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: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt :: VAT Audit :: empanelment :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
News Headlines »
 Income tax dept notifies amendments for sharing taxpayer information
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya

NFRA not to impact functions of accounting regulator ICAI
September, 05th 2013

The setting up of National Financial Reporting Authority (NFRA), a quasi-judicial body, will not impact the role of accounting regulator ICAI, an official said today.

Under the new companies law, the government would be setting up the National Financial Reporting Authority (NFRA) -- that would monitor and ensure compliance with various accounting and auditing standards, among others.

"NFRA is now a ground reality... since the government has decided to set up this body, we will help the government in whatever manner possible," Institute of Chartered Accountants of India (ICAI) President Subodh Kumar Agrawal told PTI.

His comments come against the backdrop of concerns that establishing NFRA could result in dilution of powers of ICAI.

Agrawal noted that final structure and mandate of NFRA is yet to become clear, as the draft laws under the companies bill are in the process of being formulated.

"The government has in the past introduced changes ... Those steps did not impact us...NFRA too will not impact the role of ICAI," he said.

Regarding the provision in the new companies law that restricts auditors only a maximum of 20 companies at a time, Agrawal said, "this provision is a concern and cannot be removed now... (however) there is still scope to address it and the government will address it".

"No bill can have all positives but once it has become a law of the land we will welcome it and whatever our concerns we have talked to the government regarding them," he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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