How's my Luck now?

Reflections, views and descriptions during my stay at IIM Lucknow from July 2004 to March 2006

Location: India

Monday, July 26, 2004

Accounting just got interesting...

       In the first term, Management Accounting-I is the most terrifying subject to most of the people most of the time, since about 70% of every batch consists of people from non-commerce backgrounds. In fact, the contagion has spread to commerce students too, and it seems to be as tough for them as for us.
       But the subject is so fundamental that it can't but be interesting. We have so far covered the basic terminology of accounting, journalizing transactions, recording them in ledgers and various day books and preparation of trial balances. We have now come to Accounting Standard-9, which covers income measurement, or revenue recognition. For tomorrow's class, we have an excellent case study to read up - that of Microsoft's revenue recognition policies and the details of the investigation launched by the US Securities and Exchange Commission against it during the '90s. This should be very interesting.


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