institute of chartered accountants

The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in banks abroad will submit its report to the Finance Ministry within a fortnight. Full Article

The increasing attractiveness of the European and Asian capital markets has prompted emerging economies like-Brazil , China, India, and Russia to converge their existing accounting standards to International Financial Reporting Standards (IFRS). Over 100 countries have now adopted or permitted IFRS or have based their local Generally Accepted Accounting Principles (GAAP) on the principles of IFRS. Full Article

Similarly Post Qualification Courses in Management Accountancy Course (MAC Part-I), Corporate Management Course (CMC –Part-I), Tax Management Course (TMC – Part-I), Insurance and Risk Management (IRM) and International Trade Laws and World Trade Organisation (ITL&WTO) exanimations will also be held on the dates given below at the following centers (centers in India only) in terms of provisions as contained in Schedule "C", "D" ,"E", "G" and "H" of the Chartered Accou.. Full Article

No.13-CA (EXAM)/CPT/June/2010: - In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test ( Paper- Pencil Mode) will be held on Sunday, the 20th JUNE 2010 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre. Full Article

The ministry of company affairs said that it was yet to receive a detailed report from the Institute of Chartered Accountants of India on the audit and accounting major PricewaterhouseCoopers, which was involved in an accounting goof-up in the Rs 10,000-crore (Rs 100-billion) Satyam scandal. Full Article

The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the difference is amortized in the books of account over the life of the forward contracts. Full Article

Small and medium enterprises (SMEs) in the country will not have to prepare their accounts as per the International Financial Reporting Standards (IFRS) from April 1, 2011, saving them significant cost of switching to the more rigorous accounting standard A government-constituted core panel on IFRS has decided to exempt SMEs from the first phase of convergence falling due in 2011. Full Article

The accounting regulator is finally swinging into action in the multiple demat account scam that was detected over 3 years ago. The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has found the internal auditors – Haribhakti & Co. guilty of negligence while checking the books of brokerage firm - Karvy. ICAI's Disciplinary Committee has found one audit partner and audit manager of Haribhakti & Co. guilty. Full Article