CA Institute open to allow UK, Canadian professionals provide audit services in India

02 January, 2023

Central Council approves draft market access offer of India in auditing and accounting services.The CA Institute is now open to offer market access in auditing services to audit and accounting professionals from the UK and Canada. 
The Central Council of the Institute of Chartered Accountants of India (ICAI) has at its recent meeting approved a draft market access offer from India in the ongoing  negotiations on trade in services with its FTA Partners – The UK and Canada.
 

Audits

Checklist on Disclosure requirements under AS 3: Cash Flow Statements

02 January, 2023

The economic decisions of users of financial statements require an evaluation of the ability of an enterprise to generate cash and cash equivalents and the timing and certainty of their generation. AS 3, Cash Flow Statements, deals with the provision of information about historical changes in cash and cash equivalents of an enterprise by means of a cash flow statement which classifies cash flows during the period from operating, investing and financing activities.
 
 

Accounting

02 Janurary, 2023

The CA Institute has come up with a revised implementation guide to the auditing standard (SA230) on ‘audit documentation’. 

This has been done to provide practical implementation guidance to auditors on this standard. The implementation guide was last issued in 2018. 

Audits

US SEC heightening scrutiny of auditors' crypto work : report

31st December, 2023

The US Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," said Paul Munter, SEC's acting chief accountant in an interview with the journal.The SEC did not immediately respond to a Reuters request for comment on the report.
The development comes as the implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world's biggest crypto exchanges, and has prompted investigations by regulators in several countries.
The development comes as the implosion of FTX has rippled across the industry, hobbling liquidity at firms with exposure to what was once one of the world's biggest crypto exchanges, and has prompted investigations by regulators in several countries.
Last month, FTX filed for US bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive, after rival exchange Binance walked away from a proposed acquisition.

US Accounting

FASB Staff Issues Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy

2nd Janurary, 2023

The Financial Accounting Standards Board (FASB) has issued proposed technical and other conforming changes for the 2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public comment. These proposed changes include element additions for various accounting topics, and element deprecations for superseded accounting guidance and for improved consistency and structure for the topical projects and other reviews. Standard and documentation labels were modified to clarify elements and improve appropriate usage, and references were modified to assist with element selection.
 The FASB is seeking feedback on whether users of the U.S. GAAP Financial Reporting Taxonomy agree with the proposed technical and other conforming changes, and whether additional technical and other conforming changes are needed. The comment period for the proposed changes ends on November 1, 2021. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
 
 

US Accounting

IFRS Foundation and MoF China sign an MoU to establish an ISSB office in Beijing

31st December, 2022

The Trustees of the IFRS Foundation signed a Memorandum of Understanding (MoU) with the Ministry of Finance of China to establish a Beijing office of the IFRS Foundation. The MoU is effective for an initial three-year period.

The signing of the MoU follows the COP26 announcement of the International Sustainability Standards Board (ISSB) and its global and multi-location presence by the Trustees.

The Beijing office, established as a representative office, is expected to open in mid-2023. The office will work in collaboration and cooperation with other IFRS Foundation offices around the globe, with staff focused on leading and executing the ISSB’s strategy for emerging and developing economies, acting as a hub for stakeholder engagement in Asia, facilitating deeper co-operation and engagement with stakeholders, and undertaking capacity-building activities for emerging economies, developing countries and SMEs. The office will host meetings of the ISSB and its various advisory bodies and serve as a base initially for ISSB Member Bing Leng. ISSB Vice-Chair Jingdong Hua, who is responsible for overseeing the ISSB’s engagement across all developing and emerging economies, will regularly visit the office.

General

Decoding how the CPA Program brings in a volley of global opportunities

31st December,2022

Manu Vishwas Trivedi, CPA (Aust.), Finance Manager at Cyprium Metals Limited, worked successfully across the globe before setting his sights on building a new life in Australia. 

Trivedi knew early on as an accountant that he wanted to work internationally but the plan to come to Australia only developed after he had established an enviable career in accounting.

Trivedi’s career journey started after graduating with a commerce degree and completing his Chartered Accountancy in India. His skills and interest in gaining international exposure led him to work for businesses in Vietnam, Singapore, China, and South Africa. He moved around the world, working in hospitality and education, but it was the mining industry that gave him the challenge he sought in the line of work he enjoyed most: accounting.

 

US Accounting

US House Committee releases 6 years of Donald Trump's federal tax returns

31st December, 2022

Former President Donald Trump’s partially erased tax returns were released by the House Ways and Means Committee. This was a longtime task of Democrats to make Trump’s tax returns and finances public after the former president inexpertly tried to stop them in the court.

The final documents which were released had the financial documents which covered six years of Trump’s individual returns filed together with his wife, Melania, during his time in the White House.
The erased documents also had several tax forms of Trump’s business operations that were found by the Ways and Means Committee. There were about 6,000 pages of forms, which included 2,700 pages of self-made returns and more than 3000 sheets from Trump’s business operations.
The tax forms also gave data into the state of Trump’s finances which were from 2015 to 2020 as he mounted his third bid for the presidency in 2024. Other information such as his Social Security and bank account numbers were kept hidden.

International Tax