Articles by P.R. Sethuraman

Introduction: Before going into 'Financial Guarantee' and further deep into 'Corporate Guarantee', it is better to dive into what is the difference between 'a warranty and guarantee for a product sale' for better understanding. Under IGAAP, issuer needs to just disclose the fact by way of note..

Tax Vis Duty: 'Tax' is normally taxing and burdensome, while on the other hand 'duty' is an obligation, task and responsibility. Tax is levied by the Government on the income, activity or commodity. It is into two main groupings -Direct Tax and Indirect Tax.  Direct tax in..

Introduction: The purpose of the article is not on an examination of DPT-3 as to its format and its contents. In the earlier dispensation under the Companies Act, 1956, only companies inviting public deposits are to file annual certificate duly certified by the auditors. Now, notwithstanding no..

Present formats of Audit Report: The present formats of the audit reports are primarily guided by the relevant SAs: SA 700 (Revised), 'Forming an Opinion and Reporting on Financial Statements' SA 701, 'Communicating Key Audit Matters in the Independent Auditor's Report'..

Introduction: Ind. AS 116 on Leases which is primarily to bring in line with IFRS 16 is presently in Exposure Draft Stage waiting for feedback in the form of comments on any aspect of the proposed Standard that is planned to be operative from annual periods beginning on or after 1st April..

Introduction: The shareholders of joint stock companies are too many and are drawn from through the length and breadth of the country, across different spectrum and different geographical locations spread across the globe, why? It may be athwart in different planets whence human beings start set..

Introduction: A glance through of the Ind. AS- will highlight a hell of a difference of treatment of Equity share Capital from IGAPP as well the definitions in The Companies Act 2013. Notes to the General Instructions for Preparation of Balance Sheet require a company to disclose in the Notes ..

Introduction: There appears to be a conflict of approach among ICAI, MCA and RBI among Five issues raised in the Tabular Format underneath along with the required clarifications mentioned against different agencies under column 2 & 3. Therefore, it goes without saying that it is high time ..

Merited attention is invited to Para D 8 of Ind. AS 101 - on First Adoption of Indian Accounting Standards.  Clause (b) of Para D 8 of the above said Standard is quoted for your ready reference,  "A first-time adopter may have established a deemed cost in accordan..

Introduction: In exercise of the powers conferred by sub-section (1) of section 467 of theCompanies Act, 2013 (18 of 2013), the Central Government makes the following further amendments in Schedule III to the said Act with effect from the date of publication of this notification in the Offic..