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The June 2014 edition of the Accounting and Auditing Update focuses on the pharmaceutical sector and provides insights into accounting issues faced by the sector through a series of articles.
We highlight diversity that exists in practice for the capitalisation of the R&D costs and provide a perspective on the intent of standard setters in this area. We also highlight the history and evolution of price control in India for pharmaceuticals and provide some perspective into the accounting and reporting challenges arising out of the Supreme Court decision on how price control guidelines should operate. We also examine some of the reporting challenges and considerations associated with product recalls. We conclude our pharmaceutical sector series of articles by highlighting an area of current controversy from a tax and compliance perspective relating to provision of freebies to medical practitioners.
Apart from the pharmaceutical sector, we also cover this month one of the single largest policy shifts that have taken place internationally with regard to audits and auditors through an article focusing on the key aspects of the EU audit reforms, the impact of which on Indian companies could also be significant.
Finally, in addition to our round up on key regulatory developments during the recent past, this issue also highlights the impact of IFRS 10 on the real estate industry, recent EAC opinion on accounting for ESOP trust by a listed company and accounting treatment of a share based payment in which the performance target could be achieved after the service period under US GAAP.