Ques 1

What is Contemporary Accounting ? What are

its Area?
A method of accounting that defines a company’s financial position as the ability of that
enterprise to adapt to a changing environment; it permits the recognition of general price
level changes. Although favoured by some academics, practitioners have shown little interest.

1. Human Resource Accounting : Human resource accounting is an area of contemporary

Accounting. It is the art of valuing, recording and presenting systematically the worth of
Human resource in the books of Account.

Ques 1 1
 2. Corporate Social Responsibility : Corporate Social Reporting is management concept
whereby the companies integrate social and environment concerns in their business
operations and interactions with the stakeholder. Corporate social reporting is generally
understand as binary the way through which a company achieves a balance of

Social

economic

environmental aspects

Which is also known as triple bottom line Approach(TBL)

3. Price level accounting : Price level accounting is a type of accounting strategy that
seeks to allow for the impact of change in the value of asset. it is a system maintain
accounts in which all items of financial statements are recorded at current values. It
ascertain profit and loss, present financial position of business on the basis of current
prices.

4. Value added Reporting : Value added reporting is the wealth that the company has been
able to create by its own, through its employees effort during an accounting period.
Value added statement is regarded as a part of social responsibility accounting which
states that a income earned by a larger group of stakeholders; all the providers of capital
+ employee and the government.

5. Forensic Accounting : Forensic Accounting refers to strategic approach, whereby the

financial date and non financial information are gathered,monitor, studied and analysed
for fraud prevention purpose while the standard accountant focus on balancing books,
whereas forensic accountant investigate the financial activity for the evidence of
misconduct.

6. Environmental Accounting
: Economic accounting is taken to mean the identification and reporting of environment
specific cost such liability cost and waste disposal cost environmental accounting is a
method of recording environmental element and includs:

Ques 1 2
 a. Valuation of natural resources

b. Measuring income

c. keeping the records of related costs.

7. Web based reporting : There are two sources to obtain the corporate information i.e.
primarly and secondary information sources.

a. Primary Information Source : It includes”firms as an information provide” . Firms

was traditional as well as innovative instruments to spread the information.
Traditional instruments like prospectus, magazines annual reports etc. Where as
internet is the example of innovative instrument used by the firm to spread the
information.

b. Secondary Information Source : It is the third party source. These outsiders plays
a critical and expanding role in the distribution of information. It can be classified
into two groups:

i. Content Providers

ii. Content Enhances

used by company to present information.

Ques 1 3