, including the Tory Chancellor of the Exchequer John Aislabie, who was sent to prison.(source-online published story)

GST Draft Law at a glance. Gearing up for GST implementation

GEARING UP FOR GOODS AND SERVICES TAX-Vol I

(DRAFT LAW- AT A GLANCE)

The article (Vol I) broadly covers the various specific provisions related to working and operation of Goods and Services Tax vis-à-vis the statutory requirements of Model Draft law released by Govt w.r.t. concept of Taxable event under GST i.e. Supply of goods and services.

The article also brings out the clarity on the various issues addressed in the reports of registration and refund released by the Govt.

As a part of Vol II, other provisions and pending reports will be summarised and issues will be addressed as contemplated in the reports of payment and return issued by Govt.)

                                           IMPACT AND IMPLICATIONS”

 
 CMA Rakesh Bhalla
CA Rubneet Kaur

 


Goods and Service Tax-A dual tax system, proposed in the report submitted by the Joint Working Group of the Empowered Committee of the State Finance Ministers in November 2007, was to be implemented in April 2010,one for the Centre and other for the states replacing the state VAT and Cenvat. However the final decision on the time of its implementation is still pending as it is hanging between the ruling and opposition party due to certain undecided terms and conditions.

GST is a value added tax to be levied on both goods and services, except the exempted goods and services. The tax will be levied on the value of the product or service supplied. The taxes levied at the multiple stages such as CENVAT, Central sales tax, State Sales Tax, Octroi etc will be replaced by GST to be introduced at Central and State level.

Why GST- How GST will be better than existing tax structure