👆Currents affairs for commerce optional mains 2019.
Join 🔜 @commerceoptional
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Definitions of HRM
Human resources management (HRM) is a management function concerned with hiring, motivating and maintaining people in an organization. It focuses on people in organizations.
Human resource management is designing management systems to ensure that human talent is used effectively and efficiently to accomplish organizational goals.
HRM is the personnel function which is concerned with procurement, development, compensation, integration and maintenance of the personnel of an organization for the purpose of contributing towards the accomplishments of the organization's objectives.
Therefore, personnel management is the planning, organizing, directing, and controlling of the performance of those operative functions (Edward B. Philippo).
According to the Ivancevich and Glueck, ―HRM is concerned with the most effective use of people to achieve organizational and individual goals. It is the way of managing people at work, so that they give their best to the organization.
Human resources management (HRM) is a management function concerned with hiring, motivating and maintaining people in an organization. It focuses on people in organizations.
Human resource management is designing management systems to ensure that human talent is used effectively and efficiently to accomplish organizational goals.
HRM is the personnel function which is concerned with procurement, development, compensation, integration and maintenance of the personnel of an organization for the purpose of contributing towards the accomplishments of the organization's objectives.
Therefore, personnel management is the planning, organizing, directing, and controlling of the performance of those operative functions (Edward B. Philippo).
According to the Ivancevich and Glueck, ―HRM is concerned with the most effective use of people to achieve organizational and individual goals. It is the way of managing people at work, so that they give their best to the organization.
Nature of HRM
HRM is a management function that helps managers to recruit, select, train and develop members for an organization. HRM is concerned with people ‘s dimension in organizations.
The following constitute the core of HRM
1. HRM Involves the Application of Management Functions and Principles. The functions and principles are applied to acquiring, developing, maintaining and providing remuneration to employees.
2.Decision Relating to Employees must be Integrated. Decisions on different aspects of employees must be consistent with other human resource (HR).
3.Decisions Made Influence the Effectiveness of an Organization. Effectiveness of an organization will result in betterment of services to customers in the form of high quality products supplied at reasonable cost.
4.HRM Functions are not Confined to Business Establishments Only but applicable to non business organizations such as education, health care, recreation and like. HRM refers to a set of programmes, functions and activities designed and carried out in order to maximize both employee as well as organizational.
HRM is a management function that helps managers to recruit, select, train and develop members for an organization. HRM is concerned with people ‘s dimension in organizations.
The following constitute the core of HRM
1. HRM Involves the Application of Management Functions and Principles. The functions and principles are applied to acquiring, developing, maintaining and providing remuneration to employees.
2.Decision Relating to Employees must be Integrated. Decisions on different aspects of employees must be consistent with other human resource (HR).
3.Decisions Made Influence the Effectiveness of an Organization. Effectiveness of an organization will result in betterment of services to customers in the form of high quality products supplied at reasonable cost.
4.HRM Functions are not Confined to Business Establishments Only but applicable to non business organizations such as education, health care, recreation and like. HRM refers to a set of programmes, functions and activities designed and carried out in order to maximize both employee as well as organizational.
Scope of Human Resource Management:-
The scope of Human Resource Management refers to all the activities that come under the banner of Human Resource Management. These activities are as follows.
(a) Human resources planning :- Human resource planning or Human Resource Planning refers to a process by which the company to identify the number of jobs vacant, whether the company has excess staff or shortage of staff and to deal with this excess or shortage.
(b)Job analysis design :- Another important area of Human Resource Management is job analysis. Job analysis gives a detailed explanation about each and every job in the company.
(c) Recruitment and selection :- Based on information collected from job analysis the company prepares advertisements and publishes them in the newspapers. This is recruitment. A number of applications are received after the advertisement is published, interviews are conducted and the right employee is selected thus recruitment and selection are yet another important area of Human Resource Management.
(d) Orientation and induction :- Once the employees have been selected an induction or orientation program is conducted. This is another important area of Human Resource Management. The employees are informed about the background of the company, explain about the organizational culture and values and work ethics and introduce to the other employees.
(e)Training and development :- Every employee goes under training program which helps him to put up a better performance on the job. Training program is also conducted for existing staff that have a lot of experience. This is called refresher training. Training and development is one area where the company spends a huge amount.
(d) Performance appraisal :- Once the employee has put in around 1 year of service, performance appraisal is conducted that is the Human Resource department checks the performance of the employee. Based on these appraisal future promotions, incentives, increments in salary are decided.
(e)Compensation planning and remuneration :- There are various rules regarding compensation and other benefits. It is the job of the Human Resource department to look into remuneration and compensation planning.
(f) Motivation, welfare, health and safety :- Motivation becomes important to sustain the number of employees in the company. It is the job of the Human Resource department to look into the different methods of motivation. Apart from this certain health and safety regulations have to be followed for the benefits of the employees. This is also handled by the HR department.
(g) Industrial relations :- Another important area of Human Resource Management is maintaining co-ordinal relations with the union members. This will help the organization to prevent strikes lockouts and ensure smooth working in the company.
The scope of Human Resource Management refers to all the activities that come under the banner of Human Resource Management. These activities are as follows.
(a) Human resources planning :- Human resource planning or Human Resource Planning refers to a process by which the company to identify the number of jobs vacant, whether the company has excess staff or shortage of staff and to deal with this excess or shortage.
(b)Job analysis design :- Another important area of Human Resource Management is job analysis. Job analysis gives a detailed explanation about each and every job in the company.
(c) Recruitment and selection :- Based on information collected from job analysis the company prepares advertisements and publishes them in the newspapers. This is recruitment. A number of applications are received after the advertisement is published, interviews are conducted and the right employee is selected thus recruitment and selection are yet another important area of Human Resource Management.
(d) Orientation and induction :- Once the employees have been selected an induction or orientation program is conducted. This is another important area of Human Resource Management. The employees are informed about the background of the company, explain about the organizational culture and values and work ethics and introduce to the other employees.
(e)Training and development :- Every employee goes under training program which helps him to put up a better performance on the job. Training program is also conducted for existing staff that have a lot of experience. This is called refresher training. Training and development is one area where the company spends a huge amount.
(d) Performance appraisal :- Once the employee has put in around 1 year of service, performance appraisal is conducted that is the Human Resource department checks the performance of the employee. Based on these appraisal future promotions, incentives, increments in salary are decided.
(e)Compensation planning and remuneration :- There are various rules regarding compensation and other benefits. It is the job of the Human Resource department to look into remuneration and compensation planning.
(f) Motivation, welfare, health and safety :- Motivation becomes important to sustain the number of employees in the company. It is the job of the Human Resource department to look into the different methods of motivation. Apart from this certain health and safety regulations have to be followed for the benefits of the employees. This is also handled by the HR department.
(g) Industrial relations :- Another important area of Human Resource Management is maintaining co-ordinal relations with the union members. This will help the organization to prevent strikes lockouts and ensure smooth working in the company.
🥇🏆Key Features of Integrated Guidance Program cum Test Series of Commerce Optional UPSC 2019🏆🥇
We are happy to announce that Guidance program will be going to start from 15th June 2019.
🌎 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📌
1.✅The most reliable All India Integrated Guidance Program for UPSC Commerce optional, so that every Students of Civil Service Gurukul can know where he stands among the REST OF their COMPETITORS.
2.✅ Scheduling the tests in a phased manner (Subject wise and full syllabus tests). Test series will consist of 11 tests of UPSC Commerce and Accountancy optional.
3.✅Test Paper which are carefully created by our expert faculty to enhance and sharpen the aspirant’s' intellectual competence for actual exam. Test paper will be based on previous year pattern, Current affairs and UPSC guidelines.
4.✅Questions act as trigger for learning what is required for the Main Exam and benefit to get maximum marks in Main Exam.
5.✅ Exhaustive performance analysis and feedback based on the subject wise Strength and weakness analysis.
6.✅Interactive system conducive for expressing conceptual doubts, discussions and clarifications.
7.✅Test Paper will help you in handling exam pressure and managing time.
8.✅Civil Service Gurukulwill provide value added notes on important topics
https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📚Approach for Test Series of COMMERCE AND ACCOUNTANCY OPTIONAL-UPSC (IAS)📚📌
1.✏️ Civil Service Gurukul will suggest sources (Books & Notes) for Covering Topics mentioned in above test series as per UPSC Circular.
2.✏️ Civil Service Gurukul will provide Value added notes on important topic.
3.✏️ Civil Service Gurukul will evaluate answer sheet and provide Synopsis/approach/Model answer to develop answer writing skills of answering questions of UPSC civil service mains Examinations 2019.
4.✏️ All test paper consists of 250 Marks each paper.
5.✏️ Duration of test is 3 hours.
☎️For more details - Contact
CA Dhananjay
@cadhan
or Call at
7678456921
📩 or mail at
civilservicegurukul@gmail.com
🌏 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
We are happy to announce that Guidance program will be going to start from 15th June 2019.
🌎 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📌
1.✅The most reliable All India Integrated Guidance Program for UPSC Commerce optional, so that every Students of Civil Service Gurukul can know where he stands among the REST OF their COMPETITORS.
2.✅ Scheduling the tests in a phased manner (Subject wise and full syllabus tests). Test series will consist of 11 tests of UPSC Commerce and Accountancy optional.
3.✅Test Paper which are carefully created by our expert faculty to enhance and sharpen the aspirant’s' intellectual competence for actual exam. Test paper will be based on previous year pattern, Current affairs and UPSC guidelines.
4.✅Questions act as trigger for learning what is required for the Main Exam and benefit to get maximum marks in Main Exam.
5.✅ Exhaustive performance analysis and feedback based on the subject wise Strength and weakness analysis.
6.✅Interactive system conducive for expressing conceptual doubts, discussions and clarifications.
7.✅Test Paper will help you in handling exam pressure and managing time.
8.✅Civil Service Gurukulwill provide value added notes on important topics
https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📚Approach for Test Series of COMMERCE AND ACCOUNTANCY OPTIONAL-UPSC (IAS)📚📌
1.✏️ Civil Service Gurukul will suggest sources (Books & Notes) for Covering Topics mentioned in above test series as per UPSC Circular.
2.✏️ Civil Service Gurukul will provide Value added notes on important topic.
3.✏️ Civil Service Gurukul will evaluate answer sheet and provide Synopsis/approach/Model answer to develop answer writing skills of answering questions of UPSC civil service mains Examinations 2019.
4.✏️ All test paper consists of 250 Marks each paper.
5.✏️ Duration of test is 3 hours.
☎️For more details - Contact
CA Dhananjay
@cadhan
or Call at
7678456921
📩 or mail at
civilservicegurukul@gmail.com
🌏 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
[pib] Labour Ministry notifies rules to allow employment of Women in Mines
Mains Paper 3: Economy | Development & Employment
From UPSC perspective, the following things are important:
Prelims level: Mines Act, 1952 and newly added norms
Mains level: Equality of opportunity for Women
News
The Central Government has exempted the women employed in any mine above ground and in any mine below ground from the provisions of section 46 of the Mines Act, 1952, subject to following conditions.
In the case of women employed in any mine above ground
The owner of a mine may deploy women between the hours of 7 pm and 6 am in the mine above ground including opencast workings;
the deployment of women shall be after obtaining the written consent of the concerned woman employee;
the women so deployed shall be provided with adequate facilities and safeguards regarding occupational safety, security and health;
the deployment of women shall be subject to the framing and implementation of Standard Operating Procedures on the basis of the guidelines issued in this regard by the Chief Inspector of Mines from time to time;
the deployment of women shall be in a group of not less than three in a shift.
In the case of women employed in any mine below ground
The owner of a mine may deploy women between the hours of 6 am and 7 pm in technical, supervisory and managerial work where continuous presence may not be required;
the deployment of women shall be after obtaining the written consent of the concerned woman employee;
the women so deployed shall be provided with adequate facilities and safeguards regarding occupational safety, security and health;
the deployment of women shall be subject to the framing and implementation of Standard Operating Procedures on the basis of the guidelines issued in this regard by the Chief Inspector of Mines from time to time;
the deployment of women shall be in a group of not less than three.
Why such move?
The Mines Act, 1952, restricted the employment of women in underground mines and also in opencast or aboveground workings of the mine during night hours between 7PM and 6AM.
Several women employees groups, industry and students has enrolled with various institutions pursuing mining engineering courses at degree and diploma levels.
They have been representing to the government at different forum that women should be provided equal employment opportunity for working in mines.
Mains Paper 3: Economy | Development & Employment
From UPSC perspective, the following things are important:
Prelims level: Mines Act, 1952 and newly added norms
Mains level: Equality of opportunity for Women
News
The Central Government has exempted the women employed in any mine above ground and in any mine below ground from the provisions of section 46 of the Mines Act, 1952, subject to following conditions.
In the case of women employed in any mine above ground
The owner of a mine may deploy women between the hours of 7 pm and 6 am in the mine above ground including opencast workings;
the deployment of women shall be after obtaining the written consent of the concerned woman employee;
the women so deployed shall be provided with adequate facilities and safeguards regarding occupational safety, security and health;
the deployment of women shall be subject to the framing and implementation of Standard Operating Procedures on the basis of the guidelines issued in this regard by the Chief Inspector of Mines from time to time;
the deployment of women shall be in a group of not less than three in a shift.
In the case of women employed in any mine below ground
The owner of a mine may deploy women between the hours of 6 am and 7 pm in technical, supervisory and managerial work where continuous presence may not be required;
the deployment of women shall be after obtaining the written consent of the concerned woman employee;
the women so deployed shall be provided with adequate facilities and safeguards regarding occupational safety, security and health;
the deployment of women shall be subject to the framing and implementation of Standard Operating Procedures on the basis of the guidelines issued in this regard by the Chief Inspector of Mines from time to time;
the deployment of women shall be in a group of not less than three.
Why such move?
The Mines Act, 1952, restricted the employment of women in underground mines and also in opencast or aboveground workings of the mine during night hours between 7PM and 6AM.
Several women employees groups, industry and students has enrolled with various institutions pursuing mining engineering courses at degree and diploma levels.
They have been representing to the government at different forum that women should be provided equal employment opportunity for working in mines.
How RBI rate cut affects different categories of debt funds https://www.livemint.com/money/personal-finance/how-the-rbi-rate-cut-affects-different-categories-of-debt-funds-1559806408843.html
https://www.livemint.com
How RBI rate cut affects different categories of debt funds
A reduction in interest rates will affect different types of debt funds differently depending upon their portfolio.There are funds such as that seek to earn returns both from an appreciation in the value of the instruments along with coupon interest income
👆Current Affairs of commerce optional
Related with financial institutions
Join Join🔜 @economyupsc
Also join @civilservicegurukul
Also join @commerceoptional
Related with financial institutions
Join Join🔜 @economyupsc
Also join @civilservicegurukul
Also join @commerceoptional
🥇🏆Key Features of Integrated Guidance Program cum Test Series of Commerce Optional UPSC 2019🏆🥇
We are happy to announce that Guidance program will be going to start from 15th June 2019.
🌎 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📌
1.✅The most reliable All India Integrated Guidance Program for UPSC Commerce optional, so that every Students of Civil Service Gurukul can know where he stands among the REST OF their COMPETITORS.
2.✅ Scheduling the tests in a phased manner (Subject wise and full syllabus tests). Test series will consist of 11 tests of UPSC Commerce and Accountancy optional.
3.✅Test Paper which are carefully created by our expert faculty to enhance and sharpen the aspirant’s' intellectual competence for actual exam. Test paper will be based on previous year pattern, Current affairs and UPSC guidelines.
4.✅Questions act as trigger for learning what is required for the Main Exam and benefit to get maximum marks in Main Exam.
5.✅ Exhaustive performance analysis and feedback based on the subject wise Strength and weakness analysis.
6.✅Interactive system conducive for expressing conceptual doubts, discussions and clarifications.
7.✅Test Paper will help you in handling exam pressure and managing time.
8.✅Civil Service Gurukulwill provide value added notes on important topics
https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📚Approach for Test Series of COMMERCE AND ACCOUNTANCY OPTIONAL-UPSC (IAS)📚📌
1.✏️ Civil Service Gurukul will suggest sources (Books & Notes) for Covering Topics mentioned in above test series as per UPSC Circular.
2.✏️ Civil Service Gurukul will provide Value added notes on important topic.
3.✏️ Civil Service Gurukul will evaluate answer sheet and provide Synopsis/approach/Model answer to develop answer writing skills of answering questions of UPSC civil service mains Examinations 2019.
4.✏️ All test paper consists of 250 Marks each paper.
5.✏️ Duration of test is 3 hours.
☎️For more details - Contact
CA Dhananjay
@cadhan
or Call at
7678456921
📩 or mail at
civilservicegurukul@gmail.com
🌏 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
We are happy to announce that Guidance program will be going to start from 15th June 2019.
🌎 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📌
1.✅The most reliable All India Integrated Guidance Program for UPSC Commerce optional, so that every Students of Civil Service Gurukul can know where he stands among the REST OF their COMPETITORS.
2.✅ Scheduling the tests in a phased manner (Subject wise and full syllabus tests). Test series will consist of 11 tests of UPSC Commerce and Accountancy optional.
3.✅Test Paper which are carefully created by our expert faculty to enhance and sharpen the aspirant’s' intellectual competence for actual exam. Test paper will be based on previous year pattern, Current affairs and UPSC guidelines.
4.✅Questions act as trigger for learning what is required for the Main Exam and benefit to get maximum marks in Main Exam.
5.✅ Exhaustive performance analysis and feedback based on the subject wise Strength and weakness analysis.
6.✅Interactive system conducive for expressing conceptual doubts, discussions and clarifications.
7.✅Test Paper will help you in handling exam pressure and managing time.
8.✅Civil Service Gurukulwill provide value added notes on important topics
https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
📚Approach for Test Series of COMMERCE AND ACCOUNTANCY OPTIONAL-UPSC (IAS)📚📌
1.✏️ Civil Service Gurukul will suggest sources (Books & Notes) for Covering Topics mentioned in above test series as per UPSC Circular.
2.✏️ Civil Service Gurukul will provide Value added notes on important topic.
3.✏️ Civil Service Gurukul will evaluate answer sheet and provide Synopsis/approach/Model answer to develop answer writing skills of answering questions of UPSC civil service mains Examinations 2019.
4.✏️ All test paper consists of 250 Marks each paper.
5.✏️ Duration of test is 3 hours.
☎️For more details - Contact
CA Dhananjay
@cadhan
or Call at
7678456921
📩 or mail at
civilservicegurukul@gmail.com
🌏 https://www.civilservicegurukul.com/upsc-ias-mains-2019-commerce-optional-integrated-guidance-program-cum-test-series-for-commerce-and-accountancy-optional-upsc-2019/
✅Credit rating firms came under criticism from RBI✅
Mains @Commerceoptional 2019
From the UPSC perspective, the following things are important:
Problems being faced due to credit rating sector in India & need for revamping the market structure for same.
CONTEXT
Credit rating firms came under sharp criticism from the Reserve Bank of India (RBI) for failing to identify financial troubles in various companies, especially in the case of IL&FS.
Concerns over rating agencies
Inability to assess credit risk and take timely rating actions.
Ratings are supposed to be forward-looking, but they are always a laggard.
The central bank is said to have told credit ratings officials that the abrupt ratings downgrades in recent months have hurt investors and banks.
Credit Rating agencies have been criticised for being late in identifying the stress in the IL&FS Group, which defaulted on its loans from banks, mutual funds and provident funds.
Various debt mutual fund schemes saw erosion in their net asset values, or NAVs, because of the defaults.
The crisis soon spread to other non-banking finance companies — mainly housing finance — which have been struggling to sort out their asset-liability mismatches.
RBI said one third of the total NPAs (non-performing assets) in the system stemmed from investment grade ratings.
Total stressed assets are about Rs 12 lakh crore in the banking system.
Conflict of Interest
Globally, rating agencies limit themselves to ratings and research related to credit ratings.
All other businesses like market research, training, risk solutions are carried out under separate entities with no common directors, employees and shareholding from the rating entity.
In India, the same rating agency rates and provides valuation opinions to the same set of securities to investors like mutual funds and provides advisory services.
The central bank governor disapproved of the practice of “rating shopping”— where companies migrate from one rating agency to another for better ratings.
RBI was also concerned about issues such as rating agency CEOs being part of rating committees and rating advisors who promise better ratings to an issuer due to their special relationship with rating agencies.
Conclusion
RBI is examining the matter and along with Sebi, it will bring out regulations to address this.
Though credit rating agencies are registered with the capital market regulator Sebi, they are jointly regulated by both Sebi and RBI as these firms rate bank loans which constitute 70% of their business.
On short-term instruments like commercial paper, RBI feels that the ratings do not reflect the pricing these papers command.
Join🔜 @commerceoptional
Also join @commerce_optional
Mains @Commerceoptional 2019
From the UPSC perspective, the following things are important:
Problems being faced due to credit rating sector in India & need for revamping the market structure for same.
CONTEXT
Credit rating firms came under sharp criticism from the Reserve Bank of India (RBI) for failing to identify financial troubles in various companies, especially in the case of IL&FS.
Concerns over rating agencies
Inability to assess credit risk and take timely rating actions.
Ratings are supposed to be forward-looking, but they are always a laggard.
The central bank is said to have told credit ratings officials that the abrupt ratings downgrades in recent months have hurt investors and banks.
Credit Rating agencies have been criticised for being late in identifying the stress in the IL&FS Group, which defaulted on its loans from banks, mutual funds and provident funds.
Various debt mutual fund schemes saw erosion in their net asset values, or NAVs, because of the defaults.
The crisis soon spread to other non-banking finance companies — mainly housing finance — which have been struggling to sort out their asset-liability mismatches.
RBI said one third of the total NPAs (non-performing assets) in the system stemmed from investment grade ratings.
Total stressed assets are about Rs 12 lakh crore in the banking system.
Conflict of Interest
Globally, rating agencies limit themselves to ratings and research related to credit ratings.
All other businesses like market research, training, risk solutions are carried out under separate entities with no common directors, employees and shareholding from the rating entity.
In India, the same rating agency rates and provides valuation opinions to the same set of securities to investors like mutual funds and provides advisory services.
The central bank governor disapproved of the practice of “rating shopping”— where companies migrate from one rating agency to another for better ratings.
RBI was also concerned about issues such as rating agency CEOs being part of rating committees and rating advisors who promise better ratings to an issuer due to their special relationship with rating agencies.
Conclusion
RBI is examining the matter and along with Sebi, it will bring out regulations to address this.
Though credit rating agencies are registered with the capital market regulator Sebi, they are jointly regulated by both Sebi and RBI as these firms rate bank loans which constitute 70% of their business.
On short-term instruments like commercial paper, RBI feels that the ratings do not reflect the pricing these papers command.
Join🔜 @commerceoptional
Also join @commerce_optional
👆Most important current affairs for UPSC mains 2019 Commerce Optional -Topic Financial Institutions Paper 1
Ind AS (Indian Accounting Standard)
Note4students
Mains Paper 3: Economy | Mobilization of resources
From the UPSC perspective, the following things are important:
Prelims level: Ind AS
Mains level: Accounting Standards of RBI
News
The Reserve Bank of India (RBI) has deferred the implementation of the new accounting norms, Ind AS, indefinitely, as necessary amendments to the relevant law are yet to be made.
The move will bring huge relief to the banks which are yet to recognise stressed assets and make necessary provisions as that would require higher capital.
Ind AS
Indian Accounting Standard is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977.
ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.
Ind AS governs the accounting and recording of financial transactions as well as the presentation of statements such as profit and loss account and balance sheet of a company.
Why IndAS?
For long, there has been a heated debate about Indian companies moving to the globally accepted International Financial Reporting Standards (IFRS) for their accounts.
But firms have resisted this shift, stating that this will lead too many changes in the capture and reporting of their numbers.
Ind AS has been evolved as a compromise formula that tries to harmonize Indian accounting rules with the IFRS.
Causes for delay
The implementation of IndAS for public sector banks requires an amendment to the Banking Regulation Act, 1949.
The schedule in Banking Regulation Act relating to financial statement disclosures needs to be changed to the IndAS format.
The other thing is the balance sheet format, for which some changes in the Act are required.
Join🔜 @economyupsc
Also join @civilservicegurukul
Note4students
Mains Paper 3: Economy | Mobilization of resources
From the UPSC perspective, the following things are important:
Prelims level: Ind AS
Mains level: Accounting Standards of RBI
News
The Reserve Bank of India (RBI) has deferred the implementation of the new accounting norms, Ind AS, indefinitely, as necessary amendments to the relevant law are yet to be made.
The move will bring huge relief to the banks which are yet to recognise stressed assets and make necessary provisions as that would require higher capital.
Ind AS
Indian Accounting Standard is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977.
ASB is a committee under Institute of Chartered Accountants of India (ICAI) which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.
Ind AS governs the accounting and recording of financial transactions as well as the presentation of statements such as profit and loss account and balance sheet of a company.
Why IndAS?
For long, there has been a heated debate about Indian companies moving to the globally accepted International Financial Reporting Standards (IFRS) for their accounts.
But firms have resisted this shift, stating that this will lead too many changes in the capture and reporting of their numbers.
Ind AS has been evolved as a compromise formula that tries to harmonize Indian accounting rules with the IFRS.
Causes for delay
The implementation of IndAS for public sector banks requires an amendment to the Banking Regulation Act, 1949.
The schedule in Banking Regulation Act relating to financial statement disclosures needs to be changed to the IndAS format.
The other thing is the balance sheet format, for which some changes in the Act are required.
Join🔜 @economyupsc
Also join @civilservicegurukul
Q.1) “Due to the unprecedented transformational change in the world of work, there are several transformational challenges that are bound to occur”
Discuss the persistent and future challenges in the world of work with the advent of the fourth industrial revolution
Answer:
ILO’s report titled ‘Future of Work’ presents the challenges facing the world of work in the future.
Persistent challenges:
1. Job creation has not been sufficient to absorb the growth in the number of people seeking jobs.
2. Working poverty still remains a major concern. In 2016, emerging and developing countries accounted for a total of 783 million working poor.
3. Concerns about job quality have grown in recent years with the advent of gig economy and growing contractual and non-standard forms of employment.
4. The distribution between capital and labour and between individuals has dramatically changed resulting in growing income inequality.
5. In emerging and developing countries, changing population dynamics have led to a bulge in the proportion of the young population entering the labour market; however, job creation has been limited
Future Challenges:
1. New technological innovations underpinning the Fourth Industrial Revolution, such as Big Data, 3-D printing, artificial intelligence and robotics will bring transformative impact on the nature work and result in job destruction.
2. Only 53.6% of all households have internet access. In emerging countries, the share is only 15%. Given the rapid technological advancements, digital divide remains a key challenge for skill development and employment opportunities.
3. Climate change has resulted in the collapse of fisheries, soil degradation, forced migration, atmospheric and water pollution and the loss of biodiversity and decrease in agricultural productivity. This has affected live and livelihoods of millions across globe.
Discuss the persistent and future challenges in the world of work with the advent of the fourth industrial revolution
Answer:
ILO’s report titled ‘Future of Work’ presents the challenges facing the world of work in the future.
Persistent challenges:
1. Job creation has not been sufficient to absorb the growth in the number of people seeking jobs.
2. Working poverty still remains a major concern. In 2016, emerging and developing countries accounted for a total of 783 million working poor.
3. Concerns about job quality have grown in recent years with the advent of gig economy and growing contractual and non-standard forms of employment.
4. The distribution between capital and labour and between individuals has dramatically changed resulting in growing income inequality.
5. In emerging and developing countries, changing population dynamics have led to a bulge in the proportion of the young population entering the labour market; however, job creation has been limited
Future Challenges:
1. New technological innovations underpinning the Fourth Industrial Revolution, such as Big Data, 3-D printing, artificial intelligence and robotics will bring transformative impact on the nature work and result in job destruction.
2. Only 53.6% of all households have internet access. In emerging countries, the share is only 15%. Given the rapid technological advancements, digital divide remains a key challenge for skill development and employment opportunities.
3. Climate change has resulted in the collapse of fisheries, soil degradation, forced migration, atmospheric and water pollution and the loss of biodiversity and decrease in agricultural productivity. This has affected live and livelihoods of millions across globe.