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: TDS :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

IFRS implementation by banking companies unlikely before 2015: ICAI
April, 10th 2013

Recommendations on implementation of IFRS standards by banking companies have been given to the Reserve Bank of India but are unlikely to come into force before 2015, according to accounting regulator ICAI.

Going forward, Indian accounting standard would be converged with the International Financial Reporting Standards (IFRS).

ICAI President Subodh Kumar Agrawal said that IFRS would not be implemented before 2015 for banking companies. "That is our suggestion," he told reporters here.

The Institute of Chartered Accountants of India (ICAI) has already given a tentative roadmap for implementation of IFRS standards to the Corporate Affairs Ministry. All companies having networth of over Rs 1,000 crore should implement IFRS from April 1, 2015.

Those having networth of over Rs 500 crore and up to Rs 1,000 crore, IFRS has to be implemented from April 1, 2016 and for companies, having networth of below Rs 500 crore but listed, the timeframe would be April 1, 2017.

However, the roadmap is not applicable for banking, insurance and NBFC companies. "For NBFCs, we have recommended a three-phase approach based on their networth, just like for corporates," he noted.

Meanwhile, ICAI has set up an advisory board on eXtensible Business Reporting Language (XBRL).

XBRL which would replace PDF format, is anticipated to bring in more transparency when it comes to furnishing of financial statements by companies.

Agrawal said that currently the board includes representatives from RBI, IRDA and Corporate Affairs Ministry, among others.

XBRL reporting format would be applicable for all listed companies, entities having paid up capital of Rs 5 crore and above and firms with turnover of Rs 100 crore and more.

To act against erring members at the earliest, ICAI has decided to complete hearing on all cases pending before its disciplinary committee by April 30. "When I joined in February, 90 cases were pending for hearing before the disciplinary committee," Agrawal said.

The hearings would be held at different places including Mumbai, Kolkata, Chennai and Ahmedabad, he added.
Meanwhile, ICAI has expressed its "strong reservations" about the Finance Ministry's decision to exempt bank branches -- having less than Rs 20 crore advances -- from yearly audits. "We have strong reservations (about it)... We have already written to the Finance Ministry on the issue," Agrawal said.

According to him, the institute's apprehension is that a huge fund would go out of the audit purview. Those branches having advances of less than Rs 20 crore would be audited every five years while those above this threshold would have yearly audits.

"We are still trying to persuade the government that this (threshold) should be brought down to Rs 6 crore," he added.

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

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