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: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
« ICAI »
 ICAI - PIOB Joint Stakeholders’ Conclave on the theme “Global Audit Oversight: Reconciling Perception Gap” on 9th February 2017, New Delhi
 May 2017 CA Examinations
 Exposure Draft of Recognition of Deferred Tax Assets for Unrealised Losses (Amendments in Ind AS 12, Income taxes) (January 2017).
 Formatin of Group to suggest norms for making Cooptions in non-standing Committees
 Constiuttion of a Group for creation of Ombudsman and formulating Whistle Blower Policy
 Result Notification Final - Nov 2016
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 declared.
 Result Notification - CPT December 2016
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 declared.
 Annual Improvements to IFRS® Standards 2015–2017 Cycle
  Result of the Chartered Accountants Final Examination held in November 2016 and Common Proficiency Test (CPT) held in December 2016 are likely to be declared on Tuesday, the 17th January 2017.

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 2017 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