A Dissertation report submitted to Siva Sivani Institute Of Management (Hyderabad) in partial fulfillment for the course of Post Graduate Diploma in Management Submitted by: Neha Kumari Tps-21028 FACULTY GUIDE MR. PARTHO SARIDHI PROFESSOR (FINANCE) COMPANY GUIDE MR.RAJEEVCHAUDHARY HEAD (FINANCIALACCOUNTS)
DECLARATION
I, NEHA KUMARI, hereby declare that the project report entitled A STUDY ON ACCOUNTING STANDARD 18 AS APLLIED BY TATA STEEL under the guidance of MR.PARTHO SARIDHI submitted in partial fulfillment of the requirements for the award of the degree of Post Graduate Diploma in Management, from SIVA SIVANI INSTITUTE OF MANAGEMENT as my original work Carried out during 16th April,2013 to 15ththJune 2013 and not submitted for the award of any other degree/diploma/fellowship or other similar titles or prizes to any other institution/organization or university by any other person.
DATE PLACE
SIGNATURE
GUIDE CERTIFICATION
This is to certify that MS. NEHA KUMARI, student of PGDM of our Institute has completed his dissertation on the topic A STUDY ON ACCOUNTING STANDARD 18 AS APLLIED BY
TATA STEEL under my guidance, and that no part of this report has been submitted for the award of any other Degree or Diploma to any other Board or University by anyone else.
DATE PLACE
SIGNATURE
ACKNOWLEDGEMENT
Words are indeed inadequate to convey my deep sense of gratitude to all those who have helped me in completing this internship project to the best of my ability. Being a part of this project has certainly been a unique and a very productive experience on my part.
I thank MR. PARADHASARIDHI MADASU, faculty of SIVA SIVANI INSTITUTE OF MANAGEMENT and my corporate guide Mr.RAJEEV CHAUDHARY Head (Financial Accounts) of TATA STEEL, MR IMTIAZ AHMED, MR VIVEK SINHA for his valuable guidance and suggestions, which were vital inputs towards the completion of the project. I would also like to thank him for his help in analyzing, interpreting the data and for the stimulating discussion which has greatly added to the study. Last but not the least; I would like to thank all those who have directly or indirectly helped me complete the project successfully.
THANK YOU
NEHA KUMARI
Table of Contents
INTRODUCTION............................................................................................................................................. 6 Chapter 2....................................................................................................................................................... 8 Chapter 2 (Company Profile)...................................................................................................................... 10 2.1 About Tata Steel ............................................................................................................................... 10 2.1.1 The Beginning ........................................................................................................................... 10 2.1.2 Growth, Expansion and Awards over the Years ................................Error! Bookmark not defined. 2.1.3 Tata Steel Today ............................................................................Error! Bookmark not defined. 2.2 Vision and Mission ........................................................................................................................... 10
2.3 Founders of Tata Steel ...................................................................................................................... 10 2.4 Founding Principles ..............................................................................Error! Bookmark not defined. 2.5 Tata Steels Values ........................................................................................................................... 11 2.6 Goals .....................................................................................................Error! Bookmark not defined. 2.7 Board of Directors ................................................................................Error! Bookmark not defined. 2.8 Types of Products ............................................................................................................................. 12 2.8.1Raw Products .............................................................................................................................. 12 2.8.2Finished Products........................................................................................................................ 13 2.9 Market Sector .......................................................................................Error! Bookmark not defined. 2.10 Competitors of Tata Steel ...................................................................Error! Bookmark not defined. 2.11 Operation in Tata Steel .......................................................................Error! Bookmark not defined. 2.12 Expansion Projects .............................................................................Error! Bookmark not defined. 2.12.1 Brownfield Projects .....................................................................Error! Bookmark not defined. 2.12.2 Greenfield Projects ......................................................................Error! Bookmark not defined. 2.12.2.1 Odisha Project ...........................................................................Error! Bookmark not defined. 2.12.3 Other projects ..................................................................................Error! Bookmark not defined. 2.12.3.1 Chhattisgarh Project..................................................................Error! Bookmark not defined. 2.12.3.2 Karnataka Project......................................................................Error! Bookmark not defined. 2.13 Swot Analysis ................................................................................................................................. 15 Chapter 3 (Steel Industry Overview) .......................................................................................................... 16 3.1 Importance of Steel Industry ............................................................................................................ 17 3.3 Global Steel Industrial Structure ..........................................................Error! Bookmark not defined. 3.4 Market scenarios ...............................................................................Error! Bookmark not defined. 3.5 Production scenarios .........................................................................Error! Bookmark not defined. 3.6 Demand-Availability Projection .......................................................Error! Bookmark not defined. 3.7 South-East Asian Steel industry .......................................................Error! Bookmark not defined. 3.8 UK and European Steel Industry ......................................................Error! Bookmark not defined. 3.9 Pricing & Distribution ......................................................................Error! Bookmark not defined. 3.10 Role of Steel Industries in Economic Development .......................Error! Bookmark not defined. 3.11 Indian Steel Industry .......................................................................Error! Bookmark not defined. ACCOUNTING STANDARD 18 ..................................................................Error! Bookmark not defined. Objective:................................................................................................................................................ 19 Purpose of As 18..................................................................................................................................... 21 Disclosure to be made by the enterprise according to AS 18 ................................................................. 21
Different Laws Governing AS 18 ........................................................................................................... 23 Transfer pricing ................................................................................................................................... 23 Clause 188 of New Company Bill 2012 ................................................................................................. 26 Difference between IND AS 24 and AS 18 .............................................................................................. 28 Difference between IAS 24 and AS 18................................................................................................... 28 Clause 49 Requirement of Related Party Disclosure .............................................................................. 27 DATA ANALYSIS .................................................................................................................................... 29 FINDINGS,................................................................................................................................................. 33 RECOMMENDATION .............................................................................................................................. 33 AND ........................................................................................................................................................... 33 CONCLUSION .......................................................................................................................................... 33 FINDINGS..................................................................................................Error! Bookmark not defined. CONCLUSION .......................................................................................................................................... 37 BIBLOGRAPHY ........................................................................................................................................ 37
INTRODUCTION
Tata Steel Limited (formerly Tata Iron and Steel Company Limited (TISCO) is an Indian multinational steel-making company headquartered in Mumbai, Maharashtra, India, and a subsidiary of the Tata Group. It is the 12th-largest steel producing company in the world, with an annual crude steel capacity of 23.8 million tones, and the largest private-sector steel company in India measured by domestic production. Tata Steel has manufacturing operations in 26 countries, including Australia, China, India, the Netherlands, Singapore, Thailand and the United Kingdom, and employs around 81,600 people. Its largest plant is located in Jamshedpur, Jharkhand. In 2007 Tata Steel acquired the UK-based steel maker Corus in what was the largest international acquisition by an Indian company to date. An enterprise has relation with many parties in which it has acquired power to participate and influence the financial decision or operating decision of the parties. Such parties are known as related parties. This relation among the enterprise and related parties leads to transaction among them. The transaction may be in the form of transfer of resources and/ or obligation but may include a price which is different from the price which the enterprise charges other unrelated party. The transaction among the related party has effect on the financial statement and for this purpose Institute of Chartered accountant of India has issued Accounting standard 18 which discloses the relationship between the parties and the effect on the financial statement due to transactions among them.
Accounting Standard (AS) 18 comes into effect in respect of accounting periods commencing on or after 1-4-2001. This Standard is mandatory in nature in respect of accounting periods commencing on or after 1-4-2004 for the enterprises which fall in any one or more of the following categories, at any time during the accounting period: i. ii. iii. iv. v. vi. Enterprises whose equity or debt securities are listed whether in India or outside India. Enterprises which are in the process of listing their equity or debt securities as evidenced by the board of directors resolution in this regard. Banks including co-operative banks, Financial institutions, Enterprises carrying on insurance business. All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs.50 crore(Turnover does not include other income) All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs.10 crore at any time during the accounting period. Tata Steel is listed on the Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index, and the India. It is ranked 401st in the 2012 Fortune Global 500 ranking of the world's biggest corporations. It is the eighth most-valuable Indian brand according to an annual survey conducted by Brand Finance and The Economic Times in 2010.
vii.
Chapter 2
DESIGN OF THE STUDY
STATEMENT OF THE PROBLEM
In this research an effort has been made to develop an understanding of the application of Accounting Standard 18 in Tata Steel. Tata steel has emerged as important players in the Indian Steel market in the recent past. This makes an attempt to understand the application of Accounting standard 18 with respect to various related party transaction with Tata steel. OBJECTIVES OF THE STUDY The primary objective of this study is to analysis financial statements with respect to related party transaction with Tata Steel company by using ratios like Liquidity ratios, Profitability ratios, Longterm Debt and Solvency analysis and Efficiency ratios. The ancillary objectives of the study are To understand Accounting Standard 18 To learn the effect of application of AS 18 on financial statement METHODOLOGY The following methodology has been used for fulfilling the study objectives. The aspects covered are data for the study, data sources, data period and tools used for analysis.
Data Sources
The secondary data for the study has been collected from the following sources 1. Company records 2. Annual reports of the company collected from company website and other web sites 3. Text books 4. Magazines and journals 5. Pre prescribed Microsoft Excel format, Records of the organization.
SCOPE OF THE STUDY The present study is useful to potential investors, outside parties such as the creditors, debtors, government and other related parties to get an idea of the overall financial performance of the firm.
Way back in 1907 the greatest visionary of all times Mr. Jamsetji Nusserwanji Tata established Indias first Iron and Steel making company and named it the Tata Iron and Steel Company Ltd (TISCO). Tata Iron and Steel Company were registered in Bombay on 26th August 1907. The construction of the steel plant was then taken up in earnest with the first stake being driven in February 1908. R. G. Wells an American, with steel plant construction experience took over as general manager in 1909. Success came when the first blast furnace was blown in on 2nd December 1911 and the first ingot rolled on 16th February 1912. During the year 1917 the company issued 1, 50,000 shares at par and 26,250 deferred shares issued at a premium of Rs. 370 per share.
DR. KARL-ULRICH KOEHLER- MANAGING DIRECTOR & CEO TATA STEEL EUROPE. MR. H.M. NERURKAR- MANAGING DIRECTOR, TATA STEEL LTD.
With a century of experience in sourcing raw material through scientific research and development and sustainable mining, TATA STEELs three main areas of raw material, operation are iron - ore, chromites and coal. The companys long term strategy has been designed to have greater control over raw material.
Raw Material (Source: Internet) 2.6.2Finished Products TURBO Pipes manufactured by the companys strategy business unit TATA TUBES, is the most prominent brand in the industry today which is retailed through a wide distribution network. A deeply thought out branding exercise was under taken in order to unleash the power of the TATA PIPES brand in the welded steel.
WIRES Steel wires under the brand name TATA Wiron compromise 30% of market share of the organized wire market in India. A wide range of wires manufactured by TATA STEELs wire division cater to the needs of the various industry segments such as automobiles, infrastructure, power and general engineering.
BEARING A wide variety of bearing and auto assemblies are manufactured at TATA STEEL at its bearing division with a production capacity of 30 million bearing division with a production capacity of 30 million bearing numbers per annum. TATA bearing and auto components happen to be the preferred choice of the key players in the targeted industry segment.
AGRICULTURE PRODUCTS TATA STEEL manufactures superior quality agricultural implements through its Agrico division from TATA high carbon Steel, after using a single piece by forging. The high quality of the product makes them the 1st choice in agricultural equipment procurement both in public and in private sector.
STRENGHTS
SWOT ANALYSIS
WEAKNESSES
OPPORTUNITIES
THREATS
STRENGTHS:
Expanding Market Share in Sector Strong Position in Europe through Corus Value Chain Efficiencies Strong Heritage and Brand Equity
WEAKNESSES:
High Reliance on Coking Coal Imports Overdependence on Few Markets Limited Investor Confidence Declining Operating Margin
OPPORTUNITIES:
Proactive Production Cuts Emerging Technologies to Change the Metal & Mining Strategic Acquisitions
THREATS:
Environmental Regulations Operational Risks Forecast of Prolonged Slump Slump in Steel Demand Declining Growth in Automobile Market
infrastructural projects have pushed the companies in this industry near their operative capacity. The most significant growth that can be seen in the Steel Industry has been observed during the period of 1960 to 1974 when the consumption of steel around the whole world doubled. Between these years, the rate at which the Steel Industry grew has been recorded to be 5.5 %. This roaring market saw a phase of deceleration from the year 1975 which continued till 1982. After this period, the continuous fall slowed down and again started its upward movement from the early 1990s. Steel Industry is becoming more and more competitive with every passing day. During the period of 1960s to late 1980s, the steel market used to be dominated by OECD (Organization for Economic Cooperation and Development) countries. But with the fast emergence of developing countries like China, India and South Korea in this sector has led to slipping market share of OECD countries. The balance of trade line is also tilting towards these countries. World crude steel production for the 59 countries reporting to the World Steel Association (world steel) was 119 million tons (Mt) in February 2012. This is 1.9% higher than February 2011. The main demand for World Steel Industries comes from the construction industry. With the developmental works on a rise in both the developed and developing countries, the infrastructure industry along with real estate boom, the demand for steel is rising like anything. For example, more and more real estate companies are using steel frames for building houses. In USA, it had been observed in the early 90s that the use of steel for house building has increased by nearly five times in just one year. The automobile industry is also coming up fast as a potential demander for World Steel Industries because through research it has been found out that the use of steel in the vehicles would cause the weight of the same to lessen by almost twenty five per cent. The other industries who demand steel involve appliance industries, Oil and Gas industries and container industries. On the technological front, the World Steel Industries are making rapid improvement with the implementation of cutting-edge technologies like steel making through the utilization of electric furnace, continuous annealing, casting of thin slabs, and vacuum degassing.
The steel industry has developed new technologies and has strived hard to make the world's strongest and most versatile material even better. There are altogether about 2000 grades of steel developed of which 1500 grades are high grade steels. There is still immense potential for developing new grades of steel with varying properties. The large number of grades gives steel the characteristic of a basic production material. Steel has enjoyed an important position in our lives and will continue to do so in the years to come. However, the degree to which it maintains its dominant position will depend on if steel can exploit its potential by developing new higher grades and adaptable grades. Steel has had a major influence on our lives, the cars we drive, the buildings we work in, the homes in which we live and countless other facets in between. Steel is used in our electricity-power-line towers, natural-gas pipelines, machine tools, military weapons-the list is endless. Steel has also earned a place in our homes in protecting our families, making our lives convenient, its benefits are undoubtedly clear. Steel is by far the most important, multi-functional and most adaptable of materials. The development of mankind would have been impossible but for steel. The backbone of developed economies was laid on the strength and inherent uses of steel.
The various uses of steel which in turn is a measure of adaptability of steel can be judged from the following characteristics of steel: 1. 2. 3. 4. Hot and cold formable. Wieldable Suitable machinability. Hard, tough and wear resistant corrosion resistant. Heat resistant and resistance to deformation at high temperatures.
Steel compared to other materials of its type has low production costs. The energy required for extracting iron from ore is about 25 % of what is needed for extracting aluminium. Steel is environment friendly as it can be recycled. 5.6 % of element iron is present in earth's crust, representing a secure raw material base. Steel production is 20 times higher as compared to production of all non-ferrous metals put together.
ACCOUNTING STANDARD 18
Accounting Standard (AS) 18 comes into effect in respect of accounting periods commencing on or after 1-4-2001. This Standard is mandatory in nature in respect of accounting periods commencing on or after 1-4-2004 for the enterprises which fall in any one or more of the following categories, at any time during the accounting period: Enterprises whose equity or debt securities are listed whether in India or outside India. Enterprises which are in the process of listing their equity or debt securities a evidenced by the board of directors resolution in this regard. Banks including co-operative banks, financial institutions and enterprises carrying on insurance business.
All commercial, industrial and business reporting enterprises, whose turnover for the immediately preceding accounting period on the basis of audited financial statements exceeds Rs.50 crore(Turnover does not include other income) and all commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs.10 crore at any time during the accounting period.
Objective:
The objective of Accounting Standard 18 is to disclose the relation with the related parties and the transactions among them
dian
reign
Fellow subsidiary - a company is considered to be a fellow subsidiary of another company if both are subsidiaries of the same holding company. Relative - in relation to an individual, means the spouse, son, daughter, brother, sister, father and mother who may be expected to influence, or be influenced by, that individual in his/her dealings with the reporting enterprise Key management personnel - those persons who have the authority and responsibility for planning, directing and controlling the activities of the reporting enterprise The basic purpose of As 18 is to show the effect on financial statement caused due to:
Purpose of As 18
The relation among the related parties. For example, A subsidiary may terminate relations with a trading partner on acquisition by the holding company of a fellow subsidiary engaged in the same trade as the former partner.
The arms length basis transactions with the related parties. For example, free provision of management services and the extension of free credit on a debt by the enterprise to its subsidiary.
Disclosure to be made by the enterprise according to AS 18 The name and relationship of related parties has to be disclosed whether or not there has been any transactions among them. If transactions have taken place then the following has to be disclosed by the enterprise: Name of transacting party, Description of relationship between the parties, Nature of transactions description, Volume of transaction as an appropriate proportion, Any other elements necessary for understand the financial statement, The amount or appropriate proportions of outstanding item pertaining to related parties at the balance sheet date and provisions for doubtful debt due from such parties at that date,
Amount written off or written back in the period in respect of debts due from or to related parties. Example of manner of disclosure as required by As 18:
Holding company Subsidiary Fellow subsidiary Associate Kmp Relative to kmp total
Purchase or sales of goods Purchase or sales of fixed assets Rendering or receiving of services Agency arrangements Leasing or hire purchase arrangement
License arrangement
Finance (including loans And Equity contribution in cash or kind) Guarantees and collaterals Transfer of research and development
Description
Subsidiary, Step down Subsidiaries, Associates and Joint ventures Current Year Previous Year 467.81 344.07 28.35 142.80 25.47 (31.38) 117.05 (3159.62) 295.52 836.00 516.00 1179.42 3231.37 1518.56 8.82 1223.88 63.78 74.71 4.82 75.28
Purchase of Goods/Services Sales of Goods (incl. capital goods) Rendering Of Services Sale Of Investments Investment in Equity Shares/ preference shares Advance against share Application money Other Advances given/(taken) Security Deposit Given Rent and other expenses Paid Interest received/(paid){net} Dividend received/(paid) Remuneration* Lease rent received Hire charges paid Guarantees/Corporate guarantees obtained/(given) Inter-corporate deposits given Inter Corporate deposits Repaid/ Adjusted Inter Corporate deposits written off Inter-corporate deposits taken Inter-corporate deposits refunded Outstanding Balance at the year end Investment in Equity shares Guarantees Outstanding Inter Corporate Deposits Taken Advance from customer & Others Loans and Advances (including Interest) Advance against Share Application money Debtors Dr. Balance Creditors Dr. Balance Cr. Balance
1648.33 441.98 6.49 307.93 100.73 47.82 (158.59) 130.06 (143.31) 208.15 (187.50) (51.30) 1688.00 720.00 1371.77 3189.65 2486.56 1192.61 97.04 16.57 28.88 132.09
2.
Material transactions with Key Management Personnel Name of Related Party JSW JSW JSW Steel Energy Steel Limited Limited Limited Mumbai Bellary Jindal Stainless Limited Jindal Saw Limited Jindal Reality Private Limited TriShakti Real Estate Private Limited Minerals Management Service (India) Private Limited 50.00 India Flysafe Aviation Limited
Relationship Purchase of Goods/Services Sale of Goods Rendering of services Other advances given/(taken) Security Deposit Given Interest received Interest paid Dividend Received Lease Rent Received Hire Charges Paid Inter-corporate deposits given Inter-corporate deposits repaid/ adjusted 3.
Year 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 2011-12 2010-11 19 11.13 0.65 3.61 6.63 7.72 1.86 233.51 279.97 0.55 0.45 6.37 10.17 33.52 37.04 0.04 4.35 0.17 787.82 569.07 0.51 0.19 0.79 1.36 22.05 35.9 27.45 (33.04) 10.13 2.94 1.41 8.64 (18.47) 3.00 3.00 27.29 22.09 -
Material transactions with Key Management Personnel Year Remuneration Loans and advances given 2011-12 2010-11 2011-12 2010-11 Shri Naveen Jindal 73.42 67.21 0.18 0.18 Shri Vikrant Gujral 2.98 5.97 0.01 Shri Anand Goel 2.46 3.63 0.50 Shri Naushad Akhter Ansari 1.02 0.30 Shri Paras Goel 0.24 0.18 Shri A.K. Mukherjee 0.65 -
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In case a contract has been entered by a director or an authorized director then the board of directors can ratify the contract within 3 months of issue of contract or is voidable at boards option .But when the contract is violating the provision as laid down by new company bill then: The director or employee may be punished by imprisonment of a term extending to one year or has to pay a sum of 25,0000rs-5,00,000rs in case of listed company, In case of other company the punishment is to pay a sum of 25,000rs - 5, 00, 000rs.
New company bill with respect to Related Party transaction was amended to curb the related party transactions which are not in the interest of the company by introducing the rule of passing resolution by the shareholders, Arms length concept and punitive measure in case of noncompliance of the rule.
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DATA ANALYSIS
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5000 20000 500 1200 700 1000 5000 800 500 200
5000 20000 500 1200 700 1000 5000 800 500 200
200
34700 13800 300 13500 3000
200
34700 12800 300 12500 2885 Page 30
Total Expenses
Profit before Tax AND Exceptional Items Exceptional Item
Profit After Tax Balance sheet Particulars Equity And Liabilities 1.Share Holder's Fund a) Share Capital b) Reserves and Surplus c) Money received against share warrants 2.Hybrid Perpetual Securities 3.Non -current Liabilities a) Long-term borrowings b) Deferred tax liabilities (net) c) Other long-term liabilities d) Long-term provisions 4.Current Liabilities Total Liabilities ASSET 1.Non -current Assets a) Fixed Assets i) Tangible assets ii) Capital work-in-progress iii) Intangible assets iv) Net Block b) Non-current investments c)Foreign currency difference account d)Long-term loans and advances
10500
9615
ALP
NALP
200000 15000 0 215000 0 50000 5000 500 1500 57000 20000 292000
200000 13000 0 213000 0 50000 5000 500 1500 57000 20000 290000
15000 17500
13500 46000
13500 46000
2.Current Asset a) Current investments b) Inventories c) Trade receivables d) Cash and bank balances e) Short-term loans and advances f) Other current assets g) Interest accrued on investment 3.Miscellaneous Expenditure Total Asset
20000 15000 10000 10000 5500 4500 5000 70000 7000 292000
20000 15000 10000 8000 5500 4500 5000 68000 7000 290000
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Revenue Revenue from unrelated party: Sales of goods:600 units@50 Rendering of services Revenue from related party: Sales of goods:600 units@50 Rendering of services Total
Revenue Revenue from unrelated party: sales of goods:600@50 Rendering of services Revenue from related party: Sales of goods:600 units@15 Rendering of services Total
Revenue
80000 70000 60000 50000 40000 30000 20000 10000 0 ALP NALP Revenue
The revenue earned when the transaction was Arms length price is more than the revenue earned when the transaction was on Non Arms length basis.
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Profit
10600 10400 10200 10000 9800 9600 9400 9200 9000 ALP NALP Profit
The Profit earned on the Arms length basis transaction is less than the Profit Earned on the Non Arms length basis transaction. This is so because company tries to save tax which is on based on the profit. So Non Arms length basis helps a company to save taxes by decreasing the profit intentionally.
Tax
3020 3000 2980 2960 2940 2920 2900 2880 2860 2840 2820 ALP NALP
Tax
The profit in Arms length basis is more than the profit in Non-Arms length basis and so the tax on Arms length basis profit is more than the tax on Non Arms length basis profit
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FINDINGS Related party transactions influence the Financial statements of a company The revenue of a company can be manipulated when the transaction is not on the basis of Arms length Pricing The profit can be increased or decreased on the transaction on an Non Arms length basis pricing Tax can be saved on an Non Arms length basis Transaction
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CONCLUSION
As dealt by Accounting Standard 18 Related party transaction should be made as another segment in order to protect the investor as well as the government right because the transaction which are on not on the basis of arms length pricing helps a company to save away cash which either the investor should get as an share of profit or the government should get as tax. Arms length pricing is one of the effective technique adopted in Accounting Standard 18 to save the investor as well as the government right thereby necessarily imposing the rule of following market price.
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BIBLOGRAPHY
Executive compensation and related-party disclosure-James Hamilton The SEC's proposed executive compensation and related-party disclosure reform Wiley IFRS 2008: Interpretation and Application of International AccountingBarry J. Epstein, Eva K. Jermakowicz http://www.Tata Steel.com http://www.google.com http://www.wikipedia.org
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