CA Final Financial Reporting Chapter 10 Unit 5 CA. Susheel Bhandari

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1 CA Final Financial Reporting Chapter 10 Unit 5 CA. Susheel Bhandari

2 To understand the importance and necessity of Human Resource To understand the reporting of Human Resource in Financial Statements

3 At the same time, we can not undermine the importance of Human Resource which actually makes these machines run. We can not imagine the business world without the machines (FIXED ASSETS)

4 One of the most valuable property. Success, to a great extent, is dependant upon quality, caliber & character of the people working in it.

5 Lack of a generally accepted system to value & record this asset of immense importance Very Unfortunate. More attention towards non living resources Can not be covered under AS 26 as there is lack of control over the Human Resource.

6 Expenses on human resource are (unfortunately) charged to revenue instead of being treated as investment to be amortised over the economic service life. Can we accept the Balance Sheet as True & Fair, without Human i.e. Living Assets?

7 The composition and proportion of various type of employees play an important role in development of an organisation.

8 The American Accounting Society Committee on human resource accounting "the process of identifying and measuring data about human resources and communicating this information to interested parties".

9 Valuation of human resources Recording the valuation in the books of account Disclosure of information in financial statements of business

10

11 Cost based models Economic value models

12 Historical Cost Model --- R. Likert Model (1967) Replacement Cost Model --- Flamholtz Model (1973) Standard Cost Model --- (David Waston)

13 Historical Cost Model --- R. Likert Model (1967)

14 Capitalisation of all costs related with making an employee ready for providing service i.e. recruitment, training and developing Amortisation over the expected length of service of individual employee The unamortised cost - as an asset, investment in human assets Expiry of Human Asset

15 Simple to understand and easy to work Follows the traditional accounting concept of matching cost with revenue Provides basis for valuing firm's returns on its investment on human resources

16 Ignores the future expected costs to be incurred for maintenance of human assets Sunk costs and are irrelevant for decision making Considers only part of acquisition cost of employees difficult to estimate the service life of the human resource

17 The value of human asset according to this method goes on decreasing every year due to amortisation. However, in reality the value of human asset increases overtime on account of people gaining experience. distorts the value of highly skilled human resources because skilled employees require less training and therefore, according to this model, will be valued at lesser cost

18 Replacement Cost Model --- Flamholtz (1973)

19 values human resources at their present replacement cost two different concepts of replacement cost Individual Replacement Cost Positional Replacement Cost

20 Incorporates the current value of the firm's human resources - more realistic as compared to historical cost approach Takes into account individual skills of each employee - more accurate valuation

21 Variance with conventional accounting practice of valuing assets at historical costs Impossible to ascertain correct replacement cost of existing human resources, since there can be no complete replacement for them Lack of objective way for determination of replacement cost Creeping in of personal prejudices or bias

22 Standard Cost Model --- Davis Waston

23 Standard cost of recruiting, training and developing per grade of employee is determined year after year. The standard cost so arrived at for all human beings employed in the organisation is the value of human resource.

24 Opportunity Cost Model --- Hekimian & Jones (1967) Stochastic Process with Service Rewards Model --- Flamholtz (1971) Valuation on Group Basis --- Jaggi & Lau Present Value Approach --- Lev & Schwartz (1971)

25 Opportunity Cost Model --- Hekimian & Jones (1967)

26 Alternative use of Employee No alternative use - No value Excludes those types of employees who can be hired readily from outside Competitive bidding for the scarce employees of the organisation

27 Bidding Process - More optimal allocation of human resource of the organisation Quantitative base for planning, evaluating and developing human assets of the firm

28 Narrowed down the concept of opportunity cost by restricting it to the next best use of the employee within the same organisation. Excludes employees who are not scarce or are not being bid by the other department.

29 Results in lowering morale and productivity of the employees, who are not covered by the competitive bidding process Expert in a particular area - useless for another department

30 Stochastic Process with Service Rewards --- Flamholtz (1971)

31 Determination of an individual's value by the services he is expected to render. Considers the movement of an individual through a set of mutually exclusive organisational roles or service states during a time interval

32 Determination of monetary equivalents of services of the individuals Discounting the monetary equivalent of expected future services - Present value of human capital.

33 It considers the change in the position and roles of the employees that may occur during their service life It considers future benefits to be derived from human asset rather than considering sunk historical costs.

34 Difficult to estimate probabilities of likely service status of each employee Determining the monetary equivalents of service status is very difficult and costly affair It restricts the analysis to an individual & ignores the added value elements of individuals operating as group

35 Valuation on Group basis --- Jaggi & Lau

36 Proper valuation of human resources - impossible unless the contributions of individuals as a group are taken into consideration

37 This model attempts to calculate the present value of all existing employees in each rank in the manner given below:

38 Ascertain the number of employees in each rank Estimate the probability that an employee will be in his rank within the organisation or will be terminated or promoted in the next period Ascertain the economic value of an employee in a specified rank during each time period. The present value of existing employees in each rank is obtained by multiplying the above 3 factors and applying an appropriate discount rate.

39 Difficult to predict an individual's expected service tenure in the organisation but on a group basis it is relatively easy to estimate the % of people in a group likely to leave the organisation in future Considers the added value element of an individual operating as a group

40 Ignores the exceptional qualities of certain skilled employees The performance of a group may be seriously affected in the case of exit of a single individual

41 Present Value Approach --- Lev & Schwartz (1971)

42 Determination of value of Human Resources according to their present value to the organisation Developed by Lev and Schwartz

43 All employees are classified in specific groups according to their age and skill. Average annual earning is determined for various ranges of age. The total earnings that each group will get upto the retirement age are calculated. The total earnings calculated as above are discounted at the rate of cost of capital. The value thus arrived at will be the value of human resources / assets.

44 The following formula has been suggested for calculating the value of an employee according to this method. Where, V r = the value of an individual r years old I (t) = the individual's annual earnings upto the date of retirement t = retirement age r = present age of employee R = discount rate

45 Considers the time value of money Considers future expected earnings

46 A person's value to an organisation is not entirely determined by the salary paid to him Salary does not remain constant over a period of time - change in response to the social, political and economic conditions No accuracy and precision

47 Ignores the possibility that an individual may leave the organisation for reasons other than death or retirement Does not take into account the changes which people make during their career from one role to another, even in the same organisation. Ignores other considerations such as seniority, bargaining capacity, skill, experience etc of employees.

48

49 PROBLEMS IN HUMAN RESOURCE ACCOUNTING (Nov Marks) Human beings cannot be owned like other physical assets. They therefore, cannot command any specific value. People are sensitive to value others place on them. A machine never reacts to an over or under-valuation of its capacity, but an employee will certainly react to such distortion.

50 Tax laws do not recognise human being as assets. Hence human resources accounting remains merely a theoretical concept. There is no generally accepted model for valuation of human resources. The mode of presentation has also yet to be codified. The valuation of human resource depends on large number of abstract factors not measurable in precise monetary terms. Hence, the valuation lacks objectivity and preciseness.

51 Progress made by India in the field of Human Resource Accounting : (May 2004) Human resource accounting can be defined as the process of identifying, measuring and communicating information about human resources in financial statements in order to facilitate effective management. Human resource accounting is a recent phenomenon in India. Leading public sector units like OIL, BHEL, NTPC, MMTC and SAIL etc. have started reporting Human Resources in their annual reports as additional information. The Indian Companies basically adopted the model of human resource valuation as advocated by Lev and Schwartz (1971). Indian Companies focused their attention on the present value of employee earning as a measure of their human capital. However, the Indian Companies have suitably modified the Lev and Schwartz model to suit their individual circumstances.

52 Growing scope of human capital reporting: (May 2005) Of late there is a growing trend of shift from the traditional focus on financial reporting of quantifiable resources (which can be measured in monetary terms) to a more comprehensive approach of reporting under which human resources are also considered as measurable assets. Having followed the methods of accounting of fixed assets, one can take into account the employee-related costs like costs of recruitment, training and orientation of employees, for the purpose of capitalization and then the appropriate portion thereof can be amortised each year over the estimated years of effect of such costs.

53 Growing scope of human capital reporting: (May 2005) The relevance of human resource information lies in the fact that it concerns organizational changes in the firm s human resources. The ratio of human to non-human capital indicates the degree of labour intensity of an organization. Comparison of the specific values of human capital based on the organisation s scales of wages and salaries with the general industry standards, can be a good source of information to the management. There is no standard human capital reporting format as employment reporting is relatively a new form of reporting. Usually, the report inter alia contains data pertaining to employee numbers, employment and training policies, collective bargaining arrangements, industrial disputes, pension and pay arrangement and disabled employee numbers.

54 Growing scope of human capital reporting: (May 2005) Human capital reporting provides scope for planning and decision-making in relation to proper manpower planning. Also, such reporting can bring out the effect of various rules, procedures and incentives relating to work force, and in turn, can act as an eye opener for modifications of existing statutes, laws and the like.

55 Recognition of most important asset i.e. Human Asset Valuation of Human Resource Future ahead of Human Resource Reporting

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