These are exciting yet challenging times for Indian chartered accountants. The year 2012 will be an eventful year for Indian accountancy profession if both external and internal developments are any indication. World economy is in turmoil and is casting its shadow on India, thereby putting the role of CAs in sharp focus. The resilient Indian economy will surely withstand any trouble.

it has been brought to the notice of Direct Taxes Committee that demand notices are being served on the Deductors on account of various possible reasons. The said matter was placed by ICAI before the Central Direct Taxes Advisory Committee in its meeting which was chaired by Hon’ble Finance Minister Shri Pranab Mukherjee.

An issue that arises in accounting for carbon credits is that whether the carbon credits generated under the Clean Development Mechanism, i.e., CERs, can be considered as assets of the generating entity.

There are several basic methods for rate regulation and in each case, the application of a particular methodology may vary with the regulator, the entity being regulated and the circumstances faced. Some of the forms of rate regulation are cost of service regulation, price-cap mechanisms or a hybrid methodology featuring combinations of price cap and cost-of-service approaches.

In pursuance of Regulation 81(5) of the Chartered Accountants Regulations, 1988, read with Rule 4 of the Chartered Accountants Students’ Association Rules (as contained in Appendix No. (5) to the Chartered Accountants Regulation 1988), the Council of the Institute of Chartered Accountants of India is pleased to announce the setting up of Branch of Western India Chartered Accountants Students’ Association (WICASA) at Navi Mumbai with effect from February 1 , 2012.

. This Guidance Note covers all forms of transactions in real estate. An illustrative list of transactions which are covered by this Guidance Note is as under: (a) Sale of plots of land (including long term sale type leases) without any development. (b) Sale of plots of land (including long term sale type leases) with development in the form of common facilities like laying of roads, drainage lines and water pipelines, electrical lines, sewage tanks, water storage tanks, sports facilities, gymnasium, club house, landscaping etc. (c) Development and sale of residential and commercial units, row houses, independent houses, with or without an undivided share in land.

The Institute of Chartered Accountants of India has introduced a scheme for opening of Certified Registration Centre at the office of chartered accountants firms/practicing members in order to provide online registration facility in CPT course.

13th February, 2012 The Institute intends to draw a Panel from amongst its Members for acting as Observer at the examination centres in various cities during the Chartered Accountants Examinations to be held from 2nd – 17th May, 2012 and the Common Proficiency Test (Paper-Pencil Mode) to be held on 17th June, 2012 (Sunday). Members who are interested to act as Observer at the examination centres during the examination days may download the attached Empanelment Form and e-mail the same to: examcoob@icai.in on or before 1st March, 2012.

Mr Jaydeep Narendra Shah was elected as CA Institute President at a meeting of the central council of the institute in the capital today in place of Mr G. Ramaswamy, who demitted office today. CA Jaydeep Narendra Shah was Vice-President of the Institute of Chartered Accountants of India. He was a Central Council Member and was re-elected to the Central Council of ICAI for the third term for the period from 2010 to 2013 after completion of 1st term from 2004-2007 and current 2nd term from 2007-2010.

The results of the Chartered Accountants IPCC / PCC Examination held in November 2011 was declared recently. The details of percentage of candidates passed in the above said examinations and list of top three toppers are given below;