Critical Analysis of Creative Accounting

ELK ASIA PACIFIC JOURNAL OF FINANCE AND RISK MANAGEMENT
ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Volume 5 Issue 4 (2014)
www.elkjournals.com
.
CRITICAL ANALYSIS OF THE CREATIVE ACCOUNTING
Dr. K. Kanaka Raju

Assistant Professor , Department of Management
Studies,
Andhra University Campus, Tadepalligudem,
Andhra Pradesh, India
Email: dr.kanakaraju2011@gmail.com
ABSTRACT
The paper attempts to critically analyse creative accounting. For the same, 150 respondents were interviewed to
gather the information through a structured questionnaire. The secondary data was also collected with the help of
the existing literature and review. The data analysis included estimation of mean, percentage, standard deviation,
and t-test, which were applied to derive the results. This research study seeks to explain the reasons and
practices of the creative accounting and perceptions of the respondents on various issues of the creative
accounting.
Keywords: Creative accounting, Analysis, Accounting Practices
Introduction
Definition of Creative Accounting:
With the help of accounting knowledge, Kamal Naser: Creative accounting is the
the actual figures manipulated to gain the transformation of financial accounting
personal profits. This process of figures from what they actually are to what
manipulation of accounts is called as the preparers desire by taking advantage of the
creative accounting. It is possible through existing rules and/origins some or all of
the effects of increase or decrease of them. (1993:2)
expenses, increase or decrease of the
Reasons for Creative Accounting:
income, increase or decrease of assets,
The following reasons were prevailing in the
crease or decrease of owners funds,
process of creative accounting.
increase or decrease of debts,
reclassification of assets or liabilities. These 1) Smoothing of Income: Companies avoid
are the reasons for mismatch between true presenting volatile profits with a series
and fair view. of highs and lows and prefer reporting a
1

www.elkjournals.com
.
steady growth. This is achieved by change ready, in order to divert attention

making unreasonably high provisions for from distasteful news. Collingwood
liabilities and against values of assets in (1991) describes how a change in
profitable years so as to report higher accounting method heightened K-Mart's
profits in not so profitable years by quarterly profit figures by some $160
reducing these provisions. Supporters of million, in spite of the company slipping
this approach argue that it is a measure to number two slots from being the
against the 'short-termism' of evaluating largest retailer in the USA thereby
an investment on the basis of the yields diverting the attention from the event.
achieved in the immediately succeeding 4) Creative accounting may help in
years maintaining or boosting the share price
2) Manipulating profits and attaching them both by reducing the apparent levels of
to forecasts is a variant on income borrowing, thereby making the company
smoothing. Fox (1997) argues on how appear less susceptible risk, and by
accounting policies are designed at setting a profit trend example. This may
Microsoft to match reported earnings to help the company to raise capital from
forecasted profits. Microsoft defers a issue of new share issues, offer their
large part of its profits from the sale of shares in takeover bids, and combat
software to cover cost of upgrading and takeover by other companies.
customer service costs that may arise in 5) If the directors involve in 'insider
future years. This highly conservative trading' in their company's shares they
and perfectly respectable accounting may utilize creative accounting to
policy suggests that future earnings are postpone the release of information to
easily predictable. the market, thereby enhancing their
3) Directors of companies might keep an probability of benefitting from inside
income-boosting accounting policy knowledge .It should be noted that,
2

www.elkjournals.com
.
analysts will not be misguided by protect the culpable. It is the biggest con
superficial accounting charges in an trick since the Trojan horse ... In fact this
efficient market. Indeed, income deception, commonly called creative
boosting accounting changes may be accounting is completely legitimate and in
perceived as an indicator of weakness by good taste. (p1)
the alert analysts. Dharan and Lev
From the viewpoint of an accountant,
(1993) present a study that indicates
Jameson (1988), observes: "The accounting
poor performance of shares in the years
process consists of dealing with numerous
immediately succeeding income
matters of judgement and of resolving
inflating changes in accounting. Another
clashes between competing methodologies
set of justifications for creative
of presentation of the results of financial
accounting, which applies to all
events and transactions .This resilience
companies, arises because companies are
presents scope for manipulation, deceit and
subject to various types of constraints,
misrepresentation. These activities practiced
contractual rights and obligations based
by the less scrupulous elements of the
on the reported accounting figures.
accounting profession have come to be
Review of Literature: known as 'creative accounting'
From the viewpoint of a business journalist, As an investment analyst, Smith (1992)

Griffiths (1986), argues: "Every company in agues: "We experienced that much of the
the country is fidgeting with its profits. visible growth in profiles which had
Every set of furnished accounts is based on occurred in the 1980's was the outcome of
books which have been gently cooked or accounting stratagem of hand rather than
completely roasted. The figures which are genuine economic growth, and we set out to
disclosed twice a year to the investing public unmask the main tools and techniques
have all been tampered with in order to
3

www.elkjournals.com
.
involved, and to provide live examples of manipulation. He argues, The freedom of

companies making use of those techniques". choice provided by Anglo-Saxon accounting
system could be abused ...
From an academics point of view, Naser
(1993) suggests a definition: "Creative Similarly in context of the accounting
accounting is the art of metamorphosing problem in UK, Waller (1990) suggests
financial accounting figures from what they moving to a more prescriptive, legal
really are to what developers desire by continental tradition. Finally all four authors
exploiting the existing rules and/or ignoring perceive creative accounting as a
some or all of them" disreputable practice, using terms such as
fiddling, and deceit and taking
Some common arguments run through
advantage.
popular works: Creative accounting involves
fiddling and figures which have been Objectives of the Study
changed (Griffiths) to achieve
After review of the existing literature the
misrepresentation (Jameson) by sleight of
following objectives have been adopted for
hand (Smith) to transform figures from
carrying of this study:
what they actually are (Naser).
1) To examine the reasons and practices of
Categorically in Naser, and tacitly in the
creative accounting.
other three versions, is suggested that
2) To review the impact of legalized
creative accounting deviates from and masks
accounting frame work on financial
some underlying truth in financial figures.
results and condition.
Creative accounting is evidenced
3) To interpret and analyze the perceptions
extensively in the UK. Naser believes that
of respondents on various issues of
because of the freedom of choice it allows
the accounting systems in Anglo-Saxon
countries as especially prone to such
4

www.elkjournals.com
.
4) To offer a suitable suggestions to Null Hypothesis (Ho): There was no client

overcome the existing complexities in proposal to manipulate accounts for tax
accounting procedure and practices to evasion.
reflect the true and fair view of Alternative hypothesis (Ha): There was
financial statements. client proposal to manipulate accounts for
tax evasion.
Methodology of the Study
Hypothesis 2:
The data has been collected through
structured questionnaire from the 150 Null Hypothesis (Ho): New structure of
respondents, and informal conversations financial regulation is not the causes of
with them. The secondary data obtained directions are more ethical.
from the existing literature and review. Alternative Hypothesis (Ha): New
structure of financial regulation is the causes
Techniques
of directors are more ethical.
The SPSS 16.0 version was used to interpret

Creative Accounting techniques and
and analyze the data. The percentage,
practices:
frequency and t-test applied to analyze the
The availability of making choices in
data.
recommended policies and treatments in
Hypothesis: The following hypotheses were International accounting rules makes way
adopted to test the results for come to the for creative accounting. Such freedom of
valid reasons. choice generates significant uncertainty

regarding the consistency and comparability
Hypothesis 1: of information. In the following, we will try
to highlight some creative accounting
5

www.elkjournals.com
.
techniques and their effect on the the purchase cost or not, in this regard that
performance of the entity: an entity acquires goods in the following
situations: Purchase cost of goods Rs.
Inventory related Creative Accounting
10,800, Transport costs Rs. 600, Revenues
Practice: The purchase costs of inventories
from the sale of goods Rs. 27,000 .
(Transportation costs) will be included in
Table 1: Inclusion and Exclusion of Transport Costs for Manipulation of Accounts.

Elements Transport Costs Included Transport Costs Excluded
in the Cost of Goods from the Cost of Goods
Acquisition Acquisition
Revenues from the Sale of 27,000 27,000
Goods
Cost of Goods Sold 10,800 10,200
- Purchase Cost 10,000 10,000
- Transport Expenses 6,00 -----------
- Handling Expenses 200 200
Accounting Result 16,200 16,800
procedure. Hence, it is recommended to
The above table 1 reveals that the strengthen the existing procedure of rules
accounting result was decreased where and regulations with compliance of the
transport expenses considered in cost of International Financial Reporting Standards
goods sold, i.e. 16,200 (Instead of 16,800). to project the true and fair view of the
Hence, it is possible to manipulate the financial results.
accounting results and conditions under the
purview of the existing accounting rules and
Table 2: Capitalization and Non Capitalization of Interest Regarding Creative Accounting.
6

www.elkjournals.com
.
Elements Interest is capitalized Interest is not capitalized

Turnover 67,000 67,000
Variation of Stocks 12,000 11,000
Expenses with Raw materials 25,000 25,000
Salary and Social Expenses 13,000 13,000
Other Operating Expenses 9,000 9,000
Operating Result 32000 31000
Expenses Regarding the -------------- 1500
Interest
Accounting Result 32,000 29,500
undervalued financial results rather than
The table 2 reveals that capitalization and original values.
non-capitalization of Interest regarding To exemplify it is supposed that
manipulation of accounts. If the interest is the entity has an industrial building acquired
not included the accounting results declined at a consideration of Rs. 7,000,000, where
from the Rs. 32000 to Rs. 29,500. It means the depreciated value is Rs. 4,000,000. The
there is possibility of projecting the depreciation method used is linear and the
remaining life is 10 years.
Table 3: Capitalization and Non-Capitalization of Renovation Expenses for Manipulation

Accounts
Elements N N+1
-------------------------------
Renovation expenses Renovation Expenses
Itis It is not It is It is not
7

www.elkjournals.com
.
capitalized Capitalized capitalized capitalized

Turnover 15,000,000 15,000,000 15,000,000 15,000,000
Renovation Expenses ---------- 1,700,000 ---------- ----------------
Depreciation Expenses 1,900,000 1,000,000 1,900,000 1,000,000
Expenses with raw 3,000,000 3,000,000 3,000,000 3,000,000

materials
Salary and Social Expenses 1,300,000 1,300,000 1,300,000 1,300,000
Other Operating Expenses 700,000 700,000 700,000 700,000
Accounting Result 81,00,000 74,00,000 81,00,000 90,00,000

immobilization, the fair value being Rs.
The table 3 witnessed that comparison of 8,000,000. The equity situation before the
renovation expenses for N period to N plus reevaluation was as follows: social capital
one period in the context of capitalization Rs. 120,000,000, revaluation reserves Rs.
and non-capitalization of renovation 9,000,000. As reported by the statement of
expenses .The results were due to changes in equity, the entitys performance
capitalization and non-capitalization. For N before and after revaluation is:
period the capitalized value were higher than
Table 4: Effect of Revaluation Reserve on
non-capitalized value, but in N plus one
Financial Condition
period the capitalized value were lesser than
Elements Before the After the
non-capitalized value due to depreciation.
Revaluation Revaluation
At the beginning of N, the entitys
Social 1,20,000,000 1,20,000,000
management decides to re-examine the
8

www.elkjournals.com
.
Capital Expenses 3,000,000 3,000,000

Revaluation 9,000,000 13,000,000 with Raw
Reserve materials
Total 1,29,000,000 1,33,000,000
Equity Salary and 1,300,000 1,300,000
Social
The table 4 reveals that the value of equity Expenses
increased after its revaluation, by Other 900,000 900,000
400,000,000 because of revaluation value Operating
was manipulated. The depreciation expense Expenses
increases as an effect of revaluation of Accounting 4,400,000 4,000,000
depreciable assets. The annual depreciation Results
before revaluation is Rs. 400,000, and after
revaluation is Rs. 800,000 (8,000,000 x The above table reveals that how the value
10%).Thus, after revaluation, the outcome is of depreciation is effect on financial results
reduced by 400,000 mu (we maintain the of the firm. The above table reflects that
data in the example on the previous page): before manipulation of depreciation
financial results were higher than after
Table 5: Effect of Depreciation Expenses
revaluation. Hence, to counteract the
on Financial Results
decrease of the result, entities prefer to
Elements Before the After the
Reevaluatio Reevaluatio reassess depreciable assets.
n n
Perceptions of the Respondents:
Turnover 1,20,000 1,20,000
Depreciatio 400,000 800,000 Table 6: Distribution of Respondents
n Expenses by their Age
9

www.elkjournals.com
.
Age Frequency Percent

The above table reveals that, the majority of
V 20-30 years 48 32.00
the respondents (67.33 percent) represented
30-40 years 37 24.60
from the male category and remaining
40-50 years 37 24.60 respondents represented from the female
50-60years 28 18.66 category. Hence, the majority of the
respondents belonged to the male category.
Total 150 100.00
The table above suggests that, the majority Table 8:Distribution of Respondents by
of the respondents (32 percent) represented their Income
from the 20-30 years age group, followed by Income Frequency Percent
30-40 years, 40-50 years etc. Hence, it can
Below 10000 10 6.66
be inferred that the bulk of the respondents
10000-20000 10 6.66
were selected from the 20-30 years.
20000-30000 37 24.66
Table 7: Distribution of Respondents by
30000-50000 37 24.66
their Gender
Above 50000 56 37.33
Gender Frequency Percent
Male 101 67.33 Total 150 100.00
Female 49 32.666
Total 150 100.00
10

www.elkjournals.com
.
The above table makes it clear that, the respondents represented from the post-
majority of the respondents (37, 33) earns graduation qualification.
above 50,000, and 24.66 percent of the
respondents earns in between the 20,000- Tale 10: Respondents opinion on
30,000. Hence, it can be concluded that the Problem of Creative Accounting in
majority of the respondents earns above India
50,000. Frequency Percent
Yes 122 81.3

Table 9: Distribution of Respondents by
their Education Qualifications No 28 18.7
Educational Total 150 100.0
Qualifications Frequency Percent
Intermediate 7 4.66 The table above table suggests that, the

Degree 7 4.66 majority of the respondents (81.3 percent)
opined that, the creative accounting was a
PG 94 62.66
significant problem in India, and rest of the
PHD 42 28.00
respondents opined that it was not a
Total 150 100.00 significant problem. Hence, it can be
inferred that the majority of respondents
opined that creative accounting was a
The majority of the respondents possess the significant problem, because of there were
post-graduation qualification, followed by so many fraudulent activities in the financial
the Ph.D. degree and intermediate. Hence, it accounting.
is evident that the majority of the
11

www.elkjournals.com
.
Table 11: Opinion on creative accounting becoming more or less common in India
Frequency Percent
Much Reduced 23 15.3
Some Reduced 23 15.3
Unchanged 56 37.3
Much Reduced From Past

28 18.7
but Now
Slight Revival 20 13.3
Total 150 100.0

practices and manipulations of creative
accounting.
The above table reveals that the 37.33
percent of the respondents opined that there Hypothesis 1:
was no change in aspects of creative
Null Hypothesis (Ho): There was no client
accounting in India. 18.7 percent of them
proposal to manipulate accounts for tax
opined that much reduced and 15.3 percent
evasion.
of them opined that much and some reduced.
Alternative hypothesis (Ha): There was
Hence, it can be concluded that the majority
client proposal to manipulate accounts for
of them opined that there was no change in
tax evasion.
Table 12: Hypothetical Testing Group Statistics
12

www.elkjournals.com
.
Client
Proposal for Std. Std. Error
tax evasion N Mean Deviation Mean
Client Proposal Strongly

130 1.5769 .49596 .04350
to Manipulate Agree
Accounts Agree 20 1.6500 .48936 .10942
Levene's Test for Equality of Variances
Sig. (2-
F Sig. t df tailed)
Client Proposal to Equal variances

Manipulate Accounts assumed 2.431 .121 -.614 148 .540
Equal variances
-.621 25.386 .540
not assumed
Hypothesis 2:
Analysis
Null Hypothesis (Ho): New structure of
The above table makes it clear that the null
financial regulation is not the cause of
hypothesis was accepted, where (t =-0.614,
directions is more ethical.
df =148, p=0.000) and concluded that there
Alternative Hypothesis (Ha): New
was no client proposal to manipulate
structure of financial regulation is the cause
accounts for tax evasion, but within the
of directors is more ethical.
organizations itself manipulate the accounts.
13

www.elkjournals.com
.
Directors are Std.

more Ethical N Mean Deviation Std. Error Mean
New Structure of Strongly Agree

63 1.5397 .50243 .06330
Financial Regulation
Agree 43 1.6047 .49471 .07544
Table 13: Hypothetical Testing Group

Statistics
Levene's Test for Equality of Variances
Sig. (2-
F Sig. t df tailed)
New Structure of Equal variances

Financial Regulation assumed 1.703 .195 -.658 104 .512
Equal variances
-.660 91.299 .511
not assumed
was not the cause of directors are more

ethical.
The table above suggests that the null
hypothesis was accepted, where ( t=-0.658, Findings of the Study
df = 104, p=0.512) .Hence, it can be inferred
that the new structure of financial regulation
14

www.elkjournals.com
.
On the existing literature and review, the Suggestions:

following were attempted to extract on the
1. To overcome the disadvantage of
reducing result, entities may use the
1. The study found that creative
surplus value imputation from
accounting was a significant problem
revaluation on revaluation reserves.
in India, because of there was
2. It is recommended to strengthen the
number of fraudulent activities in the
existing procedure of rules and
existing accounting procedures and
regulations with compliance of the
regulations.
International Financial Reporting
2. The study observed that 37.3 percent
Standards to project financial results
of the respondents opined that there
truly and fairly.
was no change in aspects of creative
3. To overcome the decrease of the result,
accounting in India and it implied
entities prefer to reassess depreciable
that there was no change in practices
assets to reflect the true and fair view of
and manipulation of creative
financial results and condition.
accounting.
4. The study observed that manipulation of
3. The study concluded that there was
accounts within a legal frame work was
no client proposal to manipulate
widely spread and cause of significant
accounts for tax evasion, but the
losses. Hence, it should be custard the
organization made itself utilized the
manipulation of accounts through
creative accounting practices and
creative accounting, for this purpose,
methods.
there should be a well-organized legal
4. The study also found that, the new
frame work to eradicate the creative
structure of financial regulation was
accounting practices and manipulations.
not the cause of directors were more
5. There should be an awareness
ethical.
programme amongst the chartered
15

www.elkjournals.com
.
accountants and create a social the creative accounting was a significant

responsibility amongst them. problem in India and implied that there was
6. The study observed that due to the no change in aspects of creative accounting
available chances of provisions of in India. Hence, there is on immense need of
existing accounting procedure is the curtail the manipulation of accounts through
cause of creative accounting. Hence, the creative accounting for this purpose,
there should be ratifying those there should be design a constructive
provisions to see a true and fair view of organized frame work and also facilitate the
accounts to come out the exact financial awareness programme amongst the
results and condition. chartered accountants. The available
7. There should be an external audit chances of provisions of existing accounting
committee parell with the internal audit procedure are the cause of creative
committee based on the periodicity of accounting. Hence there should be ratifying
small internal rather than year end. All those provisions to see a true and fair view
the professional bodies should come into of accounts to come out with the exact
a single unanimous opinion to have a financial results and condition.
synergetic effect on eradication of
References:
creative accounting practices and
[1] Dima Florin-Constant in, creative
manipulations. Accounting through the Policies and
Accounting Options.
Conclusion
[2] Griffiths I (1986), Creative
Accounting, London: Sidgwick &
Creative accounting adversely effect on
Jackson.
Indian economy loss of investors
[3] Jameson M (1988), Practical Guide to
confidence in promotion of capital Creative Accounting, London: Kogan
formation and other illegible and invisible Page.
defects were occurred. The study found that [4] N. Feleag, L. Malciu, Accounting
16

www.elkjournals.com
.
Policies and Options, Economic December 199, pp: 02.

Publishing House, Bucharest, 2002
[7] Smith T (1992), Accounting for
[5] Naser K (1993), Creative financial growth, London: Century Business.
accounting: its nature and use, Hemel
Hempstead: Prentice Hall.
[6] Oriol Amat, and John Blake, Jack
Dowds Economics working paper the
Ethics of creative Accounting,
17

Critical Analysis of Creative Accounting

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Critical Analysis of Creative Accounting

Caricato da

Copyright:

Formati disponibili

ELK ASIA PACIFIC JOURNAL OF FINANCE AND RISK MANAGEMENT

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

CRITICAL ANALYSIS OF THE CREATIVE ACCOUNTING

Dr. K. Kanaka Raju

Keywords: Creative accounting, Analysis, Accounting Practices

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

steady growth. This is achieved by change ready, in order to divert attention

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

From the viewpoint of a business journalist, As an investment analyst, Smith (1992)

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

involved, and to provide live examples of manipulation. He argues, The freedom of

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

4) To offer a suitable suggestions to Null Hypothesis (Ho): There was no client

The SPSS 16.0 version was used to interpret

valid reasons. choice generates significant uncertainty

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Table 1: Inclusion and Exclusion of Transport Costs for Manipulation of Accounts.

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Elements Interest is capitalized Interest is not capitalized

Table 3: Capitalization and Non-Capitalization of Renovation Expenses for Manipulation

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

capitalized Capitalized capitalized capitalized

Expenses with raw 3,000,000 3,000,000 3,000,000 3,000,000

Salary and Social Expenses 1,300,000 1,300,000 1,300,000 1,300,000

Other Operating Expenses 700,000 700,000 700,000 700,000

Accounting Result 81,00,000 74,00,000 81,00,000 90,00,000

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Capital Expenses 3,000,000 3,000,000

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Age Frequency Percent

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

30,000. Hence, it can be concluded that the Problem of Creative Accounting in

majority of the respondents earns above India

50,000. Frequency Percent

Yes 122 81.3

Educational Total 150 100.0

Qualifications Frequency Percent

Intermediate 7 4.66 The table above table suggests that, the

post-graduation qualification, followed by so many fraudulent activities in the financial

the Ph.D. degree and intermediate. Hence, it accounting.

is evident that the majority of the

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Much Reduced 23 15.3

Some Reduced 23 15.3

Much Reduced From Past

Slight Revival 20 13.3

Total 150 100.0

Table 12: Hypothetical Testing Group Statistics

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Client Proposal Strongly

Levene's Test for Equality of Variances

Client Proposal to Equal variances

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

Directors are Std.

New Structure of Strongly Agree

Agree 43 1.6047 .49471 .07544

Table 13: Hypothetical Testing Group

Levene's Test for Equality of Variances

New Structure of Equal variances

was not the cause of directors are more

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

On the existing literature and review, the Suggestions:

ISSN 0976-7185 (Print) ISSN 2349-2325 (Online); DOI: 10.16962/EAPJFRM/issn.2349-2325/2014

accountants and create a social the creative accounting was a significant