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NFRA examines ICAI proposals on accounting standard for insurance contracts

The National Financial Reporting Authority (NFRA) has discussed the ICAI proposals on a new Standard (Ind AS) for the accounting of insurance contracts. The audit regulator received these proposals from the Institute of Chartered Accountants of India (ICAI). NFRA will share its recommendations with the Ministry of Corporate Affairs (MCA), after which Ind AS 117 has to be considered and notified by the central government under the Companies (Indian Accounting Standards) rules 2015. When notified, it will replace the current notified Ind AS 104, insurance contracts, according to an official release. IFRS 17, originally issued by the International Accounting Standards Board (IASB), in May 2017, is a complete overhaul of the accounting for the insurance industry. It is specifically designed to capture the unique features of the insurance and investment contracts of the insurance entities. "This standard will enable the Indian insurance industry to present globally comparable financia

IGNOU, ICAI ink MoU for distance diploma course in agri cost mgmt

A memorandum of understanding was signed between the Indira Gandhi National Open University (IGNOU) and the Institute of Cost Accountants of India on Tuesday to develop an open and distance learning diploma programme in agricultural cost management. According to an official statement, the diploma aims to create awareness and human resources in agricultural cost management by imparting knowledge, skills, and entrepreneurial capabilities to the farming communities. The programme will be beneficial for farmers, youths, small and medium entrepreneurs, extension workers, NGO functionaries/trainers, members of cooperative societies and self-help groups, among others, it said. The MoU was signed by Dr Alok Chaube, Registrar (Administration), IGNOU and CMA Vijender Sharma, President, ICMAI. A formal vote of thanks was presented by CMA Kaushik Banerjee, the secretary of ICMAI. IGNOU Professor SK Yadav said there is a need to educate the farmers and other target groups about cost management

ICAI working on new guidelines for disciplinary mechanism for CAs

The ICAI president said the institute had given its views on the foreign trade agreements with the UK and Canada, supporting foreign audit firms to operate in India on a reciprocity basis

Auditors not expected to look at every single invoice, transaction: ICAI

Amid the auditors' role coming under scrutiny, ICAI's newly elected President Aniket Talati on Thursday said auditors are not expected to look at every single invoice and transaction but are required to obtain reasonable assurance that the financial statement of a firm is free of material misstatement. The role of the auditors came under scrutiny, especially in the post-IL&FS crisis. "Our auditing standard is today largely in line with international accounting standards. You cannot expect that when a listed company is giving quarterly financial results in 45 days and 60 days for the year-end, it can never be intended that you are going to look at each and every single transaction. It has never been the expectation of an audit," Talati said. According to him, the expectation from a statutory auditor to look at 100 per cent invoices and 100 per cent transactions has never been there and an auditor is expected to exercise the highest level of integrity. The auditing entity needs to ..

ICAI can initiate suo moto cases against CAs in Nirav Modi case: Delhi HC

The Delhi High Court ruled that even in absence of a written complaint, the Institute of Chartered Accountants of India has the power to initiate suo motu disciplinary proceedings against its members

Trust, sustainability & talking robots at global accounting event in Mumbai

The 4-day event began on Friday and has delegates from across the world

Will look into financial disclosures of Byju's, says ICAI president

Move comes in backdrop of Congress MP Karti Chidambaram's letter airing concerns over results

Looking into financial disclosures of Byju's: ICAI head Debashis Mitra

Chartered accountants' apex body ICAI is looking into the financial disclosures made by edtech major Byju's amid concerns that there are issues related to them, according to a top official. The development also comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the financials of the edtech startup, which has significantly expanded its operations in recent years. Last month, the Congress leader had also written to the ICAI (Institute of Chartered Accountants of India) to review the company's financials. ICAI President Debashis Mitra said the Institute is aware of the issues at Byju's and that was not just because Karti Chidambaram had written to it about the alleged issues. "We don't see any serious lapses at the company but yes it looks like there are issues around its financial disclosures. The FRRB (Financial Reporting Review Board) is also looking into the matter," he told PTI here. The institute's FRRB, constituted in July this year, works

ICAI CA November 2022 PQC-IRM exam postponed; check revised schedule

ICAI CA November 2022 PQC-IRM exam postponed. Candidates can check the revised schedule on the official website of ICAI- icai.org

ICAI CA Nov exam 2022 admit cards out; check for direct links to download

The ICAI CA November Exam 2022 will be conducted in offline mode

MCA planning to shift all company forms to new portal by December

Currently only nine forms are to be filled on the new version, ministry officials cite surge in company submissions on version 3

Andersen to foray into consulting business, says CEO Mark L Vorsatz

New firm to provide services in India and other countries; area of work 'will never include auditing', says Vorsatz

Social Stock Exchange: What kind of organisations can list on it?

Sebi says non-profit organisations that work on eradicating hunger, poverty, and inequality, among other activities, can list on exchange

ICAI probing chartered accountants for role in helping Chinese loan apps

Indian CAs are accused of not conducting due diligence before signing several statutory documents for several Chinese loan apps

ICAI CA June session Foundation results 2022 declared; check here

Chartered Accountants candidates can check their results on the official website- icai.org.

ICAI CA June session Foundation results 2022 to be declared on Aug 10

Candidates who appeared for the June session ICAI CA foundation exam will be able to check their results on the official website- icai.org

CA final exam results declared on ICAI's website: Here's how to check

The CA final exams were held from May 14 to 29, 2022, at various exam centres across India

Cost accountants' body asks govt to allow members to carry audits of MSMEs

The institute has asked the government to allow its members to do various activities, including the tax audit under the Income Tax Act, 1961

CA Act amendment bill: ICAI Prez seeks status quo on disciplinary committee

ICAI has nearly 3.5 lakh members and about 7.5 lakh students.

Debashis Mitra takes over as ICAI President; Aniket Sunil Talati becomes VP

Institute of Chartered Accountants of India (ICAI) on Saturday said Debashis Mitra has been elected as its President for the 2022-23 term. Aniket Sunil Talati has been elected as Vice President of the institute, which has more than 3.40 lakh members and over 7 lakh students, according to a release. They took charge on Saturday. Mitra, who is serving his third term in ICAI Council, has been in the accounting profession for more than 34 years. Apart from being a Chartered Accountant, he is also a Cost Accountant and a Company Secretary. He holds a master's degree in commerce and is also a law graduate as well as a qualified Information Systems Auditor. "With keen interest in academic research, he is a PhD on the topic 'A Critical Study of Select Indian GAAP, US GAAP & IAS / IFRS'," the release said. Talati, who has a master's degree in commerce, served as Chairman of Ahmedabad Branch of ICAI for the year 2014-15 and as Secretary, WIRC for the year 2017-18. Among other positions,