Articles by P.R. Sethuraman

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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'..

Posted in Audit |   1814 Views

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..

Posted in Audit  2 comments |   1071 Views

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..

Posted in Corporate Law  5 comments |   1034 Views

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 ..

Posted in Audit |   2386 Views

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 ..

Posted in Others |   1151 Views

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..

Posted in Audit |   1034 Views

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..

Posted in Audit  1 comments |   2785 Views

The auditors in their Audit Report under 'Auditors responsibly' declares 'We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there..

Posted in Others |   860 Views

Cost is a fact incurred in producing and maintaining; and determined from the producer's perspective to find out the cost of production in monetary terms so as to plan his business prospects. On the other hand, price is normally determined on monetary terms by the seller considering the marke..

Posted in Others  1 comments |   1025 Views

Chapter X on Audit and Auditors

  P.R. Sethuraman    09 February 2018 at 11:07

The Companies Act 2013 vis a vis Amendment to the chapter (Sections 139 to 148) Introduction: Any amendment is to 'mend' so as to 'end' any confusion that has set in the provisions of any Act. In other words, amendments are made to bring the provisions of any Act update to the present day ..

Posted in Audit |   2236 Views

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