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 :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

ICAI to update accounting norms
May, 25th 2009

The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil and gas industry to keep pace with the technological developments in the sector.

"We issued guidelines for oil and gas industry in 2003.

But since then a lot of technological improvement has taken place. Therefore, we are revising some norms," ICAI Vice- President Amarjit Chopra told PTI.

The new guidelines will especially address accounting issues pertaining to expenditure incurred in new technology required for exploration of oil and gas fields.

Right now, costs incurred on exploration that do not yield to any oil and discovery are written off.

However, new technologies of oil and gas exploration are not as simple to be treated as unsuccessful so easily, and hence require different norms. ICAI is working towards those norms, Mr. Chopra said.

The new norms are also required because while incurring expenditure on exploration activities, the result is not known and a large portion of the expenditure on exploration doesn't normally result in discovery of oil and gas.

Oil and gas producing industry is highly capital intensive and a huge amount of expenditure is incurred on exploration and development activities before the commencement of actual production.

The institute received requests regarding the problems being faced by the industry, Mr. Chopra said adding that new technologies require new methods as the existing guidelines do not facilitate it.

For making the exploration job effective and more productive, Mr. Chopra said the oil and gas companies have come out with innovative techonolgies.

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

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