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ICAI proposes to continue relaxation on lease accounting K.R.Srivats New Delhi | Updated on April 12, 2021 Lease modification requires re-computation of lease liability using discount rate - istock.com/cnythzl× Move will bring respite to airlines, multiplexes, hotels With Covid-19 continuing to wreak havoc on the Indian economy, the CA Institute proposed to extend by one year the validity of an existing pandemic induced accounting relief on ‘leases’, bringing some respite especially for players in airlines, retail, multiplexes, hotel and telecom sectors. If and when approved, the lessees can account for the rent concessions (rent holiday, rent reductions) that they may receive from lessors during the pandemic as if they are not lease modifications for another one year from June 30, say accounting experts. The ICAI which had issued an exposure draft for the proposed change in Ind AS 116 (leases) that became mandatory from April 1, 2019 is ....
ICAI reads out riot act to members, students February 15, 2021 Cautions them against using social media to tarnish the image of the profession CA Institute members and students watch out. The Institute of Chartered Accountants of India (ICAI) has cautioned them against taking to social media to post any content that tarnishes the image of the CA profession or the Institute in the eyes of the public. According to the Institute, the punishment for any such action could be as harsh as initiating disciplinary proceedings against the member concerned and even cancellation of registration of the student, thereby preventing the student from pursuing a career in chartered accountancy. ....
February 10, 2021 Atul Kumar Gupta, outgoing President of ICAI× The CA Institute has knocked the doors of the Prime Minister’s Office and the Finance Minister seeking a withdrawal of the Budget proposal to do away with mandatory annual audit and reconciliation statement certification by a chartered accountant in respect of Goods and Services Tax (GST). The Budget has in an apparent business-friendly move proposes to amend the Central GST law to allow filing of annual returns on a self-certification basis. It has also empowered the commissioner to exempt a class of taxpayers from filing of annual returns. This Budget proposal has left the chartered accountants fraternity in a state of shock, prompting the CA Institute to demand a rollback of the move. ....