sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ICAI »
 Conduct of CA Examination scheduled on 12th November 2018
 Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) by 15th December 2018
 Request to give suggestions on certain provisions of the Companies Act 2013 as per notice issued by MCA by 16th November 2018.
 Committee for Capacity Building Members in Practice, ICAI: Commencement of the first batch of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Mysore.
 Information System Audit - Assessment Test (ISA - AT), December 2018.
 Observations of the Candidates on the Question Papers of CA Examinations - November 2018
 ICAI-President's Message - November 2018
 Announcement for next examination of Certificate course on Forex & Treasury Management
  Technical Guide on the functioning of Audit Committee and its Review Checklist as issued by the CL&CGC of ICAI
 CPE Events 29th October - 3rd November 2018
 Announcement for the Certificate Course on Cooperatives at Kolkata from 17th November 2018

ICAI told to help CPSEs embrace global accounting norms
January, 27th 2009

The government has asked the Institute of Chartered Accountants of India (ICAI) to prepare a roadmap for public sector companies to
meet international accounting norms that would make their financial statements easily comparable with that of companies in more than 150 nations.

International financial reporting standards (IFRS) would allow public sector companies to classify financial instruments based on their substance than their form, bringing more credibility and transparency into their books. IFRS would also give the companies holding massive real estate assets to show their market value in their books, as against the current practice of showing the purchase price (the historical cost) after allowing depreciation. Historical cost is good for record keeping but not useful for decision making. Adopting IFRS would also facilitate easy access to international capital markets.

Accounting regulator ICAI has been asked by the ministry of heavy industries
and public enterprises to look into the present accounting format of central public sector enterprises (CPSEs) and bring them in line with IFRS principles, an official in the ICAI said on conditions of anonymity.

With the IFRS convergence deadline of April 2011 not being far, the move reflects a sense of urgency within the government to bring its public entities within the ambit of a globally compliant accounting framework, the official said.

Experts point out that the move towards convergence with IFRS shall bring with it multiple benefits, apart from lending to their balance sheets a credibility in the eyes of the global community. According to Jamil Khatri, head of accounting advisory services at audit consultancy firm KPMG, the move to make PSUs adopt IFRS will require extensive computerisation of their financial data, which in many cases are manually maintained.

Mr Khatri says the initiative will usher in greater transparency in the numbers of public sector companies. The government is gearing up for a timely transition with the globally recognised norms, the ICAI official said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions