With less than six months to go before the nation moves towards a globally-recognised accounting system, the government plans to dilute some key provisions relating to foreign exchange differences and overseas borrowings which will make global investors suspect Indian accounting, say three people closely associated with the development. In the case of accounting for foreign [...]
Archive for the ‘Auditing’ Category
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Govt to allow real estate cos to book revenues at different work stages
Posted by khyati on October 14th, 2010
The government will drop a key rule from the new international accounting norms Indian companies have to follow from next year to permit real estate companies to book revenues as they build a property, allowing them to maintain a healthy profit and loss account. A recent meeting of the expert group of the ministry of [...]
IRDA panel to examine issues in accounting practices of insurance co’s
Posted by khyati on October 6th, 2010
The Insurance Regulatory & Development Authority(IRDA) has formed a panel to chart out an action plan on convergence of international financial reporting standard (IFRS). The working group will be headed by R K Nair, member, IRDA and will furnish its comments on Exposure Draft of IFRS 4 by 5th November. However it will submit its [...]
Auditors Independence provides assurance on the financial to stakeholders
Posted by khyati on October 5th, 2010
Legally, the auditor provides a reasonable assurance to shareholders, who appoint it, that financial statements provide true and fair view of the financial position and performance during the year. Although the auditor reports to shareholders, it is accountable to all stakeholders of the entity because they rely on the audit report. The auditor is privy [...]
After GST & DTC, govt likely to miss IFRS implementation deadline
Posted by admin on October 3rd, 2010
After missing its date with the Goods and Services Tax and the Direct Taxes Code, the government is also likely to miss the deadline for another major reform initiative – implementation of International Financial Reporting Standards (IFRS) from the next financial year. Already, banks and insurance companies are outside the ambit of the new accounting [...]
New Companies Act shortly: Focus on Auditing
Posted by khyati on September 27th, 2010
We are likely to get new Companies Act shortly. Indications are there that the wait is almost over. The Standing Committee on Finance has already submitted its report and the Ministry of Corporate Affairs is working hard to finalise the new Companies Act. The proposed amendments covering accounts and audit of companies will have far [...]
