Journal Administrative Management, Education and Training (JAMET) Citation:

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1 Journal of Administrative Management, Education and Training (JAMET) ISSN: Volume (13), Special Issue (3), 2017, Available online at Citation: H.Shukuhian, S. H.Ashraf, A Study of Human Resource Accounting Practices: Examining The impact of Financial Performance on Human Resource Value in Selected Public Enterprises in India, Journal of Administrative Management, Education and Training, Volume (13), Special Issue (3), 2017, pp

2 A Study of Human Resource Accounting Practices: Examining The impact of Financial Performance on Human Resource Value in Selected Public Enterprises in India H.Shukuhian, S. H.Ashraf ABSTRACT The growth of any business is unconditionally dependent on the skillful deployment of its human resources, which is globally recognized. In the era of knowledge and technology, only those organizations can survive and succeed, which have adequate information about the cost, value and performance of their human resources. It is one of the most important operations for any organization or business and not paying attention to human resources can lose its efficiency in work. Though, the other problem of HR is that in India most of the companies do not recognize it properly, despite of its significant contribution. This research paper is based upon the HRA practices in Indian companies and analyzed empirically the relation between the value of human resource and financial performance. The data used in the study has been collected from the annual reports of nine selected Manufacturing companies for the years to The study analyze the difference between the HRV across selected companies. One Way Variance Analysis was performed to research the difference in HRV of selected INDIAN companies. In the variance analysis(anova) the Games-Howell Post Hoc method was applied in case the result turned out significant. The present study also, intend to examine the relationship between HRV with financial performance components viz. Sales Revenue, Net Profit, Return on Asset, EPS by using multiple regression analysis. Research findings revealed that that Human Resource value of the selected companies have shown a significant difference over the period of study and the differences between the companies were also found significant. Additionally, Net Profit and Sales Revenue have emerged as two factors which have more impact on HRV. Key word: Human Resource value, Human Resource Accounting Practices, Indian Companies, Financial Performance Introduction HRA is the process of recognizing and determining data about HR and communicating this information to interested parties 1. Human Resource Accounting defined as the measurement of the cost and value of the people in the organization 2. In an effort to emphasize the importance of managing the human resources of a company, Likert introduced the concept of human asset accounting 3. The development of HRA came about as a result of an increasing recognition of the importance of human resource in economics, psychology, and management. Human resource accounting involves accounting for people as organizational resources and its development has progressed through several stages. The first stage of development of HRA involved the recognition by academicians that a method to account for HR was needed. The second stage involved development of concepts and models for measuring the cost and value of people as organizational resources. The third stage involved experiments to apply the measurement in actual companies. 59

3 Journal of Administrative Management, Education and Training (JAMET) The fourth stage involved empirical testing of human resource accounting information in a behavioral context. The fifth stage like the third one involved additional experiments to apply human resource accounting technologies to a variety of managerial problems. HRA provides assistance to the employees of the company for improving their performance and bargaining capacity. It provides company as well as employees the awareness about the ratio between their contribution towards the betterment of the concern and the expenditure incurred by the concern on them. Principally with opening Indian economy and further its gradual integration with the world economy, India as an emerging nation, has understood the position of its HR 4. The Human Resource is one of the most neglected aspects of Financial Statement disclosures of corporate entities in India. The managements avoid to disclose the facts about HR, whether they are pleasant or unpleasant facts. HR is more important asset than any other tangible asset because without it other factors of production cannot be utilized. Thus, this feature of the human asset places the human resource at a higher level than the nonhuman assets. Therefore, the investments on HR have become an important factor in accounting systems. Indian companies are working for the existence in the global market, which requires managing themselves effectively for accomplishing corporate superiority in respect of all the factors to production. Indian companies and Changing aspects of HR are different from that of other part of the globe 5. The increased HR costs have converted more apparent in the service industry than in the manufacturing industry, as HR was the leading contributor in the service sector. The strength to contribute the trade unions with the managerial vision of the company accounting for HR is required. The concept of HRA in India is a latest occurrence and is waiting for its acceptance. It has not been introduced so far as an accounting system in India. It has been observed that the Government of India took the initiative way back in 1968, by issuing the guidelines for incorporating the required information in the Annual Reports and financial statement of the Public Sector Enterprises. Many public sector enterprises are disclosing this information as part of the Annual Report. Some of the companies have also ventured to value the HR which they disclose in the Annual Reports. The first time HRA was introduced by BHEL in followed by ONGC in , SAIL in , OIL , and NTPC in After it HPCL, IOCL and other PEs have also adopted this system. Statutory Provisions Regarding Maintenance of Accounts The Companies Act (CA) 1956 and 2013 both requires that Every Balance Sheet of a company shall give a true and fair view of the state of affairs of the company as at the end of the financial year and shall, subject to the provisions of section 128 and 129 of companies act 2013, be in the form set out in Schedule III or as nearby there to as conditions allows or such other form as may be accepted by the Central Government either generally or in any particular case; and for drafting the balance sheet (B/S) due honor shall be given to the overall instructions for drafting of balance sheet as per the description or Notes at the end of that part. The drafting of B/S also requires that every Profit and Loss Account (P&L) of any company must provide true and fair view of the P&L of the company during the accounting period and shall obey with the disclosure necessities as specified in Schedule III of CA, A disclosure of HR must also be in the method of Annexure- III of the director s report in a statement, which may include number of employees, gross remuneration, age, qualifications, designation, experience of the employee, and date of joining and other particulars including last employment held by the employee. The disclosure of specific of employees by companies in fulfillment of statutory requirement was not sufficient to draw any conclusion for their HR s. As the Accounting Standards in India required the Accounting 60

4 Standards (AS) in India are issued under the authority of the Council of the ICAI and that is one of the members of the International Accounting Standards Committee (IASC), it is their duty to ensure that the AS were adopted and used while making Annual report, as covered by their audit reports. AS are mandatory and the extraordinary irony was that they had not formulated any specific AS on measurement and reporting of cost and value of HR s. This is one of the severe limitations of conventional financial statements that hinder the users of these statements. Nondisclosure distorts net profit or loss disclosed by profit and loss account, financial position disclosed by balance sheet and also distorts computation of rate of return on capital employed 4. Objectives of Study The present study attempts: To study the method of Human Resource Accounting in the companies. To investigate the method of Human Resource Accounting used by selected Indian public sector enterprises for measuring the cost and value of employees in organizations. To examine the impact and relationship between HRA practices (Human Resource Value) and Financial Performance in the selected public sector enterprises. Literature review Accountants have recognized the value of human assets for at least 50 years ago. Research into true HRA began in the 1960s by Rensis Likert 6. American Accounting society on HRA defined HRA as the process of identifying, measuring data about human resources and communicating this information to interested parties 1. Human Resource Accounting and disclosure has attracted researchers from all over the globe and accordingly some studies have been conducted on different aspects of Human resources. Several studies have been conducted to show accounting perspective of Human Assets in different parts of the world. Islam, et.al. (2013) 7 said that to understand the needs and the significance of HRA in the context of business performance measurement and to provide suggestions for developing such Accounting practices in our business enterprises revealed that HR are the energies, skills and knowledge of people which are applied to the Production of goods or rendering useful services. Asgari (2013) 8 the main goal of human resource accounting is to describe the potential capacity of the HR in providing a financial report of the organization and Providing economical values of the human resource in order to eliminate the shortcomings traditional accounting. They concluded on ranking results, lack knowledge of managers about HRA is one of the important and essential reasons of implementation and lack of attention to HRA. Edirin Jeroh (2013) 9 examined HRA affects on financial statement analysis and decision making. This study concludes that there is a significant relationship between HRA and the comparability of financial statements in Nigeria. The researcher recommended based on the conclusion that appropriate steps should be taken by regulatory bodies to develop uniform acceptable standards and models for the computation of the value of human asset, such that same can be reflected in the financial statements of companies in Nigeria. Rahaman, et.al. (2013) 10 analyzed the existing models proffered under the HRA were adequately reviewed and objectively criticized, so that more comprehensive could be developed. He concluded that as an employee of an organization will not merely work for a single year, it seems rational to account for employee as an asset in the balance sheet on the ground that they will provide future economic benefit to the entity. Syed, Moududul- Huq (2012) 11 revealed that by the practicing of HRA an organization can be benefited in case of Cost effectiveness, ensuring the best use of human resources, sound & effective basis for human asset control and the productivity of human resources. Bangladesh bank provides guidelines towards to practicing HRA, IASB issues a standard for implementing HRA, then the problems of practicing HRA can alleviate soon and commercial banks in Bangladesh may continue to boost 61

5 Journal of Administrative Management, Education and Training (JAMET) the economy. Avazzadehfath, and Rajashekar (2012) 12 conducted a research on Decision-making based on HRA information and its evaluation model, the outcomes indicate that HRA information disclosure in financial statements is relevant and impact on the optimal investment decisions. Furthermore, other outcomes state that the most appropriate evaluating model of human asset consistent with current status of Iranian organizations and institutions is the original cost model (Historical cost). Saremi and Naghshbandi (2011) 13 conducted survey analysis consist of structure interview, library observation and content analysis. This helped the researcher in analyzing the present situation, the nature of current situations and conditions and interrelationship between the different events and situations. The finding of this study indicates applying in HRA is not used in Iranian companies or we can say that there is no any model of using for human resource evaluation such as present value, opportunity cost, etc. Few HR managers and employees of these companies who were showing more sensitive and attention to HRA information and they knew that this information can be useful in their decision regarding their strategies of their companies. Sharma, et, al. (2011) 14 observed that there is the existence of an inverse relationship between the performance metrics Return on Assets (ROA) of a firm and its level of Human Resource Accounting Disclosure (HRAD). According to researcher this is obvious as ROA indicates a company s overall profitability. This will motivate a company to provide relevant information to investors and stakeholders regarding investment in human capital, which is not reflected on the balance sheet. H.K.Singh and V.Singh (2009) 15 studied HRA practices of Infosys technology limited and its usefulness in HR decision. The researchers conclude that the HRA practice of Infosys technology limited is satisfactory. However, The researchers suggested that Infosys should disclose elements of employees cost, information regarding the inclusion of variables like amortization of human resources, idle time, lock outs, loyalty of employee s etc. They also suggested that as far as possible, rate of discounting future earnings of employees should be kept constant. they suggested few steps to make it more effective. Abeysekera (2008) 16 studied the perspective and context of the political economy of accounting to find out the motivations. Using the model of content analysis, this study examined human capital disclosure practices in annual reports of eleven selected firms in Sri Lanka, a developing nation. All firms interviewed from the sample explore the motivations behind the disclosure practices of firms. Findings revealed that companies use disclosure to reduce tension between firms and their constituents, in the benefit of further capital accumulation. Bailey (1993) 17 contended that HR were frequently underutilized because employees frequently realize them below their maximum potential and that organizational efforts to cause unrestricted effort from employees were likely to provide returns in excess of any relevant costs. He argued that HRM practices can move such unrestricted exertion through their effect over employee s skills and motivation and through organizational structures that provide employees with the capability to control by what means their parts were performed. Tomassini (1977) 18 in his study concluded that HRA cost estimates caused different managerial preferences in the personnel lay off decision context. Flamholtz (1976) 19 carried out an experimental study of the impact of human resource valuation on managerial decision-making. He found significant differences in decisions taken by those who used traditional trait evaluations relative to those who used two types of HRA data. Schwan (1976) 20 studied the effects of human resource cost measures on banker making decision-making. For the purpose of his study, the participants were managers and analysts employed in investment, credit and trust departments of large banks. Schwan found that the inclusion of HRA data in published statements resulted in significantly different ratings of management s preparedness to meet the future challenges and opportunities and statistically 62

6 different predictions of a firms net income. Gambling (1974) 21 suggested a system dynamics approach to human resource accounting considering an organization as a dynamic system with feedbacks. Flamholtz (1971) 22 who defined HRA as the measurement and reporting of the economic value of people in organizational resource. Overall, the HRA can be defined as the process of identifying and measuring data related to human resource for the development and enhancement of the economic value of interested parties associated with corresponding organization. Human Resource is one of the biggest assets of an organization. All these studies were conducted to find out the current practices followed by the Indian organizations for HRA. The studies concluded that very few companies come forward for reporting HRA as it is not compulsory for them to disclose human resources information in their annual reports. The present paper is an attempt to critically review the HRA practices of selected organization and to measure impact and relationship Human Resource Value and Financial Performance in the selected public sector enterprises. Measurement of Human Resources There are several methods developed over a period of time for individuals, groups and for valuation of expense center groups. The lists of the popular methods used all around the world are enlisted in table-1 as under: Table 1. Methods to measure Human Resources For Individuals Value For Group Value For expense Centre Cost Methods Historical Cost method Replacement Cost method Opportunity Cost method Standard Cost method Economic Value Approach Flamholtz's model of determinants of individual value to formal organizations Flamholtz's stochastic rewards valuation model Lev & Schwartz Model Hekimian & Jones Competitive bidding model Skills Inventory Performance Evaluation Assessment of potential Attitude measurements The Likert & Bowers Model Brummet, Flamholtz, & Pyle's economic value model Hermanson's un purchased goodwill model Human organizational dimensions method Source: Vineet Chouhan and Nader Naghshbandi ( 2015). Group Capitalization of Compensation Replacement Cost Valuation Original Cost Valuation Out of the above methods the most common method used by Indian companies is Lev & Schwartz Model which uses the present value of future earnings of the employees. The characteristics of the sample companies are enlisted in table-2 as under: Table 2 shown that out of the five sample companies four were using the Lev & Schwartz model for evaluating their Human resources while one company ONGC is using the present value by discounting the estimated earning which is similar to the Lev & Schwartz model and other company SAIL is using the Lev & Schwartz with refinements as suggested by Flamholtz and Jaggi &Lau. 63

7 Journal of Administrative Management, Education and Training (JAMET) S. No. 1 Company Name Oil and Natural Gas Corporation of India. (ONGC) 2 Bharat Heavy Electricals Limited. (BHEL) 3 Indian Oil Corporation Limited. (IOC) 4 Hindustan Petroleum Corporation Limited. (HPCL) 5 National Thermal Power Corporation Ltd. (NTPC) 6 Bharat Petroleum Corporation Ltd. (BPCL) 7 Hindustan Copper Limited.(HCL) 8 Minerals and Metals Trading Corporation of India Ltd. (MMTC) 9 Steel Authority of India Ltd. (SAIL) Source: Author Table 2. Characteristics of Sample companies ( ) Date of Issue Model used Jaggi & Lev Schwartz model. The present value by discounting the estimated earnings Lev & Schwartz Lev & Schwartz model Lev & Schwartz model Lev & Schwartz model Lev & Schwartz model No. of Employees Operating Profit (Crore) 33,927 77, EPS (R.s) HRV 82, , ,382 33, , ,330 10, , , , ,921 12, , , Lev & Schwartz model 3,252 13, Lev & Schwartz model 1,340 12, , Lev & Schwartz with refinements as suggested by Flamholtz and Jaggi &Lau 85,145 38, ,842 Methodology The research methodology of this study is divided in following points: Source of data: The source of data collection is secondary data which is collected from the 9 companies providing the Human resource information in their annual reports. Certain information has been obtained from the companies websites also. The annual reports for the eight financial years, to , were taken for conducting this study. Sample size: As per the objectives of the research the data were collected from the companies using HRA. Sampling technique: The sampling technique used is convenience sampling. Hypothesis: H01: There is no difference in HRV of selected companies. H11: A significant difference exists between the values of HRV of selected companies. H 02: There is no significant relationship between sales revenue, Net Profit, Return on Asset, EPS and Human Resource value within manufacturing companies. H 12: There is a significant relationship between Sales Revenue, Net Profit, Return on Asset, EPS and Human Resource value within manufacturing companies. 64

8 Data Analysis: As per the research objective of the paper the secondary data were collected from 9 companies. To identify that whether the difference between the selected companies in disclosing human resource value is significant or not, following hypothesis were developed in step first: H01: There is no difference in HRV of selected companies. H11: A significant difference exists between the values of HRV of selected companies. Table 3. ANOVA analysis Descriptive Statistics (HRV) N Mean Std. Deviation Std. Error 95% Confidence Interval for Mean Minimum Maximum Lower Bound Upper Bound ONGC (1) BHEL (2) IOC (3) HPCL (4) NTPC (5) BPCL (6) HCL (7) MMTC (8) SAIL (9) Total ANOVA Sum of Squares df Mean Square F Sig. Between Groups Within Groups Total Source: Author ANOVA on HRV of selected companies have shown a significant main effect of fit level F (89) = , p>.000; which revealed that there is a significant difference in the level of HRV of various companies in the given time horizon. To identify that which pair of the companies has a significant difference in the HRV across the period the pair of companies were made and Games- Howell post hoc test were applied with SPSS 21 software to identify the differences across companies. The results have shown in table-4 as below: 65

9 Table 4. Post Hoc Games-Howell test (1) Multiple Comparisons Dependent Variable: HRV Games-Howell (I) Company (J) Company Mean Difference (I-J) Std. Error Sig. 95% Confidence Interval Lower Bound Upper Bound ONGC (1) BHEL * IOC HPCL * NTPC * BPCL * HCL * MMTC * SAIL * BHEL (2) ONGC * IOC * HPCL NTPC BPCL HCL * MMTC * SAIL ONGC BHEL * IOC (3) HPCL * NTPC * BPCL * HCL * MMTC * SAIL * HPCL (4) ONGC * BHEL IOC * NTPC BPCL HCL * MMTC * SAIL ONGC * BHEL NTPC (5) IOC * HPCL BPCL HCL * MMTC * SAIL BPCL (6) ONGC * BHEL IOC * HPCL NTPC HCL * MMTC * SAIL HCL (7) ONGC * BHEL * IOC * HPCL * NTPC * BPCL * MMTC SAIL * ONGC * BHEL * IOC * MMTC (8) HPCL * NTPC * BPCL * HCL SAIL * SAIL (9) ONGC * BHEL IOC * HPCL NTPC BPCL HCL * MMTC * Source: Author *. The mean difference is significant at the 0.05 level. 66

10 Games-Howell post hoc procedure shows that the means for HRV were significantly different between companies: ONGC vs. BHEL (Mean Difference= ) was significant (p=0.004), ONGC vs. HPCL(Mean Difference= ) was significant (p=0.010), ONGC vs. NTPC (Mean Difference= ) was significant (p=0.010), ONGC vs. BPCL (Mean Difference= ) was significant (p=0.005), ONGC vs. HCL (Mean Difference= ) was significant (p=0.001), ONGC vs. MMTC (Mean Difference= ) was significant (p=0.001), ONGC vs. SAIL (Mean Difference= ) was significant (p=0.006). BHEL vs. IOC (Mean Difference= ) was significant (p=0.000), BHEL vs. HCL (Mean Difference= ) was significant (p=0.000), BHEL vs. MMTC (Mean Difference= ) was significant (p=0.001). IOC vs. HPCL (Mean Difference= ) was significant (p=0.011), IOC vs. NTPC (Mean Difference= ) was significant (p=0.011), IOC vs. BPCL (Mean Difference= ) was significant (p=0.001), IOC vs. HCL (Mean Difference= ) was significant (p=0.000), IOC vs. MMTC (Mean Difference= ) was significant (p=0.000), IOC vs. SAIL (Mean Difference= ) was significant (p=.000). HPCL vs HCL (Mean Difference= ) was significant (p=0.000), HPCL vs MMTC (Mean Difference= ) was significant (p=0.000).ntpc vs. HCL and MMTC (Means Difference= and ) were significant (p=.000 and p=.000). BPCL vs. HCL and MMTC (Means Difference= and ) were significant (p=.001 and p=.001). Shows that a significant group difference exists on the above variables. In the rest of the cases, no significant perceptual difference (p value >.05) has been noticed at the 5% level of significance across the different companies. As per the research objective (to the relationship and impact between HRA and Sales Revenue, Net Profit, Return on Asset, EPS of selected companies of India) of the paper the secondary data related to HRV, Sales Revenue, Net Profit, ROA, EPS were collected from 9 companies. To identify that whether the profitability is dependent upon the HRV and other independent variables, 4 independent variables were included to identify the profitability, subsequently following hypothesis were developed: H 02: There is no significant relationship between sales revenue, Net Profit, Return on Asset, EPS and Human Resource value within manufacturing companies. H 12: There is a significant relationship between Sales Revenue, Net Profit, Return on Asset, EPS and Human Resource value within manufacturing companies. To analyze the data and significant of the hypothesis Multivariate Regression Analysis of were conducted with SPSS-21 software in table-5 as under: Table 5. Multivariate Regression Analysis on dimensions of cultural differences Descriptive Statistics Mean Std. Deviation N HRV ROA Net Profit EPS SR Result of Multiple Regression Analysis treating Sale Revenue, Net Profit, Earning Per Share (EPS), Return on Asset (ROA) as predictors and HRV as criterion variable was shown in Table 6, Table 7 and Table 8.The overall multiple regression model was found to be significant (F = , p<0.0) 67

11 (Refer Table 1) at 5% level of significance. This implies that all the independent variables considered in this multiple regression model are significant in determining HRV. In addition to F Value, significant ANOVA test robustly supported the employment of multiple regression analysis to appreciate the impact of SR, Net Profit, EPS, ROA on HRV. In simple words, it can be said that the multiple regression analysis employed here effectively estimates the degree of influence mentioned factors have in determining HRV. Table 6. ANOVA and F statistics Model Sum of Squares df Mean Square F Sig. 1 Regression b Residual Total a. Dependent Variable: HRV b. Predictors: (Constant), Independent Variables: SR, NetProfit, EPS, ROA The first measurement in the Model Summery (See Table 7) is R which commonly known as the multiple correlation coefficient. Table 7 shows that the multiple correlation coefficient is and it indicates that the relationship between HRV and predictors (SR, Net Profit, EPS, ROA) is strong and positive. Table 7. Model Summary of Multiple Regression Analysis Model R R Square Adjuste d R Square Model Summary b Std. Error of the R Estimate Square Change Statistics F df df2 Change 1 Sig. F Change Change a a. Predictors: (Constant), SR, Net Profit, EPS, ROA b. Dependent Variable: HRV Table 7 also revealed that the value of R-square is simply means that about 76.8% of the variation in HRV is explained by the SR, Net Profit, EPS and ROA as the independent variables and R square value is significant at 1 percent level. Table 8. Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. 95.0% Confidence Interval for B B Std. Error Beta Lower Bound Upper Bound 1 (Constant) ROA Net Profit EPS SR a. Dependent Variable: HRV. (Source: Author) The above regression model coefficient table reports the effect of ROA (b= , p=0.023) is significant and its coefficient is negative indicating that the greater the ROA, the lower the HRV. Among all the four predictors Net Profit with its Beta coefficient value of has 68

12 emerged as the most important factor in predicting HRV. Looking at the p-value of the t-test for Net Profit, It can be observed that this variable statistically significantly predicted HRV. The percentage of EPS (EPS, b=51.606, p=0.304) seems to be unrelated to HRV. This would seem to indicate that the percentage of EPS is not an important factor in predicting HRV. Finally, the percentage of SR (b=.026, p=.017) is significant and its coefficient is POSITIVE indicating that IT is an important factor in predicting HRV. Conclusion For the current study the data of 9 public enterprises were used which revealed that the companies in India were disclosing the HRV in their annual report. For this purpose the Lev & Schwartz model is being used foremost by 9 public companies. Research findings revealed that Human Resource values of the selected companies have shown a significant difference over the period of study and the differences between the companies were also found significant. The finding of the study also, has clearly showed that Net Profit is the most important factor to improve HRV followed by Sale Revenue. Finally the paper uncovers the fact that the HRV of companies is dependent upon two factors viz. Net Profit and Sales Revenue. Thus, this study revealed that HRV mainly depends on profitability of the company. Therefore, we may conclude on the basis of the multiple regression analysis that public enterprise in India tend to increase their HRVwith increase in Net Profit and Sale Revenue. These results could provide guidance for the success of Indian companies. Net Profit and Sale Revenue are shown in this study to be key factors in influencing HRV. Therefore, managers should pay close attention to these factors while taking performing human resource accounting in to Indian companies. References Abeysekera, Motivations behind human capital disclosure in annual reports, Paper presented at the Accounting Forum, American Accounting Association Committee of Accounting for Human Resources, Report of the Committee on Human Resource Accounting. The Accounting review Supplement, 1973; 48. Asgari, M A comparison of Similarities between Iranian and European Organizations in Terms of Lack of Attention to the Human Resources Accounting, International Journal of Academ ic Research in Accounting, Finance and Management, Sciences, 2013; 3(1), Avazzadehfath F. and Raiashekar H., Decision-Making Based on Human Resource Accounting Information and Its Evaluation Method, Asian Journal of Finance and Accounting, (2012); 3(1). Bailey, T. Discretionary effort and the organization of work: Employee participation and work reform. New York: McGraw Hill Bowers, D. G, A review of Rensis Likert's "Improving the Accuracy of P/L Reports and Estimating the Change in Dollar Value of the Human Organization, Michigan Business Review, 1973, 25. Flamholtz, E. G, "A Model for Human Resource Valuation: A Stochastic Process with Service Rewards". The Accounting Review, April 1971; Flamholtz, E. G. "A Model for Human Resource Valuation: A Stochastic Process with Service Rewards". The Accounting Review, April, Flamholtz, E. G. The Impact of Human Resource Valuation on Management Decision: A Laboratory Experiment. Accounting, Organization and Society, 1976; 1, Gambling, T. E. A System Dynamic Approach to Human Resource Accounting. The Accounting Review, 1974; 49(3), H. K. Singh and Vive Singh, Human Resource Accounting Practices in Infosys Technologies Limited- An Evaluation, SMS Varanasi, 2009; V, No 1. Islam, A., Kamruzzaman, Md. & Redwanuzzaman, Md. Human Resource Accounting: Recognition and Disclosure of Accounting Methods & Techniques, Global Journal of Management and Business Research Accounting and Auditing, 2013; 13(3), 1-9. JEROH E., Human Capital Accounting and the Comparability of Financial Statements in Nigeria, The Journal of Accounting and Management, 2013; 3(2) 69

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