Poonam Jain, CA

Looking forward to listening to the speakers, participants and moderating today’s session on a very interesting topic - “Business Combinations - Disclosures, Goodwill and Impairment. #asb #icai #ifrs #indas

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#delhi #vr212 #Finance #Bookkeeping #Accounting #GeneralLedger #AccountsReceivable #AccountsPayable #BankReconciliation #FinancialReporting #PayrollProcessing #Compliance #ExpenseTracking #AuditSupport #DataEntry #Budgeting #USGAAP #TaxRegulations #QuickBooks #Xero #AnalyticalSkills #OrganizationalSkills #CommunicationSkills Interested Candidates Drop in your Resume https://lnkd.in/dQSFcRm9

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NFRA and ICAI at Odds Over Plans to Sync Audits with Global Norms! Who is NFRA?   The National Financial Reporting Authority (NFRA) is an independent regulator overseeing the auditing profession and Indian Accounting Standards under the Companies Act 2013. Why are NFRA and ICAI at odds, despite both working for the betterment of auditors?   The tension arises from differing roles and regulatory approaches. The Institute of Chartered Accountants of India supports self-regulation and auditor interests, while NFRA focuses on stricter oversight, emphasizing public interest and audit quality. This divergence creates friction as both strive for auditor improvement. NFRA’s draft norms overhaul the existing Standard on Auditing (SA) 600, affecting listed companies and banks, except state-run ones.  ICAI fears that these norms could concentrate audit work among larger firms, adversely impacting small and medium practitioner firms. ICAI also opposes mandating principal auditors to assess the competence of component auditors, arguing that all auditors share the same education, training, and licensing under ICAI. What is the take of other regulatory bodies? Despite these concerns, the Comptroller & Auditor General of India, Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI) support aligning domestic audit standards with global ones. NFRA believes this revamp is essential to prevent corporate fraud by fostering greater accountability among auditors, whose work impacts millions of retail investors. #auditreforms #icai #nfra #auditquality #corporategovernance 

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Big Changes Ahead: ICAI Updates Accounting Standards for Non-Company Entities The Institute of Chartered Accountants of India (ICAI) has introduced a significant update to the applicability of Accounting Standards (AS) for non-company entities. Starting with accounting periods that begin on or after April 1, 2024, there’s a simplified classification system in place. What’s Changing? Until now, non-company entities were classified into four levels, but this has been reduced to just two categories: Large Entities Turnover exceeding ₹250 crore Borrowings exceeding ₹50 crore Micro, Small & Medium-Sized Entities (MSMEs) Turnover below ₹250 crore Borrowings below ₹50 crore Key Relaxations for MSMEs The exemptions and relaxations previously available to Level III and Level IV entities have now been extended to all MSMEs. However, there are exceptions: AS 18 (Related Party Disclosures) and AS 28 (Impairment of Assets) will continue to apply to MSMEs with: Turnover below ₹50 crore Borrowings below ₹10 crore This shift simplifies compliance requirements for MSMEs while keeping critical standards intact for smaller entities. What Does This Mean for Businesses? The updated classification brings reduced compliance burdens for MSMEs, making it easier for small and medium businesses to focus on growth rather than grappling with complex accounting requirements. Importantly, the changes are designed to avoid significant disruptions in classification and recognition criteria. For detailed information on the revised criteria, refer to ICAI's official document at the link: https://lnkd.in/gyiyreyW The Institute of Chartered Accountants of India #compliance #accounting

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I imagined, what if...💭 The Institute of Chartered Accountants of India (#ICAI), the premier accounting body in India used Zoho’s suite of integrated products. This is not a promotion just a wild thought.. 🤔 I have no clue if ICAI actually uses any of these tools. Use Case 1: Streamlining Member Management Problem: Efficiently managing a large membership base and providing personalized services. Solution: Zoho CRM Using Zoho CRM, ICAI can send personalized event invitations and educational material recommendations to members based on their areas of specialization, such as auditing or taxation. Use Case 2: Enhancing Educational Program Delivery Problem: Managing and delivering a wide range of CPE educational programs and resources effectively. Solution: Zoho Learn ICAI can use Zoho Learn to offer interactive online courses on the latest accounting and auditing standards, tax laws etc. ensuring that members stay updated with continuing professional education (CPE) requirements. Use Case 3: Financial Management Problem: Handling complex financial operations, including membership fees, event registrations, and educational program costs. Solution: Zoho Books Zoho Books can automate the billing process for annual membership fees, track payments, and generate financial reports to provide insights into the financial performance of various programs and initiatives. Use Case 4: Document Management and Collaboration Problem: Managing a vast array of documents, including research papers, regulatory updates, and educational materials. Solution: Zoho WorkDrive ICAI can store all its research publications, standards updates, and educational materials in Zoho WorkDrive, making it easy for members to access and collaborate on documents as needed. Use Case 5: Custom Solutions for Specific Needs Problem: Adapting technology to meet unique organizational requirements and evolving challenges. Solution: Zoho Creator ICAI can create a custom app using Zoho Creator to manage and monitor the compliance status of its members, ensuring that all chartered accountants adhere to the latest standards and regulations. Use Case 6: Event Management Problem: Organizing and managing large-scale events such as conferences, seminars, and workshops. Solution: Zoho Backstage For an annual conference, ICAI can use Zoho Backstage to manage event registrations, create a dedicated event website, engage attendees with interactive sessions, and gather feedback to improve future events. Well, there is a gap. The solutions that have been built have not yet reached the problems that need them. Reimagining certain theories helps fit technology in such real life scenarios. #zoho

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ICAI Introduces Transparency in Professional Fees with New Calculator The Institute of Chartered Accountants of India (ICAI) has launched a groundbreaking tool to ensure fairness and transparency in professional fees. The Minimum Recommended Professional Fee Calculator, now live on the ICAI's Tender Monitoring Directorate website, empowers Chartered Accountants (CAs) and CA firms to determine appropriate fees for their services. Based on the Revised Minimum Recommended Scale of Fees for Professional Assignments (2020), this innovative calculator considers factors like service type, complexity, and location to provide a minimum recommended fee range. This ensures consistency and transparency in fee structures, promoting professionalism and integrity in the accounting profession. Link in comment section

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NIRC of ICAI is pleased to host a comprehensive One Day Training Programme on Peer Review scheduled for July 6th, 2024, from 10:00 am to 5:00 pm. This intensive training session is designed to enhance your understanding and application of peer review processes, ensuring high standards of practice and quality assurance in your work. For registration and further details, kindly refer attached flyer. #PeerReviewTraining #ProfessionalDevelopment #QualityAssurance #ContinuousLearning

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Vote for CA Sanjeev Kumar Singhal – Ballot No. 17 for Central Council📌 True leadership is measured by the impact it creates, and CA Sanjeev Kumar Singhal has consistently led with purpose and action.  His vision goes beyond numbers—it’s about driving meaningful change that touches lives. Whether it’s supporting education, fighting hunger, or empowering the CA community, his initiatives reflect his dedication to making a difference.  Through innovation, integrity, and commitment, he has proven that the power of finance lies in its ability to build a brighter, more inclusive future. As he seeks your support for his third tenure, let’s choose progress, compassion, and excellence. . Together, we can continue the journey of transformation! CA Pitam Goel Rajiv Sengupta Pradeep Gupta EY PwC India BDO in India #caelections2024 #northregion #icaielections #communityimpact #Leadership #CharteredAccountants #SocialChange #EmpoweringICAI #sustainabledevelopment #Thirdtenure #icai #caparivaar

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GSTR-9 Mismatch Alert: Table 8A vs 8C for FY 2023-24! GSTR-9 auto-populates ITC from GSTR-2B in Table 8A, but Table 8C needs manual entries for ITC claimed in the next FY. ⚠️ Key Points to Avoid Discrepancies: 1️⃣ Late Invoices – Report ITC in Tables 8C & 13. 2️⃣ Reclaimed ITC – Declare in the subsequent FY (e.g., FY 2024-25). 3️⃣ Goods Not Received – Include ITC in Tables 8C & 13. 4️⃣ Prior Year ITC – Exclude from FY 2023-24. 5️⃣ Same-Year Reclaim – Use Table 6H to avoid duplication in Table 7. 📊 Stay compliant and ensure accurate reporting! #GST #GSTR9 #ITC #TaxCompliance #CharteredAccountants #IndirectTax

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India celebrates ACCOUNTING STANDARDS DAY on 21st April every year. ICAI is organising a program on the said occasion this year on 22nd April 2024. Plz join to understand the importance of Accounting Standards for the financial reporting in the country #ICAI #ACCOUNTING #STANDARDS #ACCOUNTINGSTANDARDS

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FM/AFM-Replacement Decision/Two Machines(May 2019 QN.4b) FM/AFM-Replacement Decision/Two Machines(May 2019 QN.4b) SUPER BLOCK REVISION @2,000 per subject ATD, CPA, BDA, CIFA Revision Plus - November 24 Courses (40 Hours of Comprehensive Revision). ONLINE CLASSES Course Features: - Interactive Zoom Sessions: Engage with experienced KASNEB course trainers. - Extensive Practice: Focus on past paper questions for thorough preparation. - Answer Drafting Guidance: Receive expert tips on structuring your responses. - Access to Recordings: Review all live classes at your convenience. - Smart Revision Techniques: Optimize your study approach. - Weekly Live Classes: Participate in real-time sessions with access to recordings for flexible learning. Our Paybill is 6242839 AC: Uni name eg FR,FM etc Join us to enhance your understanding and boost your exam readiness 0719525000

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🔵 ICAI Launches Stress Management Initiatives for CAs All you need to know in under a minute: 🔸 The Institute of Chartered Accountants of India (ICAI) has launched new stress management initiatives following the tragic death of a chartered accountant, allegedly due to work pressure. 🔸ICAI has set up a dedicated group to develop stress management strategies and will introduce a counseling help desk to support members struggling with stress and work-life balance. 🔸Additionally, ICAI plans to collaborate with health institutions and industry partners to offer stress management programs and promote flexible work models, aiming to create a healthier work environment for over 4 lakh members and 8 lakh students. 🔸ICAI President Ranjeet Kumar Agarwal emphasized the importance of balanced work policies, urging organizations to prioritize employee well-being.  👉 ICAI will also enhance its grievance redressal system for more empathetic resolutions to member concerns. Following the tragic incident involving Anna Sebastian Perayil, there have been numerous reports of individuals in various organizations falling victim to stress. 👉 This highlights the growing need for attention to employee well-being. 🔸It is crucial to prioritize one's health, and ICAI is stepping in to play a vital role in supporting Chartered Accountants by helping them manage stress and achieve a healthy work-life balance. Thank you ICAI❗ What are your thoughts on this news? #ICAI #StressManagement #WorkLifeBalance #CharteredAccountants #MentalHealthMatters #WorkplaceWellness #FlexibleWork #EmployeeWellbeing

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𝗜𝗠𝗦 𝗨𝗽𝗱𝗮𝘁𝗲𝘀: 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗚𝗦𝗧 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘄𝗶𝘁𝗵 𝗡𝗲𝘄 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 After the Invoice Management System (IMS) went live last month, the first GSTR-2B based on IMS actions was available to taxpayers on November 14th, 2024, for the October return period. However, taxpayers did experience difficulties during this initial phase, and to ease adoption, GSTN is issuing advisories regularly. 1. If any inadvertent mistake is made in the action taken on the IMS, leading to incorrect details of ITC/liability being auto-populated in GSTR-3B on the portal, the taxpayer may correct these errors before filing their GSTR-3B return. They can edit the wrongly populated ITC/liability to correctly avail ITC or pay the correct tax liability based on the factual position as per the available documents/records. 2. The Supplier View of IMS has gone live on the GST portal. The 'Supplier View' window allows suppliers to see actions taken by recipients on the invoices they reported in GSTR-1/1A/IFF. This ensures better alignment and reduces the risk of errors. 3. Few taxpayers could not generate their GSTR-2B for October on November 14th, 2024. In this regard, it was informed that as per the design of IMS, GSTR-2B will not be generated by the system in the following scenarios: a. If the taxpayer has opted for the QRMP scheme (Quarterly filers), GSTR-2B will not be generated for the first and second months of the quarter. For example, for the quarter of Oct-Dec, the quarterly taxpayer will get GSTR-2B for the December period only, not for October and November. b. Taxpayers must file their pending GSTR-3B to generate GSTR-2B on demand. 𝗧𝗵𝗲 𝗡𝗲𝘄 𝗚𝗦𝗧 𝗔𝗺𝗻𝗲𝘀𝘁𝘆 𝗦𝗰𝗵𝗲𝗺𝗲 𝟮𝟬𝟮𝟰 The GST Council in its 53rd meeting, introduced a scheme waiving interest and penalties on demand notices u/s 73 of the CGST Act for FY 2017-18, 2018-19, and 2019-20. Effective November 1st, 2024, the scheme allows taxpayers to apply for waivers by paying the GST amount due and submitting Form GST SPL-01 or GST SPL-02 online by March 31st, 2025. Currently, these forms are under development and will be available in early January 2025. Until then, taxpayers are advised to pay the demanded tax by March 31st, 2025, to ensure that they receive the waiver benefits by paying their taxes before the deadline. No refund will be made if interest and penalty have already been paid. Additionally, the scheme offers taxpayers a one-time waiver of late fees, which will definitely benefit small and medium enterprises. #AccutaxAdvisory #GSTUpdates #IMS #InvoiceManagementSystem #GSTR2B #GSTCompliance #GSTPortal #TaxReforms #GSTR3B #TaxpayerSupport #GSTAmnestyScheme2024 #GSTCouncil #IndirectTax #CGSTAct #TaxSimplification

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Time to merge CA, CMA and CS institutes? For long, members of the CMA and CS institutes have been interested in audits. Under the proposed Direct Tax code, this might finally become a reality. Under the Companies Act, each profession has a specific role, but the dearth of professionals might force a change. We could see CFO-cum-CS for listed entities in the not-so-distant future, at least for SMEs. Each institute has its own legacy, with each intending to serve a different purpose. Now that we see a slow merging of the roles of all three professions, it may be time to merge the three institutes. The merged institute can offer a primary qualification (much needed when B.Com/M.Com candidates lack the ability to even pass a purchase entry properly), and offer CS/CMA/CA as a second-level specialisation. People can choose to specialise in multiple disciplines. With NFRA and other bodies starting to regulate and set the standards, the three institutes are slowly but surely becoming educational bodies with limited disciplinary powers. There's no reversing this reality, but a merged body will give us professionals a common voice and ensure consistency in practices and standards. It will also save on administrative costs, and allow better streamlining of resources. For example, we are already seeing duplication of roles in Insolvency Institutes and RVOs, with each institute having its own entities. Ultimately IPs and RVs are governed by IBBI (and the proposed Valuer Body will take control of RVs). The merger of the three institutes will allow single a IIIP and RVO for all the professionals. Ultimately the role of a professional body is to create, guide and regulate professionals. A unified body will remove the current fragmentation and allow a more concentrated effort to improve the quality of work provided. Further, it will also be a common voice for all professionals, especially in a dynamic and ever-changing environment. #CA #CS #CMA #AccountinginIndia #ICAI #ICSI

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Empanelment Updates @CASansaar *RFP for Selection of Concurrent Auditors* Click on the link below for Update https://shorturl.at/kwx49 @theicai @theicaibos #EmpanelmentSearch #Empanelments #Auditos #EmpanelmentSeeker #CharteredAccountant #Concurrentauditors #auditofaccount #Auditfirms

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Video explaining : "CA Chat GPT - Easy Way to Use in Mobile" Pl. share your feedback about ICAI's ChatGPT in comments below to request Shri CA Dayaniwas Sharma (Daya) (Central Council Member ) for incorporating the improvements.

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