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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 |

ICSI Postpones CS Examinations, June-2020 session

ICSI vide a press release postponed CS Examinations, June-2020 session, which were suppose to commence on from 1st June,2020.  CS examinations of the June-2020 session will now commence from 6th July, 2020. The Revised schedule will be announced later by ICSI. Full Text of the Press Release by ICSI is as follows:- THE INSTITUTE OF [&hell...

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Posted Under: CA, CS, CMA |

ED on Revenue with & without Performance Obligations & Transfer Expenses of IPSAS

ICAI releases Exposure Draft (ED) 70, ‘Revenue with Performance Obligations’, ED 71, ‘Revenue without Performance Obligations’ and ED 72, ‘Transfer Expenses’ of International Public Sector Accounting Standards (IPSAS) Board for public comments At the outset, we would like to inform you that ICAI through its Committee on Publ...

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Posted Under: CA, CS, CMA |

ICAI advisory on mentioning fees in Advertisements issued by Members

Certain concerns have been raised by ICAI members as to whether it is permissible to advertise the services rendered by them, while also mentioning that Professional Fees with regard to individuals engaged in Community service would be charged lesser than what is usually charged by them/ free of charge basis....

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Posted Under: CA, CS, CMA |

Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 & IFRS 16

Exposure Draft on Interest Rate Benchmark Reform-Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) – (21-04-2020) The Institute of Chartered Accountants of India In 2018, International Accounting Standards Board (IASB) decided to add a project to its work plan to consider the financial reporting implication...

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Posted Under: CA, CS, CMA |

ICAI advisory for initiating Statutory Bank Branch audit remotely

Advisory issued by ICAI to approximately 35,000 firms eligible for Bank Branch Audit for initiating the process of Statutory Bank Branch audit remotely to ensure timely and effective Bank Branch Audit. The said advisory was also shared with all Central Statutory Auditors for their information. Advisory issued to approximately 35,000 firms...

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Posted Under: CA, CS, CMA |

Necessity of Statutory Branch Audit in Public Sector Banks

It has come to the notice of Professional Development (PD) Committee of Institute of  Chartered Accountants of India (ICAI) that one of the public sector banks (PSBs) has  requested that Indian Banks’ Association (IBA) to consider the representation on  exemption from statutory bank branch audit, for the year ended March 31, 2020, in...

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Posted Under: CA, CS, CMA |

ICAI Waived off Condonation Fee for Students

Considering hardship faced by the students, it has been decided to waive off condonation fee on delay filing of all articled/industrial training related application forms till 30th June 2020 if transaction date in such application forms falls between 1st March 2020 to 30th May 2020. This period includes one-month prescribed time limit giv...

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Posted Under: CA, CS, CMA |

Free Live Revision Classes for CA Intermediate and Final Students

The Institute of Chartered Accountants of India Announcement – Free Live Revision Classes for Intermediate and Final Students targeting June, 2020 examination – Beginning from 22nd April, 2020 The Board of Studies has adopted different methodologies to reach out to students and provide education. It has been conducting Live Vi...

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Posted Under: CA, CS, CMA |