Accounting for Farms in India: An Analysis in the Context of Recognition, Measurement and Presentation of Financial Data
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MURTHY, E N ACCOUNTING RESEARCH & AUDIT PRACTICESSummary: The farm accounting practice in India is said to be in its infant stage. This paper seeks to examine the rationale for a full-fledged farm accounting practice in the country. Literature reveals a strong relationship between the degrees of commercialization with that of the adoption of accounting practices. Therefore, the study attempts to examine the commercial traits in Indian farms, which genuinely envisage such practices in the sector. Thereafter, the existing practices of accounting in India are discussed by underscoring the measurement and valuation techniques of different farm account heads. Lastly, the study tries to draw attention to certain lacunas in the existing system. These are drawn using the authors’ own observations, supported by past research. As outcomes of the study, a considerable commercial appeal is seen in the Indian farm sector. Certain farm accounts heads and their respective treatments are provided to explore the existing system of farm accounting in the country. The drawbacks of present practice are found in terms of recognition, measurement and presentation of financial data.
| Item type | Current library | Call number | Vol info | Status | Notes | Date due | Barcode | Item holds | |
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Main Library | Vol 16, No 4/ 5557766JA3 (Browse shelf(Opens below)) | Available | 5557766JA3 | |||||
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Main Library On Display | JOURNAL/FIN/Vol 16, No 3/5557766 (Browse shelf(Opens below)) | Vol 16, No 3 (01/07/2017) | Not for loan | July, 2017 | 5557766 |
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The farm accounting practice in India is said to be in its infant stage. This paper seeks to examine the rationale for a full-fledged farm accounting practice in the country. Literature reveals a strong relationship between the degrees of commercialization with that of the adoption of accounting practices. Therefore, the study attempts to examine the commercial traits in Indian farms, which genuinely envisage such practices in the sector. Thereafter, the existing practices of accounting in India are discussed by underscoring the measurement and valuation techniques of different farm account heads. Lastly, the study tries to draw attention to certain lacunas in the existing system. These are drawn using the authors’ own observations, supported by past research. As outcomes of the study, a considerable commercial appeal is seen in the Indian farm sector. Certain farm accounts heads and their respective treatments are provided to explore the existing system of farm accounting in the country. The drawbacks of present practice are found in terms of recognition, measurement and presentation of financial data.
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