This is to mention here that to promote high standard of integrity and professionalism it is an essential part of the Professional duty of the Chartered Accountants to ensure compliance of various statutory and other regulatory requirements with regard to the relevant provisions of the Acts which regulate the functioning of Companies and LLPs.
Following applicants are rendered Ineligible due to the clause of exclusivity: Applying as Proprietary Concern and also having Sole Practice (Individual) registered in Institute’s records; Applying as Individual (either sole/individual practice registered or not in Institute’s records) and also having Proprietary Concern. Applying as Proprietor and having more than one Proprietary Concern but not associated as a Partner/Paid CA in any other Concern.
This Standard should be applied in accounting for provisions and contingent liabilities and in dealing with contingent assets, except: (a) those resulting from financial instruments that are carried at fair value; (b) those resulting from executory contracts, except where the contract is onerous; Explanation :
1. This Standard should be applied in the preparation and presentation of consolidated financial statements for a group of enterprises under the control of a parent. 2. This Standard should also be applied in accounting for investments in subsidiaries in the separate financial statements of a parent.
This standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
Shares, debentures and other securities held as stock-in-trade (i.e., for sale in the ordinary course of business) are not ‘investments’ as defined in this Standard. However, the manner in which they are accounted for and disclosed in the financial statements is quite similar to that applicable in respect of current investments.
The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment.
A contingency is a condition or situation, the ultimate outcome of which, gain or loss, will be known or determined only on the occurrence, or non-occurrence, of one or more uncertain future events.
This Revised ‘Accounting Standard (AS) 2- Valuation of Inventories’ as applicable for the accounting periods commencing on or after April 1, 2017 after considering Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) also read with ICAI Press Release dated 28.09.2016 titled “Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 […]
Every insolvency professional agency shall have adopted comprehensive bye-laws, which are in consonance with the model bye-laws, to govern its internal matters prior to its registration as an insolvency professional agency:
