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News Category : Accounts

Deposits in Jan Dhan accounts rise to Rs 64,250 Cr
Posted Date : 25-Nov-2016 , 09:57:27 pm | Posted By CASANSAAR

Total deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore, with Uttar Pradesh leading the chart with Rs 10,670.62 crore deposits followed by West Bengal and Rajasthan, the government said today. The Centre also stressed that no public sector banks had given any instructions to thei...

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Category : Accounts | Comments : 0 | Hits : 217

Synchronisation of financial accounting year with calendar year
Posted Date : 19-Jul-2016 , 08:30:03 pm | Posted By CASANSAAR

Government has constituted a Committee to examine the desirability and feasibility of having a new financial year and give its recommendations by 31st December, 2016.  The terms of reference (ToR) of the Committee are as under:  Examine the merits and demerits of various dates for th...

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Category : Accounts | Comments : 0 | Hits : 474

Railways, Defence Ministry likely to adopt double-entry accounting
Posted Date : 10-Jul-2016 , 10:33:31 am | Posted By CASANSAAR

  The Institute of Chartered Accountants of India (ICAI) is confident that the Indian Railways will start implementing Double Entry Accounting System (DEAS) from 2017 thereby facilitatating better management of its finances and assets. The institute will be submitting the report of a pi...

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Category : Accounts | Comments : 0 | Hits : 278

Applicability of Accounting Standards amended by MCA vide Notification dated March 30, 2016
Posted Date : 26-Apr-2016 , 05:32:51 pm | Posted By CASANSAAR

1.   The Ministry of Corporate Affairs, Government of India, vide Notification No. G.S.R. 739(E), dated 7th December, 2006, notified Companies (Accounting Standards) Rules 2006, in the Official Gazette Rule 1, sub-rule (2), provided that the said Rules “shall come into force on ...

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Category : Accounts | Comments : 0 | Hits : 662

Government to set up new agency to probe corporate accounting frauds
Posted Date : 26-Nov-2015 , 08:07:10 am | Posted By CASANSAAR

The government will soon set up a specialised agency to investigate large corporate accounting frauds. It is keen to establish a robust mechanism for faster inquiries into scams such as the one at Satyam Computer Services, which overstated earnings for several years under a previous management. T...

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Category : Accounts | Comments : 0 | Hits : 655

Check Companies Accounts before giving loan, Government tells banks
Posted Date : 26-Oct-2015 , 08:38:25 am | Posted By CASANSAAR

To put an end to rising cases of non-performing assets (NPAs) in banks and loans to undeserving entities, the government has now made it mandatory for all financial institutions to obtain an affidavit from auditors who sign balance sheets of companies applying for advances.  Banks have ...

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Category : Accounts | Comments : 0 | Hits : 634

Shri M.J. Joseph Appointed as Controller General of Accounts
Posted Date : 15-May-2015 , 11:07:26 pm | Posted By CASANSAAR

Shri M.J. Joseph (ICAS-1979) has been appointed as the Controller General of Accounts (CGA) in the Ministry of Finance. Prior to this appointment, Shri Joseph was the Director General of the Bureau of Indian Standards (BIS). He succeeds Shri Jawahar Thakur (ICAS-1979) who has been appointed as OSD (...

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Category : Accounts | Comments : 0 | Hits : 464

SEBI reorganises panel on disclosures, Accounting Standards
Posted Date : 04-Apr-2014 , 07:45:28 am | Posted By CASANSAAR

Market regulator Securities and Exchange Board of India (Sebi) has revamped its committee on disclosures and accounting standards that advises it on matters related to disclosure requirements and accounting practices for various market participants.  The 17-member expert panel is been chaired ...

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Category : Accounts | Comments : 0 | Hits : 701

New accounting standards will bolster foreign fund inflows - ICAI
Posted Date : 26-Mar-2014 , 08:31:11 am | Posted By CASANSAAR

The accountancy body, CA institute has fired another salvo – the third in the last decade – on the IFRS convergence front.   n a well thought out move, the institute has recommended a new roadmap for convergence of Indian accounting standards with the International Financial Repor...

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Category : Accounts | Comments : 0 | Hits : 747

Power finance corporation chief signs accounts after term ended
Posted Date : 13-Sep-2013 , 08:35:49 am | Posted By CASANSAAR

Power Finance Corporation and the power ministry have allowed Satnam Singh to sign the public sector firm's accounts on August 2 - two days after his five-year term came to an end.Sources told TOI that the power ministry has neither issued an order extending his tenure, nor re-appoint...

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Category : Accounts | Comments : 0 | Hits : 360

Bakshi set for battle against McDonald's over charges of cooking accounts
Posted Date : 06-Sep-2013 , 08:11:59 am | Posted By CASANSAAR

The battle between McDonald's and its former India managing director Vikram Bakshi seems to have escalated, with Bakshi challenging the questions raised on his functioning by the US fast-food giant at its board meeting on August 6. According to sources close to the promoters, McDonald's t...

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Category : Accounts | Comments : 0 | Hits : 538

Online transfer of PF accounts service in last week of August
Posted Date : 19-Aug-2013 , 08:22:46 am | Posted By CASANSAAR

Retirement fund body is all set to launch online transfer of PF accounts on changing jobs by the end of this month, benefiting over 13 lakh subscribers every year who go through a time-consuming process. Employees' Provident Fund Organisation (EPFO) has got very encouraging ...

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Category : Accounts | Comments : 0 | Hits : 499

Unclaimed, Rs 22,636 crore in dormant provident fund accounts
Posted Date : 06-Mar-2013 , 08:30:02 am | Posted By CASANSAAR

If you thought every rupee was valued in these days of rising prices, think again. A huge sum of Rs 22,636 crore is lying in inoperative accounts with the Employee Provident Fund Organization (EFPO).   These funds are linked to accounts that are lying dormant for more than 36 months and are e...

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Category : Accounts | Comments : 0 | Hits : 695

Sebi makes it mandatory for investment advisors to maintain record
Posted Date : 26-Feb-2013 , 08:34:42 am | Posted By CASANSAAR

Securities and Exchange Board of India (Sebi) making it mandatory for advisers to keep a record of all 'investment advice provided, whether written or oral'. In a set of comprehensive guidelines, the markets regulator has laid emphasis on suitability of investment advice given to investor...

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Category : Accounts | Comments : 0 | Hits : 387

E&Y forensic report confirms Reebok fraud
Posted Date : 13-Oct-2012 , 07:46:56 am | Posted By CASANSAAR

Reebok India’s sacked managing director Subhinder Singh Prem and former COO Vishnu Bhagat had fudged company accounts books by double discounting and preparing fake invoices, said Ernst & Young (E&Y) in the forensic analysis report on the company’s accounts.   E&Y has ...

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Category : Accounts | Comments : 1 | Hits : 1367

No accounting wrong doing in Reebok, says auditor
Posted Date : 03-Jul-2012 , 07:48:44 am | Posted By CASANSAAR

Reebok's auditor N Narasimhan & Co has informed the ICAI the there was no accounting wrong doing in the company which has filed Rs 870-crore fraud case against two of its former employees. "Narsimhan & Co has said they are both the tax auditors and statutory auditors of the fi...

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Category : Accounts | Comments : 0 | Hits : 1383

Some companies in a fix over new financial account format, may postpone earnings announcement
Posted Date : 23-Apr-2012 , 08:08:30 am | Posted By CASANSAAR

  Securities and Exchange Board of India's recent decision mandating companies to present financial results in a new format may force some firms to work overtime or postpone their earnings announcement for the March quarter.   On April 16, the capital market regulator proposed change...

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Category : Accounts | Comments : 0 | Hits : 666

Sarva Shiksha Abhiyan to outsource accounts works
Posted Date : 20-Apr-2012 , 08:02:01 am | Posted By CASANSAAR

Teachers in Dakshina Kannada government primary schools who used to spend hours auditing school expenses need not worry any more as Sarva Shiksha Abhiyan (SSA) has outsourced accounts work.As many as 20 account assistants will be visiting schools and accounts work.Dakshina Kannada district has 932 g...

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Category : Accounts | Comments : 0 | Hits : 1015

Delay in Implementation of IFRS
Posted Date : 19-Mar-2012 , 10:03:58 pm | Posted By CASANSAAR

Keeping in view the consultation held with various stakeholders on certain issues including tax related issues, it was decided to implement convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) in a phased manner to ease the process for all the stakeholde...

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Category : Accounts | Comments : 0 | Hits : 1172

2G scam: Rs 1.76 lakh crore loss is a mathematical guess, says lead auditor
Posted Date : 14-Nov-2011 , 09:40:10 pm | Posted By CASANSAAR

The lead auditor of the 2G telecom audit today stuck to his stand that the loss due to spectrum allocation was Rs 2,645 crore and he had signed the final report on the alleged scam on the direction of his superiors.Appearing before the Joint Parliamentary Committee (JPC) going into the 2G ...

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Category : Accounts | Comments : 0 | Hits : 883

Finance ministry suggests reconciling accounting standards
Posted Date : 21-Oct-2011 , 08:11:27 am | Posted By CASANSAAR

In a move that can help solve corporate litigation with the tax departments and mark a step forward in India’s commitment to implement International Financial Reporting Standards (IFRS), the finance ministry has suggested reconciliation ...

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Category : Accounts | Comments : 0 | Hits : 595

IIM-B has a week accounting system
Posted Date : 14-Oct-2011 , 03:15:57 pm | Posted By CASANSAAR

Urging autonomous bodies to incorporate better accounting practices, Director General, Office of the Comptroller and Accounting General of India, K P Sasidharan said that even Indian Institute of Management, Bangalore (IIM-B) has a weak accounting system. “Institutions like IIM-B are capabl...

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Category : Accounts | Comments : 0 | Hits : 564

Kingfisher Airlines got Vijay Mallya's guarantee for Rs 6,176 cr in 2010-11
Posted Date : 29-Sep-2011 , 05:13:08 pm | Posted By CASANSAAR

Working hard to lower its debt and interest costs, Kingfisher Airlines got guarantees worth over Rs 6,100 crore from Chairman and key promoter Vijay Mallya last fiscal toward loan and other liabilities. For providing the additional level of collateral for its funding needs, the company paid a li...

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Category : Accounts | Comments : 0 | Hits : 498

Tata Consultancy Services Q1 net profit up 28% at Rs 2,380 crore
Posted Date : 15-Jul-2011 , 07:48:21 am | Posted By CASANSAAR

 Tata Consultancy Services (TCS), India's largest software services exporter, posted a better-than-expected rise in quarterly profit driven by increased spending by clients, and said the uncertain global economy was unlikely to hurt demand. TCS, a unit of the salt-to-steel conglomerate Tata Gro...

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Category : Accounts | Comments : 0 | Hits : 395

Pranab for citizen-friendly govt accounting system
Posted Date : 21-Jun-2011 , 09:21:47 am | Posted By CASANSAAR

With civil society mounting pressure for transparency in governance, Finance Minister Pranab Mukherjee today called for a government accounting system that enables citizens and social activists to assess performance of public service delivery."In this age of awareness and information revolution, an ...

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Category : Accounts | Comments : 1 | Hits : 453

Pranab for citizen-friendly govt accounting system
Posted Date : 21-Jun-2011 , 09:15:28 am | Posted By CASANSAAR

With civil society mounting pressure for transparency in governance, Finance Minister Pranab Mukherjee today called for a government accounting system that enables citizens and social activists to assess performance of public service delivery."In this age of awareness and information revolution, an ...

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Category : Accounts | Comments : 0 | Hits : 377

Satyam restrained from operating its accounts
Posted Date : 26-Mar-2011 , 10:29:32 pm | Posted By CASANSAAR

   The Income-Tax department and Mahindra Satyam were restrained by the A.P. High Court till March 31from operating the accounts that the company has in various banks.   A Division Bench on Friday made the interim order in a writ ...

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Category : Accounts | Comments : 1 | Hits : 635

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