E India CA

Professional Updates for Chartered Accountants

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Ind-AS is still a moving goal post’: IFRS Expert

India is well on its way to adopting the globally accepted International Financial Reporting Standards (IFRS) with the first phase already rolled out. The imminent second phase includes banks and financial institutions. Here ETCFO’s Vartika Rawat puts a few questions to Saket Modi, the founder and director of Square Mile Global Co...

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If NFRA spreads its wings too wide its failure may not be ruled out: Amarjit Chopra, Chairman, NACAS

With the economy struck by a series of corporate frauds, the Modi government has approved setting up of National Financial Regulatory Authority (NFRA), an independent regulator for the auditing profession that will replace National Advisory Committee on Accounting Standards (NACAS). The regulator would not be a game changer and may n...

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Audit Deficiencies Decreasing, but Still High

Audit deficiencies at public companies decreased for the first time in five years in 2015, but remain high, according to a new analysis. The analysis, part of the fifth annual Survey of Fair Value Audit Deficiencies by Atlanta CPA firm Acuitas Inc., which examines recent Public Accounting Oversight Board inspections, found that PCAO...

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Guidance Note on Audit of Internal Financial Controls Over Financial Reporting

The Auditing and Assurance Standards Board has issued Guidance Note on Audit of Internal Financial Controls Over Financial Reporting. Guidance Note on Audit of Internal Financial Controls Over Financial Reporting The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the “Gu...

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No Extension of Date for Filing of Returns due by 30th Sept. for AY 2015-16

No Extension of Date for Filing of Returns due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees Including Companies, and Firms and, Individuals Engaged in Proprietary Business/Profession etc whose Accounts are required to be Audited; Taxpayers are Advised to file their Returns Well in Time to Avoid La...

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Ind-AS 108: Accounting for Operating Segments Gets Overhaul

Earlier this year, the Indian Ministry of Corporate Affairs notified the Companies Rules 2015, otherwise known as the Indian Accounting Standards (Ind-AS). The rules adopt accounting standards that closely align with the International Accounting Standards Board’s International Financial Reporting Standards (IFRS). India’s adopti...

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Form 15CA & Form 15CB are required for Import Payments as well.

Section 195 (6) has been amended in the Finance Act 2015 and states that Form 15CA / 15CB needs to be necessarily filed for all remittances, whether chargeable to tax in India or not. All the assessees requested for submission of Form 15CA/CB for all outward cross border remittances including those against imports with effect from 1s...