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: ACCOUNTING STANDARD :: cpt :: VAT RATES :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TDS :: due date for vat payment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« ICAI »
 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.
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th December 2016 is likely to be declared on 17th January, 2017.

ICAI: Partnership firms have to abide by AS11
April, 06th 2009

Corporates are now breathing easy with the government deferring compliance with provisioning in their balance sheets of forex losses and gains on mark- to-market basis till 2011, but partnership firms are not as fortunate as they have to abide by this norm.

According to accounting regulator Institute of Chartered Accountants of India, the breather granted in form of postponing implementation of the Accounting Standard 11 will not be applicable to non-corporate bodies like partnership firms as per the notification issued by the government.

"They (non-corporate assessees) will continue showing losses (or gains as may the case) as per Accounting Standard 11," ICAI President Uttam Prakash Agarwal said here.

As per the norms, companies have to mandatorily provide for forex losses and gains on the basis of prevailing market value of their financial assets as per the AS 11.

However, the government has postponed the compliance for the corporates with retrospective effect from December 7, 2006, till 2011.

Companies will have an option to show the forex loss or gain as per AS 11 or Schedule VI of the Companies Act.

In 2011, the country has to converge with the international reporting norms, according to which the companies will have to compulsorily report mark-to-market losses and gains.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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