Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: empanelment :: due date for vat payment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT Audit
 
 
« News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash

New a/c norm for staff benefit provisions spooks banks
August, 18th 2006
Banks have sought the Reserve Bank of Indias (RBI) intervention for ensuring forbearance in adhering to the new accounting standard for making provisions for employee retirement benefits. The government is expected to notify in a month the revised accounting standard-15 (AS-15) for making provisions for employee retirement benefits by all large and medium companies. It will entail the need for making such provisions on the basis of acturial assumptions. Shortfalls in provisioning in past years based on acturial calculations will have to be fully adjusted in the current year (2006-07) against the opening balance of revenue reserves and surplus. As for banks, revenue reserves and surplus are considered for calculation of tier-I capital for capital adequacy purposes. The deduction of the entire shortfall from reserves and surplus will lead to a reduction in the core capital of banks and, ultimately, in their capital adequacy ratios. The Indian Banks Association (IBA) has written to the central bank urging it to take up the issue with the Institute of Chartered Accountants of India (ICAI) on a priority basis before the government notifies the accounting standard as required under the Companies Act, 1956. Kamlesh Vikamsey, former ICAI president, said, Public sector banks have already started making provisions for post-retirement benefits in the current financial year according to the revised standard. So, the issue relates to past provisions. When the revised norms are applied, banks will have to shell out more for past provisions. The revised standard prescribes that adjustment for difference should be made in one go. This amount will be charged to reserves and surplus, and that is a huge burden for public sector banks, which are a large workforce with pension facility. The IBA said, Banks are required to have a minimum capital adequacy ratio of 9 per cent. If the reserves get depleted on account of the proposed limited revision to AS-15, it will seriously impair capital adequacy ratios of banks. The impact will be more serious with banks implementing Basel-II norms by March 31, 2007. As pension is a long-term liability and is not vested in the employee unless he/ she puts in the required number of years of service, and as the quantum of pension is dependent on other factors, it is considered appropriate for a bank to provide for the liability during the working life of the employee, it stressed. With regard to the undue strain that the adoption of AS-15 in its present form will place on capital adequacy of banks, the IBA has suggested that banks should have the option to amortise the increase in liability over a period equal to the working life of the employee or at least over a period of five years from the date of adoption of the standard as was permitted by the international accounting standard-19 (IAS-19). The revision to AS-15 mandates that the difference between the transitional liability and the liability that would have been recognised at the same date as per the method of valuation hitherto followed should be adjusted immediately against the opening balance of revenue reserves and surplus.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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