Category Archives: ICAI

LIC Term Insurance for Chartered Accountants

By | February 13, 2019

LIC Term Insurance for Chartered Accountants ICAI-LIC Group Term Insurance SchemeArranged by:Committee for Capacity Building of Members in Practice (CCBMP) The Committee for Capacity Building of Members in ICAI is facilitating ICAI-LIC Group Insurance Scheme for Chartered Accountant Members and their spouse. The salient features of the scheme: Competitive rate of premium for Insurance. Payment… Read More »

UDIN mandatory for all Chartered Accountant Certificates wef 1.2.2019

By | January 25, 2019

ANNOUNCEMENTUDIN mandatory wef 1st Feb., 2019 for all Certificates [ Refer UDIN for CA : Free Study Material ] It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and Stakeholders. ICAI is also receiving number of complaints of signatures of CAs being forged… Read More »

UDIN system for CAs for Document Verification

By | January 25, 2019

UDIN: An Advanced Solution for Document Verification issued by Chartered Accountant Video Explanation by CA Satbir Singh in Hindi on UDIN system for CAs for Document Verification What is Unique Document Identification Number (UDIN)? Unique Document Identification Number (UDIN) is a unique number, which will be generated by the system for every document certified/ attested by… Read More »

Guidance Note Bank Audit 2019 Section B – Foreign Exchange Transactions and Integrated Treasury

By | January 19, 2019

Guidance Note on Audit of Banks 2019 edition: Section B – Foreign Exchange Transactions and Integrated Treasury issued by the Auditing and Assurance Standards Board – (18-01-2019) Download Guidance Note on Audit of Banks 2019 edition Section B – Click here Related Post Guidance Note on Audit of Banks 2019

Extension of CPE hours requirement for Calendar Year 2018

By | January 16, 2019

Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2018” – from 31st December, 2018 to 31st January, 2019 – (11-01-2019) FOR INFORMATION OF THE MEMBERS Subject: Extension of last date “for complying with the CPE hours requirements for the Calendar Year 2018” – till 31st January, 2019 This… Read More »

Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37)

By | January 2, 2019

Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37) – (02-01-2019) Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The amendments specify the costs an entity includes in determining the ‘cost of fulfilling’ a contract for the… Read More »

ICAI made mandatory UDIN for Chartered Accountants w.e.f 1st Feb., 2019 

By | December 28, 2018

Institute of Chartered Accountants of India ANNOUNCEMENT UDIN – A way to authenticate document As you are aware that to secure the certificates/documents attested/certified by practicing Chartered Accountants and for tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, ICAI had implemented an innovative concept of UDIN i.e. Unique Document… Read More »

ICAI online Survey on “State of the Internal Audit Profession in India”

By | November 21, 2018

Survey on the “State of the Internal Audit Profession in India” by Internal Audit Standards Board, ICAI – Seeking Member’s Inputs – (20-11-2018) SURVEY ON THE STATE OF THE INTERNAL AUDIT PROFESSION IN INDIA BY INTERNAL AUDIT STANDARDS BOARD, ICAI Dear Member, Internal Audit Standards Board (IASB) of The Institute of Chartered Accountants of India… Read More »

Application for Scholarships from The Chartered Accountants Student Benevolent Fund for The Year 2018-19

By | October 26, 2018

Application for Scholarships from The Chartered Accountants Student Benevolent Fund for The Year 2018-19 – (25-10-2018) The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m, for articled assistants who are registered for Intermediate (IPC)/IPCC course and Rs. 2000/- P.M. for those students registered for final course and are currently undergoing… Read More »

CA JOBS Portal by ICAI : Exclusive Job Portal for Chartered Accountants Launched

By | September 28, 2018

Exclusive Job Portal for Chartered Accountants Launched A unique and exclusive Job Portal for Chartered Accountants https://cajobs.icai.org has launched where no. of companies and vacancies increasing every day. Members can find a best job on this portal that matches their interest. Exclusive Job Portal for Chartered Accountants Launched : Click here https://cajobs.icai.org CA Jobs Portal Explained… Read More »

ICAI invites suggestions on “Part A- FORM GSTR-9C – Reconciliation Statement, Part B-Certificate”

By | September 16, 2018

Dear Member, Greeting from Indirect Taxes Committee of ICAI! The Government vide Notification No. 49/2018 – Central Tax dated 13th Sept, 2018 has notified “Part A- FORM GSTR-9C – Reconciliation Statement, Part B-Certificate” to be certified by the Chartered Accountants, which can be downloaded from http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-49-central-tax-english-new.pdf;jsessionid=4CEF3120901571CC607B4BA25FD1A7CA Considering that most of you are involved in actual implementation of GST… Read More »

ICAI Valuation Standards 2018 : Download /Print

By | August 28, 2018

ICAI Valuation Standards 2018 Recognising the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in India, the Council of the Institute of Chartered Accountants of India (ICAI) at its 375th meeting has issued the Valuation Standards which are 1st of its kind in India. With a… Read More »

E book by ICAI on regulatory aspects of Articled/Audit Assistants

By | August 24, 2018

Publication of E-Book on “Ready Reckoner on Regulatory Aspects of Articled/Audit Assistants: Capacity Building for CA Firms & Practitioners”: An Initiative of the Committee for Capacity Building of Members in Practice (CCBMP), ICAI The Committee for Capacity Building of Members in Practice (CCBMP), ICAI has taken an initiative to bring out a publication of E-book… Read More »

Revenue from Non-Exchange Transactions (Taxes and Transfers) : Exposure Draft of ASLB 23

By | August 16, 2018

Committee on Accounting Standards for Local Bodies Announcement The Committee on Accounting Standards for Local Bodies (CASLB) has been formulating Accounting Standards for Local Bodies (ASLBs) since March, 2005. So far, the Committee has issued fifteen ASLBs. Moving forward in this direction, the Committee has finalised the Exposure Draft of ASLB 23, ‘Revenue from Non-Exchange Transactions… Read More »

UDIN for CA : Free Study Material

By | July 8, 2018

UDIN for CA : Free Study Material 42 FAQs on UDIN for Chartered Accountant Certificate UDIN mandatory for all Chartered Accountant Certificates wef 1.2.2019 ICAI made mandatory UDIN for Chartered Accountants w.e.f 1st Feb., 2019  UDIN system for CAs for Document Verification : FAQs How to revoke / Cancel UDIN by Chartered Accountant

Accounting Policy Changes (Proposed amendments to IAS 8)

By | April 17, 2018

Accounting Policy Changes (Proposed amendments to IAS 8) Introduction In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The Board expects these amendments to facilitate the application of particular voluntary changes in accounting policy, improving the overall quality of financial reporting. Invitation… Read More »

ICAI GST E-Newsletter –March 2018

By | April 14, 2018

Dear Professional Colleagues  Greetings from Indirect Taxes Committee!  We are glad to inform you that Indirect Taxes Committee of ICAI has come up with the fifteenth edition of GST E-Newsletter on GSTand with this, we have completed one year of this publication.The comprehensive publication contains latest GST updates, relevant articles on important issues under GST, initiatives… Read More »

Free Book : Compliances of Service Tax/ GST in Banking Sector

By | April 14, 2018

Dear Professional Colleagues, Banking and other Financial Services were brought under the scope of Service Tax net from 16.07.2001. During the financial year 2017-18 the provisions of service tax applied till June 2017 and thereafter for 9 months provisions for GST law has been made applicable since July, 2017.Post GST regime the services provided by… Read More »

Draft Handbook on Accounting Treatment under GST – For Suggestions

By | April 9, 2018

Draft Handbook on Accounting Treatment under GST – For Suggestions Dear Members or Other Stakeholders, The Committee has drafted a handbook on accounting treatment under GST given below. In this regard, we request you to provide your comments/suggestions at the link https://goo.gl/forms/92zwewildriB4apm2 or idtc@icai.in preferably in 15 days i.e 25th April, 2018. Your valuable suggestions… Read More »

Empanel as Resource Person to Conduct Various Programmes for Benefits of Members in Industry

By | April 8, 2018

Madam/Sir, We are pleased to share with you that the Institute of Chartered Accountants of India through its Committee for Professional Accountants in Business & Industry organizes various knowledge enriching programmes, Conferences, Industry Meet, Outreach Program for the benefit of the members in industry. The Committee invites proposals from Chartered Accountants, Bankers, Capital Market experts,… Read More »

ICAI suggestions for GST Law on construction & refund etc.27.03.18

By | April 8, 2018

ICAI/IDTC/2017-18/Rep/4 27th March, 2018 Shri Upender Gupta Commissioner, Goods and Services Tax Policy Wing Central Board of Excise & Customs, Department of Revenue, Government of India, North Block, New Delhi – 110 001 Respected Sir, Sub: ICAI’s suggestions on GST on specified issues The Institute of Chartered Accountants of India (ICAI), being the accounting regulator,… Read More »

Joint Audit of Financial Statements : ICAI Revised Standard on Auditing (SA) 299

By | March 31, 2018

Revised Standard on Auditing (SA) 299, “Joint Audit of Financial Statements” Introduction Scope of this SA 1. The practice of appointing more than one auditor to conduct the audit of large  entities has been in vogue for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations. Such auditors,… Read More »

Finacle e-Learning module for Auditors

By | March 28, 2018

PDC of ICAI Presents Finacle e-Learning-An Effective Auditing Tool   • Since the audit of the Banks for the year 2017-18 is about to start, the ICAI has aimed at setting up a benchmark in Bank Audits by using the technical expertise of Finacle partners, Infosys, as they have committed to provide us a comprehensive and… Read More »

Multinational Accounting Firms in India : ICAI constituted Group to examine issues

By | March 28, 2018

No.M-626/08/MAF&PWC/2018 27th March, 2018 Madam/Dear Sir, ALL MEMBERS OF THE COUNCIL Sub.: Constitution of a Group to examine the issues arising out of the Judgement dated 23.02.2018 of the Hon’ble Supreme Court in the matter of operation of Multinational Accounting Firms in India The Hon’ble Supreme Court of India vide its combined Judgement dated 23rd… Read More »

ICAI takes Stringent Action against CA Students for adopting unfair means in Exams

By | March 22, 2018

Cases of adoption/attempt to adopt unfair means are reported in respect of the examinations held every time. In respect of the Examinations held in November 2017, over 90 cases of infringement/ violation of Instructions to Examinees, which tantamounts to adoption of unfair means, were reported. The nature of infringement/ violation in these cases, inter alia,… Read More »

ICAI Advisory for Members in case of Bank Audits 

By | March 12, 2018

Institute of Chartered Accountants of India Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits  1   As you are aware that ICAI has issued Standard on Auditing (SA) 299, “Responsibility of Joint Auditors”. Regarding allocation of work among the joint auditors, SA 299 provides as follows: “Division of… Read More »