The Hindu : Business : Sub-group set up to examine Accounting Standard issues

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Tuesday, Sep 12, 2006
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Sub-group set up to examine Accounting Standard issues

Staff Reporter

ICAI finalises format for financial statements for stock brokers

MANGALORE: The Central Council of the Institute of Chartered Accountants of India, at the conclusion of its 262nd meeting here on Friday, has decided to set up a sub-group to examine issues involved in implementing Accounting Standard 15 (AS-15) on employee benefits. This follows representations received from the SBI and the Indian Banks Association suggesting deferral of application of the transition provision/standard.

Briefing media personson decisions taken at the meeting, T. N. Manoharan, President, ICAI, said the sub-group would take the views of the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority (IRDA), Life Insurance Corporation (LIC) and others. It would consider the comments and issues involved and submit a report to the council. The present decision of the council on AS-15 effective from April 1 remained unchanged, he said.

On other decisions, he said the ICAI had finalised a format for financial statements for stockbrokers who operate in non-corporate firms.The formats would be revised in the near future and forwarded to the Securities and Exchange Board of India (SEBI) for consideration.

CA curriculum

On the CA curriculum, Mr. Manoharan said government approval was expected during the month. Option would be given to the existing professional education-I students to switch over to The common proficiency test (CPT) course. The CPT would henceforth be held on a quarterly basis.

Chennai would host the South Asian Federation of Accountants (SAFA) events later this month.

The SAFA committee meeting would be held on September 29, followed by the general assembly on October 1. The ICAI is also organising the SAFA International Conference on `Accounting profession in South Asian region — values and perspectives' on September 30 as part of the event, he added.

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