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Accountancy News 18-Aug-07

ICWAI: Open door system for entry after graduation

The Kolkata-based Institute of Cost and Works Accountants of India (ICWAI) has drawn up a road map for global recognition of the Institute so that students from other countries can join the course. “Our focus will be on e-learning so that foreign students can study,” said Chandra Wadhwa, president of the Institute, speaking to Business Line. Read More

Govt to scrap cost audit in select sectors

The government is set to exempt a host of industries in the manufacturing sector from mandatory cost audits. The sensitive operational details of industries that are set to go off the government’s penetrating gaze include synthetic textiles, engineering, power transmission and distribution, chemicals, cosmetics, all electronic products and telecommunication gadgets. Read More

Is the ‘impairment’ standard beyond repair?

In ‘A Midsummer Night’s Dream’ the Bard describes, through Hermia, how nature compensates impairment, thus: “Dark night, that from the eye his function takes, the ear more quick of apprehension makes; wherein it doth impair the seeing sense, it pays the hearing double recompense.” Read More

Rwanda: Adopt International Accounting Standards - AG

The Auditor General (ag), Evelyn Kamagaju, has urged both public and private institutions to adopt international financial reporting standards (IFRS).

Once IFRS is adopted, it is hoped will improve corporate governance, create credibility of financial reporting and improve trade trends in the country. Read More

IRREGULARITIES IN THE ICAI

As a general practice, issues, if any, raised in respect of the functioning of the Institute of Chartered Accountants of India (ICAI) from any quarter are looked into by the Government and the Institute to ascertain facts and to take action as warranted under the Chartered Accountants Act, 1949. There is no finding of manipulation in declaration of the results of the examinations conducted by the Institute. Recently on receipt of information pertaining to leakage of the question paper for the Common Proficiency Test (CPT) examination scheduled for 05th August, 2007, the examination in its entirety was cancelled by the Institute and in its place a fresh examination is scheduled to be held on 26th August, 2007. Read More

Regards,

Santosh Puthran

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