Explore Business Standard
Don’t miss the latest developments in business and finance.
ICAI
Chartered accountants' apex body ICAI is looking into the financial disclosures made by edtech major Byju's amid concerns that there are issues related to them, according to a top official. The development also comes against the backdrop of Lok Sabha member Karti Chidambaram flagging concerns about the financials of the edtech startup, which has significantly expanded its operations in recent years. Last month, the Congress leader had also written to the ICAI (Institute of Chartered Accountants of India) to review the company's financials. ICAI President Debashis Mitra said the Institute is aware of the issues at Byju's and that was not just because Karti Chidambaram had written to it about the alleged issues. "We don't see any serious lapses at the company but yes it looks like there are issues around its financial disclosures. The FRRB (Financial Reporting Review Board) is also looking into the matter," he told PTI here. The institute's FRRB, constituted in July this year, works
Institute of Chartered Accountants of India (ICAI) on Saturday said Debashis Mitra has been elected as its President for the 2022-23 term. Aniket Sunil Talati has been elected as Vice President of the institute, which has more than 3.40 lakh members and over 7 lakh students, according to a release. They took charge on Saturday. Mitra, who is serving his third term in ICAI Council, has been in the accounting profession for more than 34 years. Apart from being a Chartered Accountant, he is also a Cost Accountant and a Company Secretary. He holds a master's degree in commerce and is also a law graduate as well as a qualified Information Systems Auditor. "With keen interest in academic research, he is a PhD on the topic 'A Critical Study of Select Indian GAAP, US GAAP & IAS / IFRS'," the release said. Talati, who has a master's degree in commerce, served as Chairman of Ahmedabad Branch of ICAI for the year 2014-15 and as Secretary, WIRC for the year 2017-18. Among other positions,
The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming Union budget. The suggestions essentially aim at making laws simple, fair, transparent. less litigative and user friendly, ICAI president Nihar N Jambusaria said. There are about 14 suggestions from our end submitted to the Central Board of Indirect Taxes & Customs (CBIC) for consideration, he said on the sidelines of an international conference of CA students. The suggestions include permitting carry back of losses and introducing suitable legislative amendments for its application. It is relevant for hospitality, passenger transport and some other sectors. Regarding depreciation on slump sale, the ICAI suggested amendment of a provision of the Income Tax Act to clarify the legal position as to whether depreciation can be claimed on the basis of proportionate number of days by the transferer and the transferee company. It also proposed that Section 12 of the Act .