The Andhra Pradesh Government has tax arrears of about Rs 5,508 crore, of which about Rs 3,157 crore in pending for more than five years. According to the report of the Comptroller and Auditor General of India (CAG) for the year ended March 2009, the revenue arrears are from sales tax, taxes on vehicles, land [...]
Archive for the ‘Auditing’ Category
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Transition to IFRS would be costlier for unlisted Indian Inc
Posted by admin on July 12th, 2010
The transition to International Financial Reporting Standards (IFRS), from the Indian Accounting Standards, effective April 1, 2011, would require companies to incur direct and indirect costs in areas such as training employees, hiring consultants and trainers and adding new features to revamp IT systems. While the compliance costs for large companies such as Tata Steel [...]
Convergence with IFRS by 2011
Posted by admin on July 9th, 2010
The government said that Indian accounting standards will converge with IFRS by 2011, even as issues like fair value and depreciation are being ironed out.
“We are still working on fair value concepts and other issues like depreciation, but I can assure you that we will stick to the roadmap laid for the convergence of Indian standards with the IFRS,” Corporate Affairs Minister Salman Khurshid said on the sidelines of an Assocham seminar.
CLB grants Satyam time extension till 30 Sep to publish results
Posted by admin on July 8th, 2010
IT firm Mahindra Satyam (erstwhile Satyam Computer) said that the Company Law Board has given it time till September 30 to publish various mandatory documents.
“The Hon’ble Board (Company Law Board) has permitted extension of time up to September 30, 2010, for publication of financial results for the years ended March 31, 2009, and March 31, 2010,” Mahindra Satyam said in a filing to the Bombay Stock Exchange .
CAG seeks greater powers to audit the spending of the flagship schemes
Posted by admin on July 6th, 2010
The government’s statutory auditor has sought greater powers to audit the spending of the flagship schemes, joining the call for more accountability in the administration of such programmes.
The Comptroller and Auditor General of India (CAG) had, in some earlier reports, criticised the effectiveness of schemes such as NREGA in several parts of the country. The CAG has a limited mandate to audit the functioning of these schemes.
Government may get audit deadlines for PSU's
Posted by admin on July 5th, 2010
The government is set to fast track the process of updating and finalising accounts of public sector units in order to get a correct picture of their financial health before it decides a roadmap for them.
The department of public enterprises is considering a proposal to reduce the period of audit pendency for public sector undertakings (PSUs) to seven years, before their accounts are taken up for an finalisation.
