Do we have to make different appointment of auditor for audit of consolidated financial statement if the same auditor has been appointed to audit standalone financial statement of Parent Company??

Dear All,

Can statutory auditor be appointed as Tax Auditor? Is there any requirement to pass a Board Resolution for such appointment.

Please provide your valuable comments at the earlies.

Thanks & Regards,

what is the treatment for diesel used for 'generator' on petrol pump. it should be shown at cost price. but meter runs only @ selling price. give your views about correct treatment ?

Hello Everyone.. I Would Like To Know Whether The Incentives Taxable Or Not..? Person Working In Consultant Firm,Get Incentives As Per Recruitement.. Either 2% Or 3%... If His Monthly Gross Is 15000 And Getting Incentive As 4000 Or 5000 On Recruitement Of Candidate.. Is That Be Taxable.. Kindly Help...

We, wish to know a qualified chartered accountant is needed to audit the accounts of Apartment owners Association , which is registered under the provisions of the Travancore -
Cochin Literary Scientific and Charitable Societies Registration Act, 1955.Our income is below Rs20 lakhs and most amount is spent for the maintenance,wages etc.The balance amount is below Rs3 lakhs in year.

a company is already appointed one auditor firm for one year but now the company wants to appoint one more auditor firm for next five years. Can a company appoint one more auditor firm?

what is bank guarantee? how it can be verified during concurrent audit? how to calculate interest?

if a flat owner sold a flat than.shares amt suppose to returned to him & a collect a new shares amt from new flat owner by a society

pls provide every for housing society in mumbai such as income tax slap, audit report were to file tax & audit report register to be maintain; nominee changes reported to.which authority etc..

Lease -

Operating Lease A Shopping Mall is taken on lease and it is sub leased to various tenants. IAS 17/ AS 19 is applicable for the same while recognizing Expense from the point of view of lessee and Income from the point of view of Lessor.

AS/IAS says Lease income/Expense from operating leases should be recognised in the statement of profit and loss on a straight line basis over the lease term, unless another systematic basis is more representative of the time pattern in which benefit derived from the use of the leased asset is diminished.

Can any one interpret above lines with example.

If possible share the impact of the same in Financial statement with example.Also any excel file to work on the same.

Viz: For Example
1.Lease agreement is for a period of 5 Years and each year rent is changing progressively.
2. What happens if tenant cancels agreement in between. what will be the impact on income which is already recognized on Straight line basis.
3. How the impact need to be taken if the company is only considering one year rentals as revenue and recognizing only that portion as revenue.

Thanks & Regards