Please any one clarify that as per US GAAP we have to disclose the investments details if the value of the investment is 5% more than net worth or partners capital in the financial statement. My doubt is In case the organization is investment company or firm engaged in fund of fund, whether it is enough to show the fund in which such company have invested and the value is more than 5% of the net worth or partners capital or is it necessary to show the investment in which fund that we have invested, if it's so how to calculate the 5%,

Please clarify UPS Battery is an asset or consumable. I mean Exide battery for UPS is a goods or consumables. and explain how?

Anyone please provide me the checklist of statutory audit of limited company.

Hello
I am a student of ramanujan college,DU and i am in my 4th sem(will be completed in june/july). I am giving my ca inter group 2 exam in may.
i am really tensed whether i should continue college for 1 more year or i should quit it and obtain a diploma degree and continue with my articleship.
i have already talked with my college adminstration regarding conversion to DU SOL however they said that it is not possible as my college doesn't allow migration.
Now i really wanna know what to do? if i take 1 year gap can i get articleship in good firm?

I have done buisness for last 3years and I have declared income under 44ad for those 3 years. Now I left the buisness. Whether I need to get audited for next year
1.if my income from all other sources exceed 2.5 lakhs???
2. If I got a job and my income exceed 2.5laks???

A company that has received a legal notice to pay money by from their creditor. the creditor claim is recognised as trade payable. The company wants to write off the debt to save liability. what process as auditor i should follow and is any declaration is required from company?

Can person holding COP from May 2024 sign the Valuation report for the period ended March 2024?

If we are calculating profit prior and post incorporation.
Where will we consider audit expenses ?
Can we consider it a post incorporation expense ?

If a Foreign Subsidiary Company takes External Commercial Borrowings (ECBs) from its Holding Company at a lower interest rate compared to the prevailing industry rate. In this scenario:
1. Is this considered a compound financial instrument, requiring accounting treatment as per Ind AS 109?
2. If so, what benchmark rate should be used for valuation, especially when a comparable rate is unavailable?
Further clarification:
a) The company has prepared its financial statements in accordance with Ind AS for the first time (First-time Adoption of IND AS).
b) The company has been in a loss-making position for the last 10-11 years. Therefore, the company is not in a position or eligible to take any borrowings from banks, financial institutions, or other non-related parties. So, what comparable rate should be used if Ind AS 109 is to be applied?

If any professionals or individuals have expertise or experience in handling this particular situation, please provide insights in the comments section below.

Respected Sir/Madam,
I am going to Study CIA Course (Certified Internal Auditor). Can a CIA attested on Financial statements of the assessee ? (Sec 44AD cases. Not tax audit)