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Definition of Business Problem Business Problems are current or long-term challenges and issues faced by a business. These may prevent a business from executing strategy and achieving goals. In some cases, business problems also threaten the long-term survival of an Organization. A Problem may be defined as a deviation from a desi...
Read MoreFinance Lease As per Accounting Standard 19 (Leases): Definitions ♣ A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. ♣ A finance lease is a lease that transfers substantially all the […]...
Read MoreInd AS-115 summary Applicable from April, 2018) Scope- Applicable to all the contracts with CUSTOMER, except the followings- CONTRACT: – Agreement between 2 or more parties that creates enforceable rights and obligation. – – STEP-1 IDENTIFYING CONTRACT Again 5 Key Steps- all should be satisfied Key point- If step-1 not f...
Read MoreIND AS-116 summary IND AS-116 (Applicable from April,2019) Scope– Applicable to all the contracts meeting the definition of LEASE except for: – What is LEASE?? Identified Assets?? (Explicitly specified in a contract or Implicitly specified when asset is made available for use by the lessee) Right to control use: – Throug...
Read MoreDIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT extends due date for Income Tax Returns for FY 2018-19 from 31st July 2020 to 30th September 2020 (Notification no. 56/2020 dated 29th July 2020). ♦ CMDT amends rule 31a and form 26Q from 3rd July 2020 w.r.t. providing certain information related t...
Read MoreDear Professional Colleagues, The mammoth world with all its beautiful bounties, geographical riches, scientific innovations, exotic cultures and vast army of extraordinary human capital is one large family interconnected with the common goal for global health, peace, prosperity and progress. The present global challenges emanating from p...
Read MoreShri Girish Chandra Murmu assumed office as the Comptroller and Auditor General of India here today. He belongs to Indian Administrative Service of Gujrat cadre (1985 batch). Shri Murmu succeeds Shri Rajiv Mehrishi, who demitted office on Friday. Prior to this, Shri Murmu was the first Lieutenant Governor of Union Territory of Jammu & Kas...
Read MoreStudents, who have provisionally registered for the Foundation Course, may please note that in case of non-receipt of Original Mark Sheet from CBSE/State Board/ Affiliated Board are required to do as under:...
Read MoreTHE INSTITUTION OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of corporate Affairs) ICSI/ID/10/2020 5th August, 2020 Important decisions taken by the Council of the ICSI at its meeting held on 30th July, 2020 1. Partial revision for condu...
Read MoreCSEET shall be conducted through REMOTE Proctored mode instead of conducting the same from Test Centers. Candidates are allowed to appear for the test through laptop/ desktop from home/ such other convenient place. Candidates shall not be allowed to appear through smart phone (mobile)/ tablet etc....
Read MoreV. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) - The issue under consideration is whether the petition filed by the CA for seeking to direct the Institute of Cost Accountants of India to use the acronym ‘ICOAI’ instead of ‘ICAI’ will be sustain by the High Court?...
Read MoreAnubha Shrivastava Sahai Vs The Institute Of Chartered Accountants of India (ICAI) & Ors. (Supreme Court) - Anubha Shrivastava Sahai Vs ICAI & Ors. (Supreme Court) As per sources During the hearing SC said to ICAI that those students who have not opted out can appear for ICAI exam, but those who cannot appear although not opted out should be considered as an opt out student and be adjusted in November...
Read MoreN Sampath Ganesh Vs Union of India (Bombay High Court) - Bombay High Court had upheld the constitutional validity of Section 140(5) of the Companies Act but held that it would not apply to auditors who had resigned and also squashed the prosecution or the criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile audi...
Read MoreTrideep Raj Bhandari Vs ICAI (Delhi High Court) - ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. ...
Read MoreDevendraa P. Kapur Vs ICAI & Others (Appellate Authority of ICAI) - On perusal of the record, it reveals that the Institute was negligent in the noncompliance of the directions of this Appellate Authority. The DC was required to seek extension of time from this Authority had there been any difficulty on any count to dispose of the matter within six months....
Read MoreNotification No. ICSI/TRG/2020 - (03/08/2020) - The period for compulsory switchover of training as prescribed under regulation 46BA of the Company Secretaries (Amendment) Regulations, 2020 is extended further for a period of six months e. upto 2nd February 2021....
Read MoreRef. No. G/128/6/2020 - (21/06/2020) - CMA Foundation, Intermediate and Final examinations that were scheduled from 20th-28th July, 2020 will now commence from 1st September, 2020....
Read MoreNotification No. G.S.R. 339(E) - (01/06/2020) - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st June, 2020 G.S.R. 339(E).—In exercise of the powers conferred by section 29A of the Company Secretaries Act, 1980 (56 of 1980), read with sub-rule (1) of rule 8 of the Company Secretaries Procedures of Meetings of Quality Review Board, ...
Read MoreNotification No. G.S.R. 311(E) & G.S.R. 312(E) - (26/05/2020) - These rules may be called the Chartered Accountants Procedure of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board (Amendment) Rules, 2020....
Read MoreNotification No. F. No.1-CA(7)/193/2020 - (04/05/2020) - is registered with the Board of Studies of the Institute on or before 1st day of January or 1st day of July for the examination to be held in the months of May/June or November/December respectively; and has complied with such other requirements as may be decided by the Council from time to time.; a...
Read MoreV. Venkata Siva Kumar Vs Institute of Cost Accountants of India (Madras High Court) -
