Postponement of Papers of CA Exam May 2019: ICAI clarifies

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The Institute of Chartered Accountants of India ( ICAI ) has clarified certain things relating to the Chartered Accountant exam to be held in June this year.
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The May 2019 had been postponed by the Institute to June due to Lok Sabha polls. A few days ago, the ICAI had further postponed some of the papers of the exam due to some unavoidable reasons.
With regard to the announcement dated 3rd May 2019 on the above- mentioned the subject, it is hereby clarified as follows:

• Postponement of Paper on 2nd June 2019 to 4th June 2019 was occasioned by the inability expressed by many exam centers to conduct the exam on that date owing to their holding UPSC exams on that day;
• Paper on 4th June was postponed to 13th June so that Group I of Final Exams are completed before commencing Group II papers.
• Postponement of Paper on 9th June 2019 to 13th June 2019 was necessitated for the convenience of the common candidates of the Foundation Exam of ICAI and the Foundation exam of the Institute of Company Secretaries of India, scheduled on 9th June 2019.

Govt Notifies Rules for Appointment of Chairman & Members of NFRA w.e.f 21st March

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The Central Government, today notified the rules relating to appointment of chairperson and members of National Financial Reporting Authority (NFRA) with effect from 21.03.2018.
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The establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
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The provision will initially apply to all listed companies and unlisted large companies. For others, the existing disciplinary mechanism under the Institute of Chartered Accountants of India (ICAI) will continue.
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Section 132 of the Companies Act, 2013 provides for the establishment of National Financial Reporting Authority. However, the provision has not been notified yet. Under the provisions of the Companies Act, 1956, the Centre was to prescribe accounting standards prepared by ICAI in consultation with the National Advisory Committee on Accounting Standards (NACAS).
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Such powers are to be transferred to NFRA under the  Companies 2013 Act. Consequently, NFRA would have taken away several powers that are currently vested with ICAI.
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The decision aims at the establishment of NFRA as an independent regulator for the auditing profession which is one of the key changes brought in by the Companies Act, 2013. The inclusion of the provision in the Act was on the specific recommendations of the Standing Committee on Finance (in its 21st  report).
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The jurisdiction of NFRA for investigation of Chartered Accountants and their firms under section 132 of the Act would extend to listed companies and large unlisted public companies, the thresholds for which shall be prescribed in the Rules. The Central Government can also refer such other entities for investigation where the public interest would be involved.
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The inherent regulatory role of ICAI as provided for in the Chartered Accountants Act, 1949 shall continue in respect of its members in general and specifically with respect to audits pertaining to private limited companies, and public unlisted companies below the threshold limit to be notified in the rules.
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The Quality Review Board (QRB) will also continue quality audit in respect of private limited companies, public unlisted companies below the prescribed threshold and also with respect to the audit of those companies that may be delegated to QRB by NFRA.  Further, ICAI shall continue to play its advisory role with respect to accounting and auditing standards and policies by making its recommendations to NFRA.
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The need for establishing NFRA has arisen on account of the need felt across various jurisdictions in the world, in the wake of accounting scams, to establish independent regulators, independent from those it regulates, for enforcement of auditing standards and ensuring the quality of audits to strengthen the independence of audit firms, quality of audits and, therefore,  enhance investor and  public confidence in financial disclosures of companies.
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CLICK HERE TO READ FULL NOTIFICATION
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DOWNLOAD NOTIFICATION

ICAI Revises Amount for Membership Fee and Certificate of Practice Fee for the year 2018-19

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The Institute of Chartered Accountants of India (ICAI) has revised the fee payable for membership and Certificate of practice for the year 2018-19.
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The amount becomes due for payment on 1st April 2018 and needs to be paid on or before 30th September 2018.
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The ICAI, in a recent statement said that “Now, members have the option to pay advance Membership/COP fee in exact amount for 3 years (1+2 years) along with GST as a final payment and in case of any shortfall in case of revision of fee in future their Name/COP will not be removed from the Register of Members on account of such revision.”
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An Associate Member shall  pay Rs. 1770/- as  Membership Fee  and Rs.3,540/- for Certificate of Practice. A Fellow Member required to pay Rs.1770/- as membership fee and Rs.4,720/- for the certificate of practice.
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ALL YOU NEED TO KNOW ABOUT NFRA

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The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA)and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.

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 The decision aims at establishment of NFRA as an independent regulator for the auditing profession which is one of the key changes brought in by the Companies Act, 2013. The inclusion of the provision in the Act was on the specific recommendations of the Standing Committee on Finance (in its 21st report).

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Cabinet approves Establishment of National Financial Reporting Authority

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Impact:
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The decision is expected to result in improved foreign/domestic investments, enhancement of economic growth, supporting the globalisation of business by meeting international practices, and assist in further development of audit profession.
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Jurisdiction:
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The jurisdiction of NFRA for investigation of Chartered Accountants and their firms under section 132 of the Act would extend to listed companies and large unlisted public companies, the thresholds for which shall be prescribed in the Rules. The Central Government can also refer such other entities for investigation where public interest would be involved.
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The inherent regulatory role of ICAI as provided for in the Chartered Accountants Act, 1949 shall continue in respect of its members in general and specifically with respect to audits pertaining to private limited companies, and public unlisted companies below the threshold limit to be notified in the rules.
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The Quality Review Board (QRB) will also continue quality audit in respect of private limited companies, public unlisted companies below prescribed threshold and also with respect to audit of those companies that may be delegated to QRB by NFRA. Further, ICAI shall continue to play its advisory role with respect to accounting and auditing standards and policies by making its recommendations to NFRA.
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Background:
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The need for establishing NFRA has arisen on account of the need felt across various jurisdictions in the world, in the wake of accounting scams, to establish independent regulators, independent from those it regulates, for enforcement of auditing standards and ensuring the quality of audits to strengthen the independence of audit firms, quality of audits and, therefore, enhance investor and public confidence in financial disclosures of companies.

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NOW NFRA IS A REALITY Notwithstanding anything contained in any other law for the time being in force, the National Financial Reporting Authority shall—

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(a) Make recommendations to the Central Government on the formulation and lying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be;
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(b) Monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed;
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(c) Oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of service and such other related matters as may be prescribed; and
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(d) Perform such other functions relating to clauses (a), (b) and (c) as may be prescribed.

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POWERS OF THE NFRA

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The National Financial Reporting Authority shall—

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(A) have the power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants, registered under the Chartered Accountants Act, 1949: Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation under this section;

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(B) have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:—

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(i) Discovery and production of books of account and other documents, at such place and at such time as may be specified by the National Financial Reporting Authority;

(ii) Summoning and enforcing the attendance of persons and examining them on oath;

(iii) Inspection of any books, registers and other documents of any person referred to in clause (b) at any place;

(iv) Issuing commissions for examination of witnesses or documents;

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PUNISHMENTS & PENALTIES

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Where professional or other misconduct is proved against any member or firm, NFRA shall have the power to make order for—

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(A) Imposing penalty of—

(I) Not less than one lakh rupees, but which may extend to five times of the fees received, in case of individuals; and

(II) Not less than ten lakh rupees, but which may extend to ten times of the fees received, in case of firms;

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(B) debarring the member or the firm from engaging himself or itself from practice as member of the Institute of Chartered Accountant of India referred to in clause (e) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 for a minimum period of six months or for such higher period not exceeding ten years as may be decided by the National Financial Reporting Authority.

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Explanation.—for the purposes of his sub-section, the expression “professional or other misconduct” shall have the same meaning assigned to it under section 22 of the Chartered Accountants Act, 1949.

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NFRA ORDERS ARE APPEALABLE

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Any person aggrieved by any order of the National Financial Reporting Authority issued under clause (c) of sub-section (4), may prefer an appeal before the Appellate Authority (Yet to be formed) constituted under sub-section (6) in such manner as may be prescribed.

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(A) The Central Government may, by notification, constitute, with effect from such date as may be specified therein, an Appellate Authority consisting of a chairperson and not more than two other members, to be appointed by the Central Government, for hearing appeals arising out of the orders of the National Financial Reporting Authority.

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(B) The qualifications for appointment of the chairperson and members of the Appellate Authority, the manner of selection, the terms and conditions of their service and the requirement of the supporting staff and procedure (including places of hearing the appeals, form and manner in which the appeals shall be filed) to be followed by the Appellate Authority shall be such as may be prescribed.

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ESTABLISHMENT

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The head office of the National Financial Reporting Authority shall be at New Delhi and the National Financial Reporting Authority may, meet at such other places in India as it deems fit. The National Financial Reporting Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings in such manner as may be prescribed.

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OTHER ISSUES

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(A) The fee for filing the appeal shall be such as may be prescribed.

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(B) The officer authorised by the Appellate Authority shall prepare in such form and at such time as may be prescribed its annual report giving a full account of its activities and forward a copy thereof to the Central Government and the Central Government shall cause the annual report to be laid before each House of Parliament.

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(C) The National Financial Reporting Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings in such manner as may be prescribed.

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(D) The Central Government may appoint a secretary and such other employees as it may consider necessary for the efficient performance of functions by the National Financial Reporting Authority under this Act and the terms and conditions of service of the secretary and employees shall be such as may be prescribed.

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(E) The National Financial Reporting Authority shall cause to be maintained such books of account and other books in relation to its accounts in such form and in such manner as the Central Government may, in consultation with the Comptroller and Auditor-General of India prescribe.

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(F) The accounts of the National Financial Reporting Authority shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and such accounts as certified by the Comptroller and Auditor-General of India together with the audit report thereon shall be forwarded annually to the Central Government by the National Financial Reporting Authority.

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(G) The National Financial Reporting Authority shall prepare in such form and at such time for each financial year as may be prescribed its annual report giving a full account of its activities during the financial year and forward a copy thereof to the Central Government and the Central Government shall cause the annual report and the audit report given by the Comptroller and Auditor-General of India to be laid before each House of Parliament

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REGARDS
ACA SOURAV BAGARIA

Cabinet approves setting up of NFRA

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The Union Cabinet on 1^st March 2018 approved the establishment of much awaited NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA). This created one post of Chairperson and three posts of Full Time Members against a provision of 15 members in law and one Secretary for NFRA.  The establishment of NFRA is as per section 132 it’s been five years since the enactment of the Companies Act, 2013 and only a few sections have yet to be notified. Most notable amongst them was the provision to create a National Financial Regulatory Authority – an audit super-regulator of sorts.
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 Section 132 of the Companies Act, 2013 provides for establishment of National Financial Reporting Authority. However, the provision has not been notified yet. Under the provisions of the Companies Act, 1956, the Centre was to prescribe accounting standards prepared by ICAI in consultation with the National Advisory Committee on Accounting Standards (NACAS).
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Such powers are to be transferred to NFRA under the 2013 Act. Consequently, NFRA would have taken away several powers that are currently vested with ICAI. There were rumors that several chartered accountants had successfully lobbied with the government to block the notification.
The issue had been on the backburner for the last few years but is now simmering again after Prime Minister Narendra Modi publicly aired his criticism over ICAI’s disciplinary record -a charge that the institute is now trying to cope with.
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At the CA Day event on July 1, Modi had said that just around 25 auditors had faced action in over a decade and around 1,400 cases were pending. ICAI is expected to fix the issue shortly, but that has not stopped the government from reopening the case for NFRA. The law provides for NFRA to look into matters of professional or other misconduct and also suspend CAs and firms from practising for six months to 10 years.
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This also comes at a time when ICAI is pushing to revise joint audit of Indian companies after its plea for a mechanism was rejected by a committee headed by former Competition Commission of India chairman Ashok Chawla in a report to the Prime Minister’s Office.

Important Announcement - Regarding Extension of Last Date of Payment of Membership Fees to 15th March, 2018

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ANNOUNCEMENT. . For attention of Members . The Council at its 371st meeting held from 18th to 20th December, 2017 and adjourned to/continued on 18th and 19th January, 2018 noted the difficulties faced by the members in payment of membership fee and certificate of practice fee for the year 2017-18 due to inter-alia revision in membership fee, levy of GST and technical glitches relating to online payment portal and decided that, as one time exception for the year 2017-18, the last date for payment of Membership fee and Certificate of Practice fee for the year 2017-18 be extended upto 15th March, 2018 (instead of 30th September, 2017). . The effect of this decision will be that there will be no removal of membership for the current year 2017-18 provided members pay the fee along with 18% GST on or before 15th March 2018. . Members may also kindly note that they are required to pay only the fees and not any restoration fee and not to file any other statutory form(s) like Form 9 or Form 101, as the case may be. . All those members whose names have been removed for non-payment of membership fee for 2017-18 w.e.f. 1st October 2017 are now requested to utilise this opportunity and pay their fee for the current financial year till 15th March, 2018. . It is clarified that our earlier letter informing about removal of name from the Register of Members and cancellation of certificate of practice w.e.f. 1-10-2017 (wherever applicable) stands withdrawn. . Further, it has also been decided that the restoration fee which was paid by the members hitherto after 30th September 2017 for restoration of membership/COP, as the case may be will be treated as advance payment and will be credited to the member’s account for adjustment against future membership dues. . (V Sagar) Secretary Dated: 31st January, 2018

Govt is keen to introduce a Separate Regulator for Chartered Accountants: ICAI defers

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The Parliament was today informed about the Governments interest on introducing a separate and independent regulator to monitor the Chartered accounts. However, the Institute of Chartered Accountants (ICAI) the apex body regulating the accounting and auditing standards as well as the audit professionals opposing the Government’s decision.
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The institute is of the view that existing framework of the regulator to perform this function is “adequate”. “The government, however, is of the view that, in addition to the self regulation mechanism existing within the ICAI framework, there is a need for an independent regulator to inter alia oversee compliance with accounting and auditing standards and for oversight of audit professionals,” minister of state for corporate affairs P.P. Chaudhary said in a written reply to the Lok Sabha.
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Such independent regulators have been assigned these functions in over 50 countries. The steps are underway for establishing the National Financial Reporting Authority (NFRA), the minister said.
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The Companies Act provides for setting up of NFRA for recommending to government on formulation and laying down of accounting and auditing policies, adoption of standards, monitoring their compliance and overseeing quality of service of professionals associated with such compliance.
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ICAI informed that till 20 December this year, a total of 1,583 cases are pending at different stages of disciplinary actions.

Chartered Accountants! Check your membership status

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Recently social media is abuzz about removal of membership of around 12000 Chartered Accountants for non payment of their annual membership fees. The names of members, whose annual membership fees are not received before the due date, are removed from the Register of Members, with effect from 1st October 2017.
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Members were required to pay their annual membership fee by 30th September 2017.
Check your status of membership Number by visiting the link
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https://www.icai.org/new_post.html?post_id=1812&c_id=92
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Restore your Membership and enjoy the benefits that a Chartered Accountants enjoys
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Discontinuance of the membership has excluded you from the privileges/benefits that a Chartered Accountant enjoys and also deprives you, from the participation in the Institute’s activities and programmes designed for dissemination of knowledge, professional development and continuing professional education
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Equally important, this has deprived the profession and the members of the benefits of your knowledge and experience, in the field of your specialization, which would have resulted had you participated as a member
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Through the membership of the Institute you are also entitled for monthly journal of the Institute ‘The Chartered Accountant’ and the monthly newsletters of Regional Councils and of Branches of the Institute, free of cost, participation in the conferences, seminars and other programmes organized by the Institute, Regional Councils and/or Branches at concessional rates; regular update of programmes being organized and initiatives taken from time to time for the benefit of the profession and members; emerging professional opportunities, practice area development, publications of the Institute, recently announced/benefits from CABF, Group Insurance Scheme (on payment of additional contribution); issuance of Identity Cards, etc.
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The Institute has taken number of initiative for the benefit of its members in the industry. These include campus recruitment, advance career employment facilitation mechanism, industry specific training programmes, technical publications and documentations.
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You would appreciate that membership of the Institute gives a proud feeling of being a part of the profession.
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You are invited to apply and again become member of the Institute. Please print the Form No. 9 and update the particulars wherever necessary (e.g. Change of address if any). All you have to do is sign the said form 9 and send it to the concerned Decentralized Office at the address given therein alongwith the local cheque/DD for the amount indicated in the form 9 and in favour of Secretary, ICAI, payable at the place where the concerned DCO is located.

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Should you have any clarification/information, please feel free to mail at mss@icai.in
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Source- ICAI and Social Media.

ICAI Revises Minimum Recommended Scale of Fees for Professional Assignments done by Chartered Accountants

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The Institute of chartered Accountants in India (ICAI) today revised the minimum recommended scale of fees for the professional assignments done by the Chartered Accountants under the initiative of the Committee for Capacity Building of Members in Practice (CCBMP)
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The Committee for Capacity Building of Members in Practice (CCBMP) of ICAI as a part of its commitment to strengthen the Small & Medium Practitioners has initiated the Revised Minimum Recommended Scale of Fees for the professional assignments done by members of ICAI. The recommendation is about the fee to be charged as per the work performed for various professional assignments. The fee has been recommended separately for Class A & Class B cities.
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The fee structure for partnership deeds, filing of tax returns including income tax, GST, Company law and LLP work, audit and other assignments, RERA, FEMA matters etc has been revised.
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Click here for the further Revised Minimum Recommended Scale of Fees for the professional assignments done by CAs

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Source:Taxguru.in

ICAI Clarification on Reservation in CA

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ANNOUNCEMENT

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The Institute has come across certain messages that are being aired in social media that some persons have approached to the Court of Law seeking direction to the Institute for making provisions for reservation in the Chartered Accountancy course.
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In this regard, it is hereby informed that as per the information available with the Institute, no such case has been instituted in any Court of Law by any person seeking direction to the Institute for making provision for reservation in Chartered Accountancy course as no notice has been received by the Institute till date.
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The general public is hereby advised not to pay any heed to such messages as being circulated by unscrupulous persons.
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Secretary, ICAI

Chartered Accountants and Students to get Concessional Fare from Jet Airways

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The Institute of Chartered Accountants in India (ICAI) has recently signed a memorandum of Understanding with the Jet Airways for providing concessional fare to its members and students.
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On 30th November , ICAI President C A Nilesh Shivji Vikamsey confirmed this.
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“Recently, we have signed an MoU with Jet Airways with regard to the concessional fare for our members and students. My Central Council colleagues CA. Mukesh Singh Kushwah, Chairman of Committee for Capacity Building of Members in Practice, who took the initiative, CA. Tarun Jamnadas Ghia and CA Anil Bhandari were also present on the occasion,” he said.

#15% Discount on Base Price
#TravelValidity 1st Dec 17 to 30th Nov 18

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This Concessional Fare arrangement envisaged for ICAI Members & Students, and their identity shall be established on the basis of their Membership number/Student Registration number as the case may be. The concessional airfare rates shall remain in vogue with respect to any member/student so long as his/her Membership/Registration with the Institute continues.

ICAI Removes Two CAs for Misconduct as Confirmed by the Allahabad HC

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The apex body of the Chartered Accountants, Institute of Chartered Accountants in India (ICAI) has removed three of its members for professional misconduct in various cases as confirmed by the Allahabad High Court.
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On 25th April 2017, a division bench of the Allahabad High Court had confirmed the suspension of Mr. D.K. Agarwal, a Chartered Accountant (CA) for presenting forged copies of Challans on behalf of the assessee to the Income Tax department. He has been removed from the Register of Members for a period of five years under Section 22 read with Section 21 of the Chartered Accountants Act, 1949.
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Further, the ICAI has notified that the name of Mr. D. K. Agarwal shall stand removed permanently from the register of members from the date of publication of this notification as per order of the High Court’s order dated 28th September.
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In a separate notification, the ICAI suspended another Chartered Accountant, Mr. Satish Kumar Gupta for a period of three months from 01.12.2017 to 28.02.2018. this is in terms of the order of the Allahabad High Court, wherein the division bench confirmed the recommendation of the ICAI Disciplinary Committee to suspend him for by holding that using the name of a Chartered Accountant in the prospectus for Public issue, even after his resignation from the Company amount to “Other Misconduct” since it may mislead the investors. During the aforesaid period he shall not practice as a Chartered Accountant in terms of the said order of the Hon’ble High Court of Allahabad.
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READ NOTIFICATION HERE

GST Will not be Applicable for Nov 17 CA IPCC Exams | Clarifies ICAI

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GST Will not be Applicable for Nov 17 CA IPCC. This has been clarified by ICAI officials. A query has been raised to ICAI Regarding applicability of GST in CA Exams. As GST will most probably roll out in June. So students are very much confused about applicability of GST in CA IPCC Exams of November 2017 attempt. I response to the query ICAI clarifies that GST will not be applicable for Nov 2017 CA IPCC Exams Below is the snapshot of the same.

Although in mail they have clarified that GST will not be applicable in only CA IPCC Exams, but it does not mean that GST will be applicable for CA Final exams. We will surely clarify the same later with the officials. In the mean while you all should start learning about GST. Because whether it is applicable or not you should be knowing GST law to keep your self updated with new Tax structure.

GST is new tax reforms which will club current Indirect Taxes structure into one regime. Although it looks simple but it is really more complex as includes new concepts. so too keep pace with changing world, it is advisable to go through GST law.

Penalty for non or Delay in submission of Form 112 to ICAI

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ICAI has announced that their will be now penalty for non submission of form 112. Form 112 is submitted by every CA Student who needs to peruse any other course along with CA, and has to submit same after certification from his principle CA.

The Council of the Institute of Chartered Accountants of India  has decided to condone the delay in submission of Form 112 for having pursued additional / other course along with article-ship through correspondence mode of study or by attending regular classes provided there was no clash between working hours of article ship and  College timings by taking a liberal view of the lapse on the part of the students concerned as an amnesty measure on payment of Rs. 5,000/- as condonation fee (Penalty). This concession will be available for a period of nine months from the date of issue of this announcement.
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Accordingly, it is hereby announced for information of all concerned that the students or  article assistants or audit assistants who have not yet taken permission for pursuing a course of study – whether academic or professional along with article-ship are advised, in their own interest, to seek ex-post facto permission of the Council by submitting Form 112 along with payment of Rs. 5,000/- as condonation fee. The Form 112 which can be downloaded from www.icai.org should be submitted along with requisite fee to the concerned Regional Office of the Institute within a period of nine months from the date of this announcement.

It may be noted that no request for condonation of breach of Regulation 65 & 78 for delay in submission of Form 112 will be considered after 9 months i.e the expiry of the above mentioned period of 9 months.
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It is also notified that wherever any statement made by a student or member is found to be false or varying with the facts discovered during the scrutiny process or later at any stage, the student and/ or member concerned will be liable to be proceeded with in accordance with the provisions of the Chartered Accountants Act, 1949 and Rule and Regulations framed thereunder.

Do comment your views on this announcement by ICAI Penalty for non or Delay in submission of Form 112

Increase In CA IPCC and CA Final Examination Fees

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Just after CA Final Results ICAI announced date from when ICAI Exam forms for may 17 Exams will be available and to the surprise ICAI has increased the examination fees from May 17 exams.

Applications for admission to CA IPCC and CA Final examinations are required to apply online at http://icaiexam.icai.org  which begins from 6th February, 2017 to 27th February, 2017 and submit the examination fee online by using either VISA or MASTER Credit / Debit Card( Amex cards will not be accepted) . They can by paying additional ` INR 600/- towards late fee (for Domestic & Kathmandu centres) and US$ 10 (for Overseas centres) if  application made online  after 27th February, 2017 and before 6th March, 2017.

Student Please note that sale & submission examination application form at ICAI branches has been discontinued w.e.f. May 2017 examinations onwards.

Now Again to Increase In CA IPCC and CA Final Examination Fees below are the revised rates of CA IPCC and Final Examination fees from May 17 CA Exams

Must Read :-CA Eti Agarwal CA rankholder Interview by CA Surbhi bansal , CA Parveen Sharma and CA Raj kumar

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Increase In CA IPCC and CA Final Examination Fees

Examination Fee from May 2017	Single Group Fee	Both Groups Fee
CA IPCC Examination Fees	Rs.1,500	Rs.2,700
CA Final Examination Fees	Rs.1,800	Rs. 3300

Increase In CA IPCC and CA Final Examination Fees

In CA IPCC and CA Final Examination Fees

You can clearly see a rise of approx. 25% Fees in fees. One reason of increase in fees could be the increase in cost to organise CA Exams as fees has been not revised for almost 7-8 years. Fees for Centres outside india has also been Increased in same proportion. Please comment your views regarding this rise in CA IPCC and CA Final Examination Fees. Are you ok with it or not ? do comment below your views on this and keep visiting CA GROUPS for more updates and notes on CA Exams

Mandatory Client KYC forms for Practicing CA’s

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The ICAI has introduced to Client KYC Forms to be MANDATORY respect to any assignment relating to attestation for all the members who are in practice. These norms will normally apply to assignments which relates to attestation such as Audit, Certificate, Review etc.

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 ICAI has also suggested the format & Information required in the KYC form which is as follows:

1. First of all, ICAI has grouped the clients in broadly THREE categories which are INDIVIDUAL/PROPRIETOR, CORPORATE & NON CORPORATE 
2. Secondly ICAI has required the basic information regarding the client such as their Name, PAN Number, Business Description & their Last Audited Financial Statement. In case of Corporate Client, ICAI has also required for information relating to their Directors such as Name, Address, PAN & Identification Number.
3. Third & Last, ICAI has required for TYPE OF ENGAGEMENT with the client.

For your information ICAI has formulated this requirement in their 356^th Meeting held on 29^th, 30^th June & 1^stof July 2016.

The above mentioned requirement is Mandatory with effect from 1^st January 2017.

A brief snapshot of the required format is follows. We have also provided a direct downloading link of the format in Excel.

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For KYC Form in Excel format – ICAI KYC FORM (CA GROUPS)

To get the official Notification of Mandatory Client KYC forms for Practicing CA’s you can visit to ICAI’s official website or you can download it from by Clicking Here.

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Keep sharing & update your friends & Principal.

CA EXAMS CENTRE WISE RESULT

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ICAI has released CA CPT/FINAL Result Nov 2015 of Centre wise ALL over India. All efforts are being made to rectify the same and restore it.We regret the inconvienience caused to the candidates...

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CPT CENTREWISE RESULT

CENTRAL: http://resource.cdn.icai.org/40754cpt-central-jan2016.pdf

EASTERN: http://resource.cdn.icai.org/40755cpt-eastern-jan2016.pdf

NORTHERN: http://resource.cdn.icai.org/40756cpt-northern-jan2016.pdf

OVERSEAS: http://resource.cdn.icai.org/40757cpt-overseas-jan2016.pdf

SOUTHERN: http://resource.cdn.icai.org/40758cpt-southern-jan2016.pdf

WESTERN: http://resource.cdn.icai.org/40759cpt-western-jan2016.pdf

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CA FINAL CENTREWISE RESULT

CENTRAL: http://resource.cdn.icai.org/40760final-central-jan2016.pdf

EASTERN: http://resource.cdn.icai.org/40761final-eastern-jan2016.pdf

NORTHERN: http://resource.cdn.icai.org/40762final-northern-jan2016.pdf

OVERSEAS: http://resource.cdn.icai.org/40763final-overseas-jan2016.pdf

SOUTHERN: http://resource.cdn.icai.org/40764final-southern-jan2016.pdf

WESTERN: http://resource.cdn.icai.org/40765final-western-jan2016.pdf

Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015” - from 31st December, 2015 to 31st March, 2016

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This is for kind information of the members that the last date for complying with the CPE Hours requirement for the Calendar Year 2015 – has been extended from 31st December, 2015 to 31st March, 2016.

The members who could not complete their respective CPE hours requirement upto 31st December, 2015 for the Calendar year 2015, are requested to kindly complete the same at the earliest and latest by 31st March, 2016.

Best regards,

(CA. Babu Abraham Kallivayalil)
Chairman
Continuing Professional Education Committee
The Institute of Chartered Accountants of India,
A-29, Sector - 62,
Noida - 201309 (Uttar Pradesh)
Ph. 0120-3045981/957
E-mail ID : babu.kallivayalil@gmail.com;
rajeshbhalla@icai.in

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Check Official Announcement by ICAI here:

Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2015”

LIST OF PHONE NUMBER & EMAIL ID FOR STUDENTS QUERIES

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It’s a good news for each CA Student that ICAI has now provided you the special teacher’s staff to solve your academic queries over phone and by Email. Although this facility is available from a longer time but now ICAI has revamped this staff and promoted this committee in student’s journal also. So today we will provide you the list of phone number & email id for students queries for each subject. Contact information will include the E-mail Ids and their phone numbers as well.

Before going towards the LIST OF PHONE NUMBER & EMAIL ID FOR STUDENTS QUERIES ICAI has provided some instructions for contacting these tutors. The general guidelines are as follows:-

1. Students should necessarily provide the following details in their mail:

• Registration Number
• Residential Address
• Name and Address of the Principal and the firm (if undergoing practical training)
• Level of CA Course (CPT/IIPCC/Final) Attempt Due

2. The query should be clearly worded and all the relevant information should be provided therein.
3. BoS Faculty answer academic queries requiring simple explanation of content contained in the latest edition of any of its publications as well as queries relating to any specific question solved in the latest editions of its Study Material, Practice Manual or any other publication of BoS. Accordingly, the students are advised to confine their academic queries within the scope defined above.
4. Apart from academic queries, the Faculty also answer general queries like applicability of Accounting Standards, Standards on Auditing, legislative amendments, Finance Act, Assessment Year etc. for any particular examination, the manner of preparation for examination and presentation of answers etc.
5. Mail should be marked to the Faculty of the respective subject. Where there are more than one Faculty in the subject, mail should be marked to all of them.
6. The queries will generally be answered within three – five working days.
7. Queries can also be asked over telephone on all working days preferably, from 10.30 am to 11.30 am in the morning and from 4 pm to 5 pm in the evening. While on the call, students may be asked to provide the details given in point (1) above at any point in time.
8. Queries of general nature relating to applicability of Accounting Standards, Standards on Auditing, legislative amendments, Finance Act, Assessment Year etc. for any particular examination, the manner of preparation for examination etc. may be raised over telephone or through e-mail. However, academic queries should be raised only through e-mail.
9. Care should be taken to use an appropriate salutation while addressing the Faculty both in the mail and over telephone.

Please note that only the mails raising questions within the scope of points (3) and (4) above and containing the details specified in (1) above will be duly answered by the Faculty. 

Students are also welcome to meet the Faculty, in person, to seek their guidance. Personal meeting with the Faculty can be scheduled on any working day at the Noida Office of the Board of Studies. In order to derive the optimum benefit out of such meeting, students are advised to fi x a prior appointment with the concerned Faculty.

LIST OF PHONE NUMBER & EMAIL ID FOR STUDENTS QUERIES

The e-mail ids and telephone numbers of the Faculty of various subjects are given below for the reference of the students:

ALL YOU NEED TO KNOW ABOUT COMPONENT ACCOUNTING

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APPLICATION OF COMPONENT ACCOUNTING

Recently component accounting has become part of Indian rules and regulations by taking place in Companies Act 2013 and in Ind AS 16. The Companies Act, 2013 requires application of component accounting mandatorily when relevant and material.

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As per note 4 schedule II to the Companies Act, 2013 – “Useful life specified in Part C of the Schedule is for whole of the asset. Where cost of a part of the asset is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part shall be determined separately.

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As per the amendment dated August 29, 2014 notified by the MCA, the said requirement shall be voluntary in respect for the financial year commencing on or after the April 1, 2014 and mandatory for financial statements in respect of financial years commencing on or after April 1, 2015.

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Under ‘component accounting’, companies will need to identify and depreciate significant components with different useful lives separately.

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The determination as to whether a part of an asset is significant requires a careful assessment of the facts and circumstance. This assessment would include at minimum:

• Comparison of the cost allocated to the item to the total cost of the aggregated property, plant and equipment and
• Consideration of potential impact of componentization on the depreciation expense.

Component accounting requires a company to identify and depreciate significant components with different useful lives separately. The application of component accounting is likely to cause significant change in the measurement of depreciation and accounting for replacement costs. Currently, companies need to expense replacement costs in the year of incurrence. Under component accounting, companies will capitalize these costs as a separate component of the asset, with consequent expensing of net carrying value of the replaced part. When it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement may be used as an indication of what the cost of the replaced part was at the time it was acquired or constructed.

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Component Accounting is to be done for the entire block of asset as opening of the financial year i.e. April 1, 2015, but not restricted to only new assets acquired thereafter.

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As component accounting was hitherto not mandatory in India, it is possible that the separate cost of each significant component of an asset is not available in the books of accounts. In order to determine the cost of such component following criteria can be used:

• Break up cost provided by the vendor
• Cost break up given by internal/external technical expert
• Current replacement cost of component of the related asset and applying the same basis on the historical cost of asset.

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The first step is to identify key components requiring separate depreciation. Schedule II requires separate depreciation only for parts of an item of tangible fixed asset having

• Significant cost, and
• Different useful lives from remaining parts of the asset.

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The company must split the fixed asset into various identifiable parts to the extent possible. The identified parts should be grouped together if they have the same or similar useful life for the purpose of separate depreciation. Insignificant parts may be combined together in the remainder of the asset or with the principal asset.

Identification of significant parts is a matter of judgment and decided on case-to-case basis.

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A company needs to identify only material/ significant components separately for depreciation. Materiality is a matter of judgment and needs to be decided on the facts of each case.

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Each significant component of the asset having useful life, which is different from the useful life of the remaining asset, should be depreciated separately. If the useful life of the component is lower than the useful life of the principal asset as per Schedule II, such lower useful should be used. On the other hand, if the useful life of the component is higher than the useful life of the principal asset as per Schedule II, the company has a choice of using either the higher or lower useful life. However, higher useful life for a component can be used only when management intends to use the component even after expiry of useful life for the principal asset.

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Credit Pragya Agarwal