The Idol Spot

  WHAT IS A BUDGET? A budget is made to get an estimate of income and expenditure. It is different from an account which is a recording of a financial transaction. The budget is an extremely vital part of the economy of any nation since it helps in planning and controlling its financial affairs. The need for a government budget arises from the fact that income and expenditure do not happen at the same time. A revenue receipt and expenditure flow do not coincide in time.  GOVERNMENT BUDGET A government budget is made to approach and address the needs and issues of a country. It is an annual financial statement where an itemized estimate of revenue expected and expenditure anticipated are listed for the current fiscal year which runs from April 1 of one year to March 31 of the next year.  Elements of government budget :   1. Public Expenditure:  A national budget authorizes public expenditures under two categories: Government purchase of goods and services to serv...

As many prominent firms continue to be tarnished by a slew of scandals and frauds, business ethics is critical. Corporate fraud results in the loss of a company's market capitalization and brand image. They are disturbingly common in a variety of countries and sectors of the economy. Corporate fraud has a long and tumultuous history in India. For decades, ethics has been a grey area in Indian corporations. As competition has become stronger over time, organizational structures have been increasingly fragmented, resulting in a lack of internal control within organizations. As a result, the number of large and small corporate frauds has increased. To combat this threat, early detection is becoming increasingly vital. According to a PWC survey, internal controls, internal and external audits, compliance programs, and a code of ethics have all been implemented to combat fraud. In India, corporate fraud has increased dramatically in the past few years, and firms, strangely, believe it i...

The method through which firms are directed and governed is known as corporate governance. The governance of their companies is the responsibility of their boards of directors. The shareholders' governance responsibilities include appointing directors and auditors, as well as ensuring that an appropriate governance framework is in place. The board's responsibilities include setting the company's strategic goals, providing leadership to implement them, managing the company's administration, and reporting to shareholders on their stewardship. Corporate governance thus refers to what a business's board of directors performs and how it determines the organization's values, as opposed to the day-to-day operational administration of the company by full-time executives. KEY PRINCIPLES OF CORPORATE GOVERNANCE:  SHAREHOLDER PRIMACY:  The acknowledgement of shareholders is perhaps one of the most essential aspects of corporate governance. There is a two-fold recognition. ...