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The focus of financial analysis is on key figures in the financial
statements and the significant relationship that exists between
them. The analysis of financial statement is a process of
evaluating the relationship between component parts of financial
statements to obtain a better understanding of the position and
performance of a firm. The first task of the financial analyst is
to select the information relevant to the decision under
consideration from the total information contained in the financial
statements. The second step is to arrange the information in a way
to highlight significant relationships. The final step is
interpretation and drawing of inferences and conclusions. In brief,
financial analysis is the process of selection, relation and
evaluation. Keeping all this in view, the present book is devoted
to an in-depth analysis of financial statements and its use for
decision-making by various parties interested in them. The focus of
the book is on ratio analysis which is the most widely used
technique of financial statement analysis.
Social research is an academic activity to explain, analyze, and
understand a problem and find solution for it. A systematic
approach of collecting, organizing and analyzing the information
relating to a problem is adopted in a research. Research aims at
discovering new facts or verifying old ones to analyze their
sequence, inter-relationship, and causal explanation to understand
human behaviour. Therefore, the basic objective of social research
is to understand and clarify the behaviour of man and the various
forces or factors which influence him. Once the human behaviour is
influenced, this affects the social institutions. In fact, in
social research, the laboratory is the society and the objects are
the human beings. This book explains the methodology of social
research. It is divided into two parts. Part I describes the
various theoretical issues related to research, while Part II is
devoted to quantitative and other techniques to reach meaningful
conclusions to understand and solve social problems.
Derivatives are financial instruments/contracts whose value depends
upon the value of an underlying. Since their value is essentially
derived out of an underlying, they are financial abstractions whose
value is derived mathematically from the changes in the value of
the underlying. In recent years, complex financial products -- such
as asset-backed securities, derivatives, credit-default swaps
(CDSs) and collateralised debt obligations (CDOs) -- have
proliferated in developed countries. These products have become
highly popular with banks and financial institutions as they allow
them to hedge their risks and manage their financial resources more
efficiently. Although various structured products have enabled the
transfer of risks and enhanced the liquidity of instruments, the
recent turmoil in the US sub-prime mortgage market and related
developments connected with complex derivatives have also brought
to the fore the risks posed by these instruments. In India,
financial products such as mortgage-backed securities (MBS) and
asset-backed securities (ABS) are in existence. Besides the
securitised products, the Indian forex and rupee derivative markets
have also developed significantly over the years. In its Annual
Policy Statement for the year 2008-09, the Reserve Bank of India
(RBI) announced the introduction of currency futures in the
eligible exchanges for which the broad framework was announced in
August 2008. This book explains, in simple and lucid language, the
basics of financial derivatives and their growth and role in the
Indian financial system.
The objective of accounting standards is the preparation of
financial statements within the bounds of rationality, thereby
ensuring comparability of financial statements of different
enterprises. This, in turn, provides meaningful information to
various users of financial statements to enable them to make
informed economic decisions. Recognising the need for international
harmonisation of accounting standards, the International Accounting
Standards Committee (IASC) was established in 1973. It was later
reconstituted as the International Accounting Standards Board
(IASB). The objectives of IASC included promotion of the
international accounting standards for worldwide acceptance and
observance so that the accounting standards in different countries
are harmonised. In recent years, need for international
harmonisation of accounting standards followed in different
countries has grown considerably as the cross-border transfers of
capital are becoming increasingly common. Economic reforms
initiated in India since early 1990s have led to increasing
attention being devoted to accounting standards as a means towards
ensuring potent and transparent financial reporting by corporates.
International Financial Reporting Standards (IFRSs), issued by the
International Accounting Standards Board (IASB), as the uniform
language of business to protect the interests of international
investors, have brought into focus the need for reforms in
accounting procedures in different countries. IFRSs have been made
applicable in India from the reporting year 2011 by the Ministry of
Corporate Affairs for specified business entities. The new
accounting norms have posed challenges for business enterprises in
terms of presentation of accounts, and accounting policies and
procedures. This book explains in simple language the requirements
of IFRSs and the attending implementation hurdles.
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