The Chartered Accountant

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CA. Ved Jain, the President of Institute of Chartered Accountants of India (ICAI), has been appointed as a Member on the Board of International Federation of Accountants (IFAC) for a term of 3 years from 13th November 2008. The announcementregarding this prestigious appointment was made during the IFAC Council meeting held on 12th-13th November 2008 at Rome, Italy. His appointment to the board of IFAC is a recognition of his qualifications, technical skills and competence. IFAC, the global organisation for the accountancy profession, works with its 138 members and 20 associates in 123 countries and jurisdictions to protect the public interest by encouraging high quality practices by the world’s accountants. ICAI is one of the members of IFAC. IFAC members and associates, which are primarily national professional accountancy bodies, represent 2.5 million accountants employed in public practice, industry, commerce, government, and academia. CA. Ved Jain is a rank holder in both CA Inter and CA Final. A Triple Bachelors Degree Holder, he has done his DECEMBER 2008 952 THE CHARTERED ACCOUNTANT EDITORIAL CA. Ved Jain, President ICAI, Appointed on Board of IFAC Bachelors of Science from Punjab University in 1973. A true follower of Continuous Professional Education, after completing his Chartered Accountancy in 1973, for the love of the subject he did his Bachelors of Arts in Economics in 1979. Thereafter, he completed his Law Bachelors Degree in 1980 from Delhi University. A Fellow Member of ICAI with more than three decades of standing, CA. Ved Jain was elected to the Central Council of ICAI for the first time in 2004 and thereafter in 2007. CA. Ved Jain, 55, who took over as the President of ICAI for the year 2008- 2009 on February 5, 2008, is actively associated with regional accountancy bodies as well. He is on the Board of Confederation of Asian and Pacific Accountants. He is also on the board of the South Asian Federation of Accountants (SAFA) Assembly. He is also a member of the National Advisory Committee on Accounting Standards constituted by the Ministry of Corporate Affairs, Govt. of India. He is also a member of the Governing Body of National Institute of Public Finance and Policy besides being part of a number of other high level committees constituted in national economic interest. CA. Ved Jain, who has steered the ICAI to new heights both nationally and internationally, has already been making significant contributions as a member of the Developing Nations Committee of the IFAC since January 2008.q THE CHARTERED ACCOUNTANT 952 DECEMBER 2008
ICAI President CA. Ved Jain addresses the gathering at the Diamond Jubilee conference on ‘Challenges of Change -- Always Ahead’ organised by Bombay Chartered Accountants Society on 8 th November 2008 in Mumbai. DECEMBER 2008 954 THE CHARTERED ACCOUNTANT PHOTOGRAPHS ICAI president CA. Ved Jain gives Certificate of Practice to a newly qualified Chartered Accountant at the first convocation of Northern India Regional Council of ICAI organised in New Delhi on 16 th November 2008. More than 1200 newly qualified CAs were conferred with credentials at the convocation. ICAI President CA. Ved Jain with Karnataka Chief Minister Shri B. S. Yediyurappa (Centre) after a meeting to discuss the issues related to Public Finance at Karnataka Bhawan, New Delhi on 17 th November, 2008. Chairman of Committee on Public Finance of ICAI CA. Subodh Kumar Agrawal, central council members CA. K. Raghu and CA. Jaydeep N. Shah were also present on the occasion. ICAI President CA. Ved Jain, ICAI Vice President CA. Uttam Prakash Agarwal, Justice K.K Tated of Bombay High Court, Chairman WIRC of ICAI CA. B.M Agarwal, Chairman NIRC of ICAI CA. Sudhir Agarwal, Central Council Members Jaydeep N. Shah, CA. Sanjeev Maheshwari, CA. R.S. Adukia and other dignitaries at the first convocation of Western India Regional Council of ICAI, organised in Mumbai on 9 th November 2008.
Page 1 and 2: Volume 57 No. 06 December 2008 THE
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Page 7 and 8: own residential Centre of Excellenc
Page 9: READERS WRITE DECEMBER 2008 950 THE
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Page 15 and 16: ACCOUNTING covered by forward excha
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Page 25 and 26: A. Facts of the Case 1. A private l
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Page 59 and 60: forcing otherwise healthy banks to
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The real question is, given the rec
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etained in LLP Bill - 2008 and some
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If the partners do not execute the
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of Accounts and a Solvency Statemen
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Section 57 of the LLP Bill provides
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e converted into a LLP by following
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DECEMBER 2008 1026 THE CHARTERED AC
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y misrepresenting their earnings. I
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US$ Million USD 48.86 48.68 48.83 S
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1. What are my professional objecti
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The Committee for Members in Indust
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) 25-35 c) 36-45 d) 46-55 e) 56-65
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& Icai news If yes, which areas ___
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& is 15 th December 2008. Icai news
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& a) Yes b) No Comments, if any ___
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& Comments, if any_________________
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IASB Exposure Drafts on: Icai news
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Icai news NEW PUBLICATIONS From the
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Icai news OFFICE OF THE COMPTROLLER
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Icai news Requirements The student
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(This Accounting Standard includes
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counts the nominal amount of the in
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accounting treatments set out in pa
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inspection are complete. However, r
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(This Accounting Standard includes
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Some loans may be interest-free or
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Standard for Local Bodies: (i) Inte
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the business, to an entity’s abil
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l Ensuring employees are properly t
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own legal counsel as to whether a c
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cial statements (in other cases tho
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Legal or Regulatory Restrictions on
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strategies, and the related busines
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Entities A35. In the case of audits
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with governance is not adequate and
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in the preparation of financial sta
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asis but, in the auditor’s judgme
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further into the future, in conside
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Introduction 1. The purpose of this
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Introduction 1. The purpose of this
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for which controls are being assess
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erised applications or over the ove
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The Chartered Accountant

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