Chartered Accountants
– Team S. Jaykishan
The below article is a compilation of the disclosures made in the audit report and financial statements by some of the listed Companies in their Annual Report of Financial Year 19-20 in relation to the COVID – 19 outbreak. The document is updated last on 11th of June, 2020.
– CA Vivek Newatia
The Standard on Auditing (SA) 700 deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report, issued based on audit of the financial statements.
In accordance with the revisions in ISA 700 by The International Federation of Accountants, ICAI has made corresponding revisions to SA 700. Accordingly, the format of auditor’s report has been changed.
The Council […] Read More >>
– By Ishanah Santhalia
The Financial Intelligence Unit (FIU) has released a list of 9,491 NBFCs that have been categorized as ‘high-risk’ due to non-compliance of one of the stipulated conditions mentioned in the PMLA Act and Rules. According to the FIU, these 9,491 NBFCs did not comply with the conditions of appointing a Principal Officer responsible to check and report suspicious transactions and cash transactions of 10 Lakhs and above and […] Read More >>
– By CA Niketa Agarwal
As the book profit based on Ind AS compliant financial statement is likely to be different from the book profit based on existing Indian GAAP, the CBDT constituted a committee in June, 2015 for suggesting the framework for computation of MAT liability under section 115JB for Ind AS compliant companies in the year of adoption and thereafter. On 22nd December, 2016, the Committee submitted its final report after […] Read More >>
– By CA Niketa Agarwal
The Ministry of Corporate Affairs (‘MCA’) issued a press release on January 2, 2015 announcing a roadmap for the implementation of Ind- AS based on a company’s net worth. With respect to agricultural sector, before the introduction of the Companies (Indian Accounting Standards) Rules, 2015, there was no specific accounting literature in India (previous GAAP) that required recognition of biological or bearer plant and hence no accounting […] Read More >>
-By CA Vivek Newatia
Real estate as a subject has always been of interest to all professionals considering the complex implications of the transactions – legal, accounting or taxation. One question which has perplexed everyone is whether revenue in the books of real estate developers should be recognised on percentage completion method (POCM) or project completion method/ completed contract method (CCM).
– By CA Niketa Agarwal
Ind AS–Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) has now become a reality. Soon after the revised roadmap for implementing Ind AS was announced in January, 2015, the MCA through notification dated 16th February, 2015 issued the Companies (Indian Accounting Standards) Rules, 2015 (Rules) which lays down a roadmap for companies other than insurance companies, banking companies and non-banking finance companies (NBFC) for implementation of Ind AS converged with […] Read More >>
– By CA Niketa Agarwal
The “Related Party Transactions” (RPTs) are under heightened watch of various regulators and tax authorities not just in India but globally. The potential to misuse RPTs is a cause for concern all over the world to both regulators as well as investors as has been evident from various scams and frauds in India and globally.
The reporting and compliance under various different laws poses a challenge […] Read More >>
– By CA Vivek Newatia
– By CA Niketa Agarwal
Erstwhile only clause 32 of the listing agreement mandated listed companies to publish Consolidated Financial Statements. Neither the Companies Act, 1956 mandated the preparation of consolidated financial statements nor do the Accounting Standards require companies to prepare Consolidated Financial Statements. With insertion of Section 129(3) in the Companies Act 2013 (“Act”), all companies including unlisted and private companies with one or more subsidiaries will in addition to separate financial statements […] Read More >>
CA Niketa Agarwal
The provisions under Schedule II of the Companies Act, 2013 have a lot of impact on all the companies in India. So it is a dire need for all of us to understand these provisions, as it would affect accounting of depreciation of companies. Also, while doing audit, it is to be checked that depreciation charged is as per Schedule II of the Act.