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
Latest Expert Exchange
General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

Chitale to replace Malegam as accounting standards body chief
January, 24th 2011

The National Advisory Committee on Accounting Standards (Nacas), the country's apex body in this regard, has been re-constituted. M M Chitale, veteran chartered accountant, will take charge as chairman in February from Y H Malegam.

Indian accounting standards are in the process of being tweaked to converge with International Financial Reporting Standards (IFRS). The Institute of Chartered Accountants India (ICAI) has formulated a converged-IFRS , a proposal that will merge the accounting standards to meet the IFRS stipulations and the timeline of their application to Nacas.

The proposal now awaits Nacas nod. Under Malegam, the committee had advised the government to defer implementation of AS-11, an important tax regime, to 2011. This is the accounting standard on mark-to-market provisioning in corporate profit and loss accounts for foreign exchange-related gains and losses. When Business Standard spoke to Chitale, he declined comment on the issue before taking charge.

Chitale has been practising for 38 years and heads an independent CA firm, Mukund M Chitale & Co. He is on the board of many reputed companies, including Larsen & Toubro, Sriram Transport Finance and L&T General Insurance, as an independent director.

Other key members who have joined Nacas with Chitale include P R Ravi Mohan (Reserve Bank of India), Usha Narayayan (executive director, Securities & Exchange Board of India), G Ramaswamy (ICAI) Anil Murarka (Institute of Company Secretaries of India), Brij Mohan Sharma (Institute of Costs and Works Accountants of India), Sarit Jafa (principal director, commercial audit, Comptroller and Auditor-General of India), Sunil Gupta (joint secretary, ministry of finance, nominee of the Central Board of Direct Taxes), Ashok Haldia (Associated Chambers of Commerce and Industry of India), S Santhanakrishnan (Confederation of Indian Industry), Renuka Kumar (joint secretary, ministry of corporate affairs) and a nominee from the Indian Institute of Management, Kolkata.

The new team, with Chitale, will hold office till January 31, 2012.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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