My Journey before and after Vaaranam Aayiram

It was a Tuesday night when I dared to watch the movie “Vaaranam Aayiram”. I meant it when I say dared because it was third movie that I’m watching alone – without friends or family. And both the previous movies, were according to me, a punishment for myself. The movies being Thirupatchi – Aruva for my neck and Velli thirai – nothing silver about it. Coming to VA, I wanted to watch this movie on the very day I had written my Indirect Taxes paper in my Final examination. Unfortunately, it was remaining a unfulfilled desire for 3 weeks.

There was an opportunity for me to watch it on that Tuesday. I had to travel to a place called Sengottah, which is approximately 4 hours from Madurai. By the way I was in Madurai on an official visit and had to remain there for 10 more days. I have to be at Sengottah early morning on Wednesday to accord my presence in a function. If I start on Wednesday morning from Madurai, it would be too late before I reach the place. Rather if I start in the night around 9 PM on Tuesday, I will land up there around midnight. So, I thought the right time to take bus is around 2 AM. I decided to go for the movie and take the bus.

As it was already 3 weeks since the movie was released, I had little difficulty in getting a ticket. The movie scheduled to start at 10 PM was finally curtained up at 10.30 PM. The movie was a bit slow and for that time in the night, I thought it was too seductive but for the music. Nevertheless, I liked the movie for Surya’s dedication and charm of Sameera Reddy.

Dipped in the memory of these two performances, I took bus to Sengottah at 2.45 AM. I didn’t expect by any stretch of imagination to come across a mesmerizing beauty as Surya came across in the movie during his travel. And there was none actually. I reached the place on time, “graced” the function and got blessed and was ready to come back to Madurai. It so happened that my return travel was by train. I was 25 mins before time to the station. It was a passenger train and would take 3 and ½ hours to Madurai as it was told to me. I had taken a corner seat and there were no one around at that point of time. And now again memories of previous night crept in. I was hoping against hope that there would be a girl opposite me, as Surya got in the movie. The train started from Sengottah and there were no one till then.

As I had little sleep the previous night, I was dozing. When I opened my eyes, it was Tenkasi and oh god, why are you so cruel to me. It was a lady opposite and I guess she would be around 55 years. I was thinking when I would get luckier as Surya in that movie. I told myself that it would be possible only in movies or for persons like Surya and not me nor in my life. Still, as a true Indian cricket fan could hope India to win, when India is 8 down for 85 chasing 300, I was hoping that if not opposite to me, there would be such girl somewhere around me.

Little did I knew that things are going to get worse. At a place called Rajapalayam, the lady and company vacated but was replaced by typical south Indian ladies. They were talking non-stop and in full volume. Their speech not only disturbed my sleep but also my imagination of traveling with a girl like Sameera Reddy. The journey ended at 4.30 PM and I sweared to myself that I will not expect anything of this sorts in the future realizing I’m not a Surya to sweep someone off their feet. This is not an excuse right!!!!

A little about IFRSs

There are a few who have asked why I haven’t written on IFRSs and I’m sure there may be a few others thinking the same. I wonder why I have not written on something which is close to my heart. I have decided that I will tell a very little about IFRSs from what I know, to begin with.

First What is IFRSs?
IFRSs are accounting standards which are aimed at universal acceptability. They are set with the objective of suiting global requirements. The abbreviation is International Financial Reporting Standards. It includes International Accounting Standards (IASs), IFRICs and SICs (Interpretations). The nomenclatures are different due to some revamping of the board setting the standards. The latest name is IFRSs. IFRSs are nothing but global accounting standards.

Next, Why IFRSs?
The answer is obvious in present day scenario. Everything is globalised rather localized today. The market is in unison across the world. The economic meltdown in US is felt all across the globe. The investors and consumers are almost knit together into a single bundle all over the world. There is no country that stands on its own today. With the extent of localization around the world, a need for uniform reporting was felt. To cater to such needs, IFRSs were formulated. As said earlier, they aim at uniformity in reporting of an enterprise, irrespective of its geographical jurisdiction. Post IFRSs era, Financial statements of enterprise in Europe, Asia or US will be the same. The investors will be in a better position to comprehend financial information. Yes, IFRSs are needed for globalised economies.

How is it different from Accounting Standards in India?
This is the question in most of our minds. The answer would be surprising for many, as I realized it to be. There is not much difference between our AS and IFRSs. This is because, IFRSs and AS are principle based and AS derives its roots to erstwhile IASs and now IFRSs. The present differences, probably is due to the extent of activities that is undertaken by the IASB (board) in relation to IFRSs and the lack of it in Indian scenario. However, with the issue of standards on Financial Instruments, the gap is narrowed down, still minor differences on disclosures exists, though not in principles. Other major difference is Fair Value focus of IFRSs, which though present in AS is not as mandatorily evident as in the case of IFRSs. The differences will be ironed out with the convergence by 2011 as proposed by Government of India and ICAI.

What is convergence?
To have a global accounting language, India, rather ICAI had two alternatives. One – Adopt IFRSs as issued by the IASB or Two – Adapt IFRSs into our AS such that compliance of AS will result in compliance of IFRSs. The ICAI has as always gone in with alternative two. This process of upgrading our AS is called as convergence, in simple terms. For technical meaning refer ICAI’s publication ‘Concept Paper on Convergence with IFRSs’

What should we professionals do?

We should not wait for 2011 to happen. We should get updated to IFRSs as early as possible and make transition process smooth for our clients. We should remove the block that IFRSs are something new. Lets have a secret unveiled now. If you know AS, you know 80% of IFRSs. There is just a gap of 20% that can be bridged with ease. There is nothing new but a little bit extra, in the form of more disclosures. Positive approach towards IFRSs is that we need to have.

Looking forward for your comments.

The Great Indian PACE Attack

Sounds strange is it. May be yes for all of us who have seen a Kumble, Bhajji, now Mishra, Chawla and the man for me is Ojha. And also for those who have also seen Chandrasekhar, Prasanna, Bedi, Hirwani and like. Mind you these are high quality spinners of our country. There were other world class spinners, who never got an opportunity to represent the country or got only a little opportunity. You hear of Murali Karthik spinning Railways to victory, there is Romesh Powar for Mumbai almost ending their careers with a test or two. Had they been in a country other than India, they would have played atleast 50 tests and had 200 wickets. Harey yaar, I wanted to talk about pace attack but spinners are so influential I had to talk a little about them. Coming to pace attack, I think we have the best pace attack in the world at present. No side presently has bowlers of caliber of Zaheer, Ishant, Munaf, in their present form. I think they have been in such form for atleast two years now, which is a ominous sign for any opposition. If the system of ranking is not based on the number of wickets taken, I think Zaheer and Ishant will be top two bowlers in the world. How often you see a fast bowler (an Indian) take home player of the tournament award at home. Indian fast bowling has come a long way. That’s the reason we were able to beat Australia at Perth. What is that, that has made the Indian pace attack so invincible??? A bowling coach is with this team for the past 2 years. We see wickets like those in Mohali more often in India these days. Has our domestic system evolved to produce such quality bowlers? I sincerely feel that presence of bowling coach is a single major factor for this evolution. What can a bowling coach do? I have not undergone any such system of playing the game, to explain what exactly could be his role. But common sense tells that, he would act as a person, who is dedicated to analyzing the bowlers during the match and practice. Also the wisdom that he carries about bowling, helps the bowlers. His ability to understand any wicket with reference to bowling in any wicket might all have helped the team as a whole. Whatever may be the reason, we can be sure that no country’s media would criticize India for winning matches only in a dust bowl. We can win matches at Perth, Headingly, Johannesburg, anywhere in the world. Thanks to the Great Indian Pace Attack

An Optimist and a Pessimist

There are two sets of people in this world. One who believes that “it will happen” and the other thinks “what if it does not happen”. Both these sentiments are essential. Not a single person who always sticks to one of the above stance. Pick up who is an optimist and who is a pessimist. The fact is an optimist is not always an optimist and a pessimist is not always a pessimist. One essentially has to done a dual role. Just as we read in central excise regarding classification of goods, a person will be termed as optimist or pessimist by reference to the quality that represents the primary characteristic of a person. In other words, the proportion of optimism or otherwise determines the true character of the person. A person who believes in himself in my view is an optimist, belief that he could or could not do something. For instance, if I say I cannot reduce my weight to 40 Kgs, I am not a pessimist in that matter for I know how much I could reduce (don’t ask me how much. I am thinking of it). The abundance of clarity in thought also drives the proportion of optimism in a person. A pessimist usually lacks such clarity. He looks for reasons for not being able to accomplish something. He worries much about past and future. Never thinks about the moment he is in. It doesn’t mean that an optimist does not see the future or learn from the past. Again the proportion of it determines an optimistic person. One important fact is that one ( I ) can never judge a person as an optimist or otherwise just by his appearance. True appearances are deceptive. Its rather difficult if not impossible to determine the character of a person. My question now is whats right or wrong in being pessimistic or optimistic. As I could digest, by being pessimistic one does not enjoy the freedom of being optimistic and by being optimistic one does not realize the pressure of being pessimistic. An optimistic person does not, foresee adverse situations and hence to a certain extent planning skills are hit, analyse much into the past as he never dwell or worry about the past. A pessimistic person looks to be a more tedious worker, always planning for adverse things, worrying about the past and looking too much into the future. So what is the answer to the question raised??? Its obviously simple. It depends on situations to say whether being optimistic or otherwise is right or wrong. There is an even simpler job. You know what??? It is to comment that one should have been optimistic or otherwise. I believe that result should not be a factor in determining whether a person is optimistic. Highly successful persons can be pessimistic and vice versa. So why exactly I am telling all these??? Or what is that I am intending to communicate?? Answer is I don’t know. I was just thinking of different people around me and how they react to situations and tasks on hand. I have come across people who have a sense of insecurity in whatever they do and think. They are extremely cautious. Not to call them a pessimist, they are conservative. On the other hand, there are others who just do not care about whats happening around them or even what they do. These people go by their instincts and never worry about the future. And there will be others, who believe that they are optimistic but are in fact pessimistic. One unique character I know thinks that of itself as pessimistic, but is the most optimistic person I have ever met. And others wondering whether they are optimistic or in fact pessimistic. Ooohhhh, Having said all these what kind of person am I??? Well, you have to comment. For me, I belong to the cadre wondering about my character. What about being pessimistically optimistic or optimistically pessimistic???? We may be knowing it but difficult to comprehend. That’s an abrupt end.