Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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 :: TDS :: VAT Audit :: cpt :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS
« ICAI »
  Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Information Technology Test
 CPE Events 19th March - 24th March 2018
 Advertisement for Invitining Consultants to Work With ICAI Accounting Research Foundation on Research Projects (in Chennai)
 Question Bank on IBBI Limited Insolvency Examination
 Here's how you can fix it Made a mistake while filing tax returns?
 Government Nomination on the Bench II and Bench III of the Disciplinary Committee Bench II and III
 Stringent Action Against Adoption of Unfair Means
 Guidance Note on Audit of Banks 2018 edition issued by the Auditing and Assurance Standards Board
 Assessment Test of the Certificate Course on International Taxation organized by the Committee on International Taxation of ICAI -15th April, 2018 (Sunday)
 Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits
  Group to Study the Amendments Proposed by the High Level Committee set up by the MCA

ICAI's final report on pol parties' accounting format in 15 days
January, 28th 2011

The Institute of Chartered Accountants of India (ICAI) would be giving its final report on the accounting format for political parties to the Election Commission of India (ECI) in a fortnight. ICAI has already given its draft report to the ECI. It is worth mentioning the Election Commission of India has approached the Institute of Chartered Accountants of India (ICAI) to frame accounting formats exclusively meant for political parties.

In an interaction with Business Standard, ICAI President Amarjit Chopra who was in the city said, The accounting format once made mandatory, is expected to bring in more financial accountability of political parties and moreover it will bring in a culture of transparency. Corporate funding is one of the major sources of income for political parties to carry out their activities, including election campaigns. According to me, funding to political parties should be treated as expenditure in order to increase transparency in financial statements.

He added, the ECI has entrusted us with the responsibility of formulating the guidelines as the Commission wants the accounting standards and auditing and assurance standards adopted by us to be made applicable to the accounts and audits of the political parties as well. He added, Many companies direct the funds by creating trust and finally handing over the money to political parties through trust. The new format will check the black money. He also recommended rotation of auditors for accounts of political parties.

On being asked about the implementation of the International Financial Reporting Standards (IFRS), originally scheduled for April 1, 2011, Chopra said, We have already made its submission, including 35 standards regarding this, to the National Advisory Committee on Accounting Standards and to the Ministry of Corporate Affairs, which is yet to be notified.

He said the industry bodies, which are now seeking more time, were part of the consultations throughout, as were the 300-odd companies that are supposed to implement IFRS in Phase-I. He also informed, ICAI has hosted a number of national seminars on the new legislations in taxation and corporate accounting at various locations to impart knowledge to its members. He mentioned, Already 45,000 members have attended these seminars, and 2,700 members have been given certificate related to IFRS.The adaptability (of the chartered accountants) for the new legislation is not an issue at present. This would require a change in the mindset of the accountants from a traditional, historical cost-based accounting to a fair-value business accounting.

He informed, IFRS will be rolled out in a phased manner with only those companies which have an annual turnover of Rs 1,000 crore or more falling under the purview of IFRS in the first phase. Companies having a turnover less than Rs 500 crore would be kept outside the purview of IFRS.

He said, ICAI has proposed to set up a Centre for Excellence in Bangalore, Jaipur, Aurangbad and Mohali (Punjab). While land has already been acquired in Bangalore and Jaipur, it is yet to be acquired in Aurangabad and Mohali.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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