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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ICAI |
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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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ICAI |
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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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ICAI |
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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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ICAI |
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0 | Hits : 2335
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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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ICAI |
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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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ICAI |
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0 | Hits : 1468
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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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ICAI |
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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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ICAI |
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0 | Hits : 1336
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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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ICAI |
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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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ICAI |
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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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ICAI |
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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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ICAI |
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0 | Hits : 849
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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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ICAI |
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0 | Hits : 685
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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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ICAI |
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ICFAI founder CA.N.J. Yasaswy dead
Posted Date : 10-Oct-2011 , 09:01:01 pm | Posted By CASANSAAR
CA. N.J. Yasaswy, founder of the ICFAI Group of educational institutions and a pioneer to promote higher education in the private sector, died on Saturday.
A chartered accountant, the 62-year-old Yasaswy built a network of 11 universities and six ICFAI Business-schools, with presence acro...
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ICAI |
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Court upholds ICAI decision to bar auditor from practising
Posted Date : 07-Oct-2011 , 08:16:43 am | Posted By CASANSAAR
The Delhi High Court has upheld the decision of the Institute of Chartered Accountants of India (ICAI) to bar an auditor for Global Trust Bank (GTB) from practising accountancy for five years, according to the national professional accounting body.
It was last year that the capital-...
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ICAI |
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Govts, PSUs favour CA firms with MNC link: ICAI
Posted Date : 03-Oct-2011 , 08:26:10 am | Posted By CASANSAAR
Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms.
"In certain cases, public sector undertakings, the government departments, central and state governme...
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ICAI |
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Turmoil in ICAI Pune; Council Member under scan
Posted Date : 30-Sep-2011 , 07:59:35 am | Posted By CASANSAAR
The Pune chapter of Institute of Chartered Accountants of India (ICAI) has suspended a training contract outsourced to a popular chartered accountancy training academy, Zaware's Professional Academy Pvt Ltd, following allegations related to conflict of interest.
The matter assumes significance co...
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ICAI |
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Multinational audit cos flouting rules: ICAI
Posted Date : 29-Sep-2011 , 08:25:05 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has accused multinational audit firms operating in India of violating the Chartered Accountants Act, and has asked the Reserve Bank and the Ministry of Corporate Affairs to investigate their accounts.
A 168-page report prepared by the...
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ICAI |
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Multinational audit firms on ICAI's clean-up radar
Posted Date : 28-Sep-2011 , 08:34:36 am | Posted By CASANSAAR
The Institute of Chartered Accountants in India (ICAI) has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for an MCA and RBI inquiry into their accounts, reports CNBC-TV18's Pa...
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ICAI |
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0 | Hits : 1098
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CAs to get new rules for auditing books of political parties
Posted Date : 24-Sep-2011 , 10:08:35 am | Posted By CASANSAAR
Call it corporatisation of political parties. Taking a step ahead towards introducing financial accountability among the political parties in India, the auditing regulator Institute of Chartered Accountants of India (ICAI) is set to issue guidelines on standard accounting norms to its member Chart...
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ICAI |
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ICAI Invites Suggestions for Pre-Budget Memorandum-2012
Posted Date : 22-Sep-2011 , 07:43:17 am | Posted By CASANSAAR
The Central Direct & Indirect Taxes Committees are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes – 2012 to be submitted to the Ministry of Finance. Suggestions are invited on laws relating to Direct Tax...
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ICAI |
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ICAI to probe Everonn auditors
Posted Date : 14-Sep-2011 , 07:36:45 am | Posted By CASANSAAR
Chartered accountants' regulatory body, the Institute of Chartered Accountants of India (ICAI), has asked Everonn Education for its books, after the company got embroiled in a tax evasion and bribery case. The CBI arrested Everonn's founder and managing director P Kishore fo...
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ICAI |
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ICAI will train companies on new software
Posted Date : 12-Sep-2011 , 07:49:34 am | Posted By CASANSAAR
Move over HTML, welcome XBRL (eXtensible Business Reporting Language). This is the mantra that The Institute of Chartered Accountants of India (ICAI) is pushing for, given that the last date for filing of company's balance sheet and annual return for current fiscal is falling due during October an...
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ICAI |
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0 | Hits : 1029
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Independent auditing of cooperatives, NGOs needed: ICAI
Posted Date : 02-Sep-2011 , 07:21:49 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has stressed the need for independent auditing of cooperative societies, various educational trusts and NGOs, saying it would bring down discrepancies in financial statements. ICAI President G Ramaswamy said revenue of NGOs, cooperatives and e...
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ICAI |
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0 | Hits : 995
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ICAI to offer course in forensic accounting
Posted Date : 01-Sep-2011 , 07:32:19 am | Posted By CASANSAAR
In a month's time, the Institute of Chartered Accountants of India (ICAI) will launch a 100-hour certified course in ‘Forensic Accounting and Fraud Detection' using IT and Computer Aided Audit Tools, said its president G. Ramaswamy on Tuesday.
Talking to reporters, he said that the importan...
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ICAI |
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0 | Hits : 1187
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Auditors should be paid from a pool of funds
Posted Date : 30-Aug-2011 , 07:46:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India's ( ICAI) move to write a new code of ethics is welcome, but it can be effective only if it compels auditors to raise their standard of ethics and values. No large corporate fraud has been exposed by eagle-eyed accountants, but by insiders o...
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ICAI |
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2 | Hits : 1667
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Chartered accountants can become whistleblowers? ICAI council is divided over code of ethics
Posted Date : 29-Aug-2011 , 08:05:00 am | Posted By CASANSAAR
Chartered accountants, who are often blamed for helping clients sidestep the law and masking the truth behind numbers, will have a new code of ethics. After a marathon council meeting last week, the statutory body that makes the rules for the profession decided to overhaul the present code. Amid ...
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ICAI |
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0 | Hits : 1132
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Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the “specified number of tax audit assignments”
Posted Date : 23-Aug-2011 , 05:13:07 pm | Posted By CASANSAAR
In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the extracts of Para 6 of Chapter VI “Tax Audit assignments under section 44A...
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ICAI |
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0 | Hits : 1418
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India Inc can soon tap CAs for arbitration services
Posted Date : 19-Aug-2011 , 04:44:23 pm | Posted By CASANSAAR
For corporates faced with commercial disputes, a cost effective mechanism that would also ensure their speedy disposal is on the anvil.
The Institute of Chartered Accountants of India (ICAI) is piloting a new initiative by empanelling its members as arbitrators.
This move could help bring down t...
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ICAI |
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