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Tuesday, April 21

Guidance on Reporting under the CARO 2015 and Consequential Amendment to the Format of the Auditor’s Report of a Company

Text of the Clarification -

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AASB issues Clarification on Auditor's Report in Respect of Financial Statements of a Company for Accounting Years Beginning Before 1st April, 2014

Text of the Clarification -

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AASB releases Guidance Note on Reporting under Section 143 (3)(f) and (h) of the Companies Act, 2013

Guidance Note on Reporting under
Section 143 (3)(f) and (h) of the Companies Act, 2013

The Council of the Institute of Chartered Accountants of India (ICAI), at its 342nd meeting considered and approved the Guidance Note on Reporting Under Section 143(3)(f) and (h) of the Companies Act, 2013, developed by the Auditing and Assurance Standards Board (AASB) of ICAI.

The aforesaid Guidance Note is, accordingly, being issued by AASB under the authority of the Council of ICAI and can be downloaded by clicking the following link:

https://www.dropbox.com/s/d9ga335qku8c6og/GN%20on%20143%20of%20CA13.pdf?dl=0

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Text of the Guidance Note -

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OR

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Source ; ICAI

Hosting of exemption(s) in a paper(s) granted in IPC and Final examinations, valid for May, 2015


Hosting of exemption(s) in a paper(s) granted in Intermediate (IPC) and Final examinations, valid for May, 2015.


Exemption(s) in a paper(s) are granted to candidates of Intermediate and Final examinations, in terms of Regulation 37C (8) and Regulation 38C (6), respectively, of the Chartered Accountants Regulations 1988.

The rules in this regard are provided in the Guidance Notes made available to the candidates along with the examination forms and hosted on http://icaiexam.icai.org. The related FAQs are also hosted on www.icai.org.

However, in spite of the information already made available, it is seen that some of the candidates carry a mistaken notion that they enjoy an exemption in a paper(s) whereas in reality they do not and end up absenting themselves in the said paper, resulting in avoidable hardships.

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To avoid this kind of situation, exemption(s) granted in a paper(s) which are valid for May, 2015 examination are hosted on http://exemptions.icaiexam.icai.org, so that candidates can check their exemption status before the exams and take necessary action.

Date of hosting the exemption data: 16th April, 2015

Last date for emailing discrepancy, if any: 26th April, 2015

Hence, candidates are advised to check the details more particularly, the month and year of exam and roll number indicated on the said site, with those contained on the relevant Statement of marks issued to them. Exemptions granted in a paper(s) are indicated by way of “#” against the marks awarded thereon and the Result of the relevant Group is indicated as “F-EX”, in the Statement of Marks.

In case of discrepancy, if any, candidates are advised to write to Exam Dept. immediately, in any case not later than 26th April, 2015, at the e-mail address provided herein below, enclosing scanned copy of the relevant mark sheet in which exemption was granted.

Final candidates: final.exemption@icai.in

Intermediate (IPC) candidates: inter.exemption@icai.in

Exam Dept. will respond, within 7 days of the receipt of the e-mail. In case you do not receive any response within 7 days, write to:

Final candidates: final2@icai.in

Intermediate (IPC) candidates: inter7@icai.in




Source: www.icai.org

Thursday, April 9

Announcement on CARO 2003, and Additional Reporting under the Companies Act, 2013

We are receiving queries from the members regarding applicability of CARO, 2003 along with Auditors' Report on financial statements of companies for the financial year 2014-15. The Ministry of Corporate Affairs (MCA) is working on it and has constituted a Committee for this purpose to analyse the contents of the Order to be made under section 143(11) of the Companies Act, 2013 for the Financial Year  2014-15. ICAI is also a member of the said committee. We are given to understand by MCA that an Order being a smaller version of CARO 2003, applicable for the financial year 2014-15, may be notified soon under section 143(11) of the Companies Act, 2013.  However, at this juncture, to bring more clarity, this Announcement is released in consultation with the Ministry. 


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The Companies Act, 1956 has ceased to have effect from 01st April, 2014.  As a corollary, the Companies (Auditor's Report) Order, 2003 issued under section 227(4A) of the said Act also ceases to have effect from the said date.Section 143(11) of the Companies Act, 2013 which came into force from 01st April, 2014 provides that "the Central Government may, in consultation with the National Financial Reporting Authority, by general or special order, direct, in respect of such class or description of companies, as may be specified in the order, that the auditor's report shall also include a statement on such matters as may be specified therein.”Accordingly, it may be noted that as when an Order is notified by the Central Government under section 143(11) of the Companies Act, 2013, the members would be required to report thereon as a part of their statutory audit reports.Until the aforesaid Order is issued, no additional reporting under section 143(11) of the Companies Act, 2013 is required by the Auditors for the financial year 2014-15.Members are advised to keep a watch on the MCA site (www.mca.gov.in) as well as the ICAI site (www.icai.org) for further announcements in this regard.An Announcement in this regard is also hosted on ICAI's website at http://icai.org/new_post.html?post_id=11490&c_id=219


Source: ICAI

Tuesday, March 31

ICAI Suggest Changes to Swachh Bharat Cess Calculation

Chartered accountants' apex body ICAI has suggested that the proposed cess of two per cent for clean India initiative should be calculated on the payable service tax instead of taxable services' value.

Calculating Swachh Bharat cess on the value taxable services would push the overall service tax rate to 16 per cent, it said.

In the Budget, the government has also proposed to hike the current service tax rate to 14 per cent.

   
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"If Swachh Bharat cess is implemented, the total rate of service tax would be 16 per cent. Therefore, it is suggested that the Swachh Bharat cess be levied only on service tax payable rather than the value of taxable services," the Institute of Chartered Accountants of India (ICAI) has said.

The suggestion has been made in its post Budget memorandum submitted to the government. ICAI has suggested certain amendments for proposals contained in the Finance Bill, 2015.

The Bill has proposed to empower the government to impose a Swachh Bharat cess on all or any of the taxable services at a rate of two per cent on the value of such taxable services.

While presenting the Budget for 2015-16, Finance Minister Arun Jaitley had proposed an enabling provision to levy the cess at a rate of two per cent or less on all or certain services if need arises.

Resources generated from this cess will be utilised for financing and promoting initiatives towards Swachh Bharat.

In August 2014, Prime Minister Narendra Modi had given a call to achieve the objective of clean India by 2019 -- the 150th year of the birth anniversary of Mahatma Gandhi, through the Swachh Bharat Mission.

Source:
The New Indian Express

Saturday, February 28

#Budget2015: Highlights, Speech and Finance Bill



Highlights of the Budget:


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Speech of FM Shri Arun Jaitley in the Parliament:

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The Finance Bill, 2015:

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Source:
indiabudget.nic.in

Friday, February 27

Economic Survey: GDP to grow between 8.1-8.5% in FY 15-16

Image Courtsey: Financial Express
The Economic Survey, tabled by Finance Minister Arun Jaitley in Parliament today, a day ahead of the Union Budget, expects the economy to grow by over 8 per cent under a new calculation method that makes India the world's top-growing big economy.

Detailed Economic Survey Report of India - 2014-15 as tabled in Parliament (Click Here)


Faster growth will make big bang reforms possible in the coming years, the survey, considered a report card of the economy, has said. It was prepared by the finance ministry's chief economic adviser Arvind Subramanian.

"India has reached a sweet spot - rare in the history of nations - in which it could be launched on a double digit medium-term growth trajectory which would allow the country to attain the fundamental objectives of "wiping every tear from every eye," the report notes adding that "there is a scope for Big Bang reforms now."

It forecasts that the economy will grow by 8.1-8.5 per cent in the fiscal year 2015-16.

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"It basically says the economy is now poised to take off, with key enablers getting into place," said Shubhada Rao, chief economist of Yes Bank in a quick reaction.

The Economic Survey has highlighted the Narendra Modi government's commitment to fiscal consolidation and has vowed to contain India's fiscal deficit for 2014-15 at 4.1 per cent.

Economists are optimistic that Mr Jaitley will be able to stick to the deficit target because of lower oil subsidy.

"We expect the Union Budget to maintain a similar underlying theme. We are looking at fiscal deficit projection of 3.6 percent for FY16," said Ms Rao.

Importantly, the survey highlights that tax estimates of the government have been over-estimated and that there is a need to increase revenue generation. This could dampen expectations that Mr Jaitley will announce a number of tax sops in his budget tomorrow.

The survey highlighted that there is scope for monetary easing from the Reserve Bank, with inflation showing declining trend. RBI chief Raghuram Rajan, who made a surprise rate cut in last month, has said that the central bank will keep an eye on inflation and the government's fiscal policy to decide on further monetary easing.

The current account deficit for FY15 is estimated at 1.3 per cent of GDP, which is in line with the RBI's estimates. The survey suggested removal of restrictions on gold imports. In comparison, the current account deficit had hit a record 4.8 per cent in 2013-14 which led to imposition of higher import duty on gold.

The survey suggests easing of restrictions on gold imports. The survey lists major reform initiatives undertaken by the government.


Sources:
1. NDTV
2. Reuters
3. Financial Express

Detailed Economic Survey Report of India - FY 2014-15

A flagship annual document of the Ministry of Finance, Government of India,Economic Survey 2014–15 reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both houses of Parliament during the Budget Session.

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Download the Economic Survey (Click on below Links)
1. Economic Survey - Volume-I(All Chapters)
2. Economic Survey - Volume-II(All Chapters)

Notes: Statistical Appendix

These files includes detailed statistical data covering all aspects of the economy—macro as well as sectoral—the report provides an overview of the following issues:
1. Economic Outlook, Prospects, and Policy Challenges
Fiscal Framework
2. 'Wiping Every Tear From Every Eye' : The JAM Number Trinity Solution
3. The Investment Climate: Stalled Projects, Debt Overhang and The Equity Puzzle
4. Credit, Structure and Double Financial Repression: A Diagnosis of the Banking Sector
5. Putting Public Investment on Track: The Rail Route to Higher Growth
6. What to Make in India? Manufacturing or Services?
7. A National Market for Agricultural Commodities - Some Issues and Way Forward
8. From Carbon Subsidy to Carbon Tax: India’s Green Actions
9. The Fourteenth Finance Commission (FFC) - Implications for Fiscal Federalism in India?
10. State of the economy and Public Finance
11. Monetary management and financial intermediation
12. External sector and Service sector
13. Prices, agriculture and food management
14. Industrial, corporate and infrastructure performance
15. Climate change and sustainabke development
16. Social infrastructure, employment and human development


This document would be useful for policymakers, economists, policy analysts, business practitioners, government agencies, students, researchers, the media, and all those interested in the development in the Indian economy.


Source:
indiabudget.nic.in

CA Final - May 2015 - Recommended Study Schedule and Reference Books

Don't let the Exam Frustration rule your mind.
On our Facebook Page / Admin Profile and Twitter Page, we get so many messages from Students, as to how should we prepare for the Exams, what should be the Study Schedule, How much Study for a day is enough, Which book in which Subject should be referred, whether I would be able to complete the Course? Well, all these questions are natural, when you are bracing up for a big exam like of CA Final. So here in this post, we are bringing you an ideal Study Schedule and the Suggested Reference Books for each Subject. 


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Please note that, all the books referred here are only recommendation by us, we do not have any affiliation with these Authors / Publication House, based on the experience and feedback of various students. You may find, any other book even better.

Recommended Study Schedule and Reference Books (Click to Download)

or You can view the File online here -



We hope this would be helpful to all of you.