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ICAI GUIDANCE NOTE
Value of audit lies in its contribution to improved governance: CAG Sanjay MurthyCAG K Sanjay Murthy highlighted the value of audit in governance and public financial management during a conference in Viet Nam. He discus...- ICAI to issue guidance note on new audit reporting framework for multi-state cooperative societiesICAI is set to release a guidance note on the new audit reporting framework for multi-state cooperative societies. The cooperation ministry...
- Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT JaipurRs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 pena...
- CBDT releases draft income calculation norms for real estateThe norms will apply for determination of income from all form of transactions in the real estate with respect to land, buildings and right...
- Review steps taken by cos to address frauds: ICAI to auditorsThe Institute of Chartered Accountants of India (ICAI) has recently issued a revised guidance note on reporting on fraud under Companies Ac...
- ICAI issues guidance note on internal financial controlsICAI has issued detailed guidelines on audit of internal financial controls over financial reporting as required under the new companies la...
- Companies' P&L accounts to have separate CSR Expenditure headA company needs to spend at least 2 per cent of its three-year-average net profit on CSR if it has a minimum net worth of Rs 500 crore.
- ICAI issues norms for CSR accounting by companiesCompanies meeting certain financial criteria such as a net worth, turnover or net profit of at least Rs 500 crore, Rs 1,000 crore and Rs 5 ...
- ICAI provides clarity on auditor's fraud reporting normsThe Institute of Chartered Accountants of India has said that such reporting needs to be done only if such frauds would have a material imp...
- ICAI ask members not to air personal views on new cost rulesThe apex body of cost accountants ICAI has asked its members to restrain from airing their "individual interpretations" about modified norm...
- Chartered accountants' body ICAI to soon issue guidance note on reporting fraudsOne of the amendment is to introduce a minimum threshold level for reporting frauds at companies by auditors to the central government.
- Companies may need more guidance on internal financial control reportingAuditors would have to provide information about a company's internal financial controls and their operating effectiveness in the annual st...
- Change in accounting principles may hit companies' ability to borrowThe ministry issued the revised Schedule VI to Companies Act, through a notification (No. S.O. 447 (E)) by laying down a new format for pre...
- New accounting rules to hit realty companies top lines, aims to reduce the discretionIn a move that will depress the top line of several leading real estate companies, an upcoming accounting change aims to reduce the discret...
- New SEZ accounting norms to increase transparencyThe Institute of Chartered Accountants of India (ICAI) will soon unveil accounting norms for special economic zones (SEZs) in the country.
- Accounting norms for C-credits from July 1This means, corporates will have to account for their issued carbon credits, as well as carbon credits which they may have sold in the curr...
- Govt sees 50% rise in FBT mop-up in ’06-07The government said on Tuesday that it expects a 50% increase in fringe benefit tax (FBT) collection during ’06-07.
- Income tax collections at Rs 81,000 cr in H1On the indirect tax side, service tax and customs duty collections are growing at a good pace.
- ICAI sign MoU with CERTThe Institute of Chartered Accountants of India and the Centre for Applied Research and Training (CERT), Abu Dhabi,on Sataday signed an MoU...
- 'VAT collected from customers should not be shown as sales'With 21 states ready to switch over to Valued-Added Tax from April one, the Institute of Chartered Accountants of India (ICAI) has said VAT...
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