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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: VAT Audit :: TDS :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India
 
 
News Headlines »
 India is second most complex tax jurisdiction
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017

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 2017 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