Page 7 - Icai

Cost accountants' body asks govt to allow members to carry audits of MSMEs

The institute has asked the government to allow its members to do various activities, including the tax audit under the Income Tax Act, 1961

CA Act amendment bill: ICAI Prez seeks status quo on disciplinary committee

ICAI has nearly 3.5 lakh members and about 7.5 lakh students.

Debashis Mitra takes over as ICAI President; Aniket Sunil Talati becomes VP

Institute of Chartered Accountants of India (ICAI) on Saturday said Debashis Mitra has been elected as its President for the 2022-23 term. Aniket Sunil Talati has been elected as Vice President of the institute, which has more than 3.40 lakh members and over 7 lakh students, according to a release. They took charge on Saturday. Mitra, who is serving his third term in ICAI Council, has been in the accounting profession for more than 34 years. Apart from being a Chartered Accountant, he is also a Cost Accountant and a Company Secretary. He holds a master's degree in commerce and is also a law graduate as well as a qualified Information Systems Auditor. "With keen interest in academic research, he is a PhD on the topic 'A Critical Study of Select Indian GAAP, US GAAP & IAS / IFRS'," the release said. Talati, who has a master's degree in commerce, served as Chairman of Ahmedabad Branch of ICAI for the year 2014-15 and as Secretary, WIRC for the year 2017-18. Among other positions,

RailTel gets ICAI award for excellence in financial reporting

The award was given by the Institute of Chartered Accountants of India (ICAI), the premier accounting body which has been holding the annual competition for these awards since 1958

Budget 2022: ICAI seeks 14 tax, accounting reforms to make laws simple

The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming Union budget. The suggestions essentially aim at making laws simple, fair, transparent. less litigative and user friendly, ICAI president Nihar N Jambusaria said. There are about 14 suggestions from our end submitted to the Central Board of Indirect Taxes & Customs (CBIC) for consideration, he said on the sidelines of an international conference of CA students. The suggestions include permitting carry back of losses and introducing suitable legislative amendments for its application. It is relevant for hospitality, passenger transport and some other sectors. Regarding depreciation on slump sale, the ICAI suggested amendment of a provision of the Income Tax Act to clarify the legal position as to whether depreciation can be claimed on the basis of proportionate number of days by the transferer and the transferee company. It also proposed that Section 12 of the Act .

ICAI seeks waiver of penalty till March 31 for filing tax audit reports

The last date for furnishing report of audit under any provision of the Income Tax Act for AY 2021-22 is January 15

Vice President Naidu asks ICAI to improve financial literacy of masses

Naidu also said the Insolvency and Bankruptcy Code has revolutionised the corporate resolution processes in the country

ICAI to oppose proposal to introduce 3 non-CA members in committee

The Institute of Chartered Accountants of India has said it will oppose the Centre's proposal to introduce three non-CA members into ICAI's disciplinary committee

Reform in three Acts with long-overdue Bill to improve audit discipline

The government introduces a long-overdue Bill to improve the audit discipline

ICAI to soon get powers to act against erring partnership firms

Chartered accountants' apex body ICAI will soon have powers to initiate disciplinary action against erring partnership firms as well

Auditor resignations continue to trickle in with 15 exits since April

On average, one auditor of a listed company has prematurely resigned every two weeks this financial year; pace seems to have picked up in September with 5 departures

ICAI against exempting small firms from mandatory statutory audit

Says NFRA has no jurisdiction over MSMEs

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

Candidates who opted-out of CA exam in July will not lose opportunity: ICAI

Candidates who opted-out of the CA exam conducted in July because of COVID-19 related difficulties will not lose any opportunity, the ICAI told the Supreme Court on Thursday.

Union Cabinet approves signing pact between ICAI, CAAR to build cooperation

The Union Cabinet on Wednesday approved the signing of a memorandum of understanding between chartered accountants' apex body ICAI and Chamber of Auditors of the Republic of Azerbaijan (CAAR).

ICAI to issue 8 new forensic audit and investigation standards

The Digital Accounting and Assurance Board of the ICAI has proposed eight new Forensic Accounting and Investigation Standards, which will be placed for final approval on August 13

Candidates can opt out of CA exams if they suffer from Covid: SC

SC observed that the scheme provided by the Institute of Chartered Accountants of India (ICAI) is not enough

SC refuses to stay Telangana HC order on RBI's fraud classification

However, it allowed the parties to file replies and rejoinders and listed the matter on July 13

ICAI's Board now has greater role to play, says Nihar N Jambusaria

Sustainability Reporting Standards Board of the Institute of Chartered Accountants (ICAI) will now have a greater role to play with Sebi making it mandatory from 2022-23 for top 1,000 listed companies to prepare business responsibility and sustainability reports, ICAI President Nihar N Jambusaria said on Friday. Speaking at an event, Jambusaria noted that there are various challenges like climate change, poverty, gender inequality and proper awareness on these areas need to be spread. He said that the institute had set up a Sustainability Reporting Standard Board last year which is taking all initiatives to spread awareness. "With Sebi from 2022-23 making BRSR reporting mandatory for firms, the role of this board will become even more important," he said. After conclusion of its board meeting on Thursday, Sebi in a press release said it has decided to have a new format for business responsibility and sustainability reporting, and top 1,000 listed companies will be compulsorily ...

CA, CS qualifications now equivalent to PG degree: How CAs will benefit

The ICSI said the move will leverage the profession across the globe