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: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment :: VAT RATES :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: TDS
 
 
News Headlines »
 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
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you
 Income Tax department activates e-filing facility for all ITRs
 All the income-tax return forms for the current assessment year are available online

IFRS implementation by banking cos unlikely before 2015: ICAI
April, 03rd 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.
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