Mandatory and Non Mandatory Accounting Standards issued by the ICAI
CA, CS, CMA : Explains how Indian Accounting Standards operate, covering transition to Ind AS, presentation of financial statements, and the reg...
CA, CS, CMA : This explains when investment values must be written down under AS 13 and Ind AS, and why recognising impairment is essential for ...
CA, CS, CMA : Breaks down the purpose and components of a CFS and highlights how it reveals a company’s real liquidity, not just accounting pr...
Income Tax : Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for cal...
Finance : Summary of mandatory financial record-keeping periods under the Income Tax Act, GST Law (72 months), and Companies Act (8 ye...
CA, CS, CMA : ICAI issues Guidance Note for non-corporate financial statements, effective April 1, 2024, replacing 2022 Technical Guide with sta...
Company Law : NFRA highlights auditor responsibilities in related party transactions, emphasizing compliance with Ind AS 24, SEBI regulations, a...
CA, CS, CMA : ICAI announces new classification criteria for non-company entities' Accounting Standards, effective April 1, 2024. Learn about MS...
CA, CS, CMA : ICAI amends AS 22 for non-company entities, introducing exceptions and disclosure requirements for deferred tax related to Pillar ...
CA, CS, CMA : Stay updated on Indian Accounting Standards (Ind AS) amendments. Accounting Standards Board seeks your input on Lack of Exchangeab...
Income Tax : The issue was whether foreign exchange fluctuation loss recorded at year-end was notional and disallowable. The Tribunal upheld it...
Income Tax : ITAT Ahmedabad rules in favor of Aaryan Buildspace LLP, holding that Section 43CB does not apply to real estate developers recogni...
Income Tax : ITAT Bangalore held that Comparable Uncontrolled Price (CUP) is the most appropriate method for determining the Arm’s Length Pri...
Income Tax : Aadarh Developers Vs ACIT (ITAT Rajkot) Admittedly, the assessee is a developer and not a works contractor. Therefore, the revenue...
Income Tax : Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) Ground- Learned CIT(A) has erred in considering amounts aggregating to Rs.26,839,975 t...
Company Law : The MCA amended AS 22 to incorporate provisions related to OECD Pillar Two global minimum tax rules. The amendment exempts compani...
Company Law : The adjudicating authority held that failure to disclose related party transactions violated statutory audit duties. The key takea...
CA, CS, CMA : A Chartered Accountant was found not guilty of professional misconduct by the ICAI Disciplinary Committee regarding allegations of...
CA, CS, CMA : A Chartered Accountant has been reprimanded by the ICAI Disciplinary Committee for professional misconduct, including an incorrect...
CA, CS, CMA : The ICAI Disciplinary Committee has fined CA Ankit A. Chokshi Rs. 25,000 after finding him guilty of professional misconduct for f...
Background The Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 (the Act)] and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October, 2017. These rules are game changer in the domain of […]
Progressing from Accounting Standards to IndAS (or globally IFRS) has indeed been a huge step up in the Accounting world. Companies as well as regulators haven’t yet recovered from the dust risen by the IFRS storm. However, is this change enough? Is IFRS sufficient to factor in the changes happening at lightening speed in the […]
Exposure Draft of Standard on Internal Audit (SIA) 370,Reporting Results to Management (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 370, Reporting Results to Management. Comments are most helpful if they […]
Exposure Draft of Standard on Internal Audit (SIA) 360, Communication with Management (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 360, Communication with Management. Comments are most helpful if they indicate […]
Exposure Draft of Standard on Internal Audit (SIA) 240, Using the Work of an Expert (Comments to be received by March 28, 2019) – (27-02-2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 240 USING THE WORK OF AN EXPERT * The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites […]
Exposure Draft of Standard on Internal Audit (SIA) 230,Objectives of Internal Audit (Comments to be received by March 28, 2019) – (27-02-2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 230 OBJECTIVES OF INTERNAL AUDIT* The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit […]
Exposure Draft of Standard on Internal Audit (SIA) 110, Nature of Assurance (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 110, Nature of Assurance. Comments are most helpful if they indicate […]
Following is the Exposure Draft of the Amendments to Ind AS 1, Presentation of Indian Accounting Standards, and Ind AS 8, Accounting Policies, Change in Accounting Estimates and Errors, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments.
Following is the Exposure Draft of the Amendments to Ind AS 103, Business Combinations, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments.
During the year 2012, ICAI had issued a Guidance Note on ‘Accounting and Auditing of Political Parties’ as desired by the Election Commission of India. The Guidance Note is now being upgraded to incorporate certain improvements and changes in the operating environments since then. It has also been decided to issue the guidance for Auditing of Political Parties separately in detailed manner, if required.
