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« ICAI »
 Clarifications on the announcement dated 9th January 2018 on “Exemptions(s) from appearing in a paper(s) or Group of CA exams under the New Scheme of Education and Training w.e.f May 2018 examinations”
 CPE Events 22 January - 27 January 2018
 Revised Standard on Auditing (SA) 720, “The Auditor’s Responsibilities Relating to Other Information”
 ICAI has clarified that there is no error in the results of CA Final examination held in November 2017 declared on Jan. 17,
 Exposure Draft of Appendix C, Uncertainty over Income Tax Treatments to Ind AS 12, Income Taxes
 Group to study how Government Departments deal with non-performing employees and to identify non-performers in ICAI
 Result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 declared.
 Result of the Information Systems Audit [ISA] Assessment Test held on 23rd December 2017 declared.
 Result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 and the ISA-AT held in December 2017 are likely to be declared on Wednesday, the 17th January 2018
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13
 CPE Events 15 January - 20 January 2018

ICAI group on global switch set - CBDT
January, 11th 2010

Central Board of Direct Taxes (CBDT) and accounting rule-maker Institute of Chartered Accountants of India (ICAI) have jointly constituted a study group to identify and address direct tax issues that will affect convergence of Indias accounting standards with International Financial Reporting Standards (IFRS).

With IFRS convergence due for April 2011 and the government coming up with the new Direct Taxes Code (DTC), the suggestions of the study group finds relevance. Many provisions in the DTC need to be amended for a smooth transition to IFRS. The study group will soon send its recommendations to the government for consideration, said an official at the ICAI, who requested not to be named.

According to reports, the finance ministry is looking to introduce the DTC in the forthcoming budget session. Apart from many aspects that are being discussed, one aspect that will particularly come as a hurdle for IFRS convergence is towards tax treatment of mark-tomarket (MTM) provisioning on derivative transactions, he explained.

MTM or fair value accounting assigns a value to a position held in afinancial instrument based on the current fair market price for the financial instrument.

Jamil Khatri, ED, KPMG, says that there is an absence of clarity between IFRS and taxation aspect in the Indian context. There is need to consider the taxation impact of one time IFRS adjustments in the opening balance sheet.

For example, mark-to-market provision on derivatives. Whatever accounting changes are going to happen, which of these changes should flow through from tax deductibility perspective and which are the changes that require any special provision in direct taxes code as a disallowable or non- taxable item until realisation. This question has not been addressed, Mr Khatri had recently said at an IFRS conference.

 
 
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