IMPORTANT ANNOUNCEMENT The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously and proceeded against accordingly. a) […]
Members may note that mere receipt of an application for restructuring does not by itself makes the advance(s) referred to above qualified to retain its classification as Standard Asset(s).
The Institute of Chartered Accountants of India (ICAI) has approached the ministry of corporate affairs (MCA) to discuss the functioning of all those foreign firms who are offering auditing services in India through their tie ups with the local firms. According to ICAI, the manner in which the foreign firms handle their auditing services in […]
The Institute of Company Secretaries of India (ICSI) has given a clean chit to the the company secretaries, G Jayaraman, global head of corporate governance and Savita Jyoti, practicing company secretary of Satyam Computers on their role in the accounting fraud. NK Jain, secretary, ICSI told FE, “On the basis of the investigation done by […]
Institute released two CDs on ‘Bank Branch Audit – An Overview’ recently and made content of these CDs available free of cost to the members associated with Bank Branch Audit. Accordingly they created http links for the said content. Please download the content from the following links: http://www.meficai.org/BankAudit/CD1.zip http://www.meficai.org/BankAudit/CD2.zip After download, you will require WINRAR […]
Institute of Chartered Accountants of India (ICAI) doesn’t seem to have taken the growing doubts over the credibility of chartered accountants (CAs) post-Satyam scam very kindly. President of ICAI Uttam Prakash Agrawal said here on Wednesday that CAs are being targeted unnecessarily in the Rs 7,000-crore scam that jolted the entire nation a few months […]
In what may strain the already troubled relations between the Samajwadi Party and the Congress, the Income Tax (I-T) department on Wednesday moved the Supreme Court challenging a seven-month-old order of the Bombay high court, which gave relief to superstar Amitabh Bachchan in a case related to Kaun Banega Crorepati. The move to appeal against […]
In a major relief for India Inc, the National Advisory Committee on Accounting Standard (NACAS), a government-appointed body, has postponed the implementation of Accounting Standard 11 (AS 11) to 2011. This accounting standard deals with mark-to-market provisioning in corporate profit and loss accounts for foreign exchange-related gains and losses. The NACAS decision means domestic firms […]
Revenue authorities have done banks a good turn towards the close of the financial year. By clarifying that the deposit insurance premium, collected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), is not taxable, the authorities have saved banks, which ultimately would have borne this burden, from paying taxes totting up to a few […]
The Income-Tax department is at loggerheads with the income Tax Appellate Tribunal (ITAT), the ultimate fact-finding body on tax disputes, over the latter’s demand for verifying the reasons for conducting a raid on FMCG major Marico Industries. ITAT had directed the department to produce the “satisfaction note”, which is an internal document prepared by income […]
