The Chartered Accountant

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958 978 984 1007 THE CHARTERED ACCOUNTANT JOURNAL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA •Overhauling the Indian Banking – Basel II Accord Celebrating 60 th ACCOUNTING Exchange Differences: Schedule VI – AS 11 — CA. Kamlesh Vikamsey and CA. Dharini Shah Year of Excellence •Exchange Differences: Schedule VI – AS 11 THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES ICAI-ICAEW MoU HERALDS NEW ERA OF PROFESSIONAL TIES •The Credit Crisis of 2008: •Limited Liability Causes, Consequences and Implications for India Partnership •Greed or Bonus or Both? AUDITING Overhauling the Indian Banking – Basel II Accord — CA. Jyoti Singh and Pooja Mirchandani TAXATION Taxation of Expatriates — CA. S.P. Santhanam GLOBAL PERSPECTIVE The Credit Crisis of 2008: Causes, Consequences and Implications for India – Professor V.G. Narayanan and Lisa Brem 1015 1026 1029 1072 1080 1085 1091 1101 1108 1110 1112 1117 CORPORATE & ALLIED LAWS Limited Liability Partnership — CA. P. N. Shah BANKING & FINANCE Stock Options Backdating — CA. E. Srinivasa Charyulu INDUSTRY SPECIFIC Greed or Bonus or Both? — CA. S. Chandramohan STANDARDS Accounting Standard for Local Bodies (ASLB) 3 - Revenue from Exchange Transactions Accounting Standard for Local Bodies (ASLB) 4 - Borrowing Costs Revised Standard on Auditing (SA) 250 - Consideration of Laws and Regulations in an Audit of Financial Statements Revised Standard on Auditing (SA) 260 - Communication with Those Charged with Governance Revised Standard on Auditing (SA) 570 - Going Concern Standard on Internal Audit (SIA) 8 – Terms of Internal Audit Engagement EXPOSURE DRAFTS Standard on Internal Audit (SIA) - Enterprise Risk Management Standard on Internal Audit (SIA) - Internal Control Evaluation BACK PAGE n Crossword 030 n Smile Please n Cartoon THE CHARTERED ACCOUNTANT 945 DECEMBER 2008
DECEMBER 2008 946 THE CHARTERED ACCOUNTANT FROM THE PRESIDENT Dear Esteemed Colleagues, I am writing this page just after the conclusion of the three-day International Conference on Accounting Profession - Shining Bridge Between Global Economies held in the pink city of Jaipur as part of the ongoing Diamond Jubilee celebrations of the Institute. It was a memorable assembly of highly admired experts in the field, besides the leaders in trade and industry. The conference focused on topical issues like governance, financial engineering, regulatory compliance, value creation and corporate social responsibility. The conference also offered a good oppor tunity to the part i c i p a n t s to enhance their knowledge and widen their vision. This conference was organized to coincide with the meetings of the Board of South Asian Federation of Accountants (SAFA) and Board of Confederation of Asian Pacific Accountants (CAPA) in which representatives from more than 30 countries participated. This helped in achieving a global reach for India’s chartered accountancy profession. The leaders of the accountancy profession from the various parts of the world could see the competence level of the chartered accountancy profession in India. The conference was very well attended. An idea of the success of the conference can be gauged from the fact that more than 3000 delegates including more than 200 delegates from abroad participated in it. And it was addressed by more than 40 learned speakers including more than 15 speakers from abroad. Historic MoU with ICAEW recognizing each other’s qualifications Friends, I have always wondered why the Indian Chartered Accountancy course, despite being so comprehensive and so tough as compared to any other chartered accountancy course of the world, is not recognized by other accounting bodies of the world. Accordingly, immediately after assuming the office of the President of the Institute in February, 2008, I started working on this issue. I am glad to inform you that my efforts in this direction have started showing results. I, on behalf of the Institute of Chartered Accountants of India, signed a memor a n d u m of unders t a n d i n g (MoU) on 20 th November, 2008 at Jaipur with Mr. Martin Hagen, Deputy President of the Institute of Chartered Accountants in England & Wales (ICAEW), who specially flew down from London for this purpose. Hon’ble Union Minister of Corporate Affairs Shri Prem Chand Gupta witnessed this historic development. As per the memorandum of understanding reached, members of ICAI with two years of post-qualification experience will be eligible for ICAEW membership on passing ICAEW’s one paper on Case Study. However, members with less than two years experience will be required to pass two additional papers i.e. Business Change and Business Reporting. The members of ICAEW who are trained in public practice will be eligible for ICAI membership subject to passing ICAI’s four papers on Taxation; Law, Ethics & Communication; ICAI President CA. Ved Jain with Union Minister for Corporate Affairs Mr. P.C Gupta and Deputy President, ICAEW Mr. Martin Hagen after signing of MoU between ICAI and ICAEW in Jaipur on November 20, 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
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Page 19 and 20: profit and loss account and the bal
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DECEMBER 2008 1008 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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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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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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