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: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: form 3cd :: VAT Audit :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
ICAI »
 ICAI International Conference, 8-9 December 2017, Mumbai
 Report on Audit Quality Review (2016-17) of the Quality Review
 CPE Events 13th November - 18th November 2017
 Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will be held on 23rd December, 2017 (Saturday) from 9.00 AM to 1.00 PM (IST) at 61 Cities.
 ICAI Survey for Capacity Building and Global Presence of Indian CA Firms - Request to submit response by November 15, 2017
 Paper 2, Strategic Financial Management of Final Examination, Group - I scheduled on 3rd November 2017 (Friday) at Chennai only, was postponed, on account of heavy rains and disruption of normal life there. The said examination will now be held 17th November 2017 (Friday).
 Group to Review the Criteria for Formation of Branch
 Postponement of Group I Paper- 2 Strategic Financial Management of Final Examination, Scheduled on 3rd November, 2017 (Friday) in Chennai (in The State of Tamil Nadu) Only.
 President's Message - November 2017
 CBDT extends the 'due-date' for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7th November, 2017.
 CPE Events 30th October - 4th November 2017

ICAI makes changes in norms for reporting forex gains, losses
April, 03rd 2013

Accounting regulator ICAI has made it mandatory for companies to report foreign currency gains and losses separately in their financial statements, a move that will make it difficult for firms to dress up numbers.

Companies will now have to separately state the impact of foreign exchange fluctuations in their balance sheets.

An accounting expert said the move will ensure that forex related losses would be recorded only in the Balance Sheet and not in the Profit & Loss Account of a company.

"This (change) will help a reader of the financial statement understand as to how much impact the foreign currency has had on the company," Institute of Chartered Accountants of India (ICAI) President Subodh Kumar Agrawal said here Tuesday.

The move will help avoid divergence in accounting and bring more transparency in reporting of numbers.

From now on, companies should show the Foreign Currency Monetary Item Translation Difference Account (FCMITDA) separately, under which they have to show foreign currency fluctuations "under the 'Equity and Liabilities' side of the balance sheet under the head 'Reserve and Surplus'.

According to accounting watchdog ICAI, the move is based on the premise that foreign currency translation loss is neither a resource nor any future economic benefit would flow to the entity from there.

The changes have been approved at ICAI's recent council meeting.

Further, ICAI has suggested changes in reporting of gains or losses with regard to hedging instruments related to long term foreign currency items.

ICAI has said that "exchange difference related to the hedging instrument obtained to cover the exchange risk" on long term foreign currency monetary item should also be separately shown in the balance sheet.

The suggestion is being sent to the National Advisory Committee on Accounting Standards (NACAS).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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