As part of its review of the existing disclosure requirements and to bring more transparency and efficiency in the governance of listed entities, SEBI has made certain amendments to the Equity Listing Agreement, vide its circular dated 05 April 2010. The key amendments relate to the following:
BJP today rapped the city government for large scale financial irregularities as pointed out by the just-released CAG report and said it will approach the Central Vigilance Commission and Delhi Lokayukta for appropriate action against those involved in bunglings.
The panel discussion here tomorrow is a landmark attempt by the Comptroller General of India to view the audit and results of audit through the perception of the stakeholders in specific and in general. The panel discussion will provide a forum for insight into what the stakeholders i.e., government, political leaders, media and other financial sector experts as well as public, expect from the audit against what they are actually getting.
The Lok Sabha Speaker Mrs Meira Kumar has pointed out that it was necessary to re craft the legal framework in a manner that enables the CAG to effectively discharge his constitutional responsibilities. She emphasized that the legal framework has to be suitably strengthened so that any ambiguities or inadequacies in the powers of the CAG, to discharge his mandate in the present day scenario, can be removed. The Speaker was inaugurating the XXVth Conference of the Accountants General in New Delhi today.
The Institute of Chartered Accountants of India (ICAI) has decided to review financial statements of 150 listed companies across bourses as part of its policy to tighten accounting standards in the country after the Rs 8,000-crore Satyam scandal. Any anomaly discovered would be forwarded to the ministry of corporate affairs (MCA) and market regulator Sebi for appropriate action.
Let’s start with the bad news this week. Accounting principles say losses are tax deductible, but CBDT says no! Not if they are forex derivative losses. Last week, the Central Board of Direct Taxes or CBDT issued an internal circular which says that a loss arising from an outstanding Marked to Market forex derivative transaction is, “contingent in nature and cannot be allowed to be set off against taxable income. The same should therefore be added back for the purpose of computing the taxable income of an assessee.’
Accounting regulator Institute of Chartered Accountants of India (ICAI) probe panel has hit out at banks for not doing due diligence on Satyam Computer Services before giving loans, and wondered why the government put Deepak Parkeh on its board despite his HDFC group being a major creditor to Ramalinga Raju’s company.
The Institute of Chartered Accountants of India (ICAI) is planning to crack down on local chartered accountant (CA) firms that would indiscriminately use the brand names of the global firms they associate with. A high-powered committee of ICAI set up to look into the accounting loopholes that were exploited during the Satyam scandal has recommended that there should be clear terms and conditions between the Indian CA firm and the foreign one for use of brand names.
At least seven people were injured when a major fire broke out in the Income Tax Office (ITO) in New Delhi on Friday, Apr 2.According to officials, the blaze broke out in the fourth floor of the D-shape building at 11.15 am when some labourers were engaged in wood work.
The government has given two more years to banks and NBFCs to align their accounting practices with the international financial reporting standards (IFRS). The core group of the ministry of corporate affairs extended the deadline to April 2013 at a meeting on March 29.
