Announcement regarding Appointment of Consultant for Accounting and Advisory Services for Implementation of Ind AS
December, 22nd 2015
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an act of Parliament)
ICAI Bhawan, A-29, Sector 62, NOIDA 201 309, Uttar Pradesh.
Tel : 0120 3876851; Email : firstname.lastname@example.org; email@example.com;
(APPOINTMENT OF CONSULTANT FOR
ACCOUNTING & ADVISORY SERVICES FOR
IMPLEMENTATION OF Ind AS).
The Institute of Chartered Accountants of India (ICAI) invites QUOTATIONS from
Chartered Accountants/Firms of Chartered Accountants for the following mentioned
Description of work/services
APPOINTMENT OF CONSULTANT FOR ACCOUNTING AND
ADVISORY SERVICES FOR IMPLEMENTATION OF Ind AS.
LOCATION : The Institute of Chartered Accountants of India
A-29, Sector-62, Noida Uttar Pradesh- 201309
CONTRACT PERIOD : One year from the date of award of the
Last date for Pre-quote : 15.01.2016 till 17.30 hours
Last date & time for : 21.01.2016 till 15.00 hours
submission of quote
Contact Person & : CA. Savita Singhal,
Venue for submission Assistant Secretary (Accounts)
of Quote ICAI Bhawan, A-29,
Administrative Block Sector 62,
NOIDA 201 309
Uttar Pradesh, Ph No: 0120-3876854
Quotation Submission : Quotation should be submitted in two
Mode separate sealed covers one technical quote covering
profile and experience and another financial quote.
Since the transition to Ind AS is effective from 01.04.2015, The Institute of Chartered
Accountants of India needs assistance from an experienced and competent consultant in
preparation of financial statements for the year 2015-16.
Considering this, ICAI has defined the scope of work under this assignment to ensure smooth
transition to the newly notified accounting standards with all amendments applicable for the
Financial Statements covered under this contract :-
SCOPE OF WORK
ASSISTANCE IN PREPARATION OF HALF YEARLY AND ANNUAL FINANCIAL
STATEMENTS FOR FINANCIAL YEAR 2015-16
1. Preparation of financial statements for the period ending September 30, 2015 and
annual financial statements for the year ending March 31, 2016, with comparatives.
2. Identification of current accounting treatments not consistent with Ind AS.
3. TALLY/ERP Compatibility with Ind AS vis-à-vis existing accounting treatments.
4. Assist in preparing consolidated financial statements for the period ending September
30, 2015 and March 31, 2016 for sister concerns XBRL India and ICAI ARF,
5. Comprehensive training to ICAI officials on Ind AS
1. Deliverables, Timeline, Payment Terms and Invoicing procedures:-
1.1. Deliverables : As per Scope of work.
1.2. Timeline and Payment Term :
I. The ICAI shall pay to the Consultant, during the term of the contract, the amount
due, calculated according to the rates of payment set and in accordance with other
provisions hereof. No other payments shall be due from ICAI unless specifically
provided for in this contract. All payments will be made in accordance with the
terms hereinafter described.
II. Total of Professional Fees as quoted plus the Service Tax thereon at actual rate,
payable to the Consultant shall be Rs._______ (rupees _________ only), which
shall be the total Contract Value under this Contract.
III. The invoice for Assistance in preparation of Half yearly and annual financial
statements for FY 2015-16 may be raised as tabled below :-
Sl.no. Stages Timeline (Days) Payment Term
1 On completion of half- As per mutually agreed 30% of total cost of
yearly financial statements timeline. Fees
& Submission of half yearly
report duly signed on the
observation under this stage
for period ending
2 Training to ICAI Officials. within 05 days from the 10% of total cost of
date of completion of Fees.
half yearly Financial
3 On completion of financial As per mutually agreed 30% of total cost of
statements for the year timeline. Fees
4 Tally/ERP compatibility To be submitted with
Report. half-yearly and annual
5 Training to ICAI Officials. Within 05 days from 10% of total cost of
the date of completion Fees.
of Annual Financial
6 Submission of annual report Within 10 days from 20% of total cost of
duly signed on the the date of completion Fees.
observation under this stage of Annual Financial
and suggestion on way Statements.
1.3 Manner of payment
I. All payments due to Consultant shall be made by the Institute at Consultant
designated bank. All bank charges, if any, will be to the Consultant account. To
enable the ICAI to arrange e-remittance, the Consultant must provide his bank
account details viz. Bank Account no., IFSC Code, beneficiary address and PAN
II. Payment of any invoice shall not prejudice the right of ICAI to question the
validity of any charges therein, provided ICAI within one year after the date of
payment shall make and deliver to Consultant written notice of objection to any
item or items, the validity of which ICAI question.
III. Consultant shall submit all invoices to ICAI address duly super scribed Original "
alongwith the PAN no. and service tax registration no. of the Consultant.
IV. Payment of invoices, if undisputed, shall be made within 30 days following the
date of receipt of invoice by ICAI after deduction of tax at source as per