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 Group to identify the issues for simplying the process for compliance of GST especially by small and medium enterprises, traders and professionals
 Next batch of the Certificate Course on Valuation at Bangalore from 11th November, 2017.
 Extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017
 CPE Events 18 September- 23 September 2017
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 October
 Peak Filing Preparation 2017-MCA 21
 Group for suggesting ways and means to resolve Inter unit reconciliations issues including re-engineering the process/procedures, revenue sharing, between HO and branches, various grants payable and accounting entries thereof, especially in GST regime
 Weightage of Marks at All Levels of CA Course Under Revised Scheme of Education and Training
 CBDT has extended the due date for filing Income Tax Returns and audit reports from 30th September 2017 to 31st October 2017
 Exposure Draft of Revised Guidance Note on Report under Section 92E of the Income-tax Act, 1961 (Transfer Pricing)
 President's Message - September 2017

ICAI - Separate audit norms for insurers
May, 12th 2009

The accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at ensuring that financial statements of insurance firms reflect true natures of financial arrangements. ICAI president Uttam Prakash Agarwal confirmed the development. ICAI is planning to come up with specific accounting standards for the insurance sector, he told ET.

New standards will help in making financial statements of insurance companies public as well as private easier for the investors to comprehend, as it will require the companies to show their fields of revenue generation with clarity, he said. These independent accounting standards for the countrys insurance sector will be in addition to the already existing accounting norms which the insurance companies follows now.

The insurance regulator, Insurance Regulatory Development Authority (Irda) has directed all domestic life insurance companies to tighten their expenses in order to procure durable business. This move came after reports surfaced that insurers are making disproportionately huge commission payments to their intermediaries, other than individual agents. This, in turn, affects the overall financial strength of the companies.

The definition of related parties to intermediaries should be conformity with the accounting standards of ICAI and Companies Act. The regulator has also stipulated that the information certificate given by the company to the regulator should have signatures of the insurers chief executive officer, the chief financial officer and the compliance officer.

 
 
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