« Professional Updates » Open DEMAT Account in 24 hrs  Advanced ICITSS -Adv. Information Technology Test Computer Based Mode (CBT) Schedule May, Jun, Jul, Sep, Oct, and Nov 2025  Auditing and Assurance Standards Board Online Panel of Experts for addressing Bank Branch Audit related queries  Results of the Chartered Accountants Intermediate and Foundation Examinations held in January 2025 declared.  Invitation for contribution to Question Bank in respect of Self-paced Online Module Examinations (Set-A, B, C & D)  Will deadline for income tax filing change in the new Income Tax Bill?  Result of the Chartered Accountant Final Examinations held in November 2024 is likely to be declared on Thursday, the 26th December 2024 (Late evening) - (20-12-2024)  Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) Adv. Information Technology Test - Computer Based Mode (CBT) Dec 2024 Jan-Feb-Mar 2025  Re-Scheduling of Chartered Accountants Examination scheduled to be held on 13th November 2024 (Wednesday) at the Examination Centre(s) at Hazaribagh (Jharkhand), Jamshedpur (Jharkhand), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Jhunjhunu (Rajasthan)  The AI Committee of The Institute of Chartered Accountants of India (ICAI) invites unconditional Expressions of Interest (Technical Proposals) from experienced AI companies that have developed AI tools for finance, accounting, tax compliance, legal document drafting, and AI similar services  Important Announcement - Stringent Action against candidates for adopting Unfair Means during CA Examination  Important Announcement - Launch of Self-Paced Module Test (SPMT) Portal «  Learn lessons from past recessions, says Mrityunjay Athreya... Certificate Courses for Members - ICAI... » New ICAI standard to help assess fair value of deals December, 26th 2008 The Institute of Chartered Accountants of India (ICAI) has issued an auditing standard that will help enterprises to assess the fair value estimates of financial transactions with greater clarity. Accounting estimate is an approximation of a monetary amount in the absence of precise means of measurement. The standard will avert the risk of material misstatement of accounting data. The standard, which becomes applicable for financial statement audits made on or after April 1, 2009, will act as a guideline kit for auditors. The standard gives specific instructions on how to value complex financial instruments which are not traded in the open markets. This will mean that financial statement audits in the next fiscal should see incorporation of the principles of fair value. Fair value is a market-based measure of assets and liabilities of an entity and is based on mark-to-market valuations. ICAI, which cleared the auditing standard in its recent council meeting, has also approved three other standards that relate to audit sampling and identifying risks of material misstatements by companies. This will lend timely guidance to the auditors to reach at fair value estimates of complex transactions, a move considered essential at times of market uncertainty. The guideline will come as an aid to the accounting standard on complex financial instruments, which ICAI had issued earlier this year and is now pending with the governments expert group on accounting. The auditing standards will act as an internal guidelines for companies in their efforts to a more transparent and globally compliant accounting format. Fair value accounting forms a pre-requisite towards convergence with International Financial Reporting Standards (IFRS), to which India has already announced its commitment. India, which has to converge its accounting format in line with International Financial Reporting Standards by April 2011, have taken a number of steps towards the convergence, including regulatory changes and transitional preparedness. ICAI president Ved Jain had earlier emphasised on the institutes aim to bring the Indian auditing standards at par with internationally followed norms. Auditing standards, which are likely to get a statutory status under the proposed new Companies Act, is now pending before a Parliamentary Standing Committee. While accounting standards are mandatory for companies to comply with, auditing standards till now are recommendatory and act as best practices code for them.