India needs Paradigm shift in view-Auditing Skills Vs Brand CAs.

Abundance of skills available in the sector of accounting and auditing and with impending Companies act direct tax code bill India should re-orient its recognition procedure lest it ideology of inclusive growth is in shambles.WRT Auditing and public accounting profession.

Most of the countries in the world whether UK/EU/ZA/Au have made it a point to demutualise education and auditing profession and regulate the profession by bringing in a certain degree of competition and enabling the profession to be institute(institution) neutral.In UK six bodies are recognised as RQB and one of them is not a member body of IFAC.In Australia Three bodies are recognised by ASIC.In ZA(south africa)the newly constituted IRBA has come up with an accredition model in May 2007. Read More

In the USA it is a common format of exams under AICPA but NASBA recognises the qualification for License to practice.In Canada though there is no super regulatory body the Government of canada recognises three institutes for Auditing(CGA/CICA/CMA).Most of the south east asian countries recognise more than one qualification for credence to auditing with malasia having two internal bodies-MIA/MICPA.

The relevance of having such a demutualisation is to recognise the skill-set delivered by various institutes and also promote healthy competition.This also ensures quality and destroys Monopoly which is a must for any civilised society.

Unfortunately the development in India is not encouraging on this front where we are trying to put all eggs in one basket and grant undue weightage that may harm the stakeholders interest in the longrun.

ICAI is a statutory accounting body and so is ICWAI and both are the members of IFAC and the latter is a founder member of the international organisation.In a huge country like India with variety of stakeholder it is in the interest of the society to have a superior regulator with the participation of the accredited institutes(ICAI/ICWAI).This may be under the administrative supervision of the MCA.With the digitisation of MCA operations it would be easier to track the performance of the auditors.

Members of ICWAI/ICAI should be entitled to register as auditors initially and be allowed to audit businesses on equal footing(financial/cost/special/internal/tax audits).Any new bodies by virtue of WTO on services fulfills the criteria should also be allowed to have accredition.
ICAI and ICWAI should be restricting their function to delivery of education and required skill set and the member disciplinary mechanism and quality assurance and review board.Their representatives will occupy the newly constituted supervisory body for regulating the auditing profession.The regulatory body will focus its arms on all types of audit with sectoral neutrality.
A member of the two institutes should satisfy additional requirements as designed by the regulator to get registered as Auditor.

I think India should enter into such model coterminus with the enactment of the New companies act and direct tax code bill.

The benefit will be that the society shall have choice of the professionals a change of mind set and more focussed audits.

More Info :

ASIC, Australia
OPSI, UK

Blog Posted by RV

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1. Auditing in Australia

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India needs Paradigm shift in view-Auditing Skills Vs Brand CAs.

Abundance of skills available in the sector of accounting and auditing and with impending Companies act direct tax code bill India should re-orient its recognition procedure lest it ideology of inclusive growth is in shambles.WRT Auditing and public accounting profession.

Most of the countries in the world whether UK/EU/ZA/Au have made it a point to demutualise education and auditing profession and regulate the profession by bringing in a certain degree of competition and enabling the profession to be institute(institution) neutral.In UK six bodies are recognised as RQB and one of them is not a member body of IFAC.In Australia Three bodies are recognised by ASIC.In ZA(south africa)the newly constituted IRBA has come up with an accredition model in May 2007. Read More

In the USA it is a common format of exams under AICPA but NASBA recognises the qualification for License to practice.In Canada though there is no super regulatory body the Government of canada recognises three institutes for Auditing(CGA/CICA/CMA).Most of the south east asian countries recognise more than one qualification for credence to auditing with malasia having two internal bodies-MIA/MICPA.

The relevance of having such a demutualisation is to recognise the skill-set delivered by various institutes and also promote healthy competition.This also ensures quality and destroys Monopoly which is a must for any civilised society.

Unfortunately the development in India is not encouraging on this front where we are trying to put all eggs in one basket and grant undue weightage that may harm the stakeholders interest in the longrun.

ICAI is a statutory accounting body and so is ICWAI and both are the members of IFAC and the latter is a founder member of the international organisation.In a huge country like India with variety of stakeholder it is in the interest of the society to have a superior regulator with the participation of the accredited institutes(ICAI/ICWAI).This may be under the administrative supervision of the MCA.With the digitisation of MCA operations it would be easier to track the performance of the auditors.

Members of ICWAI/ICAI should be entitled to register as auditors initially and be allowed to audit businesses on equal footing(financial/cost/special/internal/tax audits).Any new bodies by virtue of WTO on services fulfills the criteria should also be allowed to have accredition.
ICAI and ICWAI should be restricting their function to delivery of education and required skill set and the member disciplinary mechanism and quality assurance and review board.Their representatives will occupy the newly constituted supervisory body for regulating the auditing profession.The regulatory body will focus its arms on all types of audit with sectoral neutrality.
A member of the two institutes should satisfy additional requirements as designed by the regulator to get registered as Auditor.

I think India should enter into such model coterminus with the enactment of the New companies act and direct tax code bill.

The benefit will be that the society shall have choice of the professionals a change of mind set and more focussed audits.

More Info :

ASIC, Australia
OPSI, UK

Blog Posted by RV

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Related Posts:

1. Auditing in Australia

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Goal Setting about your career

I was reading a message posted by Soumen Dutta in the CMA Yahoogroup about Job for Cost Accountant in Australia and wondered …. a few individuals can really make a difference to the entire community. The idea for anyone in network is to catch the right signal to steer their career.

I have posted a video of the Satellite Navigation system and how it works. It is a small demo, the destination is London Business School (not the entire route). I hope you see the entire video just to get a feel what goal setting is all about. When you instruct your satnav to navigate to post code NW1 4WA, no matter which turn you take, it will redirect you to the right destination. Just as a SatNav, you should always be geared to take charge of your career and put it on the path you decide.

Few key things to be on the right track:

1. Right Skills: Gaining educational qualification is one thing but continuously updating your skills is what it is all about. You may be ICWAI or CA by qualification, but employers are looking for what have you done in last two years and gained over the years. You have to do a self skill assessment every two years and then realign yourself to your future goals.
2. Volunteer for new responsibilities: In your work environment, volunteer to take new responsibilities. Initially there will be anxiety but as you go along your brain will start working to tackle new situtations. Your co-workers and superiors will take notice which will utimately shape your career progression.
3. Attitude: Few years back, in one of the open discussions, one of our colleagues told our boss, “You have to promote me, to keep me motivated”. Our boss replied, “Promotion is not given for motivation but it is given to those who are motivated.” That nailed him… the boss was right. When you are at a position of Junior Accountant, work like a Senior Accountant…. just a step up and you will find yourself recommended for promotion. Find out what motivates you and keep doing it. Always be motivated…. Naturally or Artifically.
4. Qualifications and paper work: Always keep your paperwork up-to-date if you want to work globally. Consider the case, you are accountant by qualification and you work in IT company. The next assignment is Singapore. You should always have a valid passport and an IT certification. I had run into problem as my visa was rejected then, since I did not have IT qualification and the visa authorities were not able to relate how an Accountant can work in IT without being qualified. Dumb people… They did not know that IT is not the domain area for programmers alone but also for Application Consultants and Business Analysts. Just like for a car, where you have engineers to build the car and drivers to drive them too. Anticipate and gather paperwork necessary for your job and never miss out on opportunities.
5. Always Remain Up-to-Date: You should always make the information come to you rather than chasing for it whenever you need it. And then decide whether you want to read it or ignore it. In my earlier post, I have mentioned about iGoogle and how it would help you. You may follow that or decide on how want to be in touch with the latest happenings. You may subscribe to feed from leading newspapers, jobsites, accounting bodies, management articles and act on it whenever required. You may also notice ads on the blogs since they have been put up keeping in mind the target user groups. So whenever you see a relevant one, click it… something useful will work out for you. More important… be networked.
6. Job Interview and Tackling HR: After someone interviews and confirm technically that you are suitable for the job, it is a nightmare to go through the HR round of the interview. In my opinion, they are the stupidest people in the company and they justify their presence just by asking life threatening questions. Click here for few tips. If you go to a Shiva Temple, you will always have to bow to Nandi, the bull first. To get a job, you will always have to go through the HR people. You cannot avoid them and companies cannot dispense them. So tackle them.
7. Mobility: As you climb up the ladder, you will always find that there is less and less room on the top. You should consider mobility as an option to move up in your career ladder. For e.g. if you are living in Mumbai, you may consider a good opportunity in Hyderabad, Pune or Sydney. Make your choices where you want to live. I would prefer to work in Hyderabad or Singapore as opposed to Dubai. In Hyderabad/Singapore, you will have career progression, a good work culture as opposed to Dubai where you will be another cog in the machinery and no personal life. Make your choices of places you want to work and strike the right balance between work and family life.
8. Money or Work: Money is important… but work is important too. Your growth will be decided not only by the quality of work you do but also how by much income tax you pay. Higher the tax you pay…. you may consider yourself on the right track.

Share your thoughts and comments.

Cheers,

Santosh Puthran

Related Posts

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2. SAP or Oracle Financials
3. Management Accountant – Fit for public practice
4. Website for Accountants in Practice

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What does a chinese CPA entitled to do?

Chapter III Service Scope and Rules

Article 14 Only CPAs may undertake the following professional auditing activities:

1. Examining the financial statements of an enterprise and issuing an auditing report;
2. Verifying the capital of an enterprise and issuing a capital verification report;
3. Performing audits related to any merger, splitting or liquidation of an enterprise, and issuing relevant reports;
4. Performing other auditing activities as established in the laws and administrative regulations.

The reports issued by CPAs in their lawful execution of auditing activities have the full force and effect of verification documents.

Article 15 A CPA may undertake accounting consultation and other accounting related service activities.

Article 16 Any assignments undertaken by a CPA must be accepted by the accounting firm to which such CPA belongs, and the contracts of assignments must be signed by that firm and the clients.

The accounting firm assumes all civil liabilities for any professional services undertaken by any CPA associated with the firm.

Article 17 A CPA in the execution of his professional activities may investigate according to the necessity of the situation, the client’s relevant accounting information and documents, examine the client”s business site and facilities, and require his client to provide necessary assistance.

Article 18 A CPA who has a conflict of interest with or a financial interest in a client must avoid dealing with that client. The client also has the right to require such an avoidation.

Article 19 A CPA has the responsibility to keep the business information he acquires in the performance of his services confidential.

Article 20 A CPA shall refuse to issue any relevant report where:

1. A client suggests overtly or covertly that a false or misleading report or statement be issued;
2. A client intentionally fails to provide relevant accounting information and documents;
3. The report to be issued by a CPA cannot correctly present the material items of financial information due to a client”s other unreasonable demands.

Article 21 When performing auditing services, A CPA must issue reports pursuant to the procedures as determined in the professional standards and regulations.

A CPA may not commit any of the following errors or commissions in the performance of an audit or the issuance of a report:

1. Omitting any fact of variance between a client”s financial and accounting treatments in material items and the State regulations, provided the CPA is fully aware of such fact;
2. Issuing an untrue report or a report which fails to disclose the fact that a client”s financial and accounting treatments will damage the interests of the users of the reports or other related parties, provided the CPA is fully aware that the report is untrue or that a material fact has not been disclosed;
3. Issuing a report in which a client”s financial and accounting treatments will be misleading to the users of the report or the persons who have interest in the report, provided the CPA is fully aware that the report is misleading;
4. Issuing a report in which the material items of the financial statements are materially untrue, provided the CPA is fully aware that any such statements are materially untrue.

A CPA shall be liable for the behavior listed in the above items only if he or she should know the situation under the professional standards and rules.

Article 22 A CPA may not:

1. Purchase or sell the stock bonds or other properties of an audited organization or individual during an audit;
2. Solicit or accept compensation of any sort beyond the agreed upon price, or try to obtain any other interest by taking advantage of the position of auditor;
3. Accept the assignment of collecting a client”s receivables;
4. Allow others to execute professional activities in his or her name;
5. Execute professional activities with two or more accounting firms;
6. Solicit business by advertising or publicizing his or her professional qualifications;
7. Conduct other activities contrary to the laws and regulations.

Article 23 An accounting firm can be established by two or more CPAs in partnership.

The partners are responsible, with their property as security, for the liabilities of the accounting firm held in partnership in proportion to the amount of capital each partner contributed to the firm, or as provided in the partnership agreement. The partners have joint liability for the firm”s liabilities.

Article 24 An accounting firm which conform to the following conditions can be a legal entity with limited liability:

1. With a registered capital of not less than 300 000 Yuan;
2. With a number of full-time professional staff and at least five of them are CPAs;
3. Conforming to the scope of professional activities and other conditions as stipulated by the Finance Department of the State Council.

An accounting firm with limited liability is responsible for its liabilities with all its assets.

Article 25 The establishment of an accounting firm should be approved by the Finance Department of the State Council or the finance department of a province, an autonomous region or a municipality directly under the central government.

To apply for the establishment of an accounting firm, the applicant must submit the following documents to the organization that examines and approves the application:

1. Application report;
2. Name, organization structure and business location of the accounting firm;
3. The constitution of the firm. If the firm has a partnership agreement, the partnership agreement should be attached;
4. List of the names of CPAs, their resumes and other relevant supporting documents;
5. List of the names of the principals, partners of the accounting firm, their resumes and other relevant supporting documents;
6. Capital verification report of the accounting firm with limited liabilities;
7. Other documents as required by the organization that examines and approves the application.

Article 26 The organization that examines and approves the application should decide whether the application should be approved within 30 days from the date of the receipt of the application documents.

The finance department of a province, an autonomous region or a municipality directly under the central government shall record the approval of an accounting firm with the Finance Department of the State Council. In case the Finance Department of the State Council discovers that the approval is improper, it must notify the organization where the original approval was made and require a reexamination within 30 days from the date of the receipt of the record.

Article 27 The establishment of a branch office of an accounting firm must be approved by the finance department of a province, an autonomous region or a municipality directly under the central government where the branch office is located.

Article 28 An accounting firm shall pay tax pursuant to the law.

An accounting firm shall establish a fund for professional liability or purchase a professional liability insurance policy, pursuant to the regulations promulgated by the Finance Department of the State Council.

Article 29 An accounting firm may accept an assignment independently of the administrative or industrial jurisdiction except to the extent of any limitations in any other laws or regulations.

Article 30 No organization or individual shall interfere in an organization”s choosing an accounting firm for professional services.

Article 31 The stipulations in Articles 18 through 21 of this law shall also be applied to accounting firms.

Article 32 An accounting firm shall not violate any provisions of items 1-4, 6 or 7 or article 22 of this law.

Source: CICPA Website

Blog posted by RV

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Related Posts:

1. ACCA Professional Standards
2. Code of Professional Accountants – Search on google
3. Auditing Profession in Australia
4. Some lessons from China

Read Full Post »

What does a chinese CPA entitled to do?

Chapter III Service Scope and Rules

Article 14 Only CPAs may undertake the following professional auditing activities:

1. Examining the financial statements of an enterprise and issuing an auditing report;
2. Verifying the capital of an enterprise and issuing a capital verification report;
3. Performing audits related to any merger, splitting or liquidation of an enterprise, and issuing relevant reports;
4. Performing other auditing activities as established in the laws and administrative regulations.

The reports issued by CPAs in their lawful execution of auditing activities have the full force and effect of verification documents.

Article 15 A CPA may undertake accounting consultation and other accounting related service activities.

Article 16 Any assignments undertaken by a CPA must be accepted by the accounting firm to which such CPA belongs, and the contracts of assignments must be signed by that firm and the clients.

The accounting firm assumes all civil liabilities for any professional services undertaken by any CPA associated with the firm.

Article 17 A CPA in the execution of his professional activities may investigate according to the necessity of the situation, the client’s relevant accounting information and documents, examine the client”s business site and facilities, and require his client to provide necessary assistance.

Article 18 A CPA who has a conflict of interest with or a financial interest in a client must avoid dealing with that client. The client also has the right to require such an avoidation.

Article 19 A CPA has the responsibility to keep the business information he acquires in the performance of his services confidential.

Article 20 A CPA shall refuse to issue any relevant report where:

1. A client suggests overtly or covertly that a false or misleading report or statement be issued;
2. A client intentionally fails to provide relevant accounting information and documents;
3. The report to be issued by a CPA cannot correctly present the material items of financial information due to a client”s other unreasonable demands.

Article 21 When performing auditing services, A CPA must issue reports pursuant to the procedures as determined in the professional standards and regulations.

A CPA may not commit any of the following errors or commissions in the performance of an audit or the issuance of a report:

1. Omitting any fact of variance between a client”s financial and accounting treatments in material items and the State regulations, provided the CPA is fully aware of such fact;
2. Issuing an untrue report or a report which fails to disclose the fact that a client”s financial and accounting treatments will damage the interests of the users of the reports or other related parties, provided the CPA is fully aware that the report is untrue or that a material fact has not been disclosed;
3. Issuing a report in which a client”s financial and accounting treatments will be misleading to the users of the report or the persons who have interest in the report, provided the CPA is fully aware that the report is misleading;
4. Issuing a report in which the material items of the financial statements are materially untrue, provided the CPA is fully aware that any such statements are materially untrue.

A CPA shall be liable for the behavior listed in the above items only if he or she should know the situation under the professional standards and rules.

Article 22 A CPA may not:

1. Purchase or sell the stock bonds or other properties of an audited organization or individual during an audit;
2. Solicit or accept compensation of any sort beyond the agreed upon price, or try to obtain any other interest by taking advantage of the position of auditor;
3. Accept the assignment of collecting a client”s receivables;
4. Allow others to execute professional activities in his or her name;
5. Execute professional activities with two or more accounting firms;
6. Solicit business by advertising or publicizing his or her professional qualifications;
7. Conduct other activities contrary to the laws and regulations.

Article 23 An accounting firm can be established by two or more CPAs in partnership.

The partners are responsible, with their property as security, for the liabilities of the accounting firm held in partnership in proportion to the amount of capital each partner contributed to the firm, or as provided in the partnership agreement. The partners have joint liability for the firm”s liabilities.

Article 24 An accounting firm which conform to the following conditions can be a legal entity with limited liability:

1. With a registered capital of not less than 300 000 Yuan;
2. With a number of full-time professional staff and at least five of them are CPAs;
3. Conforming to the scope of professional activities and other conditions as stipulated by the Finance Department of the State Council.

An accounting firm with limited liability is responsible for its liabilities with all its assets.

Article 25 The establishment of an accounting firm should be approved by the Finance Department of the State Council or the finance department of a province, an autonomous region or a municipality directly under the central government.

To apply for the establishment of an accounting firm, the applicant must submit the following documents to the organization that examines and approves the application:

1. Application report;
2. Name, organization structure and business location of the accounting firm;
3. The constitution of the firm. If the firm has a partnership agreement, the partnership agreement should be attached;
4. List of the names of CPAs, their resumes and other relevant supporting documents;
5. List of the names of the principals, partners of the accounting firm, their resumes and other relevant supporting documents;
6. Capital verification report of the accounting firm with limited liabilities;
7. Other documents as required by the organization that examines and approves the application.

Article 26 The organization that examines and approves the application should decide whether the application should be approved within 30 days from the date of the receipt of the application documents.

The finance department of a province, an autonomous region or a municipality directly under the central government shall record the approval of an accounting firm with the Finance Department of the State Council. In case the Finance Department of the State Council discovers that the approval is improper, it must notify the organization where the original approval was made and require a reexamination within 30 days from the date of the receipt of the record.

Article 27 The establishment of a branch office of an accounting firm must be approved by the finance department of a province, an autonomous region or a municipality directly under the central government where the branch office is located.

Article 28 An accounting firm shall pay tax pursuant to the law.

An accounting firm shall establish a fund for professional liability or purchase a professional liability insurance policy, pursuant to the regulations promulgated by the Finance Department of the State Council.

Article 29 An accounting firm may accept an assignment independently of the administrative or industrial jurisdiction except to the extent of any limitations in any other laws or regulations.

Article 30 No organization or individual shall interfere in an organization”s choosing an accounting firm for professional services.

Article 31 The stipulations in Articles 18 through 21 of this law shall also be applied to accounting firms.

Article 32 An accounting firm shall not violate any provisions of items 1-4, 6 or 7 or article 22 of this law.

Source: CICPA Website

Blog posted by RV

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1. ICWAI code of Ethics
2. ACCA Professional Standards
3. Code of Professional Accountants – Search on google
4. Auditing Profession in Australia
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How Australia perceives competition in Auditing

WHO SHOULD COMPLETE THIS REPORT?

You should use this report if you:

• are an approved auditor, and
• have been appointed by a trustee of a self managed superannuation fund (SMSF) to give a report on the operation of that fund for each income year.

An approved auditor is:

• a registered company auditor
• a member of CPA Australia Limited
• a member of The Institute of Chartered Accountants in Australia
• a member of the National Institute of Accountants
• a member or fellow of the Association of Taxation and Management Accountants
• a fellow of the National Tax and Accountants Association Ltd, or
• the Auditor-General of the Commonwealth, a State or Territory.

It is essential that you are independent from the SMSF’s decision making process. You must be independent and also appear to be independent. These are fundamental requirements for every audit.

Blog posted by RV

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How Australia Perceives competition in professional Auditing-An example for India to Imbibe

WHO SHOULD COMPLETE THIS REPORT?

You should use this report if you:

• are an approved auditor, and
• have been appointed by a trustee of a self managed superannuation fund (SMSF) to give a report on the operation of that fund for each income year.

An approved auditor is:

• a registered company auditor
• a member of CPA Australia Limited
• a member of The Institute of Chartered Accountants in Australia
• a member of the National Institute of Accountants
• a member or fellow of the Association of Taxation and Management Accountants
• a fellow of the National Tax and Accountants Association Ltd, or
• the Auditor-General of the Commonwealth, a State or Territory.

It is essential that you are independent from the SMSF’s decision making process. You must be independent and also appear to be independent. These are fundamental requirements for every audit.

Blog posted by RV

Did you like the remain updated in Accountancy?
Subscribe to Management Accountant by Email

Related Posts

1. CGA Canada authorised to conduct statutory audit
2. ICWAI applies for name change
3. The word “Chartered” hot debate in India
4. Rivalry in professional services
5. Label Accounting Bodies in MA blog

Read Full Post »

Accountancy News July 28 2007

Accountancy News last week.

SEC eases stance on accounting rules

US companies moved a step closer to being allowed to file financial results under international accounting standards after the Securities and Exchange Commission proposed a radical move away from US rules. Read More

Q&A on accounting standards convergence with less than four years to go

Indian accounting is shifting gears on the desi roads, as a prelude to joining the global standards highway. The premier accounting body, the Institute of Chartered Accountants of India (ICAI) has announced that we will be fully converging with IFRS (International Financial Reporting Standards) from April 1, 2011. With less than four years to go for the C-Day, if we may say so, there is a lot to do for convergence – from changes in laws to training of CAs. But first, a quick Q&A, for the beginner. Read More

India to Internationalize Accounting Standards

India plans to bring its accounting standards in line with International Financial Reporting Standards by April 1, 2011. The Institute of Chartered Accountants of India made the decision, which will apply to public companies in time for the deadline, according to the Business Standard of India. Private companies will come under the sway of IFRS in phases. Read More

Hurdles in converging Indian accounting standards with IFRS

Convergence of Indian accounting standards with the international standards may have to contend with more than one obstacle, point out experts in the profession.

For one, the accounting standards or accounting-related requirements are issued not only by the ICAI (Institute of Chartered Accountants of India) but various regulators, such as the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority (IRDA). Read More

Benefits & pitfalls of new accounting norms

The move to achieve total compatibility of India’s accounting norms with the International Financial Reporting Standards (IFRS) seems to be happening with minimal voices of discord.

Ficci and Assocham have already vowed to extend their allegiance to the conversion, coming as it does at a time when Indian corporates are globalising with a vengeance. Read More

IFRS compliance costs may harm small firms, fears Ministry

Taking note of the decision of the Institute of Chartered Accountants of India (ICAI) to adopt an International Financial Reporting System (IFRS), the Union Ministry of Micro, Small and Medium Enterprises (MSME) has started consultations with business. Sources revealed that ahead of implementing IFRS, the ministry wants to know the impact of IFRS application on small and medium companies. Read More

Accountants advised to be more ethical

ACCOUNTANTS have to be more ethical to avoid financial scandals, the Association of Certified Chartered Accountants’ (ACCA) global president has advised. Read More

Did you like the remain updated in Accountancy?
Subscribe to Management Accountant by Email

Cheers,

Santosh Puthran

Related Posts

1. Accountancy News 21-July-07
2. Accountancy News 15-June-07
3. Accountancy News 10-June-07

Read Full Post »

Accountancy News 28-July-07

Accountancy News last week.

SEC eases stance on accounting rules

US companies moved a step closer to being allowed to file financial results under international accounting standards after the Securities and Exchange Commission proposed a radical move away from US rules. Read More

Q&A on accounting standards convergence with less than four years to go

Indian accounting is shifting gears on the desi roads, as a prelude to joining the global standards highway. The premier accounting body, the Institute of Chartered Accountants of India (ICAI) has announced that we will be fully converging with IFRS (International Financial Reporting Standards) from April 1, 2011. With less than four years to go for the C-Day, if we may say so, there is a lot to do for convergence – from changes in laws to training of CAs. But first, a quick Q&A, for the beginner. Read More

India to Internationalize Accounting Standards

India plans to bring its accounting standards in line with International Financial Reporting Standards by April 1, 2011. The Institute of Chartered Accountants of India made the decision, which will apply to public companies in time for the deadline, according to the Business Standard of India. Private companies will come under the sway of IFRS in phases. Read More

Hurdles in converging Indian accounting standards with IFRS

Convergence of Indian accounting standards with the international standards may have to contend with more than one obstacle, point out experts in the profession.

For one, the accounting standards or accounting-related requirements are issued not only by the ICAI (Institute of Chartered Accountants of India) but various regulators, such as the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority (IRDA). Read More

Benefits & pitfalls of new accounting norms

The move to achieve total compatibility of India’s accounting norms with the International Financial Reporting Standards (IFRS) seems to be happening with minimal voices of discord.

Ficci and Assocham have already vowed to extend their allegiance to the conversion, coming as it does at a time when Indian corporates are globalising with a vengeance. Read More

IFRS compliance costs may harm small firms, fears Ministry

Taking note of the decision of the Institute of Chartered Accountants of India (ICAI) to adopt an International Financial Reporting System (IFRS), the Union Ministry of Micro, Small and Medium Enterprises (MSME) has started consultations with business. Sources revealed that ahead of implementing IFRS, the ministry wants to know the impact of IFRS application on small and medium companies. Read More

Accountants advised to be more ethical

ACCOUNTANTS have to be more ethical to avoid financial scandals, the Association of Certified Chartered Accountants’ (ACCA) global president has advised. Read More

Did you like the remain updated in Accountancy?
Subscribe to Management Accountant by Email

Cheers,

Santosh Puthran

Related Posts

1. Accountancy News 21-July-07
2. Accountancy News 15-June-07
3. Accountancy News 10-June-07

Read Full Post »

Floods in UK

Worst floods in UK and everything came to stand still. We were planning to travel to Midlands and there are no trains on Friday. See some of videos posted on YouTube.

Watch on BBC

Cheers,

Santosh Puthran

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