Posted On:  1 month ago


Monthly Summery of MCA for the month of July, 2017

A circular was issued to clarify that exemption from section 143(3)(i) of Companies Act, 2013 [reporting on internal financial controls by auditors in their audit reports] given through notification dated 13th June, 2017 shall be applicable for those audit reports in respect of financial statements for financial years commencing on or after 01/04/2016, which are made by auditors after the date of such exemption notification. (General Circular No. 08/2017 dated 25.07.2017).

article author One Roof Consultant

Posted On:  3 months ago


Procedure and List of Documents required for registration of Public Trust

According to Section 2 (13) of the Bombay Public Trust Act 1950, a Public Trust means , an express or constructive trust for either a public, religious or charitable purpose or both and includes a temple, a math, a wakf, church, synagogue, agiary or other place of public religious worship, a dharmada or any other religious or charitable endowment and a society formed either for a religious or charitable

article author Varsha Kewalramani

Posted On:  1 year ago


Support-desk for implementation of Ind AS by ICAI

As you may kindly be aware that the Institute of Chartered Accountants of India (ICAI) had formulated IFRS-converged Indian Accounting Standards (Ind AS), which have been notified by theMinistry of Corporate Affairs (MCA). In order to ensure the implementation of these Standards in the same spirit in which these have been formulated, this task of providing guidance has been entrusted to Ind AS (IFRS) Implementation Committee is taking various initiatives.

article author One Roof Consultant

Posted On:  1 year ago


Revised Formats for Financial Results and Implementation of Ind-AS by Listed Entities

The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the period ending December 31, 2016. For the period ending on or after March 31, 2017, the formats for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half Yearly Balance Sheet to be submitted by the Listed Entities, with the stock exchanges, shall be as per the formats for Balance Sheet and Statement of Profit and Loss (excluding notes and detailed sub-classification) as prescribed in Schedule III to the Companies Act, 2013. However, Banking Companies and Insurance Companies shall follow the formats as prescribed under the respective Acts/Regulations as specified by their Regulators.

article author One Roof Consultant

Posted On:  1 year ago


Holding company will have to consolidate partnership firm / LLP if that partnership firm / LLP is Subsidiary or Associate or Joint Venture

These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements

article author One Roof Consultant

Posted On:  2 years ago


Partnership Act - Properties, Partners as Agent, Agency and Partners Authority related matters

This article contains the meaning of properties, application of the property of the firm, personal profits earned by partners, partner to be agent of the firm, implied authority of partner as agent of the firm, extension and restriction of partner's implied authority, partner's authority in an emergency, mode of doing act to bind firm and continuing authority of partners for purposes of winding up.

article author CA Chirag Chauhan

Posted On:  2 years ago


Partnership Act – Dissolution modes and Liability after dissolution, settlement and sale of goodwill

This article contains the meaning of dissolution, various modes of dissolution like - dissolution by agreement, dissolution on the happening of certain contingencies, compulsory dissolution, dissolution by notice of partnership at will and dissolution by the court, it further contains the liability for acts of partners done after dissolution, personal profits earned after dissolution, mode of settlement of accounts between partners, return of premium on premature dissolution, sale of goodwill after dissolution and recording of changes in and dissolution of a firm.

article author CA Chirag Chauhan

Posted On:  2 years ago


WILL-Important points, Tax Advantages of will and Format of WILL

Why you require a will? Will enables a person to put forth in legal form his wishes after his death or even during the course of his lifetime as to how he wants to distribute his property or estate, to whom and in what proportion etc.

article author Dharmesh Jain

Posted On:  2 years ago


Dissolution of Partnership Firm

An article on Dissolution of Partnership Firm

article author CA Kapil Goel