CSR expenses need to be treated as non-cost items: ICAI
Posted Date : 13-May-2016 , 07:12:28 am | Posted By CASANSAAR
Companies need to treat expenses related to CSR activities as non-cost items and separately disclose transactions in this regard where related parties are involved, according to cost accountants' apex body ICAI.
In a detailed exposure draft of guidance note on 'Treatment of Costs Relating...
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ICAI committee to decide on Number of VP, Council Term & Restriction of 3 terms
Posted Date : 13-May-2016 , 06:46:35 am | Posted By CASANSAAR
Council Affairs/M-626/2016 ...
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Govt forms tribunal to look into election disputes of ICAI
Posted Date : 10-May-2016 , 09:21:23 am | Posted By CASANSAAR
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 4th May, 2016
S.O. 1634(E).—In exercise of the powers conferred by sub-section (1) of section 10B of the Chartered Accountants Act, 1949 (38 of 1949) and in pursuance of rule 3 of the Chartered Accountants (Election Tri...
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ICAI |
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ICAI reviews financial statements of Vijay Mallya group firms
Posted Date : 05-May-2016 , 08:46:37 pm | Posted By CASANSAAR
Chartered accountants' apex body ICAI is reviewing financial statements of certain Vijay Mallya group firms to assess the role of auditors and has warned of strict disciplinary action in case of violations.
The move also comes against the backdrop of the embattled Mallya facing a case of loan...
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Guidance Note on the Companies (Auditor's Report) Order, 2016 - ICAI
Posted Date : 25-Apr-2016 , 08:01:53 am | Posted By CASANSAAR
Guidance Note on the Companies (Auditor's Report) Order, 2016 issued by Auditing and Assurance Standards Board - ICAI.
The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016) which is applicable for audits of financial statements for periods...
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Invitation to Associate in Development of the Study/Background Material - ICAI
Posted Date : 23-Apr-2016 , 08:16:57 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Indian Parliament namely, Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the Country.
The Committee on Economic, Commercial Laws & WTO, non-stan...
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Members / Firms to furnish PAN details to ICAI
Posted Date : 14-Apr-2016 , 09:07:46 am | Posted By CASANSAAR
For ICAI MEMBERS
Update your PAN details with ICAI. Otherwise unable to upload TAR & MCA forms online. ICAI had already requested the Members / Firms to submit the PAN details to their concerned Regional office on or before 15th December, 2015, If you have not submitted the ...
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Announcement for conducting ISA-Eligibility & Assessment Test under both Old & New Syllabus for two more attempts - ICAI
Posted Date : 08-Apr-2016 , 08:01:17 am | Posted By CASANSAAR
The Committee on Information Technology at its 73rd Meeting held on 9th March, 2016 decided to continue to hold the ISA Eligibility Test under old Syllabus for two more attempts i.e. May, 2016 and November, 2016. Hence the ISA Eligibility Test will be held under both old and New Syllabus in May, 201...
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ICAI Constitutes Expert Panel for Addressing Bank Branch Audit Queries for FY 2015-16
Posted Date : 06-Apr-2016 , 08:22:23 am | Posted By CASANSAAR
Dear Members,
The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members...
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Country has Rs 10 lakh crore NPAs - Past President ICAI
Posted Date : 04-Apr-2016 , 08:25:43 am | Posted By CASANSAAR
The growing non-performing assets in banks are a matter of great concern. Even the Union government is projecting NPAs at Rs 3.80 lakh crore, in reality it is not less than Rs 10 lakh crore, said Past President ICAI Amarjeet Chopra while speaking at a Bank audit seminar here on Friday at ICAI audito...
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ICAI would abolish CPT Exam for CA aspirants & reinstate Foundation course
Posted Date : 26-Mar-2016 , 07:39:24 am | Posted By CASANSAAR
Institute of Chartered Accountants of India (ICAI) would abolish common proficiency test (CPT) examination for CA aspirants and reinstate the Foundation course instead from November this year.
“From November onwards the CPT examination route will be scrapped as the Ministry of Corporate A...
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ICAI issued notice to Kingfisher Airlines' Auditors
Posted Date : 16-Mar-2016 , 08:29:41 am | Posted By CASANSAAR
Institute of Chartered Accountants of India has set up a financial review board to look into the alleged financial irregularities at United Spirits, UB group and Kingfisher Airlinesin the past few years.
The institute has also issued notices to the auditors of United Spirits, UB gr...
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ICAI |
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ICAI invites suggestions on tax proposals of Union Budget 2016-17
Posted Date : 01-Mar-2016 , 07:06:37 pm | Posted By CASANSAAR
The Direct Taxes Committee, Indirect Taxes Committee and Committee on International Taxation invite suggestions on the tax proposals of the Finance Bill, 2016 for consideration and inclusion of the same in the Post Budget Memoranda to be submitted to the Ministry of Finance. Please submit your valua...
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Banks selecting own auditors reason behind rising NPAs - ICAI
Posted Date : 19-Feb-2016 , 08:58:34 am | Posted By CASANSAAR
Amid worsening bad loans scenario at the lenders, Institute of Chartered Accountants of India (ICAI) on Wednesday blamed the current system of banks appointing its own auditors for the rising non performing assets.
The chartered accountants' apex body president M Devaraja Reddy, who assumed...
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Review steps taken by cos to address frauds - ICAI to Auditors
Posted Date : 17-Feb-2016 , 08:32:11 am | Posted By CASANSAAR
Auditors need to review steps taken by companies to deal with suspected frauds worth Rs 1 crore or more that have already been reported and satisfy themselves that the matter has been appropriately addressed, according to chartered accountants' apex body ICAI.
The latest guidance from t...
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New ICAI President wants panel for Bank Audit appointments
Posted Date : 15-Feb-2016 , 08:02:27 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is recommending a revamp of the auditor appointment system for banks, both for central statutory and branch-level audits, its new President, M Devaraja Reddy, said.
Reddy, who assumed office on Friday after emerging victorious in the institut...
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Guidance Note on Audit of Banks released by Auditing and Assurance Standards Board - ICAI
Posted Date : 15-Feb-2016 , 08:00:27 am | Posted By CASANSAAR
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI) has today issued the Guidance Note on Audit of Banks 2016 edition. For the benefit of members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at:
...
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CA Devraja Reddy & CA Nilesh Vikamsey elected as President & Vice President of ICAI
Posted Date : 12-Feb-2016 , 04:05:26 pm | Posted By CASANSAAR
CASANSAAR Congratulate CA M. Devaraja Reddy & CA Nilesh Vikamsey for being elected as President & Vice President of ICAI.
...
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0 | Hits : 788
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Manner of Signing of Certificates by Chartered Accountants - ICAI
Posted Date : 06-Feb-2016 , 07:34:03 am | Posted By CASANSAAR
The Council of the Institute of Chartered Accountants of India (ICAI), at its 349th meeting held on 17th and 18th January, 2016 considered an issue relating to manner of signing of certificates by Chartered Accountants. The Council noted that presently different practices were in vogue in respect of...
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Govt to push ahead with NFRA despite stiff resistance from ICAI
Posted Date : 04-Feb-2016 , 07:59:12 am | Posted By CASANSAAR
Discounting the stiff opposition of The Institute of Chartered Accountants of India (ICAI), a government panel has recommended the formation of a new regulatory authority, National Financial Reporting Authority (NFRA), as early as possible.
“Major economies of the world have already establi...
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Inviting Suggestions on the drafted Background Material of Certificate Course on Financial Markets and Securities Laws - ICAI
Posted Date : 03-Feb-2016 , 07:49:52 pm | Posted By CASANSAAR
Committee on Financial Markets and Investors Protection’ (CFMIP) of ICAI is launching a new Certificate Course on Financial Markets and Securities Laws. Committee has restructured the course curriculum and developed a drafted Background Material on Financial Markets and Securities Laws course....
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ICAI seeks Govt nod for completely revamped course curriculum
Posted Date : 31-Jan-2016 , 01:12:15 pm | Posted By CASANSAAR
Chartered accountants' body ICAI is awaiting an in-principle approval from the government for its "completely revamped" course curriculum that is in tune with current economic landscape.
The curriculum for the chartered accountants programme i...
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ICAI President's Message - February 2016
Posted Date : 29-Jan-2016 , 10:38:26 pm | Posted By CASANSAAR
Dear Friends,
I started my journey in the active service of profession in the year 1991 as an office bearer of Indore Branch of CIRC of ICAI. I am happy that after 24 years, the profession gave me the opportunity to serve as the 63rd President of the ICAI, in the year 2015. Earlier, I was e...
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Violations among auditors more of an EXCEPTION - ICAI President
Posted Date : 26-Jan-2016 , 09:13:24 pm | Posted By CASANSAAR
Instances of violations committed by auditors are more of an "exception" and strict action is initiated against those found flouting the norms, according to ICAI President Manoj Fadnis.
The Institute of Chartered Accountants of India (ICAI) has extensive powers to take action agai...
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Announcement regarding the Eligibility Requirement of ISA-AT Exam - ICAI
Posted Date : 22-Jan-2016 , 07:09:27 pm | Posted By CASANSAAR
The matter of eligibility requirement for the Information System Audit (ISA) Assessment Test was considered in the 349th Meeting of the Council held on 17th and 18th January 2016 and decided as under:-
1) It has been decided to withdraw the announcement dated 4th September 2015 of the Commi...
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ICAI |
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0 | Hits : 682
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ICAI plans e-hearing of disciplinary cases
Posted Date : 18-Jan-2016 , 07:53:37 am | Posted By CASANSAAR
To ensure faster disposal of cases as well as reduce overall costs, chartered accountants' apex body ICAI plans to conduct hearings of disciplinary proceedings through video conferencing.
The Institute of Chartered Accountants of India (ICAI) has sent the proposal for 'e-h...
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ICAI |
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0 | Hits : 505
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GET free of cost 10 unstructured CPE hours on a Self declaration for 2015
Posted Date : 15-Jan-2016 , 09:16:42 am | Posted By CASANSAAR
One can claim the CPE hours by filing a Self Declaration Form with the ICAI for the calendar year 2015. Current Block for Compliance of CPE Hour is from 01.01.2014 to 31.12.2016. Members, who have not filed self deceleration for Calendar Year 2015, can file the same now.
...
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Extension of last date for complying with the CPE hours requirement for the Calendar Year 2015 - ICAI
Posted Date : 15-Jan-2016 , 08:52:50 am | Posted By CASANSAAR
January 12, 2016
FOR INFORMATION OF THE MEMBERS
Sub: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015” - from 31st December, 2015 to 31st March, 2016
This is for kind information of the members that the last date for complying...
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0 | Hits : 1427
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Discontinuation of ranks in Common Proficiency Test (CPT) - ICAI
Posted Date : 12-Jan-2016 , 08:31:56 am | Posted By CASANSAAR
8th January 2016
Discontinuation of ranks in Common Proficiency Test (CPT)
It is hereby informed that in terms of decision taken by the Examination Committee, declaration of ranks in respect of Common Proficiency Test(CPT), has been discontinued with effect from CPT held in December, 2015 on...
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ICAI |
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ICAI Constitute a Group to look into the definition of Accountant and other services a CA can render
Posted Date : 12-Jan-2016 , 08:29:14 am | Posted By CASANSAAR
Council Affairs/M-626/2015 11th January, 2016
ALL MEMBERS OF THE COUNCIL
Dear Sir,
Sub: Constitution of a Group to look into the definition of Accountant and other services a CA can render
Arising out of discussion on the Opening Remarks of the President, the Council at...
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