A recent clarification by the Institute of Chartered Accountants of India regarding disclosure norms for derivative contracts had specified that companies would have to disclose mark-to-market losses from such transactions, financial year 2007-08 onwards. Sources now say companies have the leeway to avoid reporting losses on derivative contracts, as there are enough mechanisms in accounting standards that lay out the guiding principles in this regard.
On the back of the Satyam episode, the ICAI is planning to seek more power for chartered accountants so that they are not mere qualifiers. In case they see any divergence in the numbers provided by the company, there must be a way to compel a restatement of accounts, according to the ICAI. It has asked its members to 'to be much more vigilant and rely on external information than be dependent on what the management provides.'
26 chartered accountants associated with such shell companies have also been identified
The government today expanded the three-member Satyam board to six to include S Balakrishnan of Life Insurance Corporation, Tarun Das, chief mentor of the Confederation of Indian Industry and T N Manoharan, former president of the Institute of Chartered Accountants of India.
The number of serious incidents has more than doubled in the last seven years.
The latest passion of the Institute of Chartered Accountants of India (ICAI) is not selling blazers. Nor is it inauguration of residential courses. It is IFRS, IFRS and IFRS. Or International Financial Reporting Standards.
With economic offences seeing an increase, the CBI has written to the Institute of Chartered Accountants of India (ICAI) to probe the growing number of white collar crimes.
Meanwhile, company secretaries' body ICSI is also writing to the company secretary of Satyam Computer today to submit a report on corporate governance in a week. ICSI president Keyoor Bakshi said the government had earlier asked the institute to look into the revelations made by Satyam Computer's founder President Ramalinga Raju.
In fact, the ministry of corporate affairs announced that role of directors and auditors at Satyam will be scanned by ICAI and the apex body of company secretaries.
A bench comprising Chief Justice Uday Umesh Lalit and Justice Bela M Trivedi said it was sitting in a combination of two and according to a reference order on the matter, it should go before a bench of three judges for disposal.
OIL announced its financical plan outlay for the next two years.
Mahesh Londhe, son of a Pune bhel vendor cleared CA in first attempt. Londhe, who was sponsored by Thermax CEO MS Unnikrishnan, now wants to take up a corporate job in a manufacturing firm
Shatrughan Sinha, Shabana Azmi laud the move.
Moving away from its earlier stance, the Institute of Chartered Accountants of India on Friday said it was ready for opening up of the sector provided there was reciprocity and removal of non-tariff barriers in developed countries.
Delhi-based Nilesh Sharma, among the first IPs, said while the framework is in the initial stage and might have teething trouble, the opportunity is immense in the long run.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
The filing of audit reports was made mandatory in ITR Form 5, 6 and 7 after the tax department noticed discrepancies in filing of some returns along with audit reports.
Indian talent may soon be allowed to work in France without a degree from a French institute.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
Kate Forbes studied at Woodstock School for 3 years, and lived in India for 8 years. 'She has a heart for service and we are excited she has reached great heights at such a young age,' said her teacher Sanjaya Mark.
The National Stock Exchange (NSE), which is once again in the eye of a storm due to the co-location scandal, has said it has taken several transformational steps in the past few years on the regulatory, technological, and surveillance fronts to help improve stakeholder experience and to protect investors. Senior officials of the exchange briefed the media over the steps the exchange has taken on various fronts following changes at the helm with former managing director and chief executive officer Chitra Ramkrishna's ouster in December 2016. "Over the last few years, we have been looking to modernise and transform the entire value chain of technology.
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