IFRS 10, IFRS 11, IFRS 12, IFRS 13, IAS 27 and IAS 28 now available for Purchase

The IFRS Foundation is pleased to announce that the new International Financial Reporting Standards - IFRS 10, IFRS 11, IFRS 12, IFRS 13, IAS 27 and IAS 28 (May 2011) are now available and can be purchased from our Web shop. Special offer: Purchase the 2011 IFRS (red) book plus all six Standards at the bundled price of £75.00 plus shipping.

The new standards are also available individually in print or as downloadable PDFs . Our standard discounts apply to the hard copies of the new standards only. For multiple copies, academic/student and low or middle income country discounts please see the Web shop. Comprehensive subscribers will be receiving their hard copies of the above IFRSs by mail soon. If you need any assistance, please contact our customer services by email publications@ifrs.org or telephone +44 (0)20 7332 2730.

Net direct tax collection down 48% in Apr—May

Advocate V.Sridharan, lawyer, Supreme Court, dealt with various issues in Service Tax relating to the Commercial or Industrial Construction Service, Refund of Service Tax and Other Practical Issues, Good and Service Tax and overview at the ICAI one-day workshop on ‘Service Tax' organised by the Ernakulam Branch of The Institute of Chartered Accountants of India. He spoke extensively on the topics ‘Issues in Service Tax on Real Estate Transactions,' ‘Cenvat-Credit, Refund and Other Issues' and ‘Road Map to GST.' Various queries regarding online registration and e-Filing returns were cleared by him. There was also a Panel Discussion on Service Tax which was led by Mr Thomas P. A., Superintendent of Central Excise, and Mr Aravinda Raj, Inspector, Excise Department. Mr Saji Mathew, Chairman, presided over the function. Mr Mathukutty P. P., Vice-Chairman, Ms Minu Mathew, Secretary, and Mr Balagopal R, Managing Committee member of the Ernakulam branch, addressed the delegates. - www.thehindubusinessline.com

ICAI workshop on Service Tax

Advocate V.Sridharan, lawyer, Supreme Court, dealt with various issues in Service Tax relating to the Commercial or Industrial Construction Service, Refund of Service Tax and Other Practical Issues, Good and Service Tax and overview at the ICAI one-day workshop on ‘Service Tax' organised by the Ernakulam Branch of The Institute of Chartered Accountants of India. He spoke extensively on the topics ‘Issues in Service Tax on Real Estate Transactions,' ‘Cenvat-Credit, Refund and Other Issues' and ‘Road Map to GST.' Various queries regarding online registration and e-Filing returns were cleared by him. There was also a Panel Discussion on Service Tax which was led by Mr Thomas P. A., Superintendent of Central Excise, and Mr Aravinda Raj, Inspector, Excise Department. Mr Saji Mathew, Chairman, presided over the function. Mr Mathukutty P. P., Vice-Chairman, Ms Minu Mathew, Secretary, and Mr Balagopal R, Managing Committee member of the Ernakulam branch, addressed the delegates. - www.thehindubusinessline.com

The IASB and the FASB's discussion on leases and discussed subsequent measurement issues relating to lessees, including foreign exchange differences, impairment, revaluation and residual value guarantees.

Foreign exchange differences

The boards discussed the accounting by lessees for leases denominated in a foreign currency. The boards tentatively decided that foreign exchange differences related to the liability to make lease payments should be recognised in profit or loss, consistently with foreign exchange guidance in existing IFRSs and US GAAP. 13 IASB members and all FASB members agreed.

Impairment

The boards discussed impairment of the lessee's right-of-use asset. The boards tentatively decided to reaffirm the proposal in the exposure draft to refer to existing guidance in IFRSs and US GAAP for impairment of the right-of-use asset.

All board members present agreed.

Revaluation (IASB only)

The IASB discussed revaluation of the lessee's right-of-use asset. The IASB tentatively decided to reaffirm the proposals in the Leases exposure draft allowing revaluation of the right-of-use asset. All IASB members present agreed.

Residual value guarantees

The boards discussed the subsequent measurement of residual value guarantees by lessees (excluding guarantees provided by an unrelated third party) and tentatively decided that:

• The amounts expected to be payable under residual value guarantees included in the measurement of the lessee's right-of-use asset should be amortised consistently with how other lease payments that are included in the measurement of a right-of-use asset are amortised. That is, amortisation should be on a systematic basis from the date of commencement of the lease to the end of the lease term, or over the useful life of the underlying asset, if this is shorter. The method of amortisation should reflect the pattern in which the economic benefits of the right-of-use asset are consumed or otherwise used up. If that pattern cannot be determined reliably, a straight-line amortisation method should be used. All board members present agreed.
• The amounts expected to be payable under residual value guarantees that are included in the measurement of the lessee's liability to make lease payments should be reassessed when events or circumstances indicate that there has been a significant change in the amounts expected to be payable under residual value guarantees. An entity would be required to consider all relevant factors to determine whether events or circumstances indicate that there has been a significant change. All board members present agreed.
• The amount of the change to the lessee's liability to make lease payments arising from changes in estimates of residual value guarantees should be recognised (a) in net income to the extent that those changes relate to current or prior periods and (b) as an adjustment to the right-of-use asset to the extent those changes relate to future periods. The allocation for changes in estimates of residual value guarantees should reflect the pattern in which the economic benefits of the right-of-use asset will be consumed or were consumed. If that pattern cannot be determined reliably, an entity should allocate changes in estimates of residual value guarantees to future periods. 12 IASB members and all FASB members agreed.

Revenue recognition

The IASB and the FASB discussed how an entity should account for the costs of products manufactured for delivery under long-term production programs. The boards noted the potential to improve and converge the financial reporting for those costs. However, they agreed that the accounting for those costs is not in the scope of the revenue recognition project.

IFRS 9: Financial instruments—hedge accounting

the IASB continued its redeliberations on the exposure draft Hedge Accounting (the ED) and discussed the accounting for options as hedging instruments, rebalancing of a hedging relationship and voluntary discontinuation of hedge accounting.  

Accounting for time value of options
The Board discussed whether the time value of an option should always be expensed over the life of an option instead of applying the accounting as proposed in the ED. The Board noted that such an accounting treatment would not provide an outcome that aligns with the view of the time value paid as a cost of hedging as it can result in recognising an expense in periods that are unrelated to how the hedged exposure affects profit or loss. The Board also discussed whether the proposals could be simplified by removing the differentiation between transaction related and time period related hedged items. The Board noted that doing so would be inconsistent with other IFRSs and treat unlike situations as alike, hence impairing comparability. The Board also discussed the concerns of some respondents about whether it is appropriate to defer the time value of options for transaction related hedged items. The Board noted that the time value paid is not an asset itself but is an ancillary cost that is capitalised as part of the measurement of the asset acquired or liability assumed-consistent with how other IFRSs treat ancillary costs. The Board also noted that the ED also includes an impairment test to ensure that amounts that are not expected to be recoverable are not deferred. The Board tentatively confirmed the accounting outcomes for the accounting for time value of options as proposed in the ED (ie that to the accounting would depend on the nature of the hedged item). The votes were 13 in favour, 1 against, 1 absent. The Board also discussed whether further application guidance and clarification should be provided in the final requirements. The Board tentatively decided to expand the application guidance in the ED. The votes were 14 in favour, 0 against, 1 absent. The Board also considered whether paraphrasing the requirements as a single general principle would clarfy the accounting for transaction and time period related hedged items. The Board noted that a principle that was suggested by the feedback received would not accurately reflect the accounting for hedges of firm commitments so tentatively decided not to use that principle but rather to provide further explanation in the basis for conclusions. The votes were 14 in favour, 0 against,1 absent. The Board considered whether it should provide an accounting choice to account for the time value of options either as: * proposed in the ED; or * in accordance with the treatment in IAS 39 Financial Instruments: Recognition and Measurement today. The Board noted that the treatment in IAS 39 today characterises the time value of an option as a trading gain or loss. This is not a faithful representation of the time value, which is a cost of hedging (the 'insurance premium' view). The Board noted that introducing an accounting choice would impair the comparability of financial statements. As a result, the Board tentatively decided to not introduce an accounting choice. The votes were 13 in favour, 1 against, 1 absent.
 
Designating combinations of options as the hedging instrument 

The Board discussed the restriction on designating a standalone written option in combination with a purchased option as a hedging instrument and noted that instead of entering into one collar contract, entities often enter into two separate option contracts that in effect achieve the economic outcome of a collar contract. Under the ED and IAS 39, the collar contract is eligible as a hedging instrument if it does not result in a net written option. However, designating two or more instruments in combination as the hedging instrument is not allowed if one of them is a written or a net written option. The Board tentatively decided to amend the requirements such that a combination of a written and a purchased option (regardless of whether the hedging instrument arises from one or several different contracts) can be jointly designated as the hedging instrument provided that the combination is not a net written option. The Board noted that whether a combination of a written and a purchased option is a net written option would require considering the same aspects as the evaluation of whether a collar constitutes a net written option. The votes were 13 in favour,1 against,1 absent
 
Rebalancing 

The Board discussed two main issues arising from the feedback on the proposals: * whether rebalancing should be mandatory or voluntary, and what the frequency of rebalancing is, and * what the scope of the rebalancing provisions is. Mandatory versus voluntary rebalancing The Board noted that the notion of rebalancing was introduced as a complement of the new hedge effectiveness assessment, mainly to address the requirements for the hedge ratio after designation of the hedging relationship. Therefore, the Board considered that rebalancing should be aligned with its tentative decision on the hedge effectiveness assessment because the purpose of rebalancing is to maintain compliance with the hedge effectiveness over the life of the hedging relationship following designation. The Board noted that an entity should therefore rebalance a hedging relationship if the hedge ratio used for risk management purposes changes or if rebalancing was required to prevent the hedge ratio resulting in an imbalance that would create hedge ineffectiveness in order to achieve an outcome that is inconsistent with the purpose of hedge accounting. In effect that means that if for risk management purposes an entity adjusts the hedge ratio in response to changes in the economic relationship between the hedged item and the hedging instrument the hedging relationship will automatically be adjusted accordingly (provided that it would not result in an imbalance). Hence, the Board noted that the notion of 'proactive' rebalancing would hence be obsolete Scope of Rebalancing The feedback on the ED also requested clarification of the scope of the term 'rebalancing'. There was a general request for clarifying the interaction between rebalancing and risk management. Another request was for clarification of whether rebalancing is used in a narrow sense in order to maintain a hedge ratio that complies with the hedge effectiveness assessment or whether it also includes other changes to the quantities of the hedged item and hedging instrument (ie changes unrelated to a response to a change in the economic relationship between the hedged item and the hedging instrument). Tentative Decisions As a result, the Board tentatively decided to align the notion of rebalancing with the Board's tentative decision on the hedge effectiveness assessment as follows: * After the start of a hedging relationship an entity would rebalance that hedging relationship for hedge accounting purposes when it adjusts the quantities of the hedging instrument or the hedged item in response to changes in circumstances that affect the hedge ratio of that hedging relationship (ie the 'hedge ratio is adjusted for risk management purposes'). However, the hedging relationship for hedge accounting purposes would have to use a different hedge ratio than for risk management purposes if: * the hedge ratio that would reflect an imbalance that would create hedge ineffectiveness in order to achieve an accounting outcome that is inconsistent with the purpose of hedge accounting; or * for risk management purposes, an entity would retain a hedge ratio that in new circumstances would reflect an imbalance that would create hedge ineffectiveness in order to achieve an outcome that is inconsistent with the purpose of hedge accounting (ie an entity must not create an imbalance by omitting to adjust the hedge ratio). * The notion of proactive rebalancing is eliminated (because it has become obsolete). * The final requirements would clarify that rebalancing covers only adjustments to the quantities of the hedged item or the hedging instrument for the purpose of maintaining a hedge ratio that complies with the requirements of the hedge effectiveness assessment. The votes were 14 in favour, 0 against, 1 absent.  





Voluntary discontinuation  

The Board considered the feedback and noted that there were mixed views. While some commentators argued that voluntary discontinuation should be allowed given that hedge accounting is optional, others agreed with the proposals but asked the Board to clarify the interaction with the risk management objective and strategy. As a result the Board discussed two main issues: * Whether voluntary discontinuation should be permitted; and * The clarification of the interaction between the proposed requirements for discontinuing hedge accounting and the risk management objective and strategy.  

Voluntary discontinuation 

The Board noted that the concerns of the commentators in relation to this issue are mainly a disagreement in principle based on the view that if starting hedge accounting by designating a hedging relationship is voluntary then discontinuation of hedge accounting should also be voluntary. However, the Board considered that if an entity chooses to apply hedge accounting it aims to represent in the financial statements the effect of pursuing a particular risk management strategy by using that kind of accounting. The Board noted that the ability to voluntarily discontinue hedge accounting would undermine the aspect of consistency over time in accounting for that type of hedging relationship. The Board also noted that the ability to discontinue hedge accounting when an entity still qualifies for hedge accounting and continues to pursue its original risk management objective would result in a misalignment with risk management and hence be inconsistent with the overall objective of the new hedge accounting model. Clarification of the interaction between the proposed discontinuation requirements and the risk management objective and strategy. The Board noted that some of the feedback indicated that the references to the risk management strategy and the risk management objective were not sufficiently clear, particularly their relationship with each other and at what level these notions would apply. The Board also noted that the concerns resulted from two scenarios: * hedge accounting approaches that are a surrogate of dynamic hedging; and * hedging relationships that a specific stage turn into a natural hedge. The Board concluded that the risk management strategy is the highest level at which an entity determines how it manages its risk while the risk management objective for a hedging relationship relates to how the particular hedging instrument designated is used to hedge a particular exposure (ie the risk management objective applies at the hedging relationship level). This means that even if the risk management strategy remains the same, a particular risk management objective might change for a previously designated hedging relationship. 
 
The Board tentatively decided: *

to add guidance showing how the risk management objective and the risk management strategy relate to each other using examples contrasting these two notions; and * to confirm the proposals in the ED and hence prohibit voluntary discontinuation of hedge accounting when the risk management objective remains the same and all the other qualifying criteria are still met.

ICAI Accounting Research Foundation invites application from candidates for its project on Sustainability Reporting and Government Accounting Reforms

IFRS Foundation publishes proposed IFRS Taxonomy 'common-practice' enhancements

The IFRS Foundation has published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts.

The proposed interim release contains supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The supplementary tags are intended to enhance the comparability of financial information, and are consistent with IFRSs and with the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2011.

The supplementary tags result from the IFRS Foundation previously announced intention to extend the IFRS Taxonomy. This was partially a response to United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS Taxonomy 2011 for US filing purposes, together and the outcomes of an pilot XBRL study. The SEC has issued a 'no action' letter in which it states foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB are not required to submit XBRL information to the SEC until it endorses an IFRS Taxonomy it considers suitable.

The proposals are open for comment until 2 August 2011. Click for IFRS Foundation announcement (link to IASB website). More information about XBRL is available on our XBRL page.

IFRS Interpretations Committee appointments

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced today appointments and reappointments to the IFRS Interpretations Committee.

Five members of the Interpretations Committee complete their term at the end of June 2011 and have been reappointed for a further three-year term. They are: Joanna Perry, Luca Cencioni, Jean Paré, Margaret Smyth and Scott Taub.

Two new members have been appointed to the Interpretations Committee:

• Charlotte Pissaridou, Managing Director, Head of Accounting Policy for Europe, Middle East and Africa, Goldman Sachs International, UK; and
• Kazuo Yuasa, General Manager, IFRS Office, Corporate Finance Unit, Fujitsu Limited, Japan.

Ms Pissaridou has been appointed to fill the vacancy that will arise when Jean-Louis Lebrun completes his second term at the end of June 2011. Ms Pissaridou has been appointed for a three-year term. Mr Yuasa has been appointed to replace Takatsugu Ochi, who has been appointed as a member of the IASB from 1 July 2011. Mr Yuasa’s appointment is initially for one year, being the remaining period of Mr Ochi’s term as a member of the Interpretations Committee. Ms Pissaridou and Mr Yuasa will both be eligible for reappointment.

Commenting on the appointments, Sir Bryan Nicholson, Chair of the Nominating Committee of the Trustees, said:

I am delighted that Charlotte Pissaridou and Kazuo Yuasa have agreed to join the IFRS Interpretations Committee, and that Joanna, Luca, Jean, Peggy and Scott have all agreed to serve second terms. I want to thank Jean-Louis Lebrun for his long service and contribution to the work of the Committee. I also want to thank Takatsugu Ochi for his contribution to the work of the Committee and to wish him well in his new role as a member of the IASB.

Ratan Tata above board in 2G matter, says CBI

For the first time, the Central Bureau of Investigation (CBI) has said on record that Tata Telecom did not benefit in any way from the massive telecom scam that saw companies getting licences at throwaway prices in 2008 for mobile networks.

"We've examined the issue in detail. There was no irregularity in the issuance of licences to Tata Telecom," stated the CBI today.

The 2G scam is being investigated by the CBI and is being monitored by a special court in Delhi. A Raja, former Telecom Minister, has been arrested along with the executives of some of India's biggest telecom companies. They allegedly conspired to get out-of-turn allotments for spectrum and licences. Reported to be India's largest scam ever, the 2G swindle has whipped up a political tornado, allowing the government to be targeted for nurturing corruption. It has also pushed into jail Kanimozhi, whose party, the DMK, is a major alliance partner in the UPA government at the Centre. Kanimozhi's father, M Karunanidhi, is the head of the DMK.

A petition filed by a lawyer named Dharmendra Pandey had asked that Ratan Tata be made an accused in the 2G case for benefiting from the scam, along with Niira Radia, who handles the PR for his firm. Ms Radia is a witness for the CBI. Her phone was tapped in 2008 and 2009 in connection with an income tax investigation. Her conversations with Kanimozhi, Raja and others blew the lid off the 2G scam.
However, the CBI makes it clear that it is still studying the Tata group for two other deals that the company entered into during 2008 and 2009 when the telecom scam was playing out.  Firstly, it was the Tatas who loaned Rs. 1700 crore that allowed Unitech Wireless to acquire a telecom license from Mr Raja. Unitech- primarily a real estate company till 2008 -has been listed as one of the biggest beneficiaries of the telecom scam and its promoter, Sanjay Chandra, is now in jail on charges of conspiracy and cheating. The loan from the Tatas has been read by some as a sign that Unitech served as a front for the Tata Group, which had already been granted a license to provide mobile services.

Secondly, the Tata Group owned a valuable property in Chennai that was  transferred to Mr Karunanidhi's family at bizarrely low rates, according to the CBI.  Investigators want to know if this was some sort of kickback for the DMK and Mr Raja in exchange for telecom licences.

More and more Online Companies are launching IPOs

Internet Companies divulge into IPOs to seek out for investors and plan their expansions, witnessing the encouraging success in the market.

With the recent launch of IPO of LinkedIn worth $9 billion, social gaming website Zynga is planning to launch an IPO in the market in 2 weeks time. Goldman Sachs may be a lead banker, besides the other investors- Morgan Stanley, T.Rowe Price, and Fidelity Investments. Zynga is worth $10 billion in the private markets.

Groupon also joins the herd with a motive to raise $750 million. Its revenues in 2010 were $713 million, while in Quarter 1 of 2011 revenue was $ 644 million; there was a loss of $146 million last quarter.

With the trend moving towards more and more online industry companies coming up with IPOs, the business surrounding the virtual and interactive world is surmounting. In May, the officials of Angry Birds, the popular game for mobile devices, announced that the company plans to launch its IPO in next few years. The company has seen tremendous success after it was launched in December 2009, and is also planning to enter China’s mobile market.

The way the consumers have started spending their dimes and times on online interactivity, be it professional, entertainment, or operations related, opportunities lie definitely at the hands of the innovative marketer and investors as well.

Enrollment of ICWAI Inter passed Students as a trainee at ONGC Limited.

ONGC is also looking forward to enroll fresh student for training for 12 month with following
parameter:

1. 60% or more marks both in 12th and Graduation with ICWA-Inter
2. Ability to use Laptop and bring for working
3. Consolidated stipend of Rs.5000/- per month
4. Locations: Mumbai/Delhi/Chennai/Uran-Mumbai/ Hazira-
Surat/Ankleshwar/Kolkata/Agartala/Jorhat/Sibsagar/Rajamundry
5. Interested student can Email their CV to icwaitrgongc@gmail.com by 20th June 2011

Payment of Annual Member s hip / Certificate of Practice fee for the year 2011-12(ICSI)

1 .      Payment of Annual Membership fee/Certificate of Practice fee  

A s you are kindly aware that the Annual Member s hip fee/Certificate of Practice fee for the year 2011-12 became payable on 1 ^{s t} April, 2011.  The Annual Member s hip fee and Certificate of Practice fee payable i s a s under:- 

 

          (i)       Associate Membership fee                   Rs.1,125/-

          (ii)      Fellow Membership fee                        Rs.1,500/-                            

          (iii)     Certificate of Practice fee                     Rs.1,000/- (*)  

 

(*)     The members holding Certificate of Practice may kindly send the declaration in Form-‘D’ duly completed  in all respects including details of credit hours secured and signed for renewal of Certificate of Practice.  Form-D and Guidelines for Compulsory Attendance of Professional Development Programmes for the Members are available on the web-site of the Institute (i.e. www.icsi.edu).   

 

The fee i s payable late s t by 30^th June, 2011 unle s s the la s t date for payment i s extended.                                

2                    Payment of fee in Advance  

The members, if they so desire, can pay advance fee in lump sum for three years .   The scheme for accepting the annual membership fee in advance is available on the website of the Institute and also published in  April &  May 2011 issues of the Chartered Secretary Journal.  

For any clarification / information, you may kindly contact  S/Shri O. P. Sharma, A s s i s tant Director or D. D. Garg, Desk Officer on  telephone No.011 - 45341047  or on Mobile No.9868128682 or write at e-mail s id s a s indicated below:- 

 

Subject	e-mail id	Contact numbers
Annual membership fee	annualfee@icsi.edu	9868128682
Renewal of Certificate of Practice	licentiate@icsi.edu; cp@icsi.edu	011-45341047

 In case of any difficulty, please contact Mrs. Meenakshi Gupta, Joint Director on telephone No.011-45341047 or on mobile No.9868770138 or write at e-mail Id member@icsi.edu.   

(Meenakshi Gupta )
Joint Director  (ICSI)

Announcement regarding non-applicability of Revised Schedule VI in November, 2011 examination - (03-06.2011)

Non-applicability of Revised Schedule VI for November 2011 Examination

This is to bring to the attention of students that a decision has been taken to defer the applicability of the Revised Schedule VI for CA examination, consequent to which the same will not be applicable for the PCC, IPCC and Final examinations to be held in November, 2011.

Accordingly, in the list of publications/amendments relevant for November 2011 examination published in Students’ Journal “The Chartered Accountant Student”, the following portions given in column (4) of the table below are to be excluded:

Month of Issue	Page No.	Particulars / Heading	Portion to be excluded
(1)	(2)	(3)	(4)
May 2011	27	List of Institute’s Publications relevant for November 2011 examination	Sl. No. III. relating to Revised Schedule VI (under Final Course Paper 1: Financial Reporting)
May 2011	30	-do-	Note 1 (Common for PCC/IPCC Paper 1/Paper 5) under Paper 5: Advanced Accounting
June 2011	28-29	Applicability of relevant amendments etc. relating to Corporate and Allied Laws (Final) for November, 2011 examination	The seventh row under the said heading relating to Schedule VI

Further, the first sentence in the Note given in page 25 below the illustrative format of “Notes to Accounts” published in the June 2011 issue of the Students’ Journal, mentioning, inter alia, that the Revised Schedule VI is applicable from November 2011 examination should also be ignored. 

Bar non-compliant cos from filing event-based reports: MCA

The government today asked Registrar of Companies (RoC) to make sure that firms which do not file their balance sheets and annual returns regularly, are barred from filing any other event-based reports.
The Ministry of Corporate Affairs (MCA) also said that from July 3, no e-filing shall be accepted by the RoC from Directors of these defaulting companies for any other company also.
"All Companies will have to file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the RoC before recording any event based information/ changes made and no request, whether oral, in writing or through e-forms will be accepted in this regard," the MCA said in a statement.
It further directed Company Secretaries and auditors of these companies not to sign and certify the filing with MCA-21 system (the Ministry''s e-governance platform), in respect of these defaulting companies, till the defect is rectified.
"Members of ICAI, ICSI and ICWAI must not issue any certificates to such defaulting companies other than above mentioned e-forms. And, action will be taken against the defaulting companies and their Directors/ officers in default in co-ordination with RBI and Sebi," it said.
However, the ministry said, this order would not apply to such companies where the balance sheet and annual return could not be filed due to order of court/company law board or any other competent authority and RoC concerned has marked this company as having management dispute.

IFRS CD-ROM April 2011

the IFRS CD-ROM April 2011 Downloadable product code: 1611 is now available.

It is priced at £80 per individual user. The physical CD-ROM will also be available. Discounts are available for:

• academics/students
• middle income and low income countries
• multiple orders.

Please visit the Web Shop for the downloadable CD-ROM or the physical CD-ROM and place your order. Alternatively, download the order form from the Shop and return to us by fax/post.

If you need any assistance, please contact our customer services by email or telephone +44 (0)20 7332 2730.

Announcement-Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI - (02-06-2011)

It is notified for the information of all the registered members pursuing Certificate Course on International Taxation of the ICAI that the Assessment Test of the Course is proposed to be conducted on Sunday 3rd July, 2011 from 2.00 PM to 5.00 PM in the following centres: New Delhi Mumbai Kolkata Bangalore Ahemdabad

Eligibility criteria for appearing in the Assessment Test:

1.   Members who had registered for the Certificate Course and attended the same but not yet appeared for the Assessment Test.

2.   Members who had appeared for the Assessment Test but not declared successful. Such members may reappear by paying the fees of Rs. 1000/-. The fees may be paid through Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India” payable at New Delhi only and forward the same to the following address:

Secretary, Committee on International Taxation, The Institute of Chartered Accountants of India, ICAI Bhawan, Research Block, 1st Floor, A-29, Sector-62, Noida (U.P.) - 201301, India

Members intending to appear in the Assessment Test should inform the office latest by Monday 20th June, 2011 on the e-mail citax@icai.org

TOP 10 Rank List for Dec 2010 Examination-FINEL ICWAI

IN ORDER

rank/roll no/reg no/name/code/center/srl no


1  564780  SRS/030860  ARAVAPALLI SUSHMA SIREESHA  218(0)  VIJAYAWADA  72101

2 496431  WRR/004042  AKHIL LALIT ROONGTA                  113(0)   NASHIK               66691

2 533471  SRR/011015   ANAGHA K.P.                                      203(0)   ERNAKULAM     70706

3 570820  SRS/042901    K. SAMPATH KUMAR                        227(0) VIJAYAWADA    70375

4 565571  SRS/025504     K DILEEP KUMAR                              218(0)  VIJAYAWADA    73025

5 591283  ERS/010802      MUKESH AGARWAL                        303(0)   BHUBANESWAR 75800

6 611312  ERR/002693       GOURAV PERIWAL                          311(0)  HOWRAH             75521

7 571585  SRR/009196      SAI HARINI D.                                    227(0)  VIJAYAWADA   70429

8 545811  SRS/026767       B HARESH                                           206(0)    CHENNAI        71984

9 611427  ERR/002738     VINAY JAIN                                        311(0)       HOWRAH      75518

10 620732 NRR/006399     KARAN GOGIA                                  403(0) CHANDIGARH  80442

10 539974 SRS/028519      MANOJ KUMAR B                             204(0) HYDERABAD 72288

Cept(Centre for Environmental Planning and Technology ) to offer part-time MBA in infrastructure management

Working professionals in engineering and infrastructure fields can now aspire for an MBA degree in infrastructure management from Centre for Environmental Planning and Technology (Cept). The faculty of technology management at Cept has conceived such a part-time MBA programme that will take off from August this year.

While the MBA programme designed for experienced professionals having more than two years of work experience is spread over six semesters, the participants will also be awarded a postgraduate diploma after the completion of fourth semester.

Talking about the new programme dean of the faculty, D M Pestonjee said, "There is hardly an evening programme focusing on infrastructure management whereas this is a burgeoning sector and needs management professionals. So, we have introduced this programme for people already in the sector with an ambition to grow further. It is an interdisciplinary programme designed to give inputs in the fields of both management and applications of technology pertaining to the infrastructure sector."

Tata Motors May sales up 10%

Auto major Tata Motors today reported a 10 per cent increase in total sales in May to 62,296 units from 56,775 units in the same month last year.

In May, the homegrown firm registered a 9 per cent decline in passenger vehicle sales in the domestic market to 19,401 units from 21,324 units in the same period last year, the company said in a statement.
During the month, its small car Nano's sales soared by 84 per cent to 6,515 units, it said.
The 'Indica' range reported sales of 5,497 units, down 35 per cent. The 'Indigo' family, with sales of 4,268 units, witnessed a dip of 35 per cent vis-a-vis the same month last year.
The 'Sumo', 'Safari' and 'Aria' models accounted for sales of 3,121 units, up 15 per cent compared to May last year.
In the commercial vehicles segment, Tata Motors recorded a 19 per cent jump in domestic sales in May to 37,361 units.
Light commercial vehicles sales during the month stood at 21,829 units, up 24 per cent, while medium and heavy commercial vehicle sales stood at 15,532 units, a growth of 12 per cent compared to May, 2010.
Tata Motors' total exports in May rose by 39 per cent to 5,534 units from 3,976 units in the same month last year.
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Smart investment tips for mothers

A mother handles myriad responsibilities in a household. It not only includes running the household, but also, as with many working mothers, planning and aspiring for the future needs for their children like their education, health and marriage.

While all mothers concentrate on executing these responsibilities with utmost diligence, they may not necessarily be aware of the most optimal way of reaching their own financial goals to ensure a good education and life for their children and hence the importance of financial planning.
The foremost step to financial planning for mothers is to identify and set their financial goals. Most working mothers contribute a certain amount of money every month towards their household expenses and child care, because of which their families are used to a particular standard of living. It, therefore, becomes important for working mothers to take care that they are not underinsured. Working mothers should also take care to have sufficient health insurance to protect themselves against accidents or sudden critical illnesses.
Similarly, while stay-at-home mothers may not be contributing financially towards the household expenditure, they are the glue of the whole family in every other way. It becomes essential therefore that they are not only insured but more important also covered against any critical illnesses and accidents.
The next key financial goal for any parent including mothers is saving for child’s education and marriage. While it may not be a financial burden for mothers in the initial years, the cost of education can become serious a matter of concern once the child goes to college. To reduce the burden of the exorbitant cost of education, mothers should start saving and investing for it as early as possible. There are various investment options available in the market to address this need such as child education plans in the market offered by insurance companies and some mutual funds as well as other form of savings.
Similarly for marriages, while gold has always an attractive investment option for most women, it is not a very highly recommended one, given the rising prices. Mothers can even explore investing in fixed deposits and balanced funds offered by mutual fund companies and insurance companies for medium to long term horizon. They can even look at investing in equities if they would require money in the time frame of 5-8 years.
For women who can afford the cost of equated monthly installment (EMIs), investing in real estate is also an excellent option if you would like to leave your children with a home. Working mothers can also avail tax benefits on home loan EMIs paid. In addition to these, roughly 6 months of the family monthly expenditure should be kept in liquid cash for any emergency or sudden expenditure arising in the family.
Lastly, apart from covering their life and saving for their children’s education and marriage, it is essential for all mothers to plan for their retirement. Women, especially working mothers, need to plan their retirement so that they are able to maintain their own standard of living without being dependent on children or anyone else. Apart from the provident fund for working mothers, which will give them a lump sum of money on retirement, they should also invest in retirement plans offered by life insurers and mutual funds.
Hence, the key to a good and efficient financial planning is to start investing as early as possible. Mothers, given the many members of their family they take care of, even starting early with small amounts will help them build a big corpus with the power of compounding. u
— Author is Director, Corporate Initiatives and Business Development, Aviva India