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This newsletter contains the following categories:
Indian News Update
International News Update
ICAI Standard on Auditing
ICAI Exposure Draft
IFAC Consultation Paper
Articles
CA's Referencer
Legal Updates
Indian News Update:
SEBI tells ICAI to suggest accounting rules for IPOs
Income tax grievances to be registered online
SEBI lifts curbs on Participatory Notes
RBI cuts cash reserve ratio
FIIs can invest in IDRs: RBI
SEBI may ease PN curbs to pep up Dalal Street
LLP Bill may be passed by Parliament soon
Govt plans to link tax with inflation rate
BPOs see big money in global accounting norms
Govt moots special zones for drug firms
Director's liability under scrutiny
Forex deals of companies under ministry scanner
More large taxpayers’ units likely
Banks to get interest for delayed return of farm debt waiver sums
Ad industry likely to be freed from Press Note 1
CBEC on trail of sugar cos evading excise duty
Court rejects move to tax dividend stripping
RBI to launch XBRL system for reporting
RBI reviews preparedness to deal with global turmoil
RBI, Sebi to relax currency trading norms
Govt may put riders ahead of life cos' move to risk-based system
Govt mulls 100% FDI in single-brand retail
Sops likely for units in backward areas
Ministries scrap over iron ore export duty
International News Update:
New IAASB Audit Practice Alert Focuses on Fair Value Accounting Estimates
IAASB Issues Seven Revised ISAs, Including Updated Standard on Scope of Audit and Auditor's Role
IFAC Supports a Single Set of Auditing Standards
ICAI Standard on Auditing:
Revised Standard on Auditing (SA) 580
Written Representations
ICAI Exposure Draft:
Accounting Standard (AS) 3 (revised)
Statement of Cash Flows
(Last date for Comments: November 10, 2008)
Guidance Note on Accounting for Service Concession Arrangements
(Last date for Comments: November 10, 2008)
IFAC Consultation Paper:
Matters to Consider in a Revision of International Standard on Review Engagements (ISRE) 2400, Engagements to Review Financial Standards
(Comments due by: Dec. 15, 2008)
Articles:
Valuation of Re-imbursement under Service Tax
[Submitted by Sriharsha K. M.,
CA student,
Bangalore, Karnataka]
Let’s Dream
[Submitted by Aditya Kumar S.,
B.Com., CA(Final),
Bangalore, Karnataka]
CA's Referencer:
AS – 15 “Employee Benefit”
[Submitted by CA. Mohit Agarwal,
ACA]
Legal Updates:
Income Tax:
Reverse Mortgage Scheme, 2008 [No.93]
Deduction of Tax at Source - Income-Tax Deduction from Salaries under section 192 during the F.Y. 2008-2009 [Circular No.9]
Clarification regarding tax deduction at source on arrears of salary paid to government servants on account of implementation of the recommendations of Sixth Central Pay Commission [Press Release]
SEBI:
Removal of restrictions on ODIs
Eligibility criteria for introduction of derivatives on shares
RBI:
Maintenance of CRR
Payment of interest on accounts frozen - UCBs
DGFT:
Drawing of export samples of basmati rice and PUSA 1121 non Basmati Rice for variety identification purposes – Notification No 39 dated 16.9.2008 – Procedure regarding [Circular No.33]
Customs:
Further amendment in Notification No.36/2001-Cus (N.T.) dated 3rd August 2001 [No.112(N.T.)]
The entire list of notifications is available at
www.CAalley.com/legal.html
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