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Advisory for Statutory Bank Branch Auditors

Specific Considerations while conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under current Covid-19 situation Dear Professional Colleagues, We hope this communique will find you safe and healthy. We are sure that by now most of us must have received appointment letters for statutory bank branch audits indicating br...

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Posted Under: CA, CS, CMA |

Addendum to Guidance Note on Audit of Banks, 2020 Edition

Addendum to the Guidance Note on Audit of Banks, 2020 Edition with reference to RBI circular no.: RBI/2019-20/186 DOR.No.BP.BC.47/21.04.048/2019-20 dated March 27, 2020 on COVID 19 – Regulatory Package The RBI issued a circular dated March 27, 2020 granting relief for borrowers as Covid-19 Regulatory package. The relief granted to b...

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Posted Under: CA, CS, CMA |

Digital Accounting, Faceless Assessment & March 2020 GST Return

Digital Accounting COVED-19 gives us a lesson to work from anywhere and not necessarily from fixed office place. Rendering accounting service from anywhere needs transformation of physical accounting system to digital accounting system. It is advantageous to business owners in many ways viz. business owners get accounting information read...

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Posted Under: CA, CS, CMA |

ICAI & ICAI RVO issues Concept Paper on All About Fair Value

Financial reporting in India has undergone a significant transformation owing to the adoption of Indian Accounting Standards (Ind AS) and fair value is the guiding principle in financial reporting across the globe. The Institute of Chartered Accountants of India (ICAI) converged accounting standards with IFRSs and accordingly, the financi...

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Posted Under: CA, CS, CMA |

Draft Guidance Note on Applicability of AS 25 & Measurement of Income Tax Expense for Interim Financial Results

Draft Guidance Note on Applicability of AS 25 & Measurement of Income Tax Expense for Interim Financial Results deals with whether Accounting Standard (AS) 25, Interim Financial Reporting, is applicable to interim financial results presented by an enterprise pursuant to the requirements of a statute/ regulator, for example, quarterly fina...

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Posted Under: CA, CS, CMA |

ICAI postpones CA Examinations, May 2020

Chartered Accountant Examinations scheduled from 19th June 2020 to 4th July, 2020* stand rescheduled and the said examinations shall now be held from 29th July 2020 to 16th August, 2020 as per details given below....

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Posted Under: CA, CS, CMA |

Expert panel formed to address statutory bank branch audits queries

Auditing and Assurance Standards Board – Online Panel of Experts for Addressing Bank Branch Audit Related Queries for Financial Year 2019-20 – (02-05-2020) AUDITING AND ASSURANCE STANDARDS BOARD CONSTITUTES ONLINE PANEL OF EXPERTS FOR ADDRESSING BANK BRANCH AUDIT RELATED QUERIES FOR THE FINANCIAL YEAR 2019-20 Dear Members, The ban...

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Posted Under: CA, CS, CMA |

Draft Guidance Note on Accounting by E-commerce & Cloud Computing Companies

This Guidance Note deals with accounting by e-commerce and cloud-computing companies in respect of certain issues relating to revenue and expense recognition. Some of the accounting issues in e-commerce and cloud-computing companies have arisen due to the new business models being used in such Some accounting issues, such as those relati...

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Posted Under: CA, CS, CMA |

Postponement of CMA Examinations for June, 2020 Term

Institute of Cost Accountants of India has decided to postpone the examinations for June, 2020 term due to outbreak of Novel Coronavirus (COVID-19) and subsequent lockdown situation in the country. The Foundation, Intermediate and Final examinations that were scheduled from 11th- 18th June, 2020 will now commence from 20th July, 2020....

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Posted Under: CA, CS, CMA |

Discussion Paper Business Combinations—Disclosures, Goodwill & Impairment

Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment issued by the IASB for comments The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of India. The Institute of Chartered Accountants of India (ICAI) believes that Ind AS Fr...

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Posted Under: CA, CS, CMA |