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Finance : Explore yoga fitness market trends, retention strategies, and tech innovations. Uncover insights on customer loyalty, VR classes, ...
Finance : Explore the valuation requirements across different laws in India, including the Companies Act, IBC, SEBI, RBI, and Income Tax Act...
Finance : Learn about Section 270A introduced in Finance Act 2016, effective from April 1, 2017, outlining penalties for under-reporting and...
Finance : Learn how the P/E ratio can guide your mutual fund investments. Understand its significance in stock selection, portfolio valuatio...
Finance : Explore the benefits of P2P investing with 13Karat compared to traditional methods. Discover high returns, risks, liquidity, and e...
Finance : New IFSC regulations effective June 6, 2024, govern bookkeeping, accounting, taxation, and financial crime compliance services, im...
Finance : IFSCA reviews Fund Management Regulations 2022 to enhance ease of business, introduce safeguards, and provide clarifications. Publ...
Finance : Discover the risks of UPI cash deposits, recent transaction statistics, safety measures, and future plans for cross-border UPI int...
Finance : SEBI's July 2024 update addresses allegations of stock market manipulation via exit polls and reveals the top sellers on June 3, 2...
Finance : Understand IFSCA's Ship Leasing Circular FAQs 2024. Learn permissible activities, definitions, and guidelines for ship lessors in ...
Finance : In present facts of the case, the Hon’ble High Court have given observations on the issue of unstamped arbitration agreement. It...
Finance : Reviewing the landmark UK Supreme Court decision in Barclays Bank UK PLC vs Philipp case. Analysing its global implications on ban...
Finance : Delhi High Court held that if the investigation is not completed then merely because the report has been filed, the right of statu...
Finance : Frequent vacancy arising in DRT is an issue which needs consideration by Government and practical solution has to be found at the ...
Finance : Syed Adeel Shah Vs Directorate of Enforcement (Jammu and Kashmir High Court) It appears that in an earlier round of litigation whe...
Finance : IFSCA extends bullion trading guidelines until October 31, 2024, or until revised requirements are issued, according to circular F...
Finance : IFSCA circular allows CRAs in IFSC to offer ESG ratings and data products, promoting sustainability, transparency, and governance ...
Finance : IFSCA Circular IFSCA-PLNP/40/2024 outlines new guidelines for Credit Rating Agencies in the IFSC, following SEBI's latest regulati...
Finance : IFSCA Circular allows Credit Rating Agencies to value assets under the Fund Management Regulations, 2022. Effective immediately as...
Finance : Explore the International Financial Services Centres Authority (IFSCA) Regulations 2024, governing payment and settlement systems ...
Normally every sovereign state provides a legal framework to decide about the accounting year. Every entity carrying on a business is required to prepare the final accounts as understood by us for pre-defined accounting year. [More…] Besides annual report to various stakeholders, collection of tax revenue is also based on this pre-determined accounting year. In India, such an accounting year is financial year starting from 1st April and ending on 31st March. Earlier in India, sentimental luxury relating to choice of an accounting year was given to every business entity. No longer is such a luxury permissible.
These are challenging times in many respects. A global financial meltdown in which India cannot escape without hurt, a gruesome terrorist attack on 26/11 on the financial capital of India i.e., our dear Mumbai, politicians’ continuous play and ensuing election and what not. In the field of Accounting and Auditing also we are expected to start a new reporting procedure, namely, IFRS. It is stated to be applicable from 1st April 2011. However in reality, one will have to start looking at the accounts in accordance with IFRS requirements much earlier, say, from 1st of April 2009.
Since the passing of the Hindu Succession Act, 1956 (‘the Act’), one issue which was constantly agitated by the liberals was regarding the right of a daughter or a married daughter in coparcenary property of a Hindu Undivided Family. Some of the States which took the lead in liberalisation, passed State amendments to the Act, whereby an unmarried daughter married after the specified date was given a right in coparcenary property. Kerala, Karnataka and Maharashtra were some such States.
Accounting Standards (AS) 30 and 31 have been issued by our Institute and will come into effect from April 1, 2011 with early adoption being recommendatory. AS-30 deals with recognition and measurement of financial instruments (including derivatives). AS-31 deals with presentation aspects and, in particular, with distinction between liabilities and equity. This distinction can be complex where corporates issue instruments like convertible debentures and foreign currency convertible bonds, which carry features of both debt and equity. AS-32 deals with disclosures. Small and medium entities are exempted from these Standards.
The State Consumer Disputes Redressal Commission has awarded a Thane widow a hefty compensation of Rs 15 lakh—one of the highest given in the state in the recent past—after penalising three doctors for medical negligence that led to her husband’s death.
The question whether there should be a system of rotation of statutory auditors introduced to avoid repetition of Satyam episode has been raised in some quarters. In the past, the Government had tried to introduce this system by proposing amendments in the Companies Act on two occasions. However, these amendments could not be implemented as the Parliamentary Committees which examined these proposal rejected them in view of the strong protests from our members and the Institute. Investigations about the role of auditors in the Satyam episode are in progress. The reasons for the audit failure are not ascertained and, therefore, it would be premature to make this episode as illustrative. No definite conclusions can be drawn at this stage and it cannot be said that such episode will not be repeated if we introduce the system of rotation of statutory auditors through any legislation. It is reported that no developed country in the world has introduced this system.
Intended or not, an influence, or a dis-proportionate bearing of supplementary factors on the process of legal adjudication could result in a deviation from the set precedents of judicial thought. One such concept discussed here is Morality, as understood in common parlance. The other is the legal premise of Estoppel.
The Government of India has recently made fundamental changes in the Employees Provident Fund Scheme, 1952 and the Employees Pension Scheme, 1995 (collectively referred to as Indian Provident Fund schemes) which will impact the expatriates and the employers with whom they work in India.
The 1988 Basel Capital Accord (“Basel I”) has been implemented as the capital adequacy standard for banks and has been adopted by more than 100 countries successfully. The fundamental objectives of the Accord were to strengthen the soundness and stability of the international banking system. Basel I, has been adopted by the leading industrialised nations as well as the emerging economies, including most in Asia.
The government may soon ask for an audit of banks to check if they are passing on to exporters the interest rate discounts on loans, given as a part of the stimulus packages, following complaints from exporters that some banks were not crediting to their accounts the rebate.Government is planning to ask the comptroller and auditor general to carry out an audit of banks to find out on a test check basis whether the subvention amount is getting credited to the account of exporters.
