Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: empanelment :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
 
 
News Headlines »
 Tax Return Preparer (Amendment) Scheme, 2018
 Tax-saving for young earners simplified
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)

ICAI moves SEBI for changes in company compliance norms
April, 16th 2012

The Institute of Chartered Accountants of India (ICAI) has approached the capital market regulator - the Securities Exchange Board of India (SEBI) for a four-pronged change in company compliance norms. Last week, the accounting regulator met the SEBI chairman U K Sinha to apprise him on those issues.

Firstly, the ICAI advocated the cause of extending the timeline to file annual audited statements by companies. As per SEBI norms, it is currently 60 days. This means, a company has to file its audited financial statement within May 30 (from March 31). The chartered institute is of opinion that it is difficult to audit large companies with greater number of foreign or domestic subsidiaries within the existing time limit.

"We have also asked SEBI to consider increasing the timeline of 15 minute given to companies to make results public after board meetings," said Jaydeep N Shah, president, ICAI told Moneycontrol.com.

"At the same time, we brought it to SEBI's notice that the government has introduced the revised schedule VI of Companies Act, 1956 for accounting standard. Following this, SEBI too has to notify it to the listed companies about the revised norms," he said.

As per SEBI norms, a company, after completing its board meeting, has to send the financial statements to the stock exchanges and media within 15 minute. ICAI feels, any extra time will facilitate auditing firms to take a final look before it goes in the public domain.

Finally, ICAI pleaded with SEBI to allow companies to present their consolidated financial statements in Ind - AS, the India version of International Financial Reporting Standards (IFRS) incorporated recently.

Ind - AS or Indian Accounting Standard is a combination of IFRS and India's own accounting standard. Currently, Indian companies are filing consolidated results either in IFRS format or in Indian GAAP (Generally Accepted Accounting Principle).

"We have received positive response from SEBI. The chairman assured us of reviewing those matters. However, he wanted us to send a letter detailing on the proposals and its implications. We have already done it. We are expecting some actions from SEBI," Shah said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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