CORPORATE ACCOUNTING

TOPIC: ACCOUNTING FOR HUMAN RESOURCE

SUBMITTED BY
NAME: SHIVAIN SINGH NARULA
ROLL NO: 2020BCH1405

SUBMITTED TO
Bibhu Prasad Sahoo
INTRODUCTION

Human Resource Accounting is described by the American Accounting Association's Committee as "the
method of assessing and evaluating information about human resources and transmitting this
information to decision makers." Human Resource Accounting provides knowledge on an organization’s
inner strength and assists in decision-making concerning long-term investment in that organization.

Human Resource Accounting (HRA) is a relatively modern accounting methodology. It is centered on the
traditional notion that all spending on human resource formation is viewed as a charge against the period's
revenue since it does not result in the creation of any tangible asset.

Accounting for individuals as organizational resources is referred to as human resource accounting. It is a

method of calculating the cost and value of individuals to organizations. It entails calculating the costs
covered by private and public sectors to hire, assess, retain, employ, and enhance workers and assessing
their economic contributions to the company. The framework may represent both externally and internally
users, providing management (internal users) with appropriate data on which to base hiring, recruiting,
and other growth decisions, and providing investors, lenders, and other external users of financial
statements with information about the organization's expenditure in and use of human capital.

HRA is the practice of constantly valuing, observing, and presenting the role of human resources in an
organization's accounting records. As a result, it is essentially a knowledge system that informs
management about adjustments in an organization's human resources.

NEED OF HUMAN RESOURCE ACCOUNTING

Human resources greatly contribute to creating an organization's overall wealth; thus, a measurement to
evaluate the value of human capital is important. However, the worth of humans cannot be calculated in
the same manner as the value of other assets, given the peculiar nature of human beings. The method of
quantification and measure the worth of human capital consists of Human Resources Accounting (HRA).

Human Resource Accounting is necessary for obtaining accurate and responsive management within the
enterprise. If there is a shift in the composition of the workforce, it is HRA's responsibility to advise
management. It also offers contextual statistics and assesses the staffing costs. It provides a forum for
management to make smarter decisions on potential investments by having considerations to consider.

PURPOSES OF HUMAN RESOURCE ACCOUNTING

 It enables management teams to better control the utilisation of human capital.
 It establishes a solid and reliable foundation for human asset management, regardless of whether the
asset is appreciated, diminished, or conserved.
 It aids in the creation of management concepts by categorising the financial implications of different
activities.
 It provides cost/value analysis to help managers make cost-effective choices about purchasing,
allocating, improving, and retaining human capital.

HUMAN RESOURCE ACCOUNTING IN INDIA

Under the restrictions imposed by the Companies Act in India, there is no room for displaying any
substantial detail about human capital in financial statements other than the remuneration paid to them
and the amount of workers earning Rs 36,000 per annum or Rs 3,000 per month.

The following are the reasons for the low priority given to human capital accounting in India:
1. In India just recently, a high degree of priority is attached to management of human resources. In
such a situation, companies have accorded higher importance to more pressing needs of HRM rather
than going for human resource accounting.
2. The value of human resource accounting is not known to many organisations. They believe that
human resources are valuable to them regardless of their merit. The need for human resources
management is therefore not so essential in the successful management of human resources.
3. Reporting of results arrived at in financial accounting is compulsory as per the legal requirements
while there is no compulsion to report the results of human resource accounting. This makes
companies reluctant to opt for human resource accounting.
The reasons and the resulting situation for accounting human resources does not mean that accounting for
human resources exists in India. It is followed by the below mentioned various companies in different
forms:

1. Bharat Heavy Electricals Ltd. 7. Tata Motors Ltd.

2. Steel Authority of India Ltd.
3. Oil India Ltd.
4. Mineral & Metal Trading Corporation of India
5. ONGC
6. Cement Corporation of India
8. Associated Cement Company (ACC)
9. Southern Petro Chemicals Industries
Corporation
10. Infosys Technologies Ltd.
PPROACHES FOR VALUATING HUMAN RESOURCES

COST APPROACH
he Historical Cost Method:
approach considers all costs associated with employee recruiting, selection, retention, preparation, and growth.
approach is straightforward and easy to understand, but it has many drawbacks. For example, highly qualified
ployees who need less training would be priced lower than those that need more training.

he Opportunity Cost Method:

formula estimates what the returns would have been if the money expended on HR had been spent on anything
. Since this approach is not quite impartial, it is mainly used for internal reporting. Employees who are well-trained
be quickly recruited from outside sources.

The Replacement Cost Method:

lacement cost refers to the costs that would have to be incurred if the existing employees were to be replaced by
ntical ones. If an employee exits the company, the new employee will have to be hired to succeed him, pick, position
prepare.

ECONOMIC VALUE APPROACH

amholtz’s Model of Determinants of Individual Value to Formal Organizations:
ording to Flamholtz, an individual's importance to an organisation is measured by the services he is supposed to
vide. The collection of resources offered by an employee varies as he shifts from one job to another within the
mpany

lamholtz’s Stochastic Rewards Valuation Model:

paradigm takes into account the progression of workers within a company across different positions. It is assumed
every employee would switch from one state to another over time. The stochastic rewards valuation model
ulates a person's predicted conditional and realisable value.

The Lev and Schwartz Model:

ording to this model, the value of human resources is calculated as the present value of estimated future earnings
ounted by the rate of return on investment (cost of capital). The formula for this model is as follow:
𝑉=𝜀(𝑡)(1+𝑟) 𝑡−𝑥
here, 𝑉= Human capital value of the person.
Current age of the person 𝑟= Depreciation rate
Future annual estimated income of person 𝑡= age of retirement
ntil his retirement
 e perception that employees will not alter their position in the company in future. This model separates all
orkers into equal groups, such as qualified, semi qualified and unqualified people. The current importance of
man resources is measured by the discovery and consideration of the average income of individuals of various
es

Hekimian and Jones Competitive Bidding Model:

is a highly subjective method as there are no set criteria to evaluate the employees. The employee's value is
endent exclusively on the managers' assessment. The formula for this model is as follow:

URPOSE OF THE STUDY

r my internal evaluation, my accountancy teacher wanted me to select a topic and draw up a report on it. I have
osen the topic "HUMAN RESOURCE ACCOUNTING OR ACCOUNTING FOR HUMAN RESOURCE”.

will assist us in understanding how HRA includes calculating the expenses incurred by businesses and other
ganizations to employ, select, hire, train, and grow human resource. It also provides us various ways of calculating
e economic contribution of individuals to the organization.

WHY IS HUMAN RESOURCE ACCOUNTING IMPORTANT?

The basic reason for developing Human Resource Accounting is to overcome problems arising from the valuation of
intangible assets
We recognize that many companies do not offer enough transparency to investors in conventional balance
sheets, and HRA is a tool to help them address this challenge. It gives the company an identity and thereby
enhances its reputation.
HRA investigates how to maintain intelligent human capital.
HRA can be used for a host of managerial & strategic decisions like recruitment, turnover, personnel advancement
analysis, training and capital budgeting.

BENEFITS & ADVANTAGES OF HUMAN RESOURCE ACCOUNTING

 The implementation of an HRA framework reveals the importance of human capital. This aids in the correct
interpretation of the Return on Capital Employed. Such facts will have a longer-term view on economic success
that would be more accurate than the Return on Capital Employed by the traditional accounting scheme.

It helps in giving valuable information to the management for effective planning and managing human
resources.

Human resource accounting will totally alter managers' attitudes, causing them to strive to optimise the
expected worth of human capital and the efficient utilisation of human resources in the enterprise.

The adoption of the HRA system serves a social purpose by identifying human resources as a valuable
asset, which will aid in the prevention of misuse and underuse as a result of thoughtless or more reckless
transfers, demotions, layoffs, and day-to-day maltreatment by supervisors and other superiors in the
administrative hierarchy; efficient allocation of resources in the economy; and efficiency in the use of human
resources.

The HRA system would undoubtedly pave the way for increased human resource productivity, and the fact
that a monetary value is attached to human resources and that human talents, devotion, and skill are considered
valuable assets and allotted a place in the financial statements of the organisation would boost employee morale,
loyalty, and initiative, creating in them a sense of ownership.

It aids in the calculation of the standard cost of hiring, choosing, and training employees, allowing
organisations to choose the individual with the highest estimated realisable benefit.

It also provides necessary data to devise suitable promotion policy, congenial work environment, and job
satisfaction to the people.

The maintenance of detailed record relating to internal human resources (i.e., employees) improves
managerial decision-making. HRA will definitely improve the quality of management, according to experts.

ISADVANTAGES OF HUMAN RESOURCE ACCOUNTING

There is no proper clear cut and specify procedure or guideline for finding cost and value of human
resource of an organization. The present valuation systems have many limitations.
 In spite of all significance and necessary, tax laws do not recognize human being as assets.

In future the time of human capital life appears to be unrealistic and therefore to be evaluated under
doubt.

Lack of industry standard and hence every industry has to devise its own standard.

The valuation of human assets is based on the assumption that the employees are going to remain with the
organization for a specified period. However, this assumption is wrong because employee mobility is very high.

The human resource accounting may lead to the dehumanization in the organization if the valuation is not
done correctly or the results of the valuation are not used properly.

In the case of financial accounting, there are certain specified accounting standards which every
organization must follow. However, there are no standards for HRA. Each organization has its own standards for it.
So, there are no uniform standards for it. Therefore, the HRA of two organizations cannot be effectively compared

RGUMENTS AGAINST/ FAVOUR OF HR ACCOUNTING

AVOUR: HRA helps to justify human resource as assets in an era of knowledge-based economy. Facilitates HR
cision-making. HRA provides the HR professionals and management with information for managing the human
sources efficiently and effectively. These functions are the key processes that convert human resources from
ansformational processes.

GAINST: In terms of regulatory provisions, the Companies Act of 1956 would not mandate companies to include
RA-related material in their financial statements. The Institute of Chartered Accountants of India, too, has been
able to develop a definitive standard of calculation for reporting human capital costs.

BJECTIVES OF HUMAN RESOURCE ACCOUNTING

e objective of this research is to investigate the principle of Human Resource Accounting, which focuses on the
man resources as an asset from the context of strategic human resource planning. The below are the specific
als:

To study the significance of human resource accounting for smooth functioning of business
rganization.
 To study the value of human resources at different levels of organization.
Provide a human asset review, i.e. when these assets are retained, depleted or valued.
To provide cost-value analysis to management in order to make proper and efficient decisions on
urchasing, allocating, creating, and managing human capital in order to meet cost-effective operational goals.
Attacking the financial consequences of such policies to contribute in the advancement of good human
esources consulting activity.
To provide information to monitor the effectiveness of human resource utilization.
Communicating about the value of an organization's human capital to the organisation and to the
eneral public.
Helping those involved in the human resources returns equal to their value or not.
To provide basis to the future investors in making better decisions about investment in human
esources.

RESENT PRACTICE & CONSEQUENCES OF HR ACCOUNTING

esent accounting practise typically considers all expenses associated with human capital to be of the ‘revenue' kind.
e balance sheets make no mention of ‘human assets.' Both costs paid by the company for human resource
ocurement, preparation, and growth are charged against the income of the applicable accounting period in which
ey are incurred. Accountants claim that the uncertainty of an employee's lifetime makes it impossible to predict the
alisation of potential gains from those expenditures. As a result, those costs should be classified as tax
penditures.
nce there is no separate heading on the balance sheet for “Human Assets” (i.e., human resources), accountants
e not completely ignorant of the reality of the importance of human resources. They implicitly recognise it as
rt of the mechanism of valuing goodwill, along with a number of other considerations.

the case of human resources, current accounting practise typically considers all expenses associated with human
sources as “revenue.”

e consequences of current accounting activity in the area of human resources are multifaceted. Its regulatory and
havioural implications are far too serious to be dismissed lightly.

By charging expenses for human resource procurement, preparation, and growth to the present
period's benefit and loss record, gains are understated or losses are overstated.
By failing to capitalise human resource costs, even though they are significant, assets are hidden and
net worth is understated to that degree.
Accountants build confidential reserves by writing off goodwill while earnings are increasing.
Despite the fact that tangible properties are completely reported under the current system, human
assets are omitted in both internal and external records. As a result, inaccurate assessments and
assumptions are made.
The balance sheet does not include an accurate and equal disclosure of the balance sheet's contents by
not capitalising human resource costs and charging certain expenses of procurement, hiring, and
advancement of human resources to present year benefit and loss report.
Human capital depreciation (or appreciation) is neglected in accounting rules for not valuing human
services. If there had been any effort to consistently calculate and record the "depreciation" or
"appreciation" of human capital, management efficiency would almost surely have improved.

ITERATURE REVIEW

BSTRACT
uman resource accounting is a relatively new concept that is working to gain recognition. Human resources
anagement is an accounting research method, and a wide body of literature has been written in the last decade to
t the different procedures for analysis. Simultaneously, academics have paid close attention to the philosophy and
derlying principles of accounting estimation, resulting in a substantial body of literature.
uman capital are not perceived as tangible or financial properties in traditional accounting. This article conducts a
udy of the literature on the understanding of human resource accounting. Previous research has shown and
scussed different magnitudes associated with valuing human resources. Various models for accounting human
pital have been created to assist in identifying and reporting investments made in an organization's human
sources that are not currently accounted for under traditional accounting law.

NTRODUCTION
uman resource development has recently captured the interest of academics as well as working administrators all
ound the world. However, everyone agrees on the value of this resource in the enterprise as one of the productive
ols for making good managerial decisions. However, accountants' inability to retain important human capital
ntributions outside of an organization's financial records is a significant impediment to impressive management.

e global crisis and economic recession mostly impacted two main fund-generating industries. Within a few months,
mpanies all over the world began to see their jobs as liabilities rather than assets. In this case, the idea of HR
counting is more applicable to the myriad issues that have arisen as a result of the economic downturn. All of the
ganization's operations are run by human resources, so valuing this resource is critical, and transparency about the
luation can be provided to owners, managers, and others through financial statements.
RA is a strategic framework intended to help executive management consider the long-term cost and value
plications of their HR decisions in order to make smarter business decisions. If such accounting is not in place,
anagement runs the risk of making decisions that could increase profits in the short term but have serious
nsequences in the long run. Human Resource Accounting is essentially a database framework that informs
ministrators of developments in the business's human capital over time. It is an effort to recognise and track
vestments in an organization's human resources that are not currently paid for under traditional accounting law.
though the methodology for assessing human capital and progress on the topic is still in its early stages, the subject
s created widespread interest and potential.
e present study is a modest attempt to review and appraise the human resource accounting (HRA) practices in
dia.

ESEARCH METHODOLOGY
e present study is based upon the secondary data.

TUDY OF EXISTING LITERATURE

The first attempt was made by Elias (1976) to establish a foundation for understanding the behavioral
mensions of financial reporting. HRA was discovered to have a significant influence on decision making due to its
havioral effects. It has the ability to have both functional and dysfunctional implications, based on the situation
d style of management. All HR investments were deemed to be for the procurement and management of human
operties and were hence capitalized. It was recommended that sunk costs be included in the company's multiple
alyses.

Fleming (1977) examined the behavioral consequences of publishing an employee value as a balance-sheet
set. A questionnaire-based investigation was carried on teachers and students for the objectives of the research. It
as discovered that 43 percent of faculties and 38 percent of the students disagreed with the argument that putting
dollar figure on human beings is an offence to their integrity, and an equal number of faculty believed that it was
t just an insult but also a means of treating humans as slaves or robots. 85 percent of students were opposed to
e public disclosure of personal information.

Tsay (1977) investigated the importance of internal and external reporting in an organization. By
nsidering some cases, the mutual dependency of measurements and decisions was established, and it was
scovered that internal reporting was relevant to successful decision making.

Stephenson and Franklin (1982) provided a macro level viewpoint on human resource accounting by
viewing various HRA models, which reinforced the realistic ramifications of HRA in terms of actual dollars and
anagement common sense. It was predicted that in the not-too-distant future, most companies would report their
man resources on their balance sheets.

Dawson (1994) investigated the difference among prescriptive and descriptive approaches to the study. 
th methods were found to be helpful, but the prescriptive approach should never be confused with bad quality
scriptive approaches, and although the latter will be avoided, the latter have a prominent function in management
search.

Batra (1996) determined the HRA and internal audit procedures. For the purpose of the analysis, primary
d secondary data were gathered. This research proposed a methodology for calculating the value of these
terprises' human assets and discovered that HR assessment and audit practice could be beneficial in optimizing the
ality of human capital in an evolving business model.

Flamholtz et al. (2002) investigated the term HRA and its consequences for financial resources and
ministrative use. It was discovered that HRA indicates a vehicle for improving management as well as measuring
R.
Dhade (2005) provided a composition outlook on human resource accounting in order to flourish in an
perience and understanding economy. For potential development, businesses should concentrate on intangible
sets such as human capital.
 In a report, Theeke (2005) summarized the views and findings of experts to substantiate the assertion that
e asset approach to human resource accounting has collapsed. The paper proposed a different liability method for
counting for it and reporting human capital.

Vedd & Kouhy (2005) investigated management accountants' roles in strategic human resource
anagement. They came to the conclusion that accountants played a variety of roles, including providing facts and
alyses.

Theeke and Mitchell (2008) attempted to investigate the consequences of the HR liability accounting
radigm. It was discovered that a relationship between a firm's worth and the current value of HR costs tends to
duce asset turnover.

Tracy (2008) aimed at analyzing the styles and adoption of HR strategies, procedures, and initiatives in
nya's hospitality industry that can be related to a firm's overall market plan and help to drive results. It was
clared that a consistent and strong coordination between the overall business strategy and the HR role is needed.

Catasus et al. (2009) investigated the model's components, claims, and formats to quantify the meaning
oviding signals encapsulated in models of reporting for human resources. The article concentrated on the three
rratives of human resource reporting. It was discovered that different sense giving cues/models with an ethical
mension influence the sense giving mechanism.

Mamun (2009) studied the association between organizational characteristics and the degree of Human
source Disclosure in fifty-five Bangladeshi firms. In this analysis, HRAD was found to be strongly linked to company
e, company type, and profitability.

Seth (2009) investigated the idea of human resource accounting. It was discovered that the calculation and
cording of HRA in the Indian economy is on the rise. For assessing the importance of human capital, the majority of
dian businesses and firms have used the Lev & Schwartz model.

Avazzadehfath (2011) examined the effect of human resource accounting knowledge on investment
cisions on the 16th. The original expense approach was discovered to be the most efficient and acceptable method
measuring human resources. Human resource Accounting (HRA) details disclosures in financial reports were found
be significant and had an impact on optimum investment decisions.

Badiyani (2012) provided a short history and models for measuring the value of human resources in
ganizations. It was discovered that an organization's human capital would be seen as an advantage. In the field of
man resource accounting, steady advances have been observed, and new methods and models have been
esented. Various entities were discovered to be using frameworks based on their needs and design.
 Hosseini (2012) investigated the idea of human resource accounting in a study and discovered that the
omotion of human resources and its effect on various areas of organizational activity. The promotion of this capital
as discovered to have a set of competences for applying experience and expertise for producing programed
tcomes.

Pandey (2012) examined the HRA activities of fifty chosen Nifty firms characterized by three years of
ancial reports. It was discovered that only one (ONGC) of India's 50 leading firms conducts HRA. Because intangible
sets, including human resources, are becoming increasingly important, how they are reported is of paramount
portance to a wide range of stakeholders.

Ratti (2012) measured the importance of human capital at various organizational levels and calculated the
man resource productivity quotient using a survey of fifteen companies for human resource assessment. The
search relied on primary results. It was discovered that the importance of human capital was independent of the
mber of people working.

Cherian and Farouq (2013) investigated the connection between HRA and organizational success. An
alysis of reviews in the area of Human Resource Accounting was undertaken. It was discovered that business
ecutives, as well as HR experts, were unable to carry out HRA. Human asset disclosures served as proof of wealth
rmation. It aided in estimating the human resource capital, as well as the value of management growth.

In an analysis undertaken by Bloom and Kamm (2014) the human resources expenses paid by
ganisations according to U. S. accounting standards widely agreed and reflected the effect on the evaluation of
man capital from the Balanced Scorecard and recent literature. The report concluded that senior businesses
derstood the importance of human resources and rewarded their best workers.

Kaur et al. (2014) sought to assess the scope of HRA assessment and monitoring activities in a sample of
dian firms. The study's aim was to analyses these businesses and rate them based on the level of disclosure of HRA
tails in annual reports. The thesis was conducted using an exploratory analysis approach, and secondary data was
thered for this purpose. It was discovered that metrics and documentation are extremely arbitrary, and businesses
e attempting to match available models for HR valuation to their specific needs.

Madhumalathi et al. (2014) described the goals of Human Resource Accounting and the different HRA
odels used to arrive at HR value. It also stressed the use of HRA in different corporate sectors in India. It was
commended that the government, in collaboration with other qualified and accounting organizations around the
orld, take appropriate steps.
 Sharma and Kumar (2014) contrasted the disclosers and procedures of selected public and private sector
nks and discovered that public sector banks reported more knowledge about human resource practices than
vate sector banks. Public sector banks were discovered to be revealing some high-quality human equity data.

Sharma and Lama (2014) highlighted the growth and development made in the field of human resource
counting. Indian businesses became aware of the different benefits of the HRA. The National and International
counting Standards Regulatory Authorities must concentrate on HRA's calculation and reporting aspect and
plement sound standards.

Stanko et al. (2014) investigated the past of human asset accounting as well as its viability in today's
ancial reporting environments. As a substitute for assessment, it was discovered that the implementation of
neral primary as well as secondary human resource disclosures could be used in a firm's sustainable development.

Bullen and Eyler investigated foreign contributions to the world of human resource administration. They
ncluded that HRA has a positive impact on personal growth by overseas assignments. It was proposed that
angible reporting should adopt worldwide trends.

INDINGS FROM THE STUDY

HRA is called the vehicle for improving management and measuring HR.

The Indian Industry calculation and monitoring of HRA is growing.

Human resource accounting (HRA) information disclosures in financial statements were relevant and effect

the optimal investment decisions.

Holding the Lev & Schwartz model for the determination of the worth of human capital was found to have

en mostly adopted by Indian firms and businesses.

Many organisations have encountered various difficulties during the adoption of the HRA.

Organisations strive to fit in the existing model for the assessment of HR in accordance with their own

quirement. For the accessibility of human capital for these places or key roles, the Organizational strategy for

tension, diversification, transition in technical development, etc. must be created. HR accounting proposes changes

the whole business plan, where such workplace is not likely to be available.
 A shift in human capital importance, ability and behaviour may be foreseen, and so interpersonal

anagement approaches change.

ONCLUSION

y organisation which wants to succeed in their profession/occupation in today's business world, have to fraught
th rivalry. HR plays a firm role in an organization's development and progress. HR are valuable assets that vary
om financial assets in that HRA offers useful knowledge on the cost and importance of Human Resources. It
monstrates Human Resource's strengths and weaknesses. HRA assists organisations in placing the right person in
e right position. With the assistance of HRA, an organisation will make the full use of its human resources.

rious models for accounting human resources have been created to assist in identifying and reporting investments
ade in an organization's human resources that are not currently accounted for under traditional accounting law.
counting bodies, federal departments, and regulatory bodies must come forward and issue accounting
commendations to make disclosures more objective and user-friendly.

e HRA concept is still gaining momentum in India, but a start is made. Some companies respect their HR and record
s in their annual report which are -Bharat Heavy Electrical Ltd, Cement Corporation from India, Hindustan Shipyard
d, Engineer India, Oil and Natural Gas Board, Steel Authorship from India, Oil India Ltd, TELCO, etc. are all
mpanies that are responsible for their operational growth. HRA is still on the growing stage for our country, India
be accurate. For its successful implementations, much more study is required

e strategies for calculating workers' investments and managing them economically as capitalised commodities.
ere are some benefits and constraints; The most imaginable word in human resources management is human
source accounting. Human resource accounting help in good strategic planning and to manage human resources. It
ows the organisation to make decisions in the fields of direct recruitment versus promotion, transition vs
tention, restriction vs retention, budgetary monitoring and management, decision-making about the relocation of
isting plants and the creation of subsidiaries in the overseas market, etc.

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