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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : ICAI

Union Finance Minister, Shri Pranab Mukherjee's speech at ICAI International Conference, Chennai
Posted Date : 06-Jan-2012 , 09:58:26 pm | Posted By CASANSAAR

"The global financial crisis and the current international economic environment has brought into focus significant challenges for governments across the world. India has also been impacted and continues to face challenges on several fronts. Yet, I would say that we have done well in maintaining the ...

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Category : ICAI | Comments : 0 | Hits : 699

Satyam's ex-CFO guilty of professional misconduct: ICAI
Posted Date : 06-Jan-2012 , 08:31:24 am | Posted By CASANSAAR

  After two years of investigation, the verdict is in. The Institute of Chartered Accounts of India (ICAI) has found Satyam’s former chief financial officer Srinivas Vadlamani and PWC auditor Srinivas Talluri, who signed the comp...

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Category : ICAI | Comments : 0 | Hits : 532

General Amnesty Scheme for Retrospective Restoration of Membership - ICAI
Posted Date : 05-Jan-2012 , 06:27:07 pm | Posted By CASANSAAR

GENERAL AMNESTY FOR RETROSPECTIVE RESTORATION OF NAMES FROM REGISTER OF MEMBERS AND CERTIFICATE OF PRACTICE - ICAI.   With a view to mitigating the hardships being faced by such members whose names stand removed as on date due to non-payment of membership fee, the Council ha...

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Category : ICAI | Comments : 0 | Hits : 576

ICAI warns against misuse of question papers, suggested answers, revisionary test papers, supplementary study material, result etc pertaining to CA examination
Posted Date : 01-Jan-2012 , 10:40:18 pm | Posted By CASANSAAR

 For the sake of information and academic guidance of students, specified material like question papers, suggested answers, revisionary test papers, supplementary study material, result etc pertaining to CA examinations are being published and hosted in the website www.icai.org from time to tim...

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Category : ICAI | Comments : 0 | Hits : 798

Extension of last date for compliance of CPE hours requirement for Members holding COP
Posted Date : 01-Jan-2012 , 02:29:51 pm | Posted By CASANSAAR

FOR INFORMATION OF THE MEMBERS Subject: Extension of last date for complying with the CPE hours requirement for the calendar year 2011 for the members holding COP from 31st December, 2011 to 31st March, 2012This is for kind information of the members that the Council of the Institute ha...

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Category : ICAI | Comments : 0 | Hits : 972

ICAI for branch-level audit of private sector banks
Posted Date : 25-Dec-2011 , 08:54:09 am | Posted By CASANSAAR

Banking and accounting regulators don’t see eye to eye, as RBI wants the practice relaxed even for public sector banks.   Private sector banks may have their branches statutorily audited by an RBI-approved panel, on the pattern of public sector bank audits, if the central bank accepts...

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Category : ICAI | Comments : 0 | Hits : 518

Cos to gain from ICAI's proposed norms on forex derivatives
Posted Date : 24-Dec-2011 , 10:03:30 am | Posted By CASANSAAR

 In what could be a major relief to India Inc, the accounting regulator ICAI has recommended that companies be allowed to account for losses arising from foreign exchange derivative trade over several years.     The measure, according to sources, would prevent the companies ...

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Category : ICAI | Comments : 0 | Hits : 363

Action against ex-CFO in Satyam case within a week: ICAI
Posted Date : 24-Dec-2011 , 09:59:58 am | Posted By CASANSAAR

Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. "The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalis...

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Category : ICAI | Comments : 0 | Hits : 285

Parliament passes bills on CAs, Company secys and Cost accountants in a hurry
Posted Date : 20-Dec-2011 , 08:16:36 am | Posted By CASANSAAR

The three bills will  allow chartered accountants, cost and works accountants and company secretaries to have a choice to form a business model of limited liability partnership (LLP).An amendment bill seeking to bring professionals for the management of national highways was also introd...

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Category : ICAI | Comments : 0 | Hits : 2962

O K Balraj conferred 'Best CFO in Engineering & Capital Goods Sector' award by ICAI
Posted Date : 15-Dec-2011 , 08:36:47 am | Posted By CASANSAAR

OK Balraj, Chief Financial Officer of Escorts Limited, was conferred the 'Best CFO in Engineering & Capital Goods Sector' by the Institute of Chartered Accountants of India (ICAI), India's premier accounting and auditing body, at ICAI's 5th Annual Awards function at Palace Grounds, Bangalore....

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Category : ICAI | Comments : 0 | Hits : 305

ICAI – Clarification for reckoning the “specified number of tax audit assignments” conducted under section 44AB of the Income-tax Act, 1961
Posted Date : 14-Dec-2011 , 07:59:47 am | Posted By CASANSAAR

Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to...

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Category : ICAI | Comments : 0 | Hits : 942

ICAI asks govt to extend longer period to amortise forex losses
Posted Date : 14-Dec-2011 , 07:54:20 am | Posted By CASANSAAR

  With rupee hovering near record lows against the US dollar, India Inc is down with huge ‘notional foreign exchange losses'. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) as...

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Category : ICAI | Comments : 0 | Hits : 282

Satyam scam: ICAI bars 2 CAs, slaps Rs 5 lakh penalty
Posted Date : 07-Dec-2011 , 08:40:06 am | Posted By CASANSAAR

Accounting regulator ICAI has barred two Lovelock & Lewes auditors from practice for life and slapped a penalty of Rs 5 lakh each on them for their role in the Rs 14,000-crore Satyam accounting scam. A probe by an ICAI "disciplinary committee has found Chartered Accountants Pulavarthi Siva P...

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Category : ICAI | Comments : 0 | Hits : 969

ICAI condemns threat to member
Posted Date : 04-Dec-2011 , 09:08:42 am | Posted By CASANSAAR

hairman of the Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI), Shriniwas Joshi, categorically denounced threats of physical violence made against one of the members of the chartered accountant community. Joshi was speaking at the inaugural function...

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Category : ICAI | Comments : 0 | Hits : 745

ICAI committee to decide on Satyam fraud case soon
Posted Date : 03-Dec-2011 , 08:44:27 am | Posted By CASANSAAR

Institute of Chartered Accountants of India president G. Ramaswami said that the department enquiry was continuing against the auditors facing trial in the Satyam fraud case and the ICAI Disciplinary Committee would meet on December 18 to take the final decision. Addressing a press conference her...

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Category : ICAI | Comments : 0 | Hits : 379

ICAI examining violation of Chartered Accountants Act: Government
Posted Date : 29-Nov-2011 , 08:18:10 am | Posted By CASANSAAR

Accounting regulator ICAI is examining violation of certain clauses of the Chartered Accountants Act by multinational audit firms, Parliament was informed today. "Some instances of violations have come to the notice of the Institute of Chartered Accountants of India (ICAI) which is examining the...

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Category : ICAI | Comments : 0 | Hits : 693

India needs more CAs
Posted Date : 26-Nov-2011 , 07:57:36 am | Posted By CASANSAAR

  There is a huge demand for Chartered Accountants (CA) and it is estimated that India will require another 5 lakh CAs by 2020.This was stated by C A Shanmukh Sundaram, chairman of Southern India RegionalCouncil of The Institute of Chartered Accountants of Ind...

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Category : ICAI | Comments : 8 | Hits : 1631

Govt sends reminder to ICAI as only 7% cos shift to new reporting format
Posted Date : 24-Nov-2011 , 02:48:05 pm | Posted By CASANSAAR

The government has asked the accounting regulator to remind companies that they have only a week left for switchover to the new financial reporting format, after data showed less than 7% of companies had complied till a week ago. All listed companies and some unlisted ones are required to file th...

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Category : ICAI | Comments : 0 | Hits : 851

G Ramaswamy, President, ICAI elected as IFAC Board Member.
Posted Date : 18-Nov-2011 , 08:40:37 am | Posted By CASANSAAR

G Ramaswamy, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of International Federation of Accountants (IFAC) at the November IFAC Council Meeting held at Berlin, Germany on 17th November 2011. IFAC is a global organization ...

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Category : ICAI | Comments : 0 | Hits : 266

ICAI to check No. of Tax Audit done by Each CA, Soon Members can view tax audit reports uploaded in their name
Posted Date : 16-Nov-2011 , 08:09:23 am | Posted By CASANSAAR

Dear Professional Colleague, As you must be aware, recently the ICAI had represented before Central Board of Direct Taxes (CBDT) seeking tax audit data based on returns e-filed during the year 2010-11. I would like to inform you that in response to the repr...

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Category : ICAI | Comments : 0 | Hits : 1905

Council Guidelines for conversion of CA firms into LLPs
Posted Date : 15-Nov-2011 , 07:44:01 pm | Posted By CASANSAAR

In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Accountants have been finalized which are applicable for conversion of CA firms into LLPs or formation of new...

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Category : ICAI | Comments : 0 | Hits : 397

Deloitte under ICAI scanner
Posted Date : 15-Nov-2011 , 08:27:11 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India has initiated an inquiry against Deloitte Touche Tohmatsu Ltd over the alleged increase of valuation of Jagati Publications owned by YSR Congress leader Y. S. Jagan Mohan Reddy. Mr G. Ramaswamy, president of ICAI — the regulatory body of charte...

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Category : ICAI | Comments : 0 | Hits : 984

New accounting rules to hit realty companies top lines, aims to reduce the discretion
Posted Date : 12-Nov-2011 , 08:48:46 am | Posted By CASANSAAR

In a move that will depress the top line of several leading real estate companies, an upcoming accounting change aims to reduce the discretion available to them on how to compute revenues. The accounting regulator is working on a 'guidance note' that will, for the first time, define when and how ...

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Category : ICAI | Comments : 0 | Hits : 433

ICAI’s reply to RTI application filed regarding ‘Empanelment for Centralised Allotment of Tax Audit’
Posted Date : 05-Nov-2011 , 08:59:37 am | Posted By CASANSAAR

In reply to the RTI application dated  21.09.2011 filed by Mr.  Suresh Wadhwa, ICAI has held as follows:-   It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 ...

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Category : ICAI | Comments : 0 | Hits : 882

ICAI cracks the whip, says two sets of accounting standards confusing
Posted Date : 04-Nov-2011 , 08:48:43 am | Posted By CASANSAAR

The apex body of accounting professionals, Institute of Chartered Accountants of India (ICAI), has renewed its call to abolish the tax accounting standards, saying only its standards should be accepted.   The need to keep two sets of accounting records, one as per the requirements of the...

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Category : ICAI | Comments : 0 | Hits : 613

ICAI asks independent directors to question high provisioning by banks
Posted Date : 31-Oct-2011 , 09:00:58 am | Posted By CASANSAAR

  Taking a tough stand against the practice among banks to make high provisioning that often leads to a steep fall in profits — especially the move by the State Bank of India after the change of guard this year — the Institute of Chartered Accountants of India (...

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Category : ICAI | Comments : 0 | Hits : 299

ICAI finds move confusing, wants plan to be dropped
Posted Date : 29-Oct-2011 , 09:53:39 am | Posted By CASANSAAR

The apex accounting standards-setting body, Institute of Chartered Accountants of India (ICAI), will ask the finance ministry to drop plans for separate accounting standards for tax computation purposes.   The move comes in the backdrop of a recommendation made by an expert committee consti...

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Category : ICAI | Comments : 0 | Hits : 1028

Now, ICAI to turn transparency spotlight on itself
Posted Date : 19-Oct-2011 , 08:27:07 am | Posted By CASANSAAR

Like charity, scrutiny too, it seems, begins at home. After pitching for more disclosure norms for corporates, the Institute of Chartered Accountants of India (ICAI) now wants to usher in more transparency in its own functioning.   The accounting regulator...

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Category : ICAI | Comments : 0 | Hits : 342

Firms get govt breather on forex earnings
Posted Date : 17-Oct-2011 , 08:12:05 am | Posted By CASANSAAR

The ministry of corporate affairs, or MCA, has given Indian firms another year to spread their liabilities on account of foreign exchange borrowings accruing from fluctuations in foreign exchange, or forex, rates. While getting more time to amortize such liabilities will come as a breather fo...

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Category : ICAI | Comments : 0 | Hits : 234

ICAI wants standard norms for internal auditing by companies
Posted Date : 12-Oct-2011 , 08:18:20 am | Posted By CASANSAAR

Accounting regulator Institute of Chartered Accountants of India has asked the government to standardise the internal auditing procedures adopted by domestic companies to prevent a repeat of Satyam-like frauds. These benchmark norms would reduce corporate risk manifold and ensure a standard and ...

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Category : ICAI | Comments : 0 | Hits : 721

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