Human Resource Accounting: Cost-Value Information for Making Managerial Decision

Abstract

Now the day’s as commercial enterprises developed, the proportion of transactions increased and with this there came many changes from time to time in accounting procedure. In any type of business two types of resources are used; active resources and inactiveresources. Human resource is called as active resource as it uses the other non active resource and makes it possible to the best utilization of that inactive resource. We also know that in modern manufacturing environment the quantity of human resource has been reduced up to a great extent but still without a minimum quantity and quality of human resource, a business cannot be operated. Hence, the human resource will always have an upper hand over the other inactive resources. As the HRA is compulsory neither under the Companies Act, 1956 nor under the Accounting Standards, this paper is an attempt to explore prevailing practices of HRA in Oil & Natural Gas Corporation Ltd. by applying Lev & Schwartz model.