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: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: form 3cd :: cpt :: TDS
« ICAI »
 Public Notice in the matter of wrong marketing of ICAI course by private colleges/educational institutes.
 Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) issued by the Auditing and Assurance Standards Board
 Clarifications regarding exemptions in a paper(s) in CA Examinations
 Request to give suggestions on the Draft Rules and Regulations to the Insolvency and Bankruptcy Code, 2016 as issued by the Ministry of Corporate Affairs.
 Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016
 The Chartered Accountants’ Students Benevolent Fund (CASBF)
 Details of Roll Nos. and Exam Centres of PQC Exams-Nov. 2016
 Group to review and realign the provisions of Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988
 Request for improving of annual filing compliance by pursuing companies so as to help the Ministry of Corporate Affairs in achieving the targeted compliance.
 Zone-shifting of candidates for NOVEMBER - 2016 CA Exams
 CPE Events 10 October - 15 October 2016

India Inc's reporting standards under ICAI scanner
July, 27th 2012

India's accounting regulator will look into the standards being followed by some of the country's leading companies, a move that comes in the wake of serious concerns raised by several analyst firms.

Global analyst firm Veritas had downgraded Reliance Communications over corporate governance and accounting norms a few weeks ago, just as it had earlier done in the case of Kingfisher, Reliance Industries and DLF, among other companies, over discrepancies in their financial reports.

"We have been keeping tabs on these reports and have decided to look into the matter seriously as such reports tend to have huge implications on market sentiments," said Jaipdeep Shah, president of Institute of Chartered Accountants of India, which is responsible for regulating accounting and financial reporting practices in the country.

Shah said the Financial Reporting Review Board will deliberate on the matter of reporting standards being adopted by the corporate sector and thereafter the ICAI will take up the issue with the corporate affairs ministry.

The board, constituted in 2002 by ICAI, seeks to periodically review financial statements of enterprises to ensure compliance with the disclosure and accounting requirements prescribed by the regulatory bodies as well as the auditors.

Over the past one year, several reports have questioned the corporate practices of Indian companies. In June, transnational brokerage firm Macquarie downgraded the rating of India's largest home loan company, HDFC, accusing it of inflating earnings and inadequate disclosures. India's top biotech firm, Biocon, was similarly downgraded in May by Espirito Santo.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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