Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: empanelment :: VAT Audit :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
 
 
« ICAI »
 Invitation for expression of interest from Social Media Networking Service providers/online marketing solution providers for providing social media solution/ online marketing solutions for publicizing the contents/ activities/other works of the Career Counselling Sub-group under BOS, ICAI by 25th August, 2017.
 Educational Material on Ind AS 16, Property, Plant and Equipment
 The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 15th August, 2017 to 25th August, 2017.
 Empanelment of Members to act as Observers at The Examination Centres for The Chartered Accountants Examinations November / December 2017.
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2016-17
 December, 2017 - Common Proficiency Test (CPT)
 Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in May 2017 declared.
 Result of the International Taxation - Assessment Test held in May 2017 declared.
 President's Message - August 2017
 Result of the International Taxation - Assessment Test held in May 2017 is likely to be declared on 1st August 2017.

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 2017 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