Articles by P.R. Sethuraman

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..

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..

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..

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 ..