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Showing posts from July, 2007

India needs Paradigm shift in view-Auditing Skills Vs Brand CAs.

Abundance of skills available in the sector of accounting and auditing and with impending Companies act direct tax code bill India should re-orient its recognition procedure lest it ideology of inclusive growth is in shambles.WRT Auditing and public accounting profession.

Most of the countries in the world whether UK/EU/ZA/Au have made it a point to demutualise education and auditing profession and regulate the profession by bringing in a certain degree of competition and enabling the profession to be institute(institution) neutral.In UK six bodies are recognised as RQB and one of them is not a member body of IFAC.In Australia Three bodies are recognised by ASIC.In ZA(south africa)the newly constituted IRBA has come up with an accredition model in May 2007. Read More



In the USA it is a common format of exams under AICPA but NASBA recognises the qualification for License to practice.In Canada though there is no super regulatory body the Government of canada recognises three institutes fo…

What does a chinese CPA entitled to do?

Chapter III Service Scope and Rules

Article 14 Only CPAs may undertake the following professional auditing activities:

Examining the financial statements of an enterprise and issuing an auditing report;Verifying the capital of an enterprise and issuing a capital verification report; Performing audits related to any merger, splitting or liquidation of an enterprise, and issuing relevant reports; Performing other auditing activities as established in the laws and administrative regulations.
The reports issued by CPAs in their lawful execution of auditing activities have the full force and effect of verification documents.

Article 15 A CPA may undertake accounting consultation and other accounting related service activities.

Article 16 Any assignments undertaken by a CPA must be accepted by the accounting firm to which such CPA belongs, and the contracts of assignments must be signed by that firm and the clients.

The accounting firm assumes all civil liabilities for any professio…

How Australia perceives competition in Auditing

WHO SHOULD COMPLETE THIS REPORT?

You should use this report if you:
are an approved auditor, andhave been appointed by a trustee of a self managed superannuation fund (SMSF) to give a report on the operation of that fund for each income year.An approved auditor is:

a registered company auditora member of CPA Australia Limiteda member of The Institute of Chartered Accountants in Australiaa member of the National Institute of Accountantsa member or fellow of the Association of Taxation and Management Accountantsa fellow of the National Tax and Accountants Association Ltd, orthe Auditor-General of the Commonwealth, a State or Territory.It is essential that you are independent from the SMSF’s decision making process. You must be independent and also appear to be independent. These are fundamental requirements for every audit.

Blog posted by RV

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CGA Canada authorised to conduct statutory audit

Accountancy News July 28 2007

Accountancy News last week.

SEC eases stance on accounting rules

US companies moved a step closer to being allowed to file financial results under international accounting standards after the Securities and Exchange Commission proposed a radical move away from US rules. Read More

Q&A on accounting standards convergence with less than four years to go

Indian accounting is shifting gears on the desi roads, as a prelude to joining the global standards highway. The premier accounting body, the Institute of Chartered Accountants of India (ICAI) has announced that we will be fully converging with IFRS (International Financial Reporting Standards) from April 1, 2011. With less than four years to go for the C-Day, if we may say so, there is a lot to do for convergence – from changes in laws to training of CAs. But first, a quick Q&A, for the beginner. Read More


India to Internationalize Accounting Standards

India plans to bring its accounting standards in line with International Financial…

Accountant or an IT person

The world seems to be moving towards IT and everyone in the company has to be IT savvy. Sometimes the questions asked by the financial controllers is whether the standard ERP applications are driving the accounting strategy of the company.

When a company is a multinational company then the IT strategy is driven by the parent company and local company has little say about the implementation as financial accounts have to be consolidated. Localisation needs are catered, but to limited extent. Or else the local company has to go for third party application or MS Office application like Excel or Access to fulfil the local reporting needs.

When I was explaining how the automatic account determination is performed in SAP for the inventory movements, the question posed by the accountant was -

"Now do we have to know more of IT or Accounting ?!!!"

The answer is every goods movements will have an accounting entry. So the accountant has to determin which inventory accounts (Balance She…

Accounting News July 21 2007

Accounting news and snippets during the fortnight

'India can now count on global norms'

Indian companies can expect a series of major revisions in the guidelines for preparing their financial statements in the next four years, until India’s financial reporting standards get fully converged with international norms by April 1, 2011. Read More


Interview with Pervenche Berès on convergence

In this exclusive interview, the chairwoman of the Committee of Economic and Monetary Affairs of the European Parliament talks about the convergence of accounting standards. Read More

Deferred tax under MAT?

For a taxpayer, the determination of correct tax liability is as important an exercise as the legitimate tax planning. In today’s scenario, the determination of correct tax liability poses several challenges. The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Read More

How to survive summer …

Telephonic Interviews What employers look for

Telephonic interviews is the current trend. This is very popular since it saves time of the employers in screening the candidates as well as interviewing candidates who are based in different geographical area. Telephonic interview is a common feature in IT industry both for permanent employment and for contractors.

Few tips to get through the interview.

Job specs: Read the job description thoroughly that you are being interviewed for. If you do not know or your recruiting agent has not provided details, then ask for it. This will help you discuss in the interview and will give a comfort level to the employer that you are serious about the job. If you are not interested in pursuing the job, please let the employers know. No one likes to waste time.
Environment: Choose a quite place for your interview so that there are no interruptions during the call. You may never know that the it may be a conference call and interviewers are joining from different locations.
Structure: The interviewer w…

Convergence of Accounting Standards

I read this news item on the Financial Times and it is quite interesting.

The accounting rules used by US, Japanese and Canadian groups are moving closer to the reporting standards employed in the European Union, according to a report by the European Commission on Thursday. Read More

Share your thoughts on whether we should have only one currency across the world.

Cheers,

Santosh Puthran
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Accounting Bodies

CMA Logo

The Profession of Right choice represented by the right tick and the color red representing the Whistle blowing capability and three dimensional letters representing Triple bottmline (strategy management and accounting) and corporate governance -social, economic and environment professional.

Hope this enthralls the professionals as it will the stakeholders.

Blog posted by RV.


PS: The logo is not confirmed yet and nothing on ICWAI website - SP

ICAI's new logo and Co-branded credit cards

Co-branded Credit Cards

A new logo for the profession of Chartered Accountants (CA) was unveiled by the Union Minister of Corporate Affairs, Prem Chand Gupta on the 59th Chartered Accountants Day. It was on July 1, 1949, that the Institute of Chartered Accountants of India (ICAI) was established with the enactment of the Chartered Accountants Act, 1949. Read More


The ICAI has also come out with a co-branded credit card for Chartered Accountants in association with ICICI bank.Talati added that the credit card will benefit the members and is expected to act as an affinity card for the members.

Does anyone remember that ICWAI had similar tie up with American Express Credit Card in Year 2002. I found the link.

Click hereand scroll down to the bottom of the page. I do not know whether this arrangement still exists.

These tieups are a common practise between the accounting bodies and the vendors so that members in large are benefitted as we are a professional community.


British Airways American …

Organic Growth - Your opinion please Yes or No

Two news items that caught my attention this week, the first one in Japan and second one is India. They are

Japan takes aim at regional jet market: Mitsubishi estimates the world’s carriers will order 5,000 regional jets over the next 20 years, as developing countries expand their air networks and airlines shift to smaller, less fuel-thirsty planes.

“This isn’t just about a single project. Our goal is to take Japan’s aerospace in­dustry to the next level of development,” says Masakazu Niwa, general manager of Mitsubishi’s aerospace division.Kerala govt mulls ban on organised retail: The Kerala Government is all set to bring in legislation to prevent multinational companies and larger Indian companies from entering the retail sector.

The Left Government says that opening up of the retail sector would harm consumers in Kerala and also affect the strong PDS network.I was wondering, how can a organised development harm the national interests. Japan knows that it is far behind its competito…

ICWAI applies for name change

Recently, ICAEW & ACCA have changed their logo to signify their presence in the marketplace. And now The Institute of Cost and Works Accountants of India (ICWAI) has presented a memorandum to the Ministry of Corporate Affairs requesting for a change in the name of the institute. Read More



The President of ICWAI, rightly points out the concerns with words "Cost & Works" in the name of the institute is proving a hindrance to gain mutual recognition with other institutes in the world. ICMAP is better off in recognition in Australia than ICWAI. Read here

“The Associate of ICMAP is assessed as comparable to the educational level of an Australian Bachelor degree”

As you read the news item, you will notice that ICAI is unable to digest the request for change in name. It has continued its one point agenda from 1972.

Read the comments from ICAI

“The ICAI continues to hold the position it held earlier and that there is no valid reason warranting any change in the step,” said Ashok…