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 MCA has issued Circular for extending due date of filing DIR 3 KYC with a fee of Rs. 500 to 5th October 2018 to reactivate the DINs.
 MCA has issued Circular for extending due date of filing DIR 3 KYC with a fee of Rs. 500 to 5th October 2018 to reactivate the DINs.
  CMI &B of ICAI and PHD Chamber are organising GST Conclave on "How to prepare and file Annual Return-GSTR 9 and Divergent Issues & Resolution for Manufacturing, Service & Trading Sector"
 Half-Day Seminar on GST Annual Return, RERA Certificates & Reports and Private Trusts - 22nd September 2018
 Chartered Accountants Firms to get Registration Number in 24 Hours: ICAI
 Board of Studies, ICAI launches Live Virtual Classes for CA Intermediate and Final Students
 Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) before 15th December, 2018
 R.T. Industries & Ors Vs. Income Tax Settlement Commission & Anr.
 Taxation of Non-Residents - Revised (2018)
 Assessment test for Certificate Course on International taxation scheduled on Sunday 14th October, 2018 - 2.00 PM to 5.00 PM.
 Subsidised participation for ICAI members at World Congress of Accountants by Services Export Promotion Council (SEPC)

Finance ministry directed ICAI to set up a committee for IFRS
November, 08th 2010

Barely five months from the final implementation of the IFRS, the finance ministry has directed the apex accounting regulator, Institute of Chartered Accountants of India (ICAI), to set up a committee to harmonise the tax-related issues.

As 1,000-plus companies with networth greater than Rs 1,000 crore converge to the international accounting standard from April 1, 2011, there is still lack of clarity as to how corporate houses would adjust their tax dues as per the new accounting standard. A senior government official told FE that the tax committee of the ICAI has been mandated to clear the air over tax issues. ICAI has begun preparing the report which would be submitted in the next one week, an MCA official said. The official said as India moved towards a completely new accounting standard several issues over tax were bound to come up.

Just like India a similar dilemma is also being played out in the US where comments from various stakeholders are being incorporated, the official said. He added that the government was committed to keep the deadline intact and there was no question of a turnaround.

According to the MCA source the government is also trying to work out how biological assets would be treated in the balance sheets. The issue of biological assets still remain that would mainly apply to rubber manufacturers. We are trying to work out how cattle and trees, which as per IFRS are biological assets, would be valued, he said.

He added that even if a tentative time period is taken for the survival of the asset, tax would have to be then adjusted backwards. The problem is what happens if there is a flood or some other natural calamity. How do you adjust that, a source said.

In the run up to the final convergence of IFRS several tax related issues have sprung up. For instance it is unclear how financial instruments would be treated. So far under the Indian GAAP companies were not required to account for their derivatives since they were unrealised. Once the IFRS gets implemented companies would be required to record unrealised gains as well, said Sandip Khetan, director (accounting advisory services) KPMG.

Apart from that historically expenses relating to employee training and feasibility studies conducted by companies were capitalised, but now they would have to be reflected in the profit & loss account as cost. There are several issues for which the government would have to clarify. There has to be framework in place for smooth convergence, which so far has not happened, Khetan said

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