CA Final, CPT and ISA results likely to be declared on 17th January

  For CA Final & CPT: The result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 are likely to be declared on Wednesday, the 17th January 2018 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case of Final Examination in accordance with the decision of the Examination Committee) on all India basis will be available on the following websites: icaiexam.icai.org caresults.icai.org icai.nic.in Arrangements have also been made for the students of Final Examination and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the website i.e. icaiexam.icai.org from 12

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18% GST on Member Fees Charged by ICAI

  The Institute of Chartered Accountants of India GST on Member  Fees July 28, 2017 The ICAI Head Office vide Advisory No. 1 dated 30th June 2017 has directed that Under Section 7 of the CGST Act, 2017, levy of 9%+ 9% Is applicable on Fees from Members for all payments received In the Institute with effect from 1st July 2017. Accordingly, Members are requested to add GST @ 18% on Institute Fees payable by them for payments made by them from July 1, 2017 onwards and pay the same, If not paid for in payments made till date to the Institute. Considering the above, the Schedule of Fees payable w.e.f. July 1, 2017 are as follows: Members holding Certificate of Practice Member Status Membership Fees (Rs.) COP Fee (Rs.) Associate Member

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Revised Scheme of Education and Training for CA Course, FAQs and Implementation Schedule

  1st June, 2017 Revised Scheme of Education and Training for CA Course, FAQs and Implementation Schedule The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training in lines with International Education Standards issued by International Federation of Accountants (IFAC) after considering the inputs from various stakeholders. The Revised Scheme of Education and Training for CA course will come into effect from 1st July, 2017. The Scheme of the Course is available at CLICK HERE In order to answers the queries which may arise in the mind of stakeholders with respect to Revised Scheme, FAQs have been framed which are available at CLICK HERE Further, below is the implementation schedule depicting the information regarding the last date of registration under Existing Scheme, date

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Guidance note on Transfer Pricing by ICAI

  Change is inevitable when it comes to Indian tax laws. Time and again, frequent changes in laws have presented their own challenges before our members. Increasing cross border transactions, use of technology and the like have added more complexity to the tax laws. With increase in number of multinational companies having subsidiaries and branches all over the world, there has been a tremendous augment in the number of transactions with the associated enterprises. Our members have an onerous responsibility of examining the documents so maintained by the enterprises operating in India and express an opinion thereof in Form No.3CEB with regard to the compliance of the legal requirements. This Guidance note provides a support to the members in respect of the manner of exercising due diligence while inspecting international

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Shri Vivek Kapoor name removed from ICAI members register

  THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 14th September, 2016 (CHARTERED ACCOUNTANTS) No. 29-CA/LAW/D-305,307,309/2016.—In exercise of the powers conferred by Sub-Section (2) of Section 20 of The Chartered Accountants Act, 1949 read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified by the Council of the Institute of Chartered Accountants of India that the Hon’ble High Court of Punjab and Haryana has, in pursuance to Section 21(6)(c) of the said Act, in Chartered Accountant Reference Nos.5 and 6 of 2012 and 1 of 2013, ordered on 18th March, 2016 that the name of Shri Vivek Kapoor, 26, Majitha Road, Amritsar- 143001 (M.No.082294) be removed from the register of members permanently for having been found guilty of “Other Misconduct” falling under Section

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Guidance Note on Audit of Consolidated Financial Statements

  The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India, in 2003, had issued the Guidance Note on Audit of Consolidated Financial Statements to provide guidance to the members undertaking audits of consolidated financial statements. Since the issuance of this Guidance Note, a number of developments have taken place like notification of the Companies (Accounting Standards) Rules, 2006, replacement of the Companies Act, 1956 by the Companies Act, 2013, issuance of the Indian Accounting Standards (Ind AS) by ICAI, notification of the Companies (Indian Accounting Standards) Rules, 2015. These developments necessitated the revision of the Guidance Note. It is heartening that the Auditing and Assurance Standards Board has brought out this revised Guidance Note on Audit of Consolidated Financial Statements for the benefit of the

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Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016

  15th October 2016 Re: Hosting of exemption(s) in a paper granted in Intermediate and Final examinations, valid for November 2016. 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 application 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

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Clarifications in Respect of MEF 2016-17 : ICAI

  PD/A-40/2016 6th October, 2016 ANNOUNCEMENT – CLARIFICATIONS IN RESPECT OF MEF 2016-17 Applicants of MEF who are (i) Applying as “Proprietary Concern” and also having Sole/Individual practice registered in Institute’s records (ii) Applying as “Individual” (either Sole/Individual practice registered or not in Institute’s records) though they are also having Proprietary Concern (iii)Applying as Proprietor and having more than one Proprietary Concern. As the members are aware that at the time of online application of MEF, following applicants are rendered Ineligible due to the clause of exclusivity: Applying as “Proprietary Concern” and also having Sole Practice (Individual) registered in Institute’s records; Applying as “Individual” (either sole/individual practice registered or not in Institute’s records) and also having Proprietary Concern, Applying as Proprietor and having more than one Proprietary Concern but not

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Guidance Note on Combined and Carve–Out Financial Statements released by ICAI

  Guidance Note on Combined and Carve-Out Financial Statements  Introduction 1. Generally, consolidated financial statements of an entity are required to be presented under the relevant legal or regulatory requirements. In India, these requirements are met by presenting consolidated financial statements prepared under the applicable Accounting Standards. 2. There may be occasions such as take-overs of entities and/or divisions/segments/businesses, demergers, spin-offs, initial public offerings, etc. where specific financial information is required for part or parts of entities which may or may not be part of a group. Similarly, group financials may be required for group loan arrangements. The term ‘group’, in such cases, for the purpose of this Guidance Note may include the entities and/or divisions/segments/businesses which are being combined as per the terms of the loan arrangement. In the

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Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the ICAI

  Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 issued by the Institute of Chartered Accountants of India, pursuant to issuance of amendments to Accounting Standards by the MCA 1. The Council of the Institute of Chartered Accountants of India (ICAI) at its 359th meeting held on August 16-17, 2016 noted that the Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) and amended the following Accounting Standards and omitted AS 6, Depreciation Accounting, issued under Companies (Accounting Standards) Rules, 2006: AS 2, Valuation of Inventories AS 4, Contingencies and Events Occurring After the Balance Sheet Date AS 10, Property, Plant and Equipment AS 13, Accounting for Investments AS 14, Accounting for Amalgamations AS 21, Consolidated Financial Statements

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