November 2010 suggested, Download Suggested Answers, Download Suggested papers, ICAI suggested, PCC suggested, Suggested for November 2010, Professional Competence Course, PCC, ICAI, Cost Accounting and Financial Management, Taxation, Information Technology and Strategic Management, Advanced Accounting, Auditing and Assurance, Law, Ethics and Communication
November 2010 suggested, Download Suggested Answers, Download Suggested papers, ICAI suggested, IPCC suggested, Suggested for November 2010, Integrated Professional Competence Course, IPCC, ICAI, Advanced Accounting, Auditing and Assurance, Information Technology and Strategic Management, Accounting, Business Laws, Ethics and Communication, Cost Accounting and Financial Management, Taxation
Next time you go to a bank ATM, be ready to re-enter your PIN afresh for every transaction you wish to conduct, such as money withdrawal, balance enquiry and checking account details. In order to check misuse of ATM cards by unauthorised people, RBI
Accounting regulator ICAI is opposed to the tendering process of selecting accountants for auditing state-run schemes and has taken up the issue with the Planning Commission and the CAG. The ICAI wants the appointment to be done through fixing the
Any defunct company desirous of getting its name struck off from the Register under Section 560 of the Companies Act, 1956 shall make an application (accompanied by filing fee of Rs. 3000) in Form EES, 2011, electronically on the Ministry of Corpora
Query:-Acquirer Limited acquired an engineering unit of Acquiree Limited, on a going concern basis. The unit has various fixed assets such as building, plant and machinery and furniture, which were recognized in the books of Acquirer Limited at their fair value, on the date of acquisition. Acquiree has already used these assets for certain periods and claimed the depreciation thereon. For example, it has used the building for 20 years and its remaining useful life as per schedule XIV to the Companies Act, 1956, in the books of Acquiree, is 38 years. Acquirer Limited is evaluating whether it can consider the useful lives of these assets afresh or it needs to reduce the period of usage by the acquiree in arriving at useful lives as per Schedule XIV?
Investor Limited (the company) acquired 1,000,000 equity shares of Rs. 10 each in Investee Limited (investee), for the acquisition date fair value of Rs. 9 million. In the past, Investee Limited had incurred losses, which were attributable to the investee’s venture in a new line of business and exceptional events such as economic recession. Over the period, the line of business has stabilized and started generating profits. In addition, the economic environment has improved significantly. Therefore, the investee expects to generate significant profits in the future periods. However, to write off the past losses, the investee has entered a capital reduction scheme. According to the scheme, it will reduce the face value of each share to Rs. 7 per share and adjust the resulting amount against the past losses.
A fire broke out in the factory premises of Manufacture Limited (the company), destroying 40% of its major plant. At the date of fire, the carrying amount of the plant (including destroyed portion) was 2160 million. The company needs to incur an amount of 2100 million to restore the destroyed portion. At the reporting date, the restoration work is in progress. The management believes that the company has not followed the component accounting under Indian GAAP and it will therefore apply the subsequent expenditure-related guidance. The application of this guidance will require the company to write off any subsequent expenditure incurred on the asset. Therefore, there is no need to write off the damaged portion of the plant.
The Guidelines for Compulsory Attendance of Professional Development Programmes by Members (ICSI Guideline No. 3 of November, 2007), which were notified and came into effect from January 1, 2008 require every PCS to secure 12 Programme Credit Hours i
It is held that expenses incurred by the assessee wholly and exclusively for the purpose of business could not be disallowed on the ground that there was a reduction in the ratio in which the expenses were shared by the assessee’s parent/associate company.
