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: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES
 
 
ICAI »
 Constitution of Group for formulating the Detailed Action Plan - Ministry of Corporate Affairs
 CPE Events 20th March - 25th March 2017
 Invitation for contributions to Question Bank in respect of Information System Audit-(Assessment Test (ISA-AT) (New Syllabus)
 Reconstitution of Group for Rohini Land at Delhi
 Group to review the Terms of Reference of Infrastructure Development Committee
 Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May/ June 2017.
 Canada (Toronto) Chapter of ICAI launched helpline for Members interested for getting CPA Canada membership
  Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
  Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 6th March - 11th March 2017
 Group to review for compensation package for employees of the Institute

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