Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: due date for vat payment :: form 3cd :: articles on VAT and GST in India :: TDS :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARDS
 
 
« ICAI »
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law
 Guidance Note on Reports in Company Prospectuses (Revised 2016) issued by the Auditing and Assurance Standards Board
 President's Message - December 2016
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 6
 Announcement regarding registration as an Insolvency Professional with the Indian Institute of Insolvency Professionals of ICAI
 CPE Events 28th November - 3th November 2016
 Admit Cards for CPT December 2016 Examination
 Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2016 [Last Date - 7th December, 2016]
  MCA Announcement - To avoid Last Minutes rush please file the Financial Statements and Annual Returns at the earliest.
 CPE Events 21th November - 26th November 2016

ICAI mulls sector-specific accounting norms
October, 06th 2009

Expects the recommendations to be ready by early next year.

The Institute of Chartered Accountants of India (ICAI) is planning to introduce sector-specific accounting standards to bring in more transparency in handling corporate accounts. ICAIs Committee for Members in the Industry (CMII) has already formed three groups in sectors such as insurance, retail and hospitality and is in the process of forming another 19 groups representing various industrial segments to recommend such additional standards.

The major sectors where ICAI intends to focus now are banking, BPO, construction, education, fertilisers, petrochemicals, power, shipping, telecommunications, tourism and oil and gas exploration.

Currently, all audits are carried out according to the general 32 accounting standards prescribed by the institution. The new move is expected to result in more mandatory disclosures from the companies.

We are thinking of more standards. We have 32 standards on the basis we do the auditing. We want more disclosures and transparency, resulting in more information to the stakeholder.

Today, some standards, for instance the number of settlement claims to be recorded by the insurance player, may not be applicable for others. So, we have industry-specific groups that are looking into the possibilities of suggesting new norms to ensure more disclosure, ICAI President Uttam Prakash Agarwal told Business Standard.

The groups will be asked to study all accounting and auditing issues related to the specific sectors. The groups will also look into the impact of various central government initiatives and make practical suggestions on each of these.

There are lots of Bills coming up for legislation. These include direct tax code, GST, LLP, IFRS, Companies Bill, among others. The groups will give their views on each of these Bills and its impact on specific sectors of the industry, Agarwal said.

ICAI expects the recommendations of the groups to be ready by early next year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions