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Are Chartered Accountants Really Independent?
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True and fair? | Business Line
www.thehindubusinessline.com/opinion/true-and-fair/article7347113.ece
·
1 day ago - Reading the annual report
of a company can be
daunting, with all the ... Auditors in India only comment on the 'true and fair' nature of
financial ...
You visited this page on 24/6/15.
· The true and fair override | Business Line
www.thehindubusinessline.com/todays...true-and-fair.../article1068505.ece
Nov 5, 2009 - While Accounting
Standards are inviolate, they are subject to the law of the land. P. S. Kumar.
Accounting Standards are sacrosanct and ...
· From 'true and fair' to 'fair' | Business Line
www.thehindubusinessline.com/...true-and-fair...fair/article1015609.ece
Sep 20, 2010 - The implementation of IFRS will require the auditing profession to focus more on the valuation of the items of financial statements than on the ...
Accounting and Standards - paradigm shift from 'true and fair' to 'fair' - why and how fair ?!
'fair'- a concept subjective and judgmental X not objective; does that mean,- what is looked at or judged as 'fair' in a given case /or in one's perception /perspective, for anyone year may not be so, for former or latter part of same year; or next year, or in any other's .....e'legal
|
Sporadic (common sense rooted)
"I’ll do everything myself and save lots of money.”
While this seems like a sensible choice .."
"myself'" may mean not necessarily "the
individual" , but often "in-house". if so viewed, will, in turn,
refer to the fine art commonly known as ' delegate' (powers, functions, so on),
a widely preferred 'business sutra' , and a tool to ease of doing business.
Even so, the idea of 'delegating' , for obvious reasons, may have to be
prudently confined to 'in-house', as far as feasible, - as opposed to
'outsourcing' , indiscriminately at that; especially areas inherently
vulnerable and vital to the given business itself- be it 'small' or 'big'. The conscious
focus has to be on / against the inevitable exposure to external risks.
BS
Zac O'Yeah
KR Srivats
Finance Minister Arun Jaitley
on Monday asked the income-tax department to take steps to increas... »
TG
ICAI to take strict action against malicious email senders
??????????????
the
judgment dated 24th March, 2015 delivered by the Hon’ble Supreme Court
of India in case of Shreya Singhal vs Union of India, whereby Section 66
A of the Information Technology Act, 2000 has been struck down.
The Council at its above meeting further
noted that recently certain emails having false and misleading contents
with a malicious intent are being circulated in a derogatory manner for
bringing down the image of the Institute.
In the light of the above judgment of
the Hon’ble Supreme Court and the facts of circulation of malicious
emails, the Council in its above meeting decided as under:
- That the Circular No. 1-CA (7)/165/2014 dated 17th April, 2014 published in May 2014 issue of the Chartered Accountant Journal and hosted on the website of the Institute containing the provisions of section 66 A of the Information Technology Act, 2000 stands withdrawn.
<......the judgment dated
24th March, 2015 delivered by the Hon’ble Supreme Court of India in case of
Shreya Singhal vs Union of India, whereby Section 66 A of the Information
Technology Act, 2000 has been struck down.
The Council at its above
meeting further noted that recently certain emails having false and misleading
contents with a malicious intent are being circulated in a derogatory manner
for bringing down the image of the Institute.
In the light of the above
judgment of the ..Supreme Court and the facts of circulation of malicious emails, the Council in its above
meeting decided as under:
- That the Circular No. 1-CA (7)/165/2014 dated 17th April, 2014 published in May 2014 issue of the Chartered Accountant Journal and hosted on the website of the Institute containing the provisions of section 66 A of the Information Technology Act, 2000 stands withdrawn.
>>>>
CA Journal
Latest in the Series - IFRS 15
Personal Reaction (to honestly share some sporadic thoughts)
(wprt – CA Journal May Issue 1579-1584
)
IFRS 15 – A New Approach to Revenue Recognition
Said:
....The standard prescribes
five core principles which the entity has to apply for the purposes of
determining the amount and timing of revenue recognition:
........
Of those, one is to, - ‘Identify the
Contract’
As
read and understood, most of the features
as set out under that head, besides also elsewhere, prima facie leaves
one with grave doubts as to how anyone concerned,- to begin with the ‘preparer’
of the ‘accounts’, - is supposed to venture and go about applying and ensuring
it is so adopted and complied in a given case, as intended. The doubts arise
because of the lack of clarity sensed in/behind most of them.
For
a specimen, HERE >
“.....Even
oral agreements constitute a contract * if it is based on the entity’s business
practice.”
< * ? -seems to offend the very concept of 'contract agreement'; more so, in the given context- any different view ?
Perhaps, only a member of the CA fraternity in field practice, provided he does have the required familiarity
or intimacy, especially a reasonable IQ level, and specially trained and equipped, hopefully knows, and could understand, identify and appreciate the intricacies ; and
handle, so as to accomplish the best of
results , to ultimately serve the avowed purpose of this one Standard, just as many other lined up over
the times.
Tail Note: Own critical, rather adversarial, thoughts, on the practical utility or otherwise of such Standards, particularly from a business man's viewpoint, so also from that of the rest,- being the stakeholders in its comprehensive sense,- may be found given vent in the related old Blogs.
e.g.
http://vswaminathan-swamilook.blogspot.in/2013/03/audit-v-standards-story-from-across.html AND
http://vswaminathan-swamilook.blogspot.in/2013/02/icai-standards-guidance-notes-expert.html
<<<<
Any human being, being a mortal, has the
inevitable ambition or aspiration to try and have unto the self, while kicking
and alive, THE BEST OF BOTH THE WORLDS; whereas
, as is pre ordained, the external forces al around- the first and foremost
being the men in governance , - say, tax gatherer, under the guise or illusory objective
of bringing about discipline in fiscal matters
keep trying and working towards negating or denying what is acceptable
from a pure accounting angle / or as per the philosophy of ‘accountants’ as a professional class. One such instance of a recent origin
is – the amendment of Sec 145. In the result, the perpetuated , though unintended, endeavor is to ensure and secure to the people, THE WORST OF BOTH THE WORLDS.
Is it not then, the fact of life, that standard or no standard could make any difference to anyone; except complicating life. muddling, more and more, with no outcome in the form or having even remotely the shade of societal welfare.
Cross Current ?! >
Whistle Podu! My article on the Valuation of Chennai Super Kings in Business Line. http://bit.ly/1Jus7Qg
<
Brand valuation models
Like all valuations, brand valuation is extremely subjective and judgmental.
Tail Note: Own critical, rather adversarial, thoughts, on the practical utility or otherwise of such Standards, particularly from a business man's viewpoint, so also from that of the rest,- being the stakeholders in its comprehensive sense,- may be found given vent in the related old Blogs.
e.g.
http://vswaminathan-swamilook.blogspot.in/2013/03/audit-v-standards-story-from-across.html AND
http://vswaminathan-swamilook.blogspot.in/2013/02/icai-standards-guidance-notes-expert.html
<<<<
[PDF]The International Accounting Debate: Options in ...
ASIDE:
Tax Accounting X Financial Accounting
Is it not then, the fact of life, that standard or no standard could make any difference to anyone; except complicating life. muddling, more and more, with no outcome in the form or having even remotely the shade of societal welfare.
Cross Current ?! >
Whistle Podu! My article on the Valuation of Chennai Super Kings in Business Line. http://bit.ly/1Jus7Qg
<
Brand valuation models
Like all valuations, brand valuation is extremely subjective and judgmental.
India is moving over to Ind-AS — a local version of
IFRS. These standards permit fair valuation of assets and liabilities
though India has been cautious not to permit fair valuation for
properties held as investment. There is a possibility that some balance
sheets could be decorated with fancy fair values just to make them look
good.
The valuation theory that the CSK episode
confirms is that the final value arrived at depends on the purpose of
valuation — whether it is to simply comply with regulations or for a
genuine business purpose. Had CSK been sold to the Perth Scorchers, they
would not have valued the franchise at ₹5 lakh.
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