Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD
 
 
« ICAI »
 Change in the date of Holiday on the occasion of Milad-Un-Nabi or Id-E-Milad.
 ICAI submits Pre-Budget Memoranda-2017
 Clarification - Fake Audio Clip in circulation under the name of President, ICAI.
 Examination dates of Certificate Course on Forex and Treasury Management conducted by Committee on Financial Markets and Investors Protection on 21st and 22nd January, 2017
  Syllabus for the Limited Insolvency Examination on 31st December, 2016 to become Insolvency Professional
 Extension of last date for submission of application forms for Information Systems Audit-Assessment Test (ISA-AT), upto 10th December 2016.
 Four Weeks Residential Programme to be held from 28th January, 2017 to 24th February, 2017 at Centre of Excellence, Hyderabad for Women Participants only.
 CPE Events 5th December - 10th December 2016
 Here's how your employer can help you save tax
 Introduction of facility for online submission of requests for issue of duplicate mark sheets/pass certificates.
 ICAI invites suggestions on revised Model GST Law

ICAI is not satisfied with RBI, To move on restructuring loans
March, 18th 2009

Says it will have implications for auditing work

The Institute of Chartered Accountants of India (ICAI), which frames accounting standards for the country, has opposed a proposal of the Reserve Bank of India (RBI) to relax the provisioning norms for non-performing assets (NPAs).

According to the proposal, commercial banks need not classify a non-serviced loan under NPAs if the borrower has submitted an application for restructuring the package before March 31, 2009.

By such treatment no NPAs would be reflected on the balance sheet of banks till December 31, 2009, said Uttam Prakash Agarwal, president of ICAI. This would have implications for the auditing standards to be followed by the auditors while giving their opinion on the quality of assets shown in the banks balance sheets, added Agarwal.

On February 4, the RBI had sent out a circular which said that since a large number of accounts were required to be restructured, it would not be possible to take up all such accounts for restructuring by January 31, 2009. Therefore, it extended the date to March 31.

By simple receipt of restructuring package application, the RBI had said, the package would be put in place within 120 days and all such accounts treated as standard assets.

ICAI has already told the RBI, the Comptroller and Auditor General of India and finance ministry about its concern. The issue is expected to be deliberated in the Auditing and Assurance Standards Board meeting on March 24.

The Institute has also expressed its opposition to the managerial autonomy of public sector banks in appointment of auditor. It wants these appointments to be done by the RBI. The present system has the potential to undermine audit independence, said Agarwal, calling for going back to the earlier system of centralised appointment of auditors.

According to Agarwal, for more than two decades, the RBI had been doing the allocation of bank audits and this procedure had been working quite satisfactorily.

Stressing the need for strengthening the mechanism to promote such independence, he said the government and the RBI should not experiment with a tried and tested method in the name of liberalisation.

The Institute has also called for giving ample time and practical deadlines to auditors for conducting bank branch statutory audit. The banks put pressure on auditors to complete the audit by April 7 or 8 every year, said Agarwal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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