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Accountancy News 07-Sep-07

IASB issues revision to IAS 1, Presentation of Financial Statements

The International Accounting Standards Board (IASB) has issued a revised version of IAS 1 Presentation of Financial Statements. The revision is aimed at improving users' ability to analyze and compare the information given in financial statements. Read More

ICAEW and ICAP Announce Training Programme in Pakistan

The Institute of Chartered Accountants in England & Wales (ICAEW) has announced an historic memorandum of understanding with the Institute of Chartered Accountants of Pakistan (ICAP). The agreement provides global opportunities and strengthens ties between both institutes. Read More

Second ACCA council member joins rival institute

ACCA faces more embarrassment after Jason Parker, a senior partner at Parker Randall and council member, used the ICAEW's Pathways membership scheme to join the institute. Read More

Depreciation on leasing ? An ageing puzzle

Under the Income Tax law, two most important conditions for tax depreciation claim pertain to ownership and usage of the asset. As is the case on any other contentious matter, history is replete with judicial pronouncements by courts on this subject. Though the condition on usage is more or less a settled issue, ownership condition still continues to keep the judiciary engaged particularly as new models of businesses are evolving. Entitlement of depreciation in a lease transaction has witnessed the maximum debate in recent times. The moot question being who shall be eligible to claim depreciation in a lease transaction — whether the lessor (person who hires or leases the asset for a consideration ) or the lessee (who hires for business use). Read More


ICAI set to make CA registration mandatory

Don’t be surprised if your organisation receives a directive from the Institute of Chartered Accountants of India (ICAI) asking you to verify the membership of your chartered accountant (CA). The ICAI, a statutory body established under the Chartered Accountants Act 1949, will soon ask companies to ensure that CAs employed by them are registered members of ICAI. Read More

Govt offers relief to wannabe CAs

Much to the relief of wannabe chartered accountants across the country, the Institute of Chartered Accountants of India (ICAI) has announced that more articled assistants can train under a practising chartered accountant. Read More

Govt plans council to certify valuation professionals

The Ministry of Corporate Affairs is working on a Bill for setting up a Council of Valuation Professionals of India to certify individuals who value business units. Read More

Regards,

Santosh Puthran

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