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Showing posts from July, 2009

IASB Framework - Financial Statements

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This is a guest post by CMA Devarajan Swaminathan. He has over 10 years post qualification experience in Accounting, Auditing, Finance as well as Management Accounting. He is the proprietor of Devarajan Swaminathan & Co - Cost Accountants.

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The International Accounting Standards Committee Foundation (IASC Foundation) Constitution mentions about the IASB Framework twice, once in paragraph 29 and another in paragraph 43.


Paragraph 29 of the IASC Foundation Constitution reads like this:



Each full time and part time member of the IASB shall agree contractually to act in public interest and to have regard to the IASB Framework (as amended from time to time) in deciding on and revising standards.


Paragraph 43(a) of the IASC Foundation Constitution reads like this:


The International Financial Reporting Interpretation Committee (IFRIC) shall interpret the application of International Accounting Standards (IAS) and International Financial Reporting …

Accounting Bodies or Cartels - Competiton Act India

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I was reading the provisions and objectives of the Competition Act 2002 and then relating it with how accountancy is regulated in India by Acts of Parliament like ICAI Act, ICWAI Act and ICSI Act.
An Act to provide, keeping in view of the economic development of the country, for the establishment of a Commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India, and for matters connected therewith or incidental thereto.
(c) "cartel" includes an association of producers, sellers, distributors, traders or service providers who, by agreement amongst themselves, limit, control or attempt to control the production, distribution, sale or price of, or, trade in goods or provision of services;
(f) "consumer" means any person who—
(ii) hires or avails of any services for a consideration which has been …

ICWAI recognised by CPA Australia

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From 1 June 2009 if you held, or hold, full membership of a professional body recognised by CPA Australia you can apply for Associate membership.
An assessment of your professional qualifications will be conducted to determine your eligibility. The examinations you completed as part of your membership will be considered in regards to our core knowledge requirements, and the result of your eligibility for Associate membership will be advised accordingly.

Recognised professional bodies * The Association of Chartered Certified Accountants (ACCA) * The American Institute of Certified Public Accountants (AICPA) * Chartered Institute of Management Accountants (CIMA) * The Chartered Institute of Public Finance and Accountancy (CIPFA) * Certified General Accountants Association of Canada (CGA-Canada) * The Society of Management Accountants of Canada (CMA Canada) * The Hong Kong Institute of Certified Public Accountants (HKICPA) * The Institute of Certified Public Accountants of Kenya (ICPAK) * Institut…

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