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
Latest Expert Exchange
« ICAI »
 Launch of Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Chennai from 7th July, 2018 to 4th August, 2018
 Special discount for Professional Accountants of South Asian Region for registering in the World Congress of Accountants (WCOA), 2018 from November 5-8, 2018, Sydney, Australia
 Launch of Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Jaipur from 14th July, 2018 to 11th August, 2018
 Launch of Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Jaipur from 14th July, 2018 to 11th August, 2018
 Announcement for the Certificate Course on NPO at Noida from 14th July 2018
 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Information Technology Test
 All members having certificate of practice, please click here to submit important information to ICAI - Last date for online submission is 30th June 2018.
 Selection of 1000 Young Members as Speakers for Programmes.
 Annual Improvements to Ind AS (2018) (Corresponding to Annual Improvements to IFRS Standards 2015–2017 Cycle issued by the IASB)
 Plan Amendment, Curtailment or Settlement (Amendments to Ind AS 19, Employee Benefits)
 Prepayment Features with Negative Compensation (Amendments to Ind AS 109, Financial Instruments)

ICAI - Announcements - Definition of Relative in Chapter-IV of the Council General Guidelines, 2008
July, 30th 2011

ANNOUNCEMENT

No. ICAI/ESB//2011/02

All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its decision taken at the 299th Meeting of the Council held on 27th 28th October, 2010, it has been decided that the term relative for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements when there is substantial interest) will have the same meaning as assigned to it in AS-18.
 
Accordingly, the Chapter IV of the Council General Guidelines, 2008 as appended to the ICAI publication titled The Chartered Accountants Act, 1949 is modified and modified version shall read as under -


Chapter IV
Opinion on financial statements when there is substantial
interest


4.0 A member of the Institute shall not express his opinion on financial statements of any business or enterprise in which one or more persons who are his relatives within the meaning of Accounting Standard (AS - 18) has / have, either by themselves or in conjunction with such member, a substantial interest in the said business or enterprise.
 
Explanation: For this purpose and for the purpose of compliance of Clause (4) of Part I of the Second Schedule to the Chartered Accountants Act, 1949, the expression substantial interest shall have the same meaning as is assigned thereto under Appendix (9) to the Chartered Accountants Regulations, 1988.

This decision shall be in force with effect from 28th June, 2011

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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