Accounting and Auditing Update June 2014

Accounting and Auditing Update June 2014

The June 2014 edition of the Accounting and Auditing Update focuses on the pharmaceutical sector and provides insights into accounting issues faced by the sector through a series of articles.

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We highlight diversity that exists in practice for the capitalisation of the R&D costs and provide a perspective on the intent of standard setters in this area. We also highlight the history and evolution of price control in India for pharmaceuticals and provide some perspective into the accounting and reporting challenges arising out of the Supreme Court decision on how price control guidelines should operate. We also examine some of the reporting challenges and considerations associated with product recalls. We conclude our pharmaceutical sector series of articles by highlighting an area of current controversy from a tax and compliance perspective relating to provision of freebies to medical practitioners.

© 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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