May-2015

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May 2015 Inside COVER STORY MAY 2015 VOL 50 NO. 5 `100 The Management Accountant, official organ of The Institute of Cost Accountants of India, established in 1944 (founder member of IFAC, SAFA and CAPA) EDITOR CMA Dr Debaprosanna Nandy editor@icmai.in PRINTER & PUBLISHER CMA Dr A S Durga Prasad President, The Institute of Cost Accountants of India 12 Sudder Street Kolkata 700 016 and printed at Swapna Printing Works Private Ltd. EDITORIAL OFFICE CMA Bhawan, 4th Floor, 84, Harish Mukherjee Road, Kolkata-700 025 Tel: +91 33 2454-0086/0087/0184 Fax: +91 33 2454-0063 The Institute of Cost Accountants of India is the owner of all the written and visual contents in this journal. Permission is neccessary to re-use any content and graphics for any purpose. DISCLAIMER The views expressed by the authors are personal and do not necessarily represent the views of the Institute and therefore should not be attributed to it. 14 22 Management Tools that make Corporate Reporting key part of Business Strategy IR - A POWERFUL TOOL FOR GOVERNANCE, STRATEGY AND PERFORMANCE 27 Integrated Reporting – Walk the talk 4 the MANAGEMENT ACCOUNTANT MAY 2015 www.icmai.in
6 From the Editor’s desk 7 President’s communique 11 ICAI-CMA Snapshots 13 Papers Invited 86 From the Research Desk 99 Economy Updates 107 Elections 2015 COVER STORY A study of Integrated Reporting in Indian banks 29 34 TAXATION Of holograms, free 38 warranty, unjust enrichment, freight et al: Insights from the thick of litigation 42 45 Communicating Value to the Stake Holders: A Case Study of Tata Steel Company Ltd. 36 INTERVIEW Widening the Tax Base Tax Titbits Mr. D K Sen, Senior Vice President & Head - TI IC, Transportation Infra (Common), L&T Construction 'CMAs can identify business risks and ensure its mitigation in infrastructure industries' 47 Impact of Service Tax on Telecom services FINANCIAL MANAGEMENT A Management 52 Accounting Tool to Analyse Profits by Customers AUDITING Exploring 55 misstatements Internal Audit: Its role in Corporate Governance 63 E-COMMERCE E-Commerce: A powerful 70 tool of modern business methodology EMA 77 EMA for sustainable development in the corporate sector: An overview BANKING Introduction of payment 88 bank in India: Prospects and challenges The Management Accountant technical data Periodicity: Monthly Language: English Overall Size: - 26.5cm x 19.5cm Screens: up to 130 Subscription Inland: `1,000 p.a. or `100 for a single copy Overseas: US$150 by airmail Concessional subscription rates for registered students of the Institute: `300 p.a. or `30 for a single copy Advertisement rates per insertion ` US$ Back Cover 50,000 2,500 Inside Cover 35,000 2,000 Ordy. Full Page 20,000 1,500 Ordy. Half Page 12,000 1,250 Ordy. Qrtr. Page 7,500 750 The Institute reserves the right to refuse any matter of advertisement detrimental to the interests of the Institute. The decision of the Editor in this regard will be final. For any query, mail to journal.advt@icmai.in www.icmai.in MAY 2015 the MANAGEMENT ACCOUNTANT 5
Page 1: SPECIAL FOCUS INSIDE ‘CMAs can id
Page 6 and 7: FROM THE EDITOR’S DESK Greetings!
Page 8 and 9: PRESIDENT’S COMMUNIQUE Certificat
Page 10 and 11: PRESIDENT’S COMMUNIQUE a “Pract
Page 12 and 13: ICAI-CMA SNAPSHOTS PP and CCM, ICAI
Page 14 and 15: COVER PRESIDENT’S STORY COMMUNIQU
Page 30 and 31: COVER STORY “Business is the main
Page 34 and 35: COVER STORY COMMUNICATING VALUE TO
Page 36 and 37: INTERVIEW 'CMAs CAN IDENTIFY BUSINE
Page 38 and 39: TAXATION OF HOLOGRAMS, FREE WARRANT
Page 40 and 41: TAXATION present case, we are addre
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Page 46 and 47: TAXATION Non-resident taxation has
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Page 53 and 54: ordered item which was not in stock
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AUDITING EXPLORING MISSTATEMENTS Th
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whether the new transaction data se
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statement. When Yi ≠ 0 the fracti
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PRECISION IS NARROWED DOWN, IF ADDI
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INTERNAL AUDIT: ITS ROLE IN CORPORA
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the effectiveness of controls, as a
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THE INTERNAL AUDITOR, WHO HAS AUDIT
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THE ENGAGEMENT OF THE INTERNAL AUDI
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the future is very positive in Indi
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IN THE NEWS THERE IS ONLY TALK OF D
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while in the United States, it’s
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EMA EMA FOR SUSTAINABLE DEVELOPMENT
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2. assessment of total environment
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Table 1.3 shows an ideal framework
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that reduction of the same is possi
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National Seminar on "Capital Market
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The Institute of Cost Accountants o
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cept and functions of PB, restricti
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As per RBI guidelines, PB refers to
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pected to grow at 10-15% annually.
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www.icmai.in MAY 2015 the MANAGEMEN
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ECONOMY UPDATES Income Tax CBDT Not
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can be utilized for payment of the
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Interest Rates on Deposits In refer
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ELECTIONS 2015 www.icmai.in MAY 201
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ISSN 0972-3528 Registered KOL RMS/1
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May-2015

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