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
Category: General
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
Accounting treatment of Warranties as per Ind. AS – 115
It is common for an entity to provide (in accordance with the contract, the law or the entity’s customary business practices) a warranty in connection with the sale of a product (whether a good or service). The nature of a warranty can vary significantly across industries and contracts. Some warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Other warranties provide the customer with a service in
Navigating Financial Success: Finding the Right Chartered Accountant Near You
Introduction: In the ever-evolving landscape of personal and business finance, the role of a competent and trustworthy chartered accountant (CA) cannot be overstated. Whether you are an individual looking to manage your taxes or a business owner striving for financial success, having a skilled CA by your side can make a significant difference. The challenge, however, lies in finding the right professional who understands your unique financial needs and goals. In this blog post, we’ll explore the importance of having
TRAS Alert – December 2023
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. RESERVE BANK OF INDIA Rationalization of Licensing Framework for Authorized Persons (APs) under Foreign Exchange Management Act (FEMA), 1999 (December 26, 2023) It has been decided to rationalize and simplify the licensing framework for Aps. Keeping in view the progressive liberalization under FEMA, increasing integration of the Indian economy with the
Responsibilities of Internal Auditors towards Audit Trail
Internal Auditors play a vital role in ensuring the integrity and reliability of financial information within an organization. One critical aspect of their responsibilities is managing and scrutinizing the audit trail, which serves as a digital breadcrumb trail documenting every transaction and activity. Following are the key responsibilities Internal Auditors bear concerning the audit trail: Establishing and Monitoring Controls: Internal Auditors are tasked with creating and implementing robust controls to safeguard the audit trail. This involves ensuring that systems capture
Matters in the Independent Auditor’s Report
SA 701 deals with the responsibilities of an auditor to communicate the key audit matters in his/her audit report. Introduction SA 701 is intended for addressing both the judgment of an auditor as to what is required to be communicated in his/her audit report and the content and form of such communication. The purpose of communicating key audit matters is: Enhancing the communicative value of the report of the auditor by offering better transparency about the audit which was executed.