Accounting

Accountably Launches to Fix Offshore Delivery Failures for U.S. Accounting Firms

Accountably brings structured offshore accounting & taxation delivery to CPA, EA, and accounting firms with SOP-driven execution, clean files, predictable turnaround, and SOC 2 aligned security.

CAG Murthy launches GASAB site to boost government accounting transparency

Comptroller and Auditor General of India (CAG) K Sanjay Murthy on Friday launched the website of GASAB, aimed at improving accessibility and transparency in government accounting standards. Addressing the 37th board meeting of the Government Accounting Standards Advisory Board (GASAB), he said that initiatives and the work of all the organised accounting services in GASAB reflect the commitment towards improving transparency in government accounting and the standard-setting process. Murthy stated that the standard-setting work undertaken by GASAB is an exercise entailing multiple stakeholder interaction and feedback from subject matter experts. The due process of GASAB envisages a well-laid-down process of the selection of topics and the preparation of standards through a robust and inclusive consultative process with members, stakeholders, including specialists and the public, he added. Pivoted on good governance, fiscal prudence, efficiency, and transparency in public finances, .

Account Aggregator ecosystem driving credit access, says Finance ministry

Account Aggregator ecosystem is poised to unlock new frontiers in formal credit access, especially for MSMEs and personal lending, contributing meaningfully to India's journey towards Viksit Bharat by 2047, the Finance Ministry said on Tuesday. The Account Aggregator (AA) framework was officially launched on September 2, 2021, establishing a secure, consent-based system for financial data sharing. In 2016, the Reserve Bank of India issued the Master Directions for the AA ecosystem. On the occasion of the 4th anniversary, the ministry in a statement said, the AA ecosystem has grown rapidly and is witnessing accelerated adoption across banking, securities, insurance and pension sectors, strengthening India's DPI (digital public infrastructure). As on date, 112 Financial Institutions have gone live both as Financial Information Providers (FIP) and Financial Information Users (FIU), while 56 have gone live solely as FIP and 410 as FIU, it said. Over 2.2 billion financial accounts are n

TCA Kalyani takes charge as Controller General of Accounts, Finance

T.C.A. Kalyani, a 1991-batch ICAS officer, has been appointed Controller General of Accounts, bringing her 34 years of experience in key ministries to the Finance Ministry

Top 10 Features Every Business Should Look for in Accounting Software

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An account of AI disruption in finance as technology reshapes work

OVER 50% of Indian accountants worry they are unable to develop skills due to frequently changing technology, according to a survey

Sebi probing delayed disclosures of accounting lapses at IndusInd Bank

Sebi may issue further orders after interim findings show IndusInd Bank's top brass knew of a ₹2,000-crore derivatives loss months before making a stock exchange disclosure

AI, tech changes cause taxing times for accountants, says ACCA survey

More than half of Indian accountants feel unprepared for future tech changes while 43 per cent identify AI as the most valuable skill, says ACCA Global Talent Survey

Incorrect accounting of derivatives trades led to IndusInd Bank fiasco: GT

Cumulative adverse accounting impact on P&L at Rs 1,960 crore as of March 31, 2025

NFRA flags lapses in audit quality of three firms, including Deloitte

The National Financial Reporting Authority (NFRA) has flagged certain lapses in the audit quality of three audit firms. The observations have been made in NFRA's three separate inspection reports of SRBC & Co LLP, Deloitte Haskins & Sells LLP and Walker Chandiok & Co LLP. In its report on SRBC & Co LLP, the regulator conducted audit quality inspections in 2024 and the scope included focus on three audit areas -- Internal financial control over financial reporting on revenue, related party transactions and impairment of non-financial assets. SRBC & Co LLP is member of two networks -- Ernst & Young Global network and SR Batliboi & Affiliates. According to the regulator, SRBC & Co LLP should put in place a robust process to address all threats to independence, which may be created due to the exclusion of certain services from the term non-audit services. Further, the audit firm should reconsider its policy to exclude NFRA-regulated audit clients' holding ..

IndusInd Bank slips 3% ahead of PwC's likely report on accounting issues

Reports suggest that external auditor PwC would submit its report to IndusInd Bank's board regarding accounting discrepancies in its derivatives portfolio today

Why SC ruling on GST error corrections is a major relief for businesses

'This ruling is particularly crucial for small and medium enterprises, which may lack sophisticated accounting systems and are more prone to clerical mistakes'

Meta Platforms tweak accounting formula on AI servers to boost profit

By Meta's reckoning, the shift is expected to reduce the company's depreciation expense by $2.9 billion in 2025, which would, on its own, amount to almost 4% of estimated pre-tax profits for the year

ICMAI CMA Inter, Final results 2025 out: Check steps to download scorecard

ICMAI announced the CMA December 2024 exam results for Intermediate and Final courses. Candidates can check and download the results through the official website

China tightens oversight of foreign accounting firms' domestic operations

Foreign accounting organisations are subject to "supervision and management" by the authorities including the finance ministry and public securities bureau

Mitigate accounting, disclosure and governance risks with ESG funds

Globally, regulators, rating agencies, and institutional investors have led the charge in promoting ESG investing

Six years on, NFRA remains key to restoring trust in financial reporting

The primary objective of the NFRA has been to strengthen the financial ecosystem and ensure the credibility of financial statements

EY employee death fallout: Deloitte forms panel to review people practices

Amid a social media storm over the death of a young employee at tax consultancy major EY allegedly due to work pressure, Deloitte has formed a three-member external committee, which includes former revenue secretary Tarun Bajaj, to look into practices, policies and processes concerning employees, its South Asia CEO Romal Shetty said on Friday. Shetty said to manage the work pressure within the organisation and have an open work culture, Deloitte has a chief happiness officer and takes strictest action for any bad behaviour within the organisation. Deloitte is one of the four major global tax consultancy firms. Besides Deloitte and EY, the other major firms are PwC and KPMG. "... Very unfortunate, very tragic, young child losing her life. We are in the client service business and in the client service business there will always be deadlines... having all of those pressures," Shetty told PTI in an interview. Anna Sebastian Perayil, who passed her CA exam in 2023 and worked at EY Pune

NFRA issues revised audit standards to address deficient quality

The revised standards deal with special considerations that apply to an audit of group financial statements

Account aggregator ecosystem clocks 100 million consents on framework

With 1059% growth, India's AA ecosystem is the fastest growing open finance ecosystem in the world