A PIL was filed by Advocate Alakh Alok Srivastav seeking to put stay-on the "Opt-Out" Scheme by ICAI, calling the scheme as discriminatory. The PIL filed by the advocate on behalf of India Wide Parents Association also seeks more Exam Centres and more precautions from coronavirus. The first hearing of the PIL was held on the 26th of June, 2020 led by a two-judge virtual bench- HON'BLE MR. JUSTICE A.M. KHANWILKAR HON'BLE MR. JUSTICE DINE..
This article addresses the age-old question - Is clearing CA difficult? Is CA tough? Is it very hard to study for CA? and what not… I often hear this question from new CA aspirants who are just about to start their CA journey. I feel like such questions have created a mental mindset in the CA and Non-CA (those who give-up eventually after listening this) aspirants and got them stuck in thinking that CA is really touch / difficult course. Sometimes, I feel sorry for such people. I wi..
IMPORTANT ANNOUNCEMENT POSTPONEMENT OF CHARTERED ACCOUNTANTS EXAMINATIONS SCHEDULED TO BE HELD ON 19TH & 20TH MAY, 2022 AT SILCHAR (ASSAM) EXAMINATION CENTER ONLY. In compliance with the Order No. DDMA.403(GR-Relief Ops)CHR/2022-23/79 dated 18th May 2022 of the Office of Deputy Commissioner, District Disaster Management Authority, Silchar directing all the Educational Institutions to remain closed for the next 48 hours due to ongoing floods, it has been decided by the competent authori..
Examination Department The Institute of Chartered Accountants of India 14th May, 2022 Observations of the candidates on the question papers of CA examinations- May 2022 It is hereby informed that candidates can bring to the notice of the Examination Department, their observations, if any, on the question papers relating to Final and Intermediate Examinations being held in May 2022 by e-mail at email@example.com or by way of a letter, sent by Speed Post, at the foll..
AS 10 - Plant Property and Equipment How to recognise PPE? Future economic benefits associated with the item will flow to the enterprise & Cost can be measured reliably Subsequent recognition of Assets Depreciation for PPE Retirement of PPE PPE is retired from active use and it is held for disposal - such PPE should be stated in balance sheet Carrying amount (Net book value); or Net realizable value(NRV) Whichever is LOWER. Disclose suc..
AS 9 Revenue Recognition AS 9 is Not Applicable For When to recognise revenue? Significant Risk and Rewards of ownership is transferred Entity does not retain any Effective control Goods sold Cost can be reliably Measured Collection of the revenue is certain Stage of completion is measurable and is certain. When one of the above is not certain then I. Revenue to be Recognised When there is Sale Of Goods II. Revenue to be Recognised Service..
Admit cards of Foundation exams June 2022 will be hosted 14 days prior to commencement of exam. Announcement Intermediate and Final Examination Admit Cards Admit cards in respect of candidates admitted to the Intermediate and Final examination with their photographs and signatures on them, are hosted on https://icaiexam.icai.org/ No physical admit cards will be sent to any candidate. Candidates are required to download and print their admit cards from the website. For downloading/pr..
AS 7 Construction Contracts (Introduced in December 1983, Revised and applicable for accounting Periods on or after April 1, 2003) Types of Contract Fixed Contract In fixed Contract Price is agreed as a fixed sum. Cost Plus Contract It is a type of construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus percentage of these costs or a fixed fee. Contract Revenue Contract Cost Measurement of contr..
Board of Studies (Academic) The Institute of Chartered Accountants of India 28th April, 2022 ----------------------------------------------------------------------------------------------- ANNOUNCEMENT Sub: (i) Renewal of 75% Concession in Registration Course Fee for all levels of CA Courses for the Candidates/ Students from Union Territories of Jammu & Kashmir, Ladakh and for 8 North-Eastern States. (ii) Extending 75% Concession in Registration Course Fee for all levels o..
Board of Studies (Academic) The Institute of Chartered Accountants of India 28th April, 2022 --------------------------------------------------------------------------------------- ANNOUNCEMENT Sub: 75% Concession in Registration Course Fee for all levels of CA Courses for the wards of demised members of ICAI. The Council of the Institute has decided to extend 75% fee concession on registration fees to the wards of demised members of ICAI effective from 1st April, 2022 for ..
AS 3 Cash Flow Statements A mandatory for Level 1 enterprises from accounting period commencing on or after April 2001. Not a mandate but encouraged for Level II and Level III Non-corporate entities and Level II corporate Entities. Exemption from preparing Cash Flow Statements Cash and Cash equivalent: Cash-It comprises cash on hand and demand deposits with banks. Cash equivalents-They are short term, highly liquid investments that are readily convertible in..
AS 2 Valuation of Inventories (Issued in June 1981, revised and made mandate for accounting periods commencing on or after April 1999) Definition of Inventory As per Para 3 of AS 2 Inventory includes: Inventory does not Include As per Para 1 of AS 2 inventory does not include: Measurement of Inventories Inventories valued at lower of Cost or Net Realizable Value. Item Measurement Raw Materials L..
AS 1: Disclosure of Accounting Policies (Issued in November 1979, Came into existence from accounting periods commencing on or after April 1 ,1991.) Purpose of Disclosure of Accounting Policies To Promote Better Understanding of Financial Statement, by disclosing significant accounting policies in an orderly manner. To facilitate meaningful comparison between financial statements of different enterprises for the same accounting period. Disclosure of changes in Accounting Policies..
This helped me find the answers quickly and get an EXEMPTION in CA Final Paper 6. You had been using a WRONG index!! Please use the right index. This will do wonders for you. Read how!! Questions were mostly repeated in Paper 6D till now - but with CHANGED names of the people mentioned in the case studies. For example, if it was originally a case study with the character mentioned as Mr Reddy, ICAI will give the same case study with the name Mr. Iyer. So, ..
US CPA is one of the most lucrative careers in the accounting field. It is globally recognized and opens up new career possibilities. The best thing about it is that anyone can become a US CPA, provided you meet certain minimum qualifications. It is also a great alternative for Chartered Accountants. Instead of spending 5+ years to become a CA, you can become a US CPA in just 9 months. Meet our alumni KavneetHanspal, a CA-inter who went on to receive the prestigious Elijah Watt Sells Award, w..
The Institute of Chartered Accountants of India (ICAI), established by an Act of Parliament in 1949 has proven its mark as an elite world class institution devoted to uphold the values of transparency, accountability and integrity. Since its inception, ICAI has taken possible measures to make the CA education accessible to all economic strata of our country. Being a gender- and disability- sensitive institution, ICAI has been empowering the youth of our nation, producing almost fifteen to twenty..
The number of students studying Chartered Accountancy has been rising year after year. However, the passing percentage of pupils in this test is relatively low, making it considerably trickier to clear. Chartered Accountancy as it is, is regarded as one of the most difficult professional degrees in the country, with fierce competition for students. Hence, it's no shocker that most students find it considerably hard to deal with the pressure that comes along with exam preparation. The CA E..
Public Relations Committee The Institute of Chartered Accountants of India 4th April, 2022 Signing of MoU with Directorate of School Education, Kashmir The Institute of Chartered Accountants of India (ICAI) with the support of J&K branch of NIRC of ICAI & Srinagar Representative Office recently signed a Memorandum of Understanding (MoU) with Directorate of School Education, Kashmir (DSEK), Government of Jammu & Kashmir for promoting Commerce Education amongst Govern..
CA examinations are the golden standard for applicants seeking lucrative careers in the finance industry. After several months of education and training at CA coaching schools, a large number of students take the CA examination. However, the percentage of candidates who pass these examinations remains extremely low. The examinations are held twice a year, in May and November, and are conducted by the ICAI (Institute of Chartered Accountants of India), India's pinnacle accounting body. The..
Board of Studies (Academic) The Institute of Chartered Accountants of India 30th March, 2022 Announcement Registration for Online Home-Based Practical Training Assessment The next practical training assessment is being conducted online on April 30, May 1, May 2, 2022. The students who have completed their 1st/ 2nd year of practical training during April 1, 2021 – March 31, 2022 are eligible to appear in this test. The students who have already appeared in the practical traini..