25 November 2012

Old is Gold?

There are six candidates who are sitting members and contesting again for ICAI central council from WIRC. Out of these three contestants are contesting their consecutive third term as per the new regulation, so last election for them.  These are Rajkumar Adukia, Sanjeev Maheshwari, and Pankaj Jain. For Nilesh Vikamsey, Dhinal Shah and Shiwaji Zaware this is second consecutive election.

Let's analyse what's their prospects. Look back at the history. In every election for last few terms in recent past, one of the sitting members has not be able to make it again, except in last election when everyone were able got re-elected. Mahesh Sarda was on margin and won at the 11th place in 2009 and stopped the trend of one sitting member loosing. What about this time? Does anyone has a chance to repeat the earlier history? Wait and see.

Generally, it has been easier for all the sitting members to get re-elected. Visibility is their major advantage. Rajkumar Adukia is the most senior among all. He had secured second highest no. of votes after Bhavana Doshi in last elections. He has been serving the council for last five terms. He has been very well traveled through out the region and well known. Sanjeev Maheshwari and Pankaj Jain are seasoned council members. Nilesh Vikamsey has a very large fan following. Shiwaji Zaware had surprised everyone last time when he secured fifth place in first preference votes and he was above Nilesh Vikamsey and Pankaj Jain, despite the fact it was his first time. Dhinal Shah has gained more ground since his election to central council, though he is facing a stiff and united competition. We will talk about Dhinal and Shiwaji more when we will talk about Ahmedabad and Pune.

Whatever the history says, and howsoever the strong one feels, after all it is election and no one can be complacent. And that is the reason tension could be seen on everyone's face. And that's the reason, you start getting loads of mail with various professional materials, be it a knowledge forum or the publication links on various subject of professional interest...

22 November 2012

Central Council Candidates from WIRC

Welcome back..
Let's begin with some statistics on the Central Council candidates from WIRC. Then watch this page everyday for some more information and election analysis. Use this blog as a forum of members and feel free to comment and write your views, by line your name, or anonymous, it's all right. Only request, no abuses, no personal allegations, and of course, no bound to your opinions, or thoughts.

Here you go, there are 24 candidates in fray for Central council elections from WIRC, not very unfair, it's reasonable to have at least two candidates for one seat. It's bit more than that, but not bad. 17 from Mumbai, and two each from big cities Ahmedabad, Pune, and Surat. And one from Nagpur. Why Nagpur filled only one was really surprise, because till end, we were hearing many more names. May be next time Nagpur joins the league of big cities, all the best..

And you know what, WIRC  chairmen of all the last three years, has thrown their hats in the ring. Shrinivas Joshi, Sanjeev Lalan and Durgesh Kabra, Good Luck. For last so many terms, majority of the chairman wants to try their luck in the Central Council. Prafulla Chhajed and B M Agarwal from earlier term were candidates in the last elections, Sanjeev Maheshwari and Nihar Jambusaria were the candidates prior to that election. Vipul, Atul and Mitil were candidates before that. The clout of WIRC  chairman is so big, and the photograph published on the cover of WIRC newsletter every month reaching to thousands of members gives a wonderful feeling of greatness to all the chairman of WIRC. The welcome address by all the branch chairman during branch visit before members across the region gives a  feeling of popularity and heroism. The feel  good factor is a great temptation for the chairman to try their luck in election. It's only the results that make the "chairman sir" realise the reality on the ground. Track record is not so good and the names I have listed of past chairmen only Sanjeev Maheshwari was the lucky enough to crack the Central council in first attempt. Nevertheless, serving as a chairman of WIRC is a full time job and you need to do lots of personal and professional sacrifices to ensure a successful term. Contribution of all past WIRC chairman is magnanimous and we must recognise it, irrespective of election fortunes.

Notwithstanding, Good Luck to Shrinivas Joshi, Sanjeev Lalan and Durgesh Kabra. 

Out of these candidates, six are sitting council members. Trying their luck again. Shiwaji Zaware from Pune, Dhinal Shah from Ahmedabad, Rajkumar Adukia, Sanjeev Maheshwari, Pankaj Jain, and Nilesh Vikamsey all from Mumbai. Its consecutive sixth time Rajkumar Adukia is contesting for the Central Council, and last time, as his sms goes. The senior most council member from WIRC. As per new regulation, no one can be council member for more than three continuous terms. So it would be third term for Sanjeev Maheshwari and Pankaj Jain too.

From the club of past chairmen of WIRC, Prafulla Chhajed, Nihar Jambusaria are contesting the Central council elections. There are four candidates who lost their last election and trying their luck again. Nihar Jambusaria, Duresh Buch, Tarun Ghia and Prafulla Chhajed. 

And our statistics is incomplete if I don't talk about one and only female candidate in this election, Pooja Gupta. After long years out of the scene, she is back.

We will talk about each of the candidates in coming days, how they are faring and what's bothering them...  we will also talk about the WIRC candidates, and city analysis.

Keep watch this page and don't forget to comment and express your views in the below comment space... Will be back with my next dispatch tomorrow..

18 November 2012

IndianCAs: Grand Opening of IndianCAs Job Portal!

 


IndianCAs

  IndianCAs.com

Announcing launch of IndianCAs Job Portal

Dear friends and family,

I'm excited to announce the grand opening of an Exclusive Job portal for Chartered Accountants to help my CA fraternity finding their dream jobs. 

If you are looking for job, please post your resume, It's FREE.

 Apply Now

If you or your organization needs chartered accountants, Post your jobs. 

 Post Jobs

I hope to attract lots of visitors, so I invite you to visit IndianCAs now to learn more!


I hope IndianCAs will be the right forum to connect Chartered Accountants to job of their choice and to Business house to get the right candidate.

Please forward this email to anyone who might be interested, to help me spread the word. To see this site, just click the "Visit My Site" button in this email.

Best regards,

| Ashwin Nagar | FCA and SAP-Finance & Consolidations |
Success is not permanent and failure is not final
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Visit IndianCAs



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17 November 2012

Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed. - (17-11-2012)

Exam at Mumbai/Navi Mumbai, Thane and Panvel postponed. - (17-11-2012)

See the link:
http://www.icai.org/new_post.html?post_id=9085&c_id=240

Bihar Urban Infrastructure Development Corporation Limited

Description :
Proposals for Selection of Chartered Accountant Firm for outsourcing of accounting & financial management services 

Bihar Urban Infrastructure Development Corporation Limited


Address : Bihar Urban Infrastructure Development Corporation Limited 3rd Floor, Maurya Tower, Maurya Lok Complex, Budh Marg, Patna -800 001 

Phone :0612-2210101 

E-Mail :mdbuidco@gmail.com

Last Date : 14/12/2012 

Ugc-dae Consortiun For Scientific Research

Description :
Expression of Interest by Chartered Accountants 

Ugc-dae Consortiun For Scientific Research


Address :UGC-DAE Consortium for Scientific Research, Indore University Campus, Khandwa Road, Indore-452 001 (M.P.) 

Last Date : 06/12/2012 

Uttarakhand Power Corporation Limited

Description :
Audit of receivables outstanding as on 31.03.2012 pertaining to distribution units of UPCL 

Uttarakhand Power Corporation Limited


Address :Urja Bhawan Kanwali Road,Dehradun-248001, 

Phone :2763672 

E-Mail :ppthakur@uttarakhand.org

Last Date : 01/12/2012 

National Rural Health Mission

Description :Hiring Services of Chartered Accountant firm for Concurrent Audit of District Health & Family Welfare Society (for the financial year-2012-13 

National Rural Health Mission 


Address :National Rural Health Mission
Karnataka State Health & Family Welfare Society  Anand Rao Circle,Bangalore-560009 

Phone :080-22342023 

Last Date : 22/11/2012 

Uttar Pradesh Power Corporation Limited

Description :
Empanelment of Charted Accountants Firms for Internal Audit of the units of UPPCL & UPPTCL Head Quarters & its various drawing & disbursing units located in various districts of Uttar Pradesh 

Uttar Pradesh Power Corporation Limited


Address :Uttar Pradesh Power Corporation Limited Dy,General Manager (Accounts).
Room No.306,3rd Floor
Shakti Bhawan,Lucknow. 

Last Date : 23/11/2012 

Scrutiny by ROC

EXAMINATION OF BALANCE SHEETS BY ROCs
GENERAL CIRCULAR NO. 37/2012, DATED 6-11-2012
It is considered expedient to issue the following circular for general information.
2. Every company registered under the provisions of the Companies Act, 1956 is required to file its balance sheet annually with the office of the Registrar of Companies within whose jurisdiction the registered office of the company is located. Presently, there are more than 8 lakh companies registered with various offices of the RoCs located all over the country. Balance sheets of all the companies who carry out the filing are available for public inspection on the portal of this Ministry (http://www.mca.gov.in). The underlying idea behind the filing of balance sheets and other documents which require similar filings is to publicly disclose information which reflects various aspects of the working of a company so that the company's public accountability is maintained. It is neither intended nor feasible for the Registrars to scrutinize or verify the contents of filing except on a random basis. Companies and its Directors and officials are liable to be penalized for any incorrect, false or misleading information that such filing disclose. In the following cases, however, the Registrars routinely scrutinize balance sheets:
 (i)  of companies against whom there are complaints;
(ii)  of companies which have raised money from the public through public issue of shares/debentures etc.;
(iii)  in cases where the auditors have qualified their reports.
(iv)  Default in payment of matured deposits and debentures.
(v)  References received from other regulatory authorities pointing out violations/irregularities calling for action under the Companies Act, 1956.
3. After the scrutiny suitable steps are initiated wherever necessary to obtain explanation and clarification and to institute inspections, investigations and prosecutions wherever warranted.

05 November 2012

Delhi Transco Limited

Description :Inviting sealed quotations from Chartered Accountants for appointment as Auditor for Limited Review of Half Yearly Accounts of DTL for the period endin. 

Click Here:
Delhi Transco Limited


Address :Delhi Transco Ltd Room No 203, Shakti Sadan, Kotla Road, New Delhi-110002 

Last Date : 08/11/2012 

02 November 2012

Amendment to Building Cess


AMENDMENT TO THE BUILDING AND OTHER CONSTRUCTION WORKERS (REGULATION OF EMPLOYMENT AND CONDITIONS OF SERVICE) ACT, 1996 AND BUILDING AND OTHER CONSTRUCTION WORKERS' WELFARE CESS ACT, 1996
The Union Cabinet today approved the Amendment to the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) { BOCW (RECS)} Act, 1996 and Building and Other Construction Workers' Welfare Cess Act, 1996 and the introduction of the Building and Other Construction Workers Related Laws (Amendment) Bill, 2012 in Parliament in its ensuing session.

This amendment will streamline the process of the registration of the construction workers. The State Welfare Boards will be able to consolidate their finances and incur expenditure on administrative and other purpose for smooth functioning of the Board. The amendments will facilitate speedy implementation of these Acts by the Central and the State Governments.

The provisions in the Amendment are given below :

1. Empower the Central Government to specify the maximum cost of construction by notification, in place of the present limit of Rs.10 lakh, which shall fall within the definition of establishment under the BOCW (RECS) Act.

2. The prerequisite condition of engagement of ninety days for registration of workers under the BOCW (RECS) Act is proposed to be done away with. Moreover, in order to extend benefits to the workers, who are engaged in building and construction work after attaining the age of sixty years, the criteria of upper age limit of sixty years is proposed to be done away with.

3. To empower the Central Government to notify such percentage of total expenditure, in place of existing 5 percent during the financial year, for meeting administrative expenses by the State Building and Other Construction Workers Welfare Board.

4. To empower Central Government to appoint such number of Director Generals not exceeding 10 to coordinate with the Central Government in carrying out its responsibility of laying down the standard of inspection and to exercise the power of an inspector.

5. To empower the State Governments to file complaints for contravention of provisions of the Act.

6. To prescribe a time limit of 30 days for cess collecting authorities to deposit cess to the State Building and Other Construction Workers Welfare Board.

7. To constitute a Committee consisting of Secretary (Labour), Secretary (Finance), Secretary (Planning) and Secretary (Social Welfare) of the State for performing the functions of the State Building and Other Construction Workers Welfare Board till such time a Board is formally constituted by the State Government.

Background :

Building and other Construction Workers (Regulation Employment and Conditions of service) Act, 1996 (BOCW (RECS) Act and Building and Other Construction Workers Welfare Cess Act, 1996 (BOCW Welfare Cess Act) were enacted with a view to regularizing the wages, working conditions, safety and for their health, welfare measures, etc. The Acts apply to every establishment which employs 10 or more workers. The major source of the fund to the Building and Other Construction Workers Welfare Board is the collection of cess at the rate of one percent of the const of construction incurred by the employer under the Building and Other Construction Workers Welfare Cess Act, 1996. The fund has to be utilized for the welfare of such workers. Central Government is the implementing agency in the central sphere for the purpose of enforcement of various provisions of the Act, while States are the implementing authority under State sphere. The State Governments have to frame and notify rules, constitute Advisory Committees or Expert Committees and appoint various authorities for registration of workers, cess collection, inspection and Appellate Authority. They have to constitute State Welfare Boards as well.

The matter of slow progress of implementation of these Acts has been raised at various fora. The Tripartite Central Advisory Committee, constituted under the BOCW(RECS) Act, 1996 set up a Task Force to examine various provisions of the Act. The recommendations of the Task Force were considered by the Central Advisory Committee. The Task Force and the Central Advisory Committee recommended that certain provisions of these Acts require amendments. Accordingly the Central Government decided to carry out amendments in these Acts. - www.pib.nic.in

e-Filing Not available from 3rd Nov-8th Nov 2012

Press Information Bureau
Government of India
Ministry of Finance
02-November-2012 17:56 IST
New E-Filing Project Conceptualized to take the E-Services to the Next Generation; in order to make the New Portal Live, E-Filing Services to the Tax Payers through the Existing Portal will not be available from 3rd November to 8th November, 2012.


            In view of the overwhelming response from the tax payers and growth of e-filing, a new e-filing project has been conceptualized in order to take the e-services to the next generation.

            Under the new e-filing set-up not only the Income Tax Return (ITR) forms but also other income tax forms are proposed to be made available for electronic filing along with other web enabled services.

            In order to make the new portal live, the migration of data from the old set-up to the new set-up is in process. Due to this, e-filing services to the tax payers through the portal https://incometaxindiaefiling.gov.in will not be available from 3rd November to 8th November, 2012.

            The e-filing service will resume with various new additional services like multiple mode of e-filing of returns: help desk through call centre and e-mail support, provision of online forms, pre-filing of data in forms, and availability of offline e-forms.

****

DSM/RS/ka


Jaipur Municipal Corporation

Description :Providing of Chartered accountant for chartered accountant service 

Click the link here:
Jaipur Municipal Corporation


Address :Jaipur Municipal Corporation
Jaipur Rajasthan 

Last Date : 30/11/2012 

Tehri Hydro Development Corporation Limited

Description :Empanelment of firms of chartered accountants for Allotment of internal audits / physical verification of Assets/stores/sub-stores

Tehri Hydro Development Corporation Limited


Address :Tehri Hydro Development Corporation Limited
Bhagirathi Bhawan,Bye-Pass Road,
Pragatipuram RISHIKES-249 201 (Uttarakhand)

Last Date : 28/11/2012 

Chhattisgarh State Power Distribution Company Limited

Description :
Requirement of Chartered Accountant Firms 

Click the link here:
Chhattisgarh State Power Distribution Company Limited


Address :Chhattisgarh State Power Distribution Company Limited Ground floor, Vidyut Sewa Bhawan, Danganiya Raipur 
Phone :0771-2574340 

Last Date : 22/11/2012

Department Of Police

Description :Reputed firms / charted accountant for auditing the utilization of funds granted / released by the MHA 

Department Of Police


Address :Port Blair - Andaman And Nicobar 

Last Date : 12/11/2012 

Oil India Limited

Description :
Expression of interest for hiring a firm/individual to provide consultancy in risk assessment & award of insurance contract for oil exploration including well control insurance for drilling of high pressure high temperature exploratory oil wells in kg basin project. 2.Hiring a firm of chartered accountant based in & around for audit of its accounts for NELP-VI block 

Click the link here:

Oil India Limited


Address :Oil India Limited Nookalamma Temple St,Ramaraopeta.Kakinanda,Andhra Pradesh-533004 

Last Date : 10/11/2012 

30 October 2012

Central Bank Of India, Jamnagar

Description : Empanelment of Stock auditors 

Click Link Here:

Central Bank Of India 


Address :Central Bank Of India
Jamnagar Regional office,2nd Floor,Central Bank of India Building,Mandvi Tower Road,Jamnagar-361001. 

Last Date : 03/11/2012 

28 October 2012

XBRL Filing-Extended


FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE FOR THE FINANCIAL YEAR COMMENCING ON OR AFTER 1-4-2011
GENERAL CIRCULAR NO. 34/2012, DATED 25-10-2012
In continuation of the Ministry's General Circular No. 16/2012, dated 6-7-2012, on the subject cited above, it is stated that the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to 15th December, 2012 or within 30 days from the date of Annual General Meeting of the company whichever is later.
2. All other terms and conditions of the General Circular No. 16/2012, dated 6-7-2012 will remain the same.

State Health Society, Jaipur

Description:
Selection of Concurrent auditors – Request for Proposal for Hiring services of Chartered accountant firm for concurrent audit of Rajasthan district health society / district rural health societies for the financial year 2012-13 under national rural health mission 


Click the link here:

State Health Society


Address :Goverment of Rajasthan National Rural Health Mission Rajasthan State Health Sociey Swasthya Bhawan, Tilak Marg,Jaipur-302005 

Phone :01412220962 

Last Date : 23/11/2012 

Chamundeshwari Electricity Supply Corporation Limited

Description:
Invites from eligible chartered accountants for conducting revenue audit of consumers ledger accounts of the year 2008 to 2011 within 3 months on contract basis on service charges 

Click here:

Chamundeshwari Electricity Supply Corporation Limited



Address :Chamundeshwari Electricity Supply Corporation Limited Corporate Office,No,927,L.j.Avenue,New Kantharaja Urs Road,Saraswathipuram,Mysore-570009 

Last Date : 15/11/2012 

Department Of Public Instruction

Description:
Expression of Interest from Chhattisgarh Empanelled Chartered Accountant Firms for Carrying Out the Procurement & Civil Works Audit Under European Commission State Partnership Program Detailed RPF Cab be Obtained from the Office of DPI 

Click the link here:

Department Of Public Instruction 


Address :Directorate Of Public Instruction Chhattisgarh,Pension Bada,Raipur 

Last Date : 09/11/2012 

26 October 2012

Final Report on Tax Accounting Standard


FINAL REPORT OF THE COMMITTEE CONSTITUTED FOR FORMULATING ACCOUNTING STANDARDS FOR THE PURPOSES OF NOTIFICATION UNDER SECTION 145(2) OF THE INCOME-TAX ACT, 1961
PRESS RELEASE, DATED 26-10-2012
Section 145(1) of the Income-tax Act, 1961 ('the Act') provides that the income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Section 145 (2) provides that the Central Government may notify Accounting Standards ('AS') for any class of assessees or for any class of income.
2. The Central Board of Direct Taxes ('CBDT') constituted a Committee comprising of departmental officers and professionals in December, 2010 to inter alia suggest AS for the purposes of notification under section 145(2)of the Act.
3. The Committee submitted its first Interim Report in August 2011. A discussion paper containing the main recommendations of the Committee was issued in October, 2011 for inviting comments/suggestions from all stakeholders.
4. The Committee has submitted its Final Report in August, 2012. The Committee recommended that the AS notified under the Act should be made applicable only to the computation of taxable income and a taxpayer would not be required to maintain books of account on the basis of AS notified under the Act. The Committee examined all the 31 AS issued by the ICAI and recommended notification of AS on 14 issues under the Act and formulated drafts of AS on these issues. The Committee has termed them as "Tax Accounting Standards" (TAS) to distinguish from the AS issued by the ICAI/notified under the Companies Act, 1956.
5. The Final Report of the Committee (including drafts of the 14 TAS submitted by the Committee) is uploaded on the Finance Ministry website (www.finmin.nic.in) and Income-tax Department website (www.incometaxindia.gov.in) for comments from stakeholders and general public.
6. The comments and suggestions on the final report may be submitted by 26th November, 2012 at the email addresses (dirtpl3@nic.in or rkbhoot@gmail.com) or by post at the following address with "comments on Final Report of Accounting Standards Committee" written on the envelope:
Director (Tax Policy & Legislation)-III
Central Board of Direct Taxes,
Room No.147-G,
North Block,
New Delhi-110001

24 October 2012

File Early to Avoid Last Minute Rush.!

Dear Stakeholder,

The Ministry issued General Circular No.30/2012 dated  28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-

a)    Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit will be 03.11.2012 or due date of filing, which ever is later.

b)    Company holding AGM or whose due date for holding AGM is on or after 21.09.2012, the time limit will be 22.11.2012 or due date of filing, which ever is later.

It is suggested that the e-filing of MCA21 forms (especially filing of Balance Sheets and Annual Returns due in October and November respectively) on MCA portal may be carried out AS SOON AS POSSIBLE without waiting till the last date to avoid the last minute congestion on the MCA/MCA21 website. This will result in smooth service delivery to all the stakeholders from MCA.

Further the Ministry vide General Circular No.31/2012 dated 28.09.2012 has extended the filing of e-form 23B for FY 2012-13 without any additional fee till 23.12.2012 or due date of filing which ever is later. All are advised  to file e-form 23B after 22.11.2012 to avoid system congestion

Your cooperation will be appreciated. In case filing has been done by you, please ignore this message

This is a MCA21 system generated mail for your information and necessary action. Please do not reply to this mail.

Ministry of Corporate Affairs
Government of India 

New ST 3 Released


Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES .It is available in 'DOWNLOADS' section in offline version only and not online version. In view of the implementation of the Negative List concept in Service Tax with effect from 1st July, 2012, the return filing cycle of six months (April-September, 2012) has been spilt. This new ST 3 Return will be only for the period April-June, 2012, when Negative List was not introduced. This return is available in offline utility only with view and print facility in online mode. The last date of filing the ST 3 return for the quarter Apr-Jun,2012 has been extended by CBEC up to 25th November, 2012 vide Order No 3/2012 dated 15th October, 2012. Click Here to download the new excel utility file http://aces.gov.in/download.jsp

District Rural Development Agency

Description : 
Audit work & Preparation of Balance Sheet 

District Rural Development Agency

Address :District Rural Development Agency
Pauri Uttaranchal 

Last Date : 31/10/2012

Department Of Information Technology

Description :
Expression of Interest for Appointment of Registered Chartered Accountant Firm for the Internal Audit of the JSAC for the Year 2008-09, 2009-10, 2010-11 and 2011-12 

Click the link below:

Department Of Information Technology 




Address :Department of Information Technology, Govt. of Jharkhand Ground Floor, Engineers Hostel – I, Golchakkar, Dhurwa, Ranchi – 834004

Phone :2401719 

Last Date : 30/10/2012 

21 October 2012

Northern Coalfields Limited

Description :Empanelment of Chartered Accountant/Cost Accountant Firms for Miscellaneous Audit 

Click the Link:

Northern Coalfields Limited 


Address :Northern Coalfields Limited P.o,-Singrauli Colliery,Dist-Singrauli (M P) 486889

Last Date : 21/11/2012 

Jharkhand State Mineral Development Corporation Limited

Description :Expression of Interest For Empanelment Of Internal Auditors For Financial Year 2012-13 

Click the Link:

Jharkhand State Mineral Development Corporation Limited


Address :Khanij Nigam Bhawan,Doranda Ranchi-02 

Phone :2490118 

Last Date : 10/11/2012 

Department Of Industries, Jharkhand

Description :
Empanelment of Financial Consultants form Practicing Chartered Accountants / Company Secretary Firms / Company for a Period of five years 

Clink the link:

Department Of Industries


Address :Jharkhand 

E-Mail :jhr-doi@nic.in

Last Date : 31/10/2012 

Market Committee, Chandigarh

Description:
Engage the Chartered Accountant for the Following financial/Accounts Matter of this office 


Click the link:

Market Committee

Address :
Grain Market Sector-26 Chandigarh - Punjab 

Phone :0172-2792590 

Last Date : 25/10/2012

MCA on XBRL


Press Information Bureau
Government of India
Ministry of Corporate Affairs
19-October-2012 17:59 IST
Quality of xBRL Filing Certified by Professional Members

The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretary in India (ICSI) the ministry said it is the bounden duty of these institutes to improve the quality of XBRL filing for the financial year (FY) 2011-12 to be undertaken by its members. Further, the Institute may conduct further trainings, issue guidelines, etc so that such quality related issues are appropriately resolved.

As per the letter a random scrutiny of XBRL filing of financial statements by few companies to MCA for FY 2010-11 reveals significant variations in disclosures in published results and the xBRL filing due to 'incorrect' mapping of disclosures. It has been observed that few disclosures were 'mapped/ tagged' with incorrect accounting concept despite availability of appropriate element in taxonomy. It has also been observed that provisions of "Block Text tagging" and/ or "Footnote" have been inappropriately used to report disclosures like subsidiary details, related party transactions, Director's Report, etc. even when appropriate elements were available in the taxonomy for such disclosures.

Moreover, Such filing are inaccurate and do not adequately represent true and fair view of the state of affairs of the company as per Section 211 of the Companies Act, 1956. Such XBRL filing, apart from being misleading, also dilute the effectiveness of XBRL, for stakeholders' usage relating to the companies. It is unfortunate that professionals have certified the authenticity of such incorrect date, for which they are liable to be penalized. Such lapses defeat the very purpose of introducing XBRL filing which are meant to elicit more detailed and refined information as to the affairs of companies. Please note that XBRL filing are being minutely scrutinized to see if similar mistakes also appear in a larger sample.

It is note worthy that xBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No: 748(E) dated 05.10.2011. The e-forms were duly certified by CA/CS/CWA professionals for their completeness and correctness in representation with respect to audited financial statement of the company.

*******


CBDT ON ARREAR DEMAND GRIEVANCES

Dear Members,

 CBDTs letter on Resolving All Arrear Demand Grievances

Please Click here to Download - 975-demand_grievance_CBDT.pdf


Empanelment of Concurrent Auditors

Empanelment of Concurrent Auditors / Revenue Auditors for Bank of Maharashtra. BANK OF MAHARASHTRA invites applications from practicing firm...