Podcast Episode 92 7-05 Why do we need ICGI? Intangible Asset
7-05 Why do we need ICGI? Intangible Asset.mp3
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Podcast Episode 92 7-05 Why do we need ICGI? Intangible Asset
Here are 5 key points summarized from the transcript: 1. There’s a shift from accounting to accountability, with challenges in areas like closing stock valuation. 2. The introduction of IAS 38 in 1998 defined intangible assets as non-monetary assets without physical substance, creating challenges for auditors. 3. Intangible assets worth $4.1 trillion were not included in United States statistics, highlighting the scale of the issue.[Corrado and Hulten (2010) estimated of 2007] 4. The valuation and auditing of intangible assets remain a significant problem, as seen in recent cases like SVB and FTX. 5. Large companies in India have substantial intangible assets (around 10,000 crores each), and the Institute of Corporate Governance (ICGI) may be better positioned than auditors to address this issue.
Regards
Jayaraman
#icgi, #ibnbattuta, #marcopolo,
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Podcast Episode 91 7-04 Why do we need ICGI? Chitragupta foremost known Accountant
7-04 ICGI – Chitragupta.mp3
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Podcast Episode 91 7-04 Why do we need ICGI? Chitragupta foremost known Accountant
7-04 Why do we need ICGI? Chitragupta the foremost known Accountant
Here are 5 key points summarized from the transcript: 1. The introduction of computers in banking initially faced resistance from employees due to fear of job loss, but ultimately improved efficiency and expanded services. 2. Technological advancements like computerization have made banking transactions and account information instantly accessible to customers. 3. There are current fears about AI displacing educated professionals, similar to past fears about computers in banking. 4. AI is likely to take over basic data processing and accounting tasks, allowing employees to focus more on accountability and higher-level analysis. 5. I draw a parallel to Chitragupta, the foremost known accountant who records people’s actions, suggesting a shift towards greater accountability in modern accounting practices.
Regards
Jayaraman
#icgi, #ibnbattuta, #marcopolo,
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Podcast Episode 90 Why do we need an ICGI? Resolved by addressing Why do we need an AI?
7-03 Why there is a need for ICGI – AI and HI.mp3
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Podcast Episode 90 Why do we need an ICGI? Resolved by addressing Why do we need an AI?
Why do we need ICGI- resolved by addressing Why do we need an AI
Here are 5 key points summarized from the transcript: 1. I contrast AI (artificial intelligence) with ICGI (Institute of Corporate Governance of India), using analogies to illustrate the difference. 2. AI is described as quantitative, able to perform large-scale tasks quickly but lacking in qualitative judgment. 3. ICGI is presented as qualitative, able to make value-based distinctions and judgments that AI cannot. 4. Historical examples from Ibn Battuta and Marco Polo are used to illustrate the importance of trust, honor, and good governance in business and society. 5. I argue that ICGI is necessary for maintaining sustainable value systems and preventing unethical business practices.
AI is logical, HI is paradoxical. The truth is inevitably paradoxical; it contains opposite values. A dilemma exists because of the truth. That is why the truth is illogical. Truth involves completely opposite values; only then, can it be Truth. ICGI helps to resolve the paradox.
Regards
Jayaraman
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Podcast Episode 89 Why do we need an ICGI? For Accounting to Accountability
7.02 Why we need ICGI – Accounting.mp3
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Podcast Episode 89 Why do we need an ICGI? For Accounting to Accountability
Why do we need ICGI? For Accounting to Accountability
Here are 5 key points summarized from the transcript: 1. The Institute of Corporate Governance of India (ICGI) is needed to move from accounting towards accountability in corporate governance. 2. Cowrie shells were widely used as currency across many regions, including India, from ancient times until around World War I. 3. Modern accounting practices evolved from simple shopkeeper ledgers to more complex systems as businesses grew larger, but the core principles remained transactional. 4. The role of a modern Chief Financial Officer (CFO) is compared to that of a “Gumazda” (accountant) from 2,000 years ago, suggesting that accounting fundamentals have not changed significantly. 5. The transition from cowrie shells to modern currencies took a long time, with attempts to introduce alternatives (like copper coins) often failing to displace cowrie shells initially.
Regards
Jayaraman
#thorheyerdahl, #icgi, #maldives,
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Podcast Episode 88 Why do we need an ICGI – The Institute of Corporate Governance of India?
7-01 ICGI Videos.mp3
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Podcast Episode 88 Why do we need an ICGI – The Institute of Corporate Governance of India?
My mission is to establish the Institute of Corporate Governance of India. Why do we need that? Why do we need. That is a good question.
Because why else DOGE is there in United States, USAID, any number of rules, all that, but we are not able to find out to justify the conduct of the people who have been entrusted with everything. So that’s the reason why the rules express the truth and justify the conduct. That is the ethics.
That ethics is the outcome of ethics as a knowledge base. The knowledge base of who conducts how individuals conduct themselves in a company or the government is the most important factor. That is what is being needed.
That is the need. That is how it is being found out from ICGI. Establishing ICGI based on science.
Regards
Jayaraman
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Podcast Episode 87 Mission Corporate Governance – ICGI – Status Report 17 Feb 2025
ICGI Mission Status and Report.mp3
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Podcast Episode 87 Mission Corporate Governance – ICGI – Status Report 17 Feb 2025M
My mission is to bring in the Institute of Corporate Governance of India under an Act of Parliament. That’s my mission and I have been writing to the Prime Minister, the Finance Minister and the Home Minister. I am very happy about it. Happy in the sense they are the people who govern the country and they have taken my information and have responded very well in terms of sending it to some of the other departments of the government as well as providing me with a status number so that I can always go back.
The interest that they have shown in the Corporate Governance that is, going from accounting to accountability is a very important factor and that is the status as on today. How we eventually come to a fruitful conclusion as the Institute of Corporate Governance of India a separate independent institute is what this status report brings to fore.
My objective is to bring the Institute of Corporate Governance of India under an Act of Parliament. There is a need for it. That is my emphasis.
I have explained a lot of things. So I’m very happy about the Prime Minister, the Finance Minister and the Home Minister to have listened to me so far. My request is that do not leave this ICGI and it is very important.
Here are 5 key points summarizing the transcript: 1. The main mission is to establish the Institute of Corporate Governance of India (ICGI) as an act of Parliament, emphasizing its importance for improving corporate accountability.
2. Two critical areas of focus are i. reducing the cost of consumption for manufacturing companies by working with their suppliers (often MSMEs), and ii. improving investor assurance through governance due diligence for startups and VC funding.
3. I was looking at Prime Minister Modi talking about the textile Industry. I have already done $350 billion in 2030 Analytics for Textile Industry. How to approach that? That is recycling of the waste, the PM mentioned, which is ignored by the textile units.
4. The Union Budget 2025 I praise for focusing on four engines of development: Agriculture, MSMEs, Investment, and Exports. I State ICGI as a mandatory requirement for each and every company. It must come from the government alone. It is non-mandatory as on today for very many companies and I reiterate companies to adopt it right now. I suggest that industries need to actively engage with these initiatives rather than passively receive them.
5. The concept of “Effort per Person” (EPP) is introduced as a key metric for measuring productivity and achieving growth targets, particularly in relation to India’s 2047 economic goals.
This is the sum and substance of ICGI Status Report.
Regards
Jayaraman
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Podcast Episode 86 CorporateMOM Analytics on Union Budget 2025
SUMMARY of the Transcript:
1. The Union Budget 2025 focuses on four key engines of development: agriculture, MSMEs, investments, and exports. 2. The budget introduces several initiatives to boost agriculture, including programs to enhance productivity, promote crop diversification, and improve irrigation. 3. For MSMEs, the budget proposes measures like enhanced credit access, digital transformation, and skill development programs to create a robust ecosystem. 4. The budget emphasizes investment through increased capital expenditure, interest-free loans to states, and a new National Manufacturing Mission. 5. I propose setting ambitious growth targets (15-20% CAGR) for individual companies and monitoring their performance daily, especially in areas like transitioning to a green economy and critical metals production.
I conclude: There should be at least one Think Tank guy within a company as a listening post then you are through because we are not looking at a company, we are looking at about a hundred to two-hundred thousand people within a particular company. So it is going to generate a lot of interaction between the government as well as the companies and make the profitability as the main issue. Growth is the consequent issue. Unless the growth comes of at least about 15%, 20% we cannot meet that 2047 as Viksit Bharat, it is not possible unless everybody puts in the effort. That’s why EPP Effort per Person is a very important issue.
It’s not that somebody is giving you a gift that you put it in your pocket and go away. What I am recommending is the monitoring system by MeRIT – Measure, Record, Implement and Track. This is what National Manufacturing Mission has to look at. That being said in terms of your 15% or 20% CAGR. National Manufacturing Mission must introduce to very many companies, as many companies as they can. I’m here to assist you. That is what I strongly recommend.
Every year one budget comes and goes but this year budget I think is spectacular and I appreciate Nirmala Sitharaman who has done a tremendous job. Reciprocity is expected from the companies for their own good. Buck-up Industry, tell us what Industry Associations in different forms went to FM before the Budget and what did you ask the FM? If given all the gifts you had asked for, it is time you show your commitment.
Regards
Jayaraman
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Podcast Episode 85 ICGI 04-05 – Buck up Big4 Audit Firms FEC Report – Public Assurance
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ICGI 04-05 Buck up Big 4 Audit Firms.mp3
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Podcast Episode 85 ICGI 04-05 – Buck up Big4 Audit Firms FEC Report – Public Assurance
ICGI 04-05 – Buck up Big4 Audit Firms FEC Report – Public Assurance
attrition of ethical values as a constant threat to society
The crucial aspect of corporate management is the acknowledgment, from Socrates to Marc Benioff, of the attrition of ethical values as a constant threat to society. Socrates had to teach the unlearned whereas Benioff has to appeal to the senses of the learned. The learned run far more risks than the unlearned. Merely professing fiduciary responsibility for the society insincerely but not being ready to avow, acknowledge, and assume the ethical responsibility to act upon, prevents a company from progressing forward. [My book extract]
In this context I am giving here a few extracts from my Podcast Episode #47 for this presentation deriving conclusions on the big 4 audit firms.
Buck up Big 4 Audit Firms
Here are 5 key points summarizing the transcript:
1. The “Big Four” audit firms (Deloitte, PwC, EY, KPMG) play a crucial role in accounting, but have been involved in auditing controversies with several high-profile companies. 2. There is an “entanglement” between auditors, bankers, and companies, especially in the startup ecosystem, leading to potential conflicts of interest. 3. Several Indian startups (e.g. Byju’s, Go Mechanic, PhonePe) have faced auditing issues, delays in financial reporting, and valuation markdowns. 4. The transcript criticizes the lack of governance in startups and the role of big investors, suggesting that poor governance leads to forensic audits and valuation markdowns. 5. I argue that India’s experiment with foreign audit firms has failed and call for the Big Four firms to “buck up” and improve their performance and responsibility.
Regards
Jayaraman
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Podcast Episode 84 ICGI 04- 04 – SOS Governance Standards – Governance over Financial performance
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SOS Governance Standards.mp3
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Podcast Episode 84 ICGI 04- 04 – SOS Governance Standards – Governance over Financial performance
Summary
In ICGI Series 4-01 I focused on Empowering Auditors with the emphasis on FEC Report of Auditors – Self Governance. In fact it is Auditing of Auditors.
In ICGI Series 4-02 ESG Audit – I focused on Empowering Auditors with the emphasis on FEC Report of Investee Companies’ ESG Audit. It is indeed Society Assurance. In ICGI Series 4-03 HACCP of Bank Audit I focused on Empowering Auditors with the emphasis on FEC Report of Banks “SOS Governance Standards” approach to integrate P&L, Balance Sheet and RWA BASEL III parameters and provide a common rating system for Banks.
In ICGI 04- 04 – SOS Governance Standards – I highlight the importance of governance over financial performance
1. I emphasize the importance of governance over financial performance when evaluating companies for investment. 2. A framework is presented that includes fiscal responsibility, ethical responsibility, and corporate culture as key elements of corporate governance. 3. A “corporate atomic structure” is with 308 process blocks, of which 296 are qualitative elements and 12 are quantitative elements of management. [Gone up from 200 to 308]. 4. There is a strong emphasis on women’s empowerment, suggesting that women should be given control over the 296 ethical cum co-responsibility factors. 5. I recommend establishing a tracking system for governance standards, focusing on subject-object-self (SOS) governance and measuring, recording, implementing, and tracking fiscal, ethical cum co-responsibilities.
Regards
Jayaraman
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Podcast Episode 83 ICGI 04- 03 – HACCP of Bank Audit FEC Report – Economy Assurances
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ICGI 04 – 03 HACCP of Bank Audit – Economy Assurance.mp3
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Podcast Episode 83 ICGI 04- 03 – HACCP of Bank Audit FEC Report – Economy Assurances
Summary “ICGI 04- 03 – HACCP of Bank Audit FEC Report – Economy Assurances” is about * Jayaraman Iyer sends Narendra Modi a report on HACCP of Bank Audit, emphasizing the need for a “SOS Governance Standards” approach to integrate P&L, Balance Sheet and RWA BASEL III parameters and provide a common rating system for Banks.
ICGI 04- 03 – HACCP of Bank Audit FEC Report – Economy Assurances
In ICGI Series 4-01 I focused on Empowering Auditors with the emphasis on FEC Report of Auditors – Self Governance. In fact it is Auditing of Auditors. In ICGI Series 4-02 ESG Audit – I focused on Empowering Auditors with the emphasis on FEC Report of Investee Companies’ ESG Audit. It is indeed Society Assurance. In ICGI Series 4-03 HACCP of Bank Audit I am focusing on Empowering Auditors with the emphasis on FEC Report of Banks by selectively bringing in 13 CCPs Critical Control Points with the SOS Governance Standards Rating System.
HACCP of Bank Audit is Hazard Analysis of Critical Control Points of the Banks with SBI as the case study. The final Ratings are given for the selected 13 CCPs.
1. I advocate for a “SOS Governance Standards” approach to integrate P&L, Balance Sheet and RWA BASEL III parameters and provide a common rating system that is unique for the Banks to move forward. 2. SOS Governance Standards propose Banks prepare FEC [Fiscal-Ethical-Co-Responsibility] Report covering Economic and Social Development Goals – assuring Economy and the Society. 3. I emphasize the need for a dynamic database to track commitments by MeRIT – Measure, Record, Implement, and Track the CREAM Report – Corporate Governance, Risk Management, Earnings, Accounting Quality and Management Quality with everlasting Metrics, bringing CAGR to CDGR. 4. Hazard Analysis of the CCPs take the banks to several Risk Areas that could be handled well by fiduciary controls that are in essence is enabled by SOS Governance Standards, on a daily basis. 5. SOS Governance Standards suggest dividing large workforces into small teams, with one member focused on ethical responsibility to improve accountability and track performance, of each Branch.
Regards
Jayaraman
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