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discontinuation of anti-dumping duties on the subject goods from subject countries likely to continue from the Peoples Republic of China and likely to recur from Korea ROK leading to the recurrence of injury to the domestic industry
The Revised Standard on Auditing (SA) 540, ‘Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures’ provides timely guidance on audit of fair value and accounting estimates in the current times of market uncertainty and liquidity crunch. Accounting estimate is an approximation of a monetary amount in the absence of precise means of measurement. Risk of material misstatement increases significantly since accounting estimate involves the use of judgment by the management. This Standard provides specific guidance to auditor while verifying the valuation of complex financial instruments which are not traded in active and open market and transactions involving the exchange parties without monetary consideration. This Standard is applicable for audits of financial statements for periods beginning on or after April 1, 2009.’
The Institute of Chartered Accountants of India has constituted a committee on Public Finance with the objective of extending a helping hand to the Centre, state and local administrative departments in nation building, an official of ICAI said on Monday. ICAI Programme Director V C James told reporters here, the committee’s key objective is to study, review, analyse and recommend measures to tackle the fiscal problems of the central or state governments, PSUs, Civic bodies, financial institutions and local administrative departments.
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion).
A new procedure has been prescribed for the payment of taxes, fees and returns by the dealers or employers seeking registration or not registered or not required to registered under MVAT Act vide Trade Circular 42-T of 2008 dated 26th December 2008.
