The Chartered Accountant

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All India Conference at Kolkata Internal Audit Standards Board and Committee for Members in Industry Theme Winds of Change - Challenges to the Accountancy Profession Date & Time Tuesday 16 th and Wednesday 17 th , December, 2008 at 11:00 AM to 6:00 PM and 10:00 AM to 5:00 PM respectively Venue Hotel Park, Kolkata (i) Global Crisis and its Impact on the Indian Economy (ii) Role of CFOs in Enterprise Risk Management (iii) Codifying the Best Practices in Internal Audit- the Way Forward (iv) Private Equity and Other Forms of Raising Resources CPE Hours 12 hours Topics to be Discussed (v) Overview of IFRS, Model IFRS Financial Statements and First Time Adoption of IFRS (vi) IFRS – Managing Transition (vii) Corporate Taxation Planning (viii) GST- The Road Ahead *(Speakers are being finalised and would be announced shortly.) Fees l For Member: Rs. 1,600 l For Non-Members: Rs. 2,000 Cheque/Demand Draft should be drawn in favor of “The Institute of Chartered Accountants of India, EIRC” CA Abhijit Bandyopadhyay Chairman, Internal Audit Standards Board Mob. 91 98310 59999 Email: babhijit@deloitte.com EVENTS PROGRAMME CHAIRMAN PROGRAMME DIRECTOR CA. Sanjeev Maheshwari Chairman, Committee for Members in Industry Mob. 91 98211 19043 Email: casanjeevmaheshwari@ gmail.com CA. Nirupam Halder Chairman, EIRC Mob: 919830110453 Email: haldarn@icai.org FOR REGISTRATION AND ENQUIRY CONTACT Mr. Abhijit Basu, Deputy Secretary, EIRC, ICAI, Phone: (033) 30211132, Email: eircchairman@icai.org Non-Receipt of Journal This is for the attention of Members/subscribers who fail to receive The Chartered Accountant journal despatched to them either due to unintimated change of address or postal problems. The membership/subscriber numbers of the members/subscribers whose journals have been returned undelivered are hosted on the website of the Institute at the link http://www.icai.org/resource_file/13832Sep08_undelivered.pdf for the information of members/subscribers. Please inform the respective regions immediately after you change the address to ensure regular and timely delivery of journals to you. Other queries and complaints in this regard can also be sent to journal@icai.org or call at 0120-3054847. THE CHARTERED ACCOUNTANT 1067 DECEMBER 2008
DECEMBER 2008 1068 THE CHARTERED ACCOUNTANT EVENTS Diamond Jubilee Residential Workshop on INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) and CODE OF ETHICS Jointly Organised by Continuing Professional Education Committee & Committee on Ethical Standards & Hosted by Ernakulam Branch of SIRC of ICAI Day & Date CPE Credit Hours Venue Friday, Saturday & Sunday, 12 th –14 th December 2008 Fees 12 hours The Siena Village, Munnar, Kerala Topics Faculty Technical Session I Ethical Guidelines – Recent Developments / Notifications Technical Session II Overview of Peer Review Technical Session III New Disciplinary Mechanism / Procedures / Guidelines Technical Session IV IAS 1 - Presentation of Financial Statements IAS 8 - Accounting Policies , Accounting Estimates and Errors. IAS 12 – Income Taxes Technical Session V IAS 10 - Events after the Balance Sheet Date IAS 19 - Employee Benefits Technical Session VI Introduction to IFRS – Conceptual Framework Challenges in adoption of IFRS Technical Session VII First Time Adoption of IFRS Issues in Change over to IFRS CA. Jaydeep N. Shah, Chairman, Committee on Ethical Standards, ICAI CA. S.L.Daga, Chairman, Peer Review Board, ICAI CA. V.C. James, Central Council Member, ICAI CA. K. Kanagaraj Antonysamy, Chennai CA. K. Kanagaraj Antonysamy, Chennai CA. C.Ganesan, Chennai CA. C.Ganesan, Chennai Special Attractions yoga/trekking in the morning, special classes for Ladies regarding cookery /arrangement of dining table, bedroom etc. Members: Residential - Rs. 8000/- per head (Twin Sharing basis); Non-Residential - Rs. 5000 per head Non-Members: Residential - Rs. 10,000/- per head (Twin Sharing basis); Non-Residential - Rs. 6000/- per head Accompanying Spouse - Rs. 6000/- Accompanying Children - Rs. 4500 for children below 15 years. Cheque/DD to be drawn in favour of “Ernakulam Branch of SIRC of ICAI” payable at Ernakulam and should be sent to: Ernakulam Branch of SIRC of the Institute of Chartered Accountants of India, “ICAI Bhawan”, 57/3146, Dewan’s Road, Ernakulam, KOCHI – 682 016 Logistics Arrangements Arrangement of a special coach from Alwaye Muncipal Town Hall Area (Both Alwaye Railwaystation & Kochin Airport are near) to Munnar on 12 th December which will start sharp at 9 A.M. Same way the coach will drop back the delegates at Alwaye on 14 th December 2008.
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Volume 57 No. 06 December 2008 THE
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EDITORIAL BOARD EDITOR-IN-CHIEF CA.
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DECEMBER 2008 946 THE CHARTERED ACC
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own residential Centre of Excellenc
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READERS WRITE DECEMBER 2008 950 THE
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ICAI President CA. Ved Jain address
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956 DECEMBER 2008 THE CHARTERED ACC
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ACCOUNTING covered by forward excha
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profit and loss account and the bal
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consonance with the Standards presc
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When the power to make rules is lim
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A. Facts of the Case 1. A private l
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Now if we apply these probability c
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Residential Status DECEMBER 2008 98
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CUSTOMS I. Circulars 1. Circular No
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Appellant/assessee is a multi-state
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that the penalty proceedings under
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order shall consider whether the di
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Facts of the case: Shri Bharat D. B
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DECEMBER 2008 1008 THE CHARTERED AC
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DECEMBER 2008 1010 THE CHARTERED AC
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forcing otherwise healthy banks to
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Page 153 and 154: Introduction 1. The purpose of this
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