...use of IFRS. Apart from India, countries like Japan, Sri Lanka, Canada and Korea have also committed to adopt IFRS from 2011. United States of America has announced its intention to adopt IFRS from 2014 and it also permits foreign private filers in the U.S. Stock Exchanges to file IFRS complied Financial Statement, without requiring the presentation of reconciliation statement. In this scenario of globalisation, India cannot insulate itself from the developments taking place worldwide. In India, so far as the ICAI is concerned, its aim has always been to comply with the IFRS to the extent possible with the objective to formulate sound financial reporting standards. The ICAI, being a member of the International Federation of Accountants (IFAC), considers the IFRS and tries to integrate them, to the extent possible, in the light of the laws, customs, practices and business environment prevailing in India. The Preface to the Statements of Accounting Standards, issued by the ICAI, categorically recognises the same. Now, as the world globalizes, it has become imperative for India also to make a formal strategy for convergence with IFRS with the objective to harmonize with globally accepted accounting standards. IFRS - Global Context In the present era of globalization and liberalization, the World has become an economic village. The globalization of the business world and the attendant structures and the regulations, which support it, as well as the development of e-commerce make...
Words: 1824 - Pages: 8
...Notes I.28 Session – I important that they would affect the auditor’s report if not resolved. They include the following: • Matters that are significant and involve issues regarding the appropriate selection, application and consistency of accounting principles pertaining to the financial statements, including related disclosures. Such matters often relate to accounting for complex or unusual transactions or to estimates and uncertainties and any applicable management assumptions. Results of auditing procedures that indicate the financial statements or disclosures could be materially misstated or that the auditing procedures need to be significantly modified. Circumstances that cause the auditor significant difficulty in applying auditing procedures he or she considers necessary. Other findings that could result in modification of the auditor’s report. Compliance of Auditing Standards and Audit Documentation – a must for all practice units satisfy any applicable legal or regulatory requirements for records retention. Internationally the norm is assemble the final audit file and submit it for archiving within 60 days from the date of our audit report. The PCAOB standard has shortened this period to 45 days. 51 The auditor would also need to adopt procedures that enable him or her to gain access to the documentation throughout that period. One way for auditors to accomplish this is by creating a policy to maintain electronic documentation. One needs to bear in mind...
Words: 4887 - Pages: 20
...Campus Placement Programme, August-September, 2011 | | |Centre |Office Contact Details |Orientation Programme |PPT Programme | | | |Venue and Time Detail |Venue and Time Detail | |New Delhi |The Institute of Chartered Accountants of |Venue: |Venue: | | |India |Vigyan Bhawan |NCUI Auditorium | | |'ICAI BHAWAN', Indraprastha Marg |Maulana Azad Road |3 Siri Institutional Area, August Kranti Marg | | |NEW DELHI -110002 |New Delhi-110003 |August Kranti Marg | | |Tel - +91(11)30110548/450/ 491 | |Delhi 110001 | | |Fax - +91(11)30110583 |Date & Reporting Time: | | | |Email : placements@icai.org |8th & 9th August, 2011 |Date...
Words: 1114 - Pages: 5
...CURRICULUM VITAE CA. SAHIL JAIN E-MAIL : sahiljain69@gmail.com MOB. NO. : 09469212042, 09018709963 CAREER OBJECTIVE: To work with a reputed organisation which provides challenging environment, encourages continuous learning, creativity and exposure to new ideas and cultures which stimulates personal and professional growth and to become a reputed professional in the field of Taxation, Accounts, Audit and Finance Department. ACADEMIC CREDENTIALS: ...
Words: 361 - Pages: 2
...What are Audited Financial Statements, samples and Templates? Posted on January 7, 2012 Financial statements are one of the most important aspects of a business. There are several types of financial statements, with the three main ones being receipts and payments account, balance sheet and expenditure account. Forming and managing such accounts require a high level of knowledge and expertise, and that includes the analysis of financial states. Let’s take a quick look at financial statements of companies. An Overview of Financial Statements Financial statements, as mentioned below, are mainly of three types. Each of these types of statements- balance sheet, income and expenditure account, and receipts and payments account, are formulated by the company. At the end of the fiscal year, the reports are sent to auditors and then checked. If the company runs a number of entities, then it forms financial statements that applicable to the group of entities under the control of the parent entity. This kind of a financial statement is known as consolidated financial statements. The principles and procedures for preparing and presenting such financial statements are different from that of a single company’s financial statement. Problems and Issues in Financial Statements There are several common issues related to financial statements that necessitate the need for an audit report. In a receipts and payments statement, a common issue seen is that of loan transaction omissions. These...
Words: 695 - Pages: 3
...former British Prime Minister, are apt enough to demonstrate the significance of not only adopting a change…but adapting to it. International Financial Reporting Standards, The IFRS would be mandatory for Indian companies from 1st April 2011. All members and Future Members of the Institute of Chartered Accountants of India (ICAI) need to be fully aware of the changes in the accounting standards to converge with IFRS and its implication on the financial reporting, Treasury Management, Business valuation, Commercial arrangements, Managerial compensation, Mergers and Acquisition…and I can go on & on. Are you Aware..? The International Financial Reporting Standards (IFRSs) are increasingly being recognised as Global Reporting Standards. More than 130 countries including European Union, Australia, New Zealand, China and Russia currently require or permit the use of IFRSs in their countries. Nations such as Canada & Japan, have announced their intention to adopt IFRSs in 2011 & so has India. 432 out of the Fortune 500 companies would be adopting IFRS by 2012. It would generate about 53 mn $ revenue for Financial Consultants, i.e. us, across the Globe. The ICAI, being a member of the International Federation of Accountants (IFAC), considers the IFRS and tries to integrate them, to the extent possible, in the light of the laws, customs, practices and...
Words: 1153 - Pages: 5
...Share Capital It is the amount of money contributed by the shareholders for the furtherance of objectives of the company for which it was created. * Equity / Preference Share * Par value * Number of Shares in each category * Total amount TYPES OF SHARE CAPITAL * AUTHORISED CAPITAL * ISSUED CAPITAL * SUBSCRIBED CAPITAL * CALLED UP CAPITAL * PAID-UP CAPITAL AUTHORISED CAPITAL * MAXIMUM amount of share capital that the company is authorised by its constitutional documents to issue to shareholders. * Part of the authorised capital can (and frequently does) remain unissued. * EXAMPLE: AS PER THE CONSTITUTIONAL DOCUMENT OF A NEW COMPANY ‘XYZ.LTD’ IT CAN ISSUE A TOTAL OF 10 LAKH SHARES OF RS 10 EACH FACE VALUE/PAR VALUE: IT IS THE FIXED DENOMINATION AT WHICH A COMPANY ISSUES ITS SHARES. THE FACE VALUE IS MENTIONED ON THE SHARE CERTIFICATE. ISSUED CAPITAL * THE PART OF AUTHORISED CAPITAL WHICH IS OFFERED TO THE PUBLIC FOR SUBSCRITION * EXAMPLE : * OUT OF 10 LAKH SHARES, COMPANY ‘XYZ LTD.’ ISSUES 7 LAKH SHARES OF RS 10 EACH SUBSCRIBED CAPITAL * PART OF ISSUED CAPITAL THAT IS APPLIED FOR BY PROSPECTIVE SHARE HOLDERS & ALLOTED BY THE COMPANY * UNSUBSCRIBED CAPITAL :BALANCE OF ISSUED CAPITAL NOT SUBSCRIBED BY THE PUBLIC * EXAMPLE : SITUATION 1: UNDERSUBSCRIPTION ‘XYZ LTD.’ GETS PROSPECTS FOR 6 LAKH SHARES SITUATION 2: OVERSUBSCRIPTION ‘XYZ LTD’ GETS PROSPECTS FOR 8 LAKH SHARES ...
Words: 1829 - Pages: 8
...Introducing … Accounting Accounting Financial Accounting Accounting Analysis Generating Financial information Using the Financial information Recording, Classifying & Summarising Used for Reporting Analyze, Interpret & Communicate Provides Information for Planning & Control Audience: Internal (Managers, Employees & Owners) and External (Investors, Government Bodies, Society, Customers, etc) ( , , y, , ) FAM 3e @RamKakani 2 Financial Accounting – Evolution Evidence of recording of economic transactions in ancient civilizations Franciscan Monk Fra Luca Pacioli (14451515) as the father of modern accounting His Summa de Arithmetica, Geometria, Proportioni et Proportionalita, is considered as the first text on accounting FAM 3e @RamKakani Pacioli structured and organized the initial accounting system based on the ‘benefit and sacrifice’ principle 3 Accountant as a Historian Accountant can be perceived as a historian – who keeps records As historian the accountant has the duty to: Respect the facts To see the facts are accurate Bring into focus, all known and knowable relevant facts Finally, provide an interpretation of the history proposed FAM 3e @RamKakani 4 Financial Accounting – Evolution Product of economic environment Gradually evolved as a profession with the development of economic activity especially … Industrial Revolution Scope and nature of accounting...
Words: 1963 - Pages: 8
...Under the circumstances, it would be imperative for Indian corporates to adopt IFRS for their financial reporting. IFRS adoption procedure in India To rationalize accounting practices in the country, the Indian government in 1949, established Institute of Chartered Accountants of India by passing ICAI Act, 1949. Accounting Standard Board was constituted by ICAI in 1977 in order to create harmony among the diversified accounting policies and practices in India. Three steps process was laid down by the accounting professionals in India which are summarized as...
Words: 1272 - Pages: 6
...the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) ...
Words: 18528 - Pages: 75
...Chintan S. Jain |307 / B – 2, Jay Radheshyam CHS, | | |Dr. R. P. Road, |+91 9819635698 / 8879575482 | |Dombivli (E) |chintanjain15@gmail.com | OBJECTIVE:- To be a part of organization where I can enhance my knowledge in the field of Taxation and expecting reward for loyalty, honesty, and hard work by providing growth, opportunities and necessary infrastructure that could contribute to the success of the organization. |Educational Background | 1) Professional Qualification |Stages |Year |Institution |Results | |Chartered Accountancy | |Final Group-2 |May.2013 |I C A I |50% | |Final Group-1 |Nov 2012 |I C A I |53% | |P. C. E. |Nov. 2009 ...
Words: 582 - Pages: 3
...International Business Research Vol. 2, No. 2 Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil, ACMA (Corresponding Author) Department of Business Administration East West University 43, Mohakhali C/A, Dhaka – 1212, Bangladesh Tel: 9887989(Off.) ext 253, 01819289589 (M) E-mail: nikhilacc@yahoo.com Dr. Bhagaban Das P.G. Department of Business Management, Fakir Mohan University P. O.: Balasore, Pin.: 756019, Orissa, India E-mail: bhagaban_fm@yahoo.com Alok Kumar Pramanik Department of Commerce, Bhatter College P. O.: Dantan, Pin. : 721426, Paschim Medinipur, West Bengal, India E-mail: alokdantan@sify.com Abstract The journey to have a common set of accounting standards started long before to give it a professional shape and essence. And accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization. Still, we have a couple of strong variants of accounting practices (say, for example, US GAAP, UK GAAP, IAS etc.) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe...
Words: 5848 - Pages: 24
...Respected Sir/ Madam, After completing my Bachelors in Commerce (Honours) Degree from PGDAV College, University of Delhi, I cleared the IPCC exam (Both Groups) in 2011 and have given my CA Final in May 2015 and completed my articleship in September 2014. To demonstrate the required and relevant skills, I have included my work experience in the CV (attached) but here is a brief summary of my plausible contribution to your organisation, My experience in finance, audit and taxation field both technically and practically helped me to familiarise myself with the updated information about the market conditions and the recent reforms. It also equipped me with the skills and training needed to meet tight deadlines, the ability to display sound judgment when handling sensitive and confidential information, strong decision making and problem solving skills. I’m a dependable, self-motivated professional with tactical interpersonal skills and I sincerely believe I have the qualifications needed to become a valued member of your team. I would be proud to be associated with your organisation and would strive to help the company meet future goals. I am confident that an interview would be a great way to discuss this position further. My resume, enclosed herewith for your reference, contains additional information on my experience and skills. You can reach me on +91- 9953028279 or can email me at divyanijhara17@gmail.com Thank you for your time. Sincerely, Divya Nijhara ...
Words: 1160 - Pages: 5
...1/3 The Institute of Chartered Accountants of India INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION / ACCOUNTING TECHNICIAN EXAMINATION - MAY 2014 CANDIDATE DETAILS Name of Candidate : SWEETY AGARWAL DOB: 23/08/1994 Registration No : ERO0183077 Applied Date: 23/02/2014 Medium Opted : English Gender : Female E Mail : radhasurana8@gmail.com Control No: 4285300 Landline No: - Exam Applied : Intermediate (IPCE) Both Groups Examination Centre : Kolkata III Center Code: 309 Mobile No : 9230422289 Father's Name: ANIL AGARWAL Registration date of Intermediate(IPCC)/ATC/Inter/PEE-II/PCC: 20/07/2012 PIN :1994 Differently Abled :No Revalidation Date: - ENTRANCE/ FOUNDATION/ PEE-I/ CPT PASSING PARTICULARS Exam Passed CPT MONTH & YEAR 06, 2012 Roll No. 178973 PARTIAL INTERMEDIATE/ PEE-II/ PCE/ IPCE EXAMINATION PASSING DETAILS Exam Passed MONTH & YEAR Roll No. EXEMPTION DETAILS OF EXEMPTION SECURED IN ERSTWHILE PCE Month & Year Roll No P1 P2 P3 P4 P5 P6 EXEMPTION DETAILS OF EXEMPTION SECURED IN IPCE/ATE Month & Year PAYMENT DETAILS Total Amount: 1600 INR Transaction Date: 23/02/2014 Bank Transaction No: EFI_ERO0183077_1180823904 Roll No. P1 P2 P3 P4 P5 P6 P7 2/3 The Institute of Chartered Accountants of India INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION / ACCOUNTING TECHNICIAN EXAMINATION - MAY 2014 Registration No : ERO0183077 Control No: 4285300 DECLARATION BY THE STUDENT 1. I SWEETY AGARWAL son/daughter of ANIL AGARWAL...
Words: 910 - Pages: 4
...www.gtgifrs.com: 1 IFRS IMPLEMENTATION AND CHALLENGES IN INDIA By Vandana Saxena Poria, OBE CEO, Get Through Guides Published in MEDC Monthly Economic Digest – August 2009 issue Need for universal GAAP In recent times, capital markets have become global and continue to expand. Moreover, there has been significant globalisation of production and trade. Investors can trade shares and securities worldwide. Entities are in a position to access the funds globally in the most advantageous markets. For this, investors from all over the world rely upon financial statements before taking decisions. They need to be convinced that the financial statements are true and fair and what they understand from the statements is what the person preparing them intends to convey. However, different countries adopt different accounting treatments and disclosure patterns with respect to the same economic event. This may create confusion among the users while interpreting the financial statements. Financial statements that are based on a single, universally accepted and used GAAP will enable the world to exchange financial information in a meaningful and trustworthy manner. This will accelerate the globalisation of finance. Adoption of IFRS worldwide and in India The use of International Financial Reporting Standards (IFRS) as a universal financial reporting language is gaining momentum across the globe. Several countries have implemented IFRS and converged their national GAAP to IFRS. More than 100...
Words: 2877 - Pages: 12