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Rules 11(e) and 11(f) of Companies (Audit and Auditors) Rules, 2014 have introduced new reporting requirements by auditors for all companies. This #ViShare snippet no. 14 lists important points of the said requirements: If you wish for us to publish a ViShare on any specific topic, please feel free to reach out to us! Thank
The presentation in Balance Sheet of fixed deposits with bank depends on various aspects w.r.t. its maturity and lien and so is the case with bank balances. This #ViShare snippet #13 illustrates different situations and presentation thereof. If you wish for us to publish a ViShare on any specific topic, please feel free to reach
Do you find yourself in a dilemma w.r.t accounting policies and accounting estimates, especially on its treatment when there is a change? This #vishare highlights key aspects of Accounting Policies vs. Accounting Estimates as per AS 5.
The Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 207(E) dated March 24, 2021 amending Schedule III to the Companies Act 2013 for Financial Year commencing on or after April 1, 2021, which incorporates various additional disclosures primarily aimed at aligning with CARO 2020. Pursuant to the same, the ICAI also revised Guidance Notes on
As auditors, we find companies having large investments in and income from Mutual Funds and other investments. This is more so in case of companies yet to commence business or inactive companies. Considering the reporting required under CARO, this snippet covers the NBFC 50:50 test with illustrations.
Many queries have been received on whether CMA data, projections, etc. can be certified by a Chartered Accountant. The answer is – Yes, it can be certified under SAE 3400: The Examination of Prospective Financial Information. We must note that Prospective Financial Information contains projections/forecasts involving uncertainty and therefore adequate care MUST be taken on the type
Is Letter of Credit (LC) unexpired as at Balance Sheet date to be disclosed as Contingent Liability? This ViShare snippet depicts the requirement of asset / liability recognition and contingent liability disclosure under various situations for such LCs. Please feel free to share your suggestions / views on ViShare snippets.
Many contracts contain quantitative or qualitative indicators to assess performance against specified performance standard, failing which Performance Based Obligations (Warranties) are triggered. Are Performance Based Obligations (Warranties) to be disclosed as Contingent Liabilities in the financial statements? This #ViShare highlights interplay between Revenue, Provision for Warranties and disclosure as Contingent Liabilities.
Accounting Standards applicable for Non-company entities are prescribed by ICAI. Recently, ICAI notified MSME criteria with thresholds, granting certain exemptions / relaxations in select Accounting Standards. This #ViShare gives a snapshot of financial thresholds and also exemptions / relaxations available to MSMEs. It is important to note that for MSMEs there is a mandatory disclosure requirement for which illustrative
With amendments to the Indian Tax Law over the past few years, withholding tax and related obligations of Indian payers paying to non-residents or foreign companies have increased manifold and responsibilities have become onerous. This includes calling for a lot of information and documents (including Tax Residency Certificate, Form 10F, etc.) from the recipient. The
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