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: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment
 
 
« ICAI »
 Indian Accounting Standards (Ind AS): An Overview (Revised 2017)
 Educational Material on Indian Accounting Standard (Ind AS) 18, Revenue (Revised 2017)
 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

From Sep, 80-hour course for global accounting standards
August, 06th 2008
Indias apex accounting standards body is convinced that 80 hours is all it will take for the countrys accountants to learn the nuances of an international standard that could soon become the way the world writes its books.
In September, the Institute of Chartered Accountants of India (ICAI) will launch a course targeted at chartered accountants, or CAs, that will allow them to follow the International Financial Reporting Standards, or IFRS. ICAI has decided that Indian Accounting Standards (IAS), currently followed by companies here, will converge with IFRS by April 2011.
ON COURSE (PDF)
The course will help CAs enable companies to start maintaining their books according to IFRS.
The course structure and testing modules are ready for an 80-hour certificate course. CAs will get the flexibility of attending training classes over the weekends and completing the course over three-four months time so that their work is not affected, said Ved Jain, president, ICAI.
While the mandatory convergence will happen by 2011, this will happen only at ICAIs level; the government and regulatory bodies overseeing the financial sector here are yet to commit to IFRS either through legislation or guidelines to companies. Several Indian companies, however, are expected to adopt these standards because of their universal acceptance. Some Indian companies already present their accounts according to US Generally Accepted Accounting Practice or, US GAAP, standards because they are listed on American exchanges.
At the last count, around 105 countries had converged with IFRS. Experts say this number will exceed 150 by 2011 and that IFRS will replace the standards of individual countries such as IAS, US-GAAP or Australian-GAAP.
IFRS has been created by the International Accounting Standard Board, or IASB, an independent, privately funded accounting standards body based in London.
Indias first taste of IFRS will come in 2009 when companies can move to this voluntarily, said Jain, and ICAIs course will help the early adapters among CAs. He added that this would also improve the global employment prospects of Indian CAs.
Those Indian CAs seeking to practice in other countries, however, will still need to be certified by the local accounting body.
Indian Accounting Standards differ from IFRS in six-seven significant ways, especially in areas related to mergers and acquisitions, financial instruments such as derivatives, environmental issues such as carbon credits, and rules related to depreciation and foreign exchange transactions. IFRS also includes standards on biological assets that IAS doesnt factor in.
According to Dolphy DSouza, partner at audit and consulting firm, Ernst and Young India Pvt. Ltd, the 80-hour course is a good starting point.
There are over 10,000 Indian companies, including banks and financial institutions, which will adopt IFRS by 2011. In fact, I feel students undergoing chartered accountancy courses now and in future should also have a specialized paper in IFRS as that is going to be the future accounting norms.
Ernst and Young India is an early adapter in understanding the nuances of IFRS, DSouza claimed, and it sent employees to train in the European Union when it adopted IFRS in 2005. We are looking at an opportunity to help train manpower in various companies for adopting IFRS.
DSouza said ICAI needs to go beyond just introducing a course for CAs and should lobby with the ministry of corporate affairs, of which ICAI is a part, to bring about the necessary amendment in the Companies Act, 1956, to make IFRS mandatory, besides lobbying with the income-tax department, central banker Reserve Bank of India, insurance regulator Insurance Development Regulatory Authority, and stock market regulator Securities and Exchange Board of India to bring about changes in their regulations which will allow smooth adoption of IFRS.
I feel ICAI is going a bit slow on these fronts, said DSouza.
Jain said ICAI is serious and doing everything to enable convergence of Indian Standards with IFRS.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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