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Thou Shalt Not Conceal Thy Gains and Losses from Thy Related Parties

In the context of business, Related Parties are business entities with relationships of control or influence between them. One entity is able to control or influence the business decisions and therefore the activities and financial results of another...

The Meddlesome Art of Minding Other People's Business

If you were training to become a CA with me you would also have been able to sense that most audit clients wished that you should not meddle in their business - in the missing warps and wefts in their jute weaves, or in the mismatched fertiliser over...

No Double Standards Please, We're Global

You might begin to die of exasperation when you look at Financial Statements of businesses which feature the accounts according to more than one GAAP (i.e. Generally Accepted Accounting Principles which are usually laid down in tomes called The Accounting...

Tough Businesspersons Don't Cry For Creative Accounting

Businessmen and businesswomen are supposed to be born to generate business profits by servicing human needs and pay their taxes. When they begin to depend on creative accounting to cook up profits they begin to lose their reason to exist; they begin to...