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
« ICAI »
 Exposure Draft of Accounting Standard (AS) 109, Financial Instruments (Comments to be received by June 30, 2018)
 Register for Exclusive First Batch of Spanish Language (60 Hours) for ICAI Members and Students at Delhi and Mumbai - 4th June 2018 - Last Date of Enrolment is 21st May 2018
 FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
 SAFA accepts recommendation of the ICAI for forming SAFA Women Empowerment Committee and replicating the digital initiatives of ICAI.
 CPE Events 14th May - 19th May 2018
 Four Weeks Residential Programme to be held from 28th May, 2018 to 24th June, 2018 at Centre of Excellence, Hyderabad for Women Participants only.
 Regarding omission of Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 pertaining to Section 147 (5) (Punishment for Contravention) of the Companies Act 2013
 Be an expert on the panel of Women Entrepreneurship Platform (WEP) of NITI Aayog
 Committee for Capacity Building Members in Practice (CCBMP), ICAI: A publication of E-Book on Quick Insight-2018
 Advisory for the candidates of CA examinations - May 2018
 Examination Announcement - Change of Venue on 13th May, 2018 (for one day only), in Akola City (Maharashtra)

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