Posts Tagged ‘Members’


Extension of last date “for complying with the CPE hours requirement for the calendar year 2012” – from 31st December, 2012 to 31st January, 2013.

This is for kind information of the members that it has been decided to extend the last date for complying with the CPE hours requirement for the calendar year 2012 by one month, i.e., up to 31st January, 2013.

Secretary
CPE Committee of ICAI

Source: The Institute of Chartered Accountants of India.

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General Circular No. 33/2012, No. HQ/MCA/Digitized/ARBS/2009-Pt-2, dated 16.10.2012

You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandatedvideMinistry of Corporate Affairs Notification GSR No: 748(E), dated 05.10.2011. The e-forms were duly certified by CA/CS/CWA professionals for their completeness and correctness in representation with respect to audited financial statement of the company.

2. A random scrutiny of XBRL filing of financial statements by few companies to MCA for FY 2010-11 reveals significant variations in disclosures in published results and the XBRL filings due to ‘incorrect’ mapping of disclosures. It has been observed that few disclosures were ‘mapped/tagged’ with incorrect accounting concept despite availability of appropriate element in taxonomy. It has also been observed that provisions of “Block Text tagging” and/or “Footnote” have been inappropriately used to report disclosures, like subsidiary details, related party transactions, Director’s Report, etc., even when appropriate elements were available in the taxonomy for such disclosures. Few instances of “incorrect” tagging of XBRL documents are provided at Annexure-I.

3. Such filing are inaccurate and do not adequately represent true and fair view of the state of affairs of the company as per section 211 of the Companies Act, 1956. Such XBRL filings, apart from being misleading, also dilute the effectiveness of XBRL for stakeholders’ usage relating to the companies. It is unfortunate that professionals have certified the authenticity of such incorrect data, for which they are liable to be penalized. Such lapses defeat the very purpose of introducing XBRL filings which are meant to elicit more detailed and refined information as to the affairs of companies. Please note that XBRL filings are being minutely scrutinized to see if similar mistakes also appear in a larger sample.

4. It is bounden duty of Institutes to direct its members to take necessary steps to improve the quality of XBRL filing for FY 2011-12 to be undertaken by its members. The Institute may conduct further trainings, issue guidelines, etc. so that such quality related issues are appropriately resolved.

5. This may be accorded high priority.

Annexure-I 

GENERAL XBRL FILING ERRORS

Errors Observation
Cash Flow Statement not tagged
The Cash Flow Statement for FY 2010-11 is available in the Audited Financial Statements (PDF file). However, the same has not been tagged in XBRL financial statements filed at MCA portal.

 

Information of all subsidiaries not provided in XBRL financial statements Information about one Subsidiary has been tagged in XBRL financial statements whereas the Company had nine Subsidiaries.
Information of all related party transactions not provided in XBRL financial statements Related Party Disclosures have not been tagged in XBRL financial statement.
Parenthetical (additional disclosures) information not tagged in XBRL financial statements Aggregate Market Value of Investments not provided by way of footnote. Additional information on Issued, Subscribed & Paid up Share Capital not explained by way of footnote.
Footnotes not tagged in XBRL financial statements. Footnotes on Share Capital, Secured Loan, Reserve and Surplus, unsecured loan-Fixed deposits, Investments, Fixed Assets, Security deposit, etc. have not been tagged. Footnote on “Investments” has not been given.
Different presentation in PDF and XBRL filings The Annual Report presented before the shareholders the figures were presented in Rs. Thousands whereas in the XBRL documents the figures were provided in Rs. Lakhs.
Incorrect usage of Footnote Director’s Report provided by way of footnote whereas separate tags are available for tagging of Directors’ Report. Similarly, for Auditors’ Report, Significant Accounting policies, Unsecured Loan, Current Liabilities, etc. Footnote has been incorrectly used.

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Click here to download the complete text of the above Circular in PDF Format- General Circular No. 33/2012 dated 16.10.2012.

Source: Ministry of Corporate Affairs.


Recognition of Chartered Accountancy Course by Manipal University for Ph.D. Registration

Dear Member,

We are pleased to inform you that the Manipal University, Karnataka has extended its facility to members of the Institute to pursue Doctoral (Ph.D) programme of the university.

Director

Board of Studies

Source: The Institute of Chartered Accountants of India.


ANNOUNCEMENT

August 21, 2012

Increase in fee for Duplicate Certificate of Membership and Certificate of Practice as an Associate or Fellow – Amendment to the Regulation 184 of the Chartered Accountants Regulations, 1988

This is to inform all concerned that with the issuance of the Notification No.1-CA (7)/145/2012 on August 1, 2012, the fee for Duplicate Certificate of Membership as an Associate or Fellow as well as Certificate of Practice as an Associate or Fellow respectively has been increased to Five Hundred rupees and fee for any other duplicate certificate issued under these regulations has also been increased to Two Hundred Rupees with effect from August 1, 2012.

The said notification is available on the Institute’s website www.icai.org at the link http://220.227.161.86/27508notification17036.pdf for information of all concerned.

In case of loss/damage of original script certificate of membership or certificate of practice as an associate or fellow, members may file an affidavit to the concerned Regional office of ICAI in the prescribed format available on the Institute’s website www.icai.org at the link http://220.227.161.86/8604onfo_faidsc.doc along with application for issuance of duplicate certificate and amount of aforesaid fees which is payable by cheque (in the case of local members) and by demand draft, in favour of The Secretary, The Institute of Chartered Accountants of India, New Delhi or the Decentralized office to which the members belongs. It is clarified that an affidavit is not required to be executed if the original mutilated, torn or damaged certificate is returned to ICAI.

Secretary

Source: The Institute of Chartered Accountants of India.

 

 

 


IMPORTANT ANNOUNCEMENT

Members are requested to remit the current year’s fee for continuance of membership – Associate/Fellow/Certificate of Practice as the case may be by 30th September 2012 as per following applicable schedule of fees.

Particulars of Fees

Annual Membership Fee

(Rupees)

Annual Membership Fee  
Associate Fee

800

Fellow Fee

2200

Certificate of Practice Fee

2000

Members who are senior citizens i.e. have attained the age of 65 years as on 1st April will be required to pay the fees at concessional rates which are as under: –

Fee for Senior Citizen Members


Particulars of Fees

Annual Membership Fee

(Rupees)

Annual Membership Fee  
Associate Fee

600

Fellow Fee

1600

Certificate of Practice Fee

1500

 

For details about fee for fresh enrollment including COP etc, please refer to announcement hosted on the website at link

http://220.227.161.86/22068announ12483.pdf

Joint Secretary

M&C-MSS Section

Members can pay their fee on line by clicking online payments link on the homepage of www.icai.org.

Click here to download the complete text of the above Announcement in PDF Format- Annual Membership / COP Fee.

Source: The Institute of Chartered Accountants of India.