Page 3 - Accounting

Adoption of new technology necessary for transparent accounting system: FM

Finance Minister Nirmala Sitharaman on Friday said that adoption of new technology is necessary for a transparent accounting system. Transparent accounting is also so essential for sustainable economy and transparency cannot be ensured without trust and ethical accounting practices, she said. Sitharaman, who is also in charge of the corporate affairs ministry, was speaking at the 21st World Congress of Accountants that is being jointly organised by the International Federation of Accountants (IFCA) and the Institute of Chartered Accountants of India. "Adoption of new technology is necessary for a transparent accounting system. This is also necessary for sustainable livelihoods of our people and also for sustainable manufacturing and services. "Innovative technologies like Web 3.0, which has already taken over our lives, can bring about a lot of changes in the way we conduct our businesses," she said. The minister also said that technologies such as blockchain, machine learning, ..

Veranda Learning unit to acquire JK Shah Classes for Rs 337.82 cr

J K Shah trains chartered accountancy, company secretary and cost accountant aspirants

FinMin's special campaign in seven districts to deepen financial inclusion

Campaign will work to achieve saturation in respect of bank accounts, insurance/pension schemes; distribution of loans to FPOs, SHGs for setting up cold-chain infra, KCC penetration, among other thing

Govt asks Byju's to explain delay in filing audited financial accounts

Ministry of Corporate Affairs sent a letter to Byju's parent company asking them to explain the seventeen-month delay in filing audited accounts

Govt releases Natural Resource Accounting to track mineral, energy deposits

The asset accounts would help identify alternate economic and energy-based resources, and aid in developing an ecosystem for containing illegal mining

Compliance, risk management, audit weaknesses of banks, says RBI's MK Jain

RBI's MK Jain observed that the compliance setup was not resourced adequately with required number and quality of staff in many cases.

NFRA asks ICAI to reconsider structure of its accounting standards proposal

Standards are for firms that are not required to follow Indian Accounting Standards. Most of these would be private, with very small net worth or turnover or indebtedness, according to NFRA

Twitter appointed officers in compliance with new IT Rules: Centre

The Centre has informed the Delhi High Court that Twitter has appointed Chief Compliance Officer (CCO), Resident Grievance Officer (RGO), and Nodal Contact Person in compliance with the new IT Rules.

Govt notifies accounting standards for SMEs under Companies Act, 2013

The government has notified the accounting standards for small and medium companies that revise the turnover and borrowing limits as well as help in making disclosure requirements less onerous.

Govt defers mandatory use of transparent accounting software use by year

This comes as relief to businesses across the spectrum

ICAI to set standards for forensic investigations and accounting

Will issue draft guidelines by December to invite public comments and also seek views of MCA, Sebi, RBI, CAG and various investigation agencies

This start-up is making accounting easier, helping small traders go digital

The mobile version is free for simple accountings, but premium subscribers pay according to tariff plans

After nearly 8 decades, RBI to change its accounting year to April-March

The RBI, which currently follows July-June calendar, usually transfers dividend after closing its accounts in August

New accounting norms likely to hit finances of retail companies

IndAS 116 rules will lead to rise in notional assets & liabilities, say companies

Aviation to telecom: New accounting norms may alter debt math of companies

Companies will have to treat their obligation to meet long-standing operational expenses as debt liabilities.