Navigating the financial world may be challenging for entrepreneurs, especially when they have to deal with complex data like Financial Statements. But understanding or analysing those assertions is essential to making sound decisions and moving your organization towards success. Here in the beginners guide, we have tried to simplify the basic fundamentals of financial statements and their construction so users can understand their importance and make good use of them. What Are Financial Statements? Financial statements are comprehensive historical reports
Author: Rnm
Transaction & Regulatory Advisory Sevices Alert – February 2024
In this edition we have tried to bring you notice the latest amendment that followed in the month of February, 2024 issued by MCA, RBI, SEBI, IBBI and others. MCA(Ministry of Corporate affairs) The Ministry of Corporate Affairs (MCA) has notified the Companies (Registration Offices and Fees) Amendment Rules, 2024 The Registrar of the Central Processing Center is empowered to examine or cause to be examined every application or e-Form or document required or authorized to be filed or delivered
RNM: Indirect Tax Alert February 2024
RNM Alert (Indirect Taxes) Nature of Compliances
RNM Tax Alert – Direct Tax Part for March 2024
Jayant Nanda VS. Union of India, [2024] 159 taxmann.com 674 (Delhi) Where based on search at premises of assessee, NRI, it was alleged that assessee had indulged in evading disclosure of a large amount of undisclosed foreign assets/income in offshore jurisdictions and LOC was issued against assessee, since assessee had not been called for investigation by authorities for two years, and in absence of any material which indicated that assessee was likely to be called for investigation in near future,
Reliance, Disney to Merge India Media Assets to Create $8.5 Bn Powerhouse
Mukesh Ambani led Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world’s most populous nation. Largest Indian conglomerate will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney owning the rest. The merger values the India business of the US entertainment giant at just around $3 billion, far
COMPONENT ACCOUNTING OF DEPRECIATION
DEFINITION As per note 4 Schedule II to the Companies Act, 2013 -“Useful life specified in Part C of the Schedule is for whole of the asset. Where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately.” ∙ As per the amendment dated August 29, 2014 notified by
Exploring the Pinnacle: Top CA Firms in India 2024
Chartered Accountancy is one of the most prestigious and sought-after professions in India. It offers a lucrative career path with ample opportunities for growth and recognition. However, becoming a successful chartered accountant requires hard work, dedication, and guidance from the best mentors in the industry. That’s why choosing the right CA firm for your articleship training or employment is crucial for your professional development. A good CA firm can provide you with exposure to diverse domains, quality work experience, valuable
TRAS Alert: January 24
In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2023 issued by MCA, RBI, SEBI, IBBI and others. MINISTRY OF CORPORATE AFFAIRS SECURITIES LAWS AND CAPITAL MARKET Guidelines for AIFs with Respect to Holding their Investments in Dematerialized Form and Appointment of Custodian. Investment made by an AIF shall be held in dematerialized form only, irrespective of whether the investment is made directly in the investee company or is
Communication with Those Charged with Governance
Scope of SA 260: To Deals with auditor’s responsibility to communicate with TCWG in an audit of financial statements. Who are “Those Charged with Governance” (TCWG): The Person(s) or Organization(s) with responsibilities of for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes those overseeing the financial reporting process and for some entities, TCWG may include the management personnel like Board Member. Who are Management: The person(s) with executive responsibility for
Navigating AI Transformations in Finance: UK Insights for 2024
The financial landscape in 2024 is undergoing significant transformations driven by economic shifts, technological advances, and geopolitical influences. The digital transformation is reshaping operations in traditional and neo banks, with AI trends, open banking, and cryptocurrencies playing pivotal roles. Looking back at the lessons from 2023, it’s evident that innovation is critical for financial organizations. Embedded finance, tokenization, and cross-border payments have gained traction, paving the way for heightened digital transformation, increased automation, and the integration of Generation AI