The Chartered Accountant

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EVENTS Diamond Jubilee All India Conference Hosted by Guwahati Branch of EIRC of ICAI Under the aegis of Perspective Planning Committee of the ICAI Theme ICAI@60 – Challenges and Opportunities Date & Time Venue CPE Hours 13 th &14 th December, 2008 (Saturday and Sunday) Inaugural Session Pragjyoti ITA Centre for performing Arts, Machkhowa , Guwahati 12 hours Chief Guest - Governor of Assam his Excellency, Mr. Shiv Charan Mathur* Other Dignatories - CA. Ved Jain, President, ICAI*, CA. Uttam Prakash Agarwal, Vice President, ICAI Technical session 1 - Corporate Laws Technical Session 3 – Direct Taxation Main Speakers – 1. CA. Nawshir Mirza, Mumbai 2. CA. Debasish Mitra, Guwahati Main Speakers – 1. CA. R. Bupathy, Chennai 2. CA. Girish Ahuja, Delhi Technical Session 2 – IFRS and AS and AAS Technical Session 4 – Indirect Taxes Main Speakers – 1. CA. Amarjit Chopra, Delhi 2. CA. S. C. Vasudeva, Delhi Main Speakers – 1. Mr. V. Raghuraman, Bangalore 2. Mr. Ashok Saraf, Guwahati Delegate Fees Members – Rs. 1800; Students - Rs. 600; Others – Rs. 2000 Contact Persons and Contact Details Conference Chairman CA Shantilal Daga Chairman, PPC Email : dagasl@rediffmail. com Mob: 9849023555 Conference Director CA Subodh Agarwal Central Council Member Email: subodhka@gmail. com Mob: 9830022848 Conference Co-Ordinator CA. Nirupam Haldar Chairman, EIRC Email: nirupamhaldar@ vsnl.net Mob: 09830110453 Conference Convenor CA Ravi kumar Patwa Chairman, Guwahati Branch of EIRC Email: ravipatwa@hotmail.com Mob: 09435071192 Registration Please send your Registration details to Guwahati Branch of EIRC of ICAI, Near AGP Office, Ambari, Guwahati – 788001, Ph. No. 0361 2513774, Email – icai.guwahati@gmail.com Please Issue your Cheque/Draft in the name of “Guwahati Branch of EIRC of ICAI payable at Guwahati Diamond Jubilee All India Conference Hosted by Hyderabad Branch of SIRC of the ICAI Under the aegis of Perspective Planning Committee and Peer Review Board of ICAI Theme Emerging Paradigm of Accountancy Profession Date Venue CPE Hours 24 th & 25 th December, 2008 (Wednesday and Thursday) Technical Session 1 - Beyond Governance • Corporate Governance of non-listed Companies • Transparency as a Regulatory Tool • The Board and Audit Committee’s Role in Risk Over sight - taking a strategic view of the enterprise Shri Satya Sai Nigamagamam, Hyderabad Discussion Sessions 12 hrs Technical Session 4 - World Economic Crisis - The Future of the Accounting Profession Keynote Address - Regulatory Landscape: Principle vs Rule Based Context Approaches Technical Session 2 - Sustaining Quality in the Audit Process • Promoting Audit Quality • Audit Monitoring • Internal Auditing Priorities Today Technical Session 3 - Financial Reporting • Disclosure and Accounting Reforms • Going Concern and Financial Reporting • Fair Value and Valuation Delegate Fees Members : Rs. 1250; Non-members: Rs. 1500 Contact Persons and Contact Details Conference Director CA Shantilal Daga, Chairman, PPC Email : dagasl@rediffmail.com Mob: 9849023555 Technical Session 5 - Capacity Building for Profession • Practitioner’s Perspective • Industry Members Perspective • Stake Holders Perspective Technical Session 6 – Convergence the road ahead- IFRS; AS and AAS Technical Session 7 – Challenges Ahead Registration: For registration and further inquiry please contact ppc@icai.in; hyderabad@icai.org Conference Convenor Shri Chakrapani B, Chairman, Hyderabad Branch Email: bchakrapani@yahoo.com Mob: 9849025872 THE CHARTERED ACCOUNTANT 1071 DECEMBER 2008
(This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Accounting Standards for Local Bodies 1 ) The Accounting Standard for Local Bodies (ASLB) 3, ‘Revenue from Exchange Transactions’, issued by the Council of the Institute of Chartered Accountants of India, will be recommendatory in nature in the initial years for use by the local bodies. This Standard will be mandatory for Local Bodies in a State from the date specified in this regard by the State Government concerned2 . The following is the text of the Accounting Standard for Local Bodies. Objective This Standard uses the term “revenue”, which encompasses both revenues and gains, in place of the term “income”. Certain specific items to be recognised as revenues are addressed in other Standards and are excluded from the scope of this Standard. For example, gains arising on the sale of property, plant and equipment will be specifically addressed in the Standard on property, plant and equipment3 and are not covered in this Standard. Guidance on accounting for fixed assets can be found in Accounting Standard (AS) 10, Accounting for Fixed Assets, until the ASLB on this subject is formulated. The objective of this Standard is to prescribe the accounting treatment of revenue arising from exchange DECEMBER 2008 1072 THE CHARTERED ACCOUNTANT STANDARDS Accounting Standard for Local Bodies (ASLB) 3 Revenue from Exchange Transactions transactions and events. The primary issue in accounting for revenue is determining when to recognise revenue. Revenue is recognised when it is probable that future economic benefits or service potential will flow to the entity and these benefits can be measured reliably. This Standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognised. It also provides practical guidance on the application of these criteria. Scope 1. This Standard applies to the entities described as Local Bodies in the Preface to the Accounting Standards for Local Bodies4 . 2. An entity which prepares and presents financial statements under the accrual basis of accounting should apply this Standard in accounting for revenue arising from the following exchange transactions and events: (a) The rendering of services yielding revenue; (b) The sale of goods; and (c) The use by others of entity assets yielding interest, royalties and dividends. 3. This Standard does not deal with revenue arising from non-exchange transactions. Revenue arising from non-exchange transactions will be dealt with in the proposed Standard on ‘Revenue arising from Non-exchange Transactions’ 5 . Examples of non-exchange transactions include revenue from the use of statutory powers (for example, taxes, duties, and fines), grants and donations. 4. Local Bodies may derive revenues from exchange or non-exchange transactions. An exchange transaction is one in which the entity transfers goods or services, or use of assets, and receives some value (primarily in the form of cash, goods, services or has liabilities extinguished) from the other party in exchange. Examples of exchange transactions include: (a) The purchase or sale of goods or services; or (b) The lease of property, plant and equipment 5. The rendering of services typically involves the performance by the entity of an agreed task over an agreed period of time. The services may be rendered within a single period or over more than one period. Examples of services rendered by local bodies for which revenue is typically received in exchange may include the provision of housing and shopping complexes, management of water facilities, management of toll roads, and management of transfer payments. Some agreements for rendering of services are directly related to the construction contracts. Revenue arising from construction contracts will be dealt with in the proposed ASLB, ‘Construction Contracts’ 6 . Guidance on accounting for revenue arising from construction contracts can be found in Accounting Standard (AS) 7, ‘Construction Contracts’ until the ASLB on this subject is formulated. 6 Goods includes goods produced by the entity for the purpose of sale, such as publications, and goods purchased for resale, such as merchandise or building and other property held for resale. 7. The use by others of entity assets 1Attention is specifically drawn to paragraph 4.2 of the ‘Preface to the Accounting Standards for Local Bodies’, according to which Accounting Standards are intended to apply only to items which are material. 2Reference may be made to the paragraph 7.1 of the ‘Preface to the Accounting Standards for Local Bodies’ providing the discussion on the compliance with the Account ing Standards for Local Bodies. 3The proposed ASLB on ‘Property, Plant and Equipment’ is under preparation. 4Refer paragraph 1.3 of the ‘Preface to the Accounting Standards for Local Bodies’. 5The proposed ASLB on ‘Revenue from Non-exchange Transactions’ is under preparation. 6The proposed ASLB on ‘Construction Contracts’ is under preparation.
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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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The real question is, given the rec
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etained in LLP Bill - 2008 and some
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