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 »
 Committee for Capacity Building of Members in Practice jointly with CPE Committee presents LEAD - A Diversity Support for Women CAs through https://www.cpeicai.org/cpe-qna/
 7 Days’ Residential Programme on Professional Skills Development from 19th August to 25th August, 2018 at Centre of Excellence, Hyderabad.
 Committee for Capacity Building Members in Practice (CCBMP), ICAI: arrangement of the ‘Tax Cloud’ software- A web based ITR & TDS Return Preparation
 Group to examine the Consultative paper on proposed SEBI (Fiduciaries in the Securities Market) (Amendment) Regulations and formulate its comments on the areas affecting the profession
 CPE Events 16th July - 21th July 2018
 Result of the Information Systems Audit [ISA] Assessment Test held on 23rd June 2018 is likely to be declared on 20th July, 2018
  Exposure Draft of Accounting Standard (AS) 19, Employee Benefits (Comments to be received by August 10, 2018)
 Announcement - Unique Document Identification Number (UDIN)
 Exposure Drafts of SA 800(Revised), SA 805(Revised) and SA 810(Revised) for Comments
 CPE Events 9th July - 14th July 2018
  Four Weeks Residential Programme to be held from 25th November, 2018 to 22nd December, 2018 at Centre of Excellence, Hyderabad for Women Participants only.

Retain our audit, regulatory roles: ICAI to Ministry
March, 29th 2014

The Institute of Chartered Accountants of India, the regulator of corporate accounting and audits, is hoping the Union Ministry of Corporate Affairs will acknowledge its current role and accept its recommendations regarding avoidance of certain domain-overlapping functions with those of the proposed National Financial Reporting Authority.

The Union Ministry of Corporate Affairs is yet to notify the relevant provisions and rules related to NFRA under the Companies Act, 2013.

The Ministry has proposed that the National Advisory Committee on Accounting and Auditing Standards (NACAS) be renamed as National Financial Reporting Authority with a mandate to ensure monitoring and compliance of accounting and auditing standards and to oversee quality of service of professionals associated with compliance.

K Raghu, President of ICAI, told Business Line that the institute suggested that it should continue to set the accounting and auditing standards, which could be approved by the NFRA.

Fraud monitoring

The super-regulator should also take action in case of “large-scale” accounting fraud. The regular monitoring of accounting and auditing practices should remain in the domain of ICAI. So far, the ICAI had been formulating and setting the accounting standards.

Similarly, the body with constitutional powers, had been taking actions against its members, who failed to comply with the standards set by the institute. Raghu said the ICAI, in consultation with the Ministry, has planned to introduce IFRS from April 1, 2016.

“Issues of taxation have delayed introduction of IFRS in India. However, in case of consolidated accounts, this problem would not arise”, he explained. The consolidated accounts of the holding company and its subsidiaries — listed or unlisted companies will have to be prepared following the IFRS. The standalone accounts, however, continue to be prepared following the Indian GAAP.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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