ICAI - Page 2

MCA Clarification on holding of AGM through video conferencing or OAVM

MCA has issued Clarification on holding of Annual General meeting through video conferencing or other audio-visual means (OAVM)- [Refer MCA General Circular Nos. (i) 20/2020 dated 5th May, 2020 (AGM Circular), (ii) 14/2020, dated 08.04.2020 (EGM Circular - I) and (iii) 17/2020 dated 13.04.2020 (EGM Circular - ll)]...

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Posted Under: Company Law |

MCA Clarification on Passing of Ordinary & Special Resolutions by Companies

Institute of Chartered Accountants of India Announcement  MCA has issued Clarification on passing of ordinary and special resolutions by companies on account of the threat posed by Covid-19 and holding an extraordinary general meeting  Section 100 (1) of the Companies Act, 2013 (the Act), the Board may, whenever it deems fit, call an e...

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Posted Under: Company Law |

MCA Clarification on dispatch of notice by Listed entities for rights issue

MCA has issued Clarification on dispatch of notice by Listed entities for rights issue opening under section 62(2) of Companies Act, 2013 up to 31st July, 2020 ...

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Posted Under: Company Law |

Auditor’s Reporting Key Audit Considerations amid COVID-19

While preparing the financial statements, considering the nature of business of the entity, the management needs to make a detailed assessment (to the extent possible based on the information available) of the impact of COVID- 19 on the items, components of the financial statements including disclosures in the financial statements (e.g. ...

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Posted Under: Company Law |

Flow Chart of Disciplinary procedure followed by ICAI

Following is the Disciplinary procedure followed in respect of the members of the ICAI: The above flow chart is a representation of various situations for Disciplinary actions that may be taken by the board / committee....

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Posted Under: Company Law |

Impact on Physical Inventory Verification due to Covid-19

Physical verification of inventory is the responsibility of management of the entity. Management is required to establish procedures under which inventory is physically counted at least once a year to ensure existence, condition, and support valuation of inventory....

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Posted Under: Company Law |

ICAI: Retrospective Restoration of Membership / COP 2019-2020

To mitigate the hardships, the application(s) in Form 9 and Form 101 for retrospective restoration of membership / certificate of practice complete in all respects and applicable fee for the year 2019-2020 can now be submitted by filing until the midnight of 31st May 2020....

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Posted Under: Company Law |

ICAI advisory in respect of Fake Social Media Pages

It has come to the notice of ICAI that various Fake Social Media Pages are being operated illegally on ICAI’s name and logo. They are making various announcements and reference material on which the ICAI has sole and exclusive intellectual property rights (IPRs)....

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Posted Under: Company Law |

Physical Inventory Verification- Key Audit Considerations amid COVID-19

Physical Inventory Verification Key Audit Considerations amid COVID-19 Auditing and Assurance Standards Board (AASB) The Institute of Chartered Accountants of India A. BACKGROUND Physical verification of inventory is the responsibility of management of the entity. Management is required to establish procedures under which inventory is phy...

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Posted Under: Company Law |

ICAI COVID-19 FAQs on Ind AS 2020

While the high quality Ind AS Framework has comprehensive and robust accounting principles, a need was felt to provide application guidance in certain areas of accounting in the form of Frequently Asked Questions (FAQs) in the context of contraction in economic activity, disruptions in financial markets and a series of actions by governme...

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Posted Under: Company Law |

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