Robin Banerjee’s Post

Harmony and mutual understanding are the cornerstones of any civilization. They are more relevant when two or more statutory bodies work towards a noble common goal—to provide trust and confidence to investors and lenders. This is significantly more relevant to ICAI and NFRA, as they overlap certain work areas. #nfra #icaiv #ca #audit

 #ICAIvsNFRA The Institute of Chartered Accountants of India urges for pause on SA 600 revision, calls National Financial Reporting Authority (NFRA)'s draft release unfortunate The Institute of Chartered Accountants of India (ICAI) is advocating for a pause in the revision process to allow for a thorough review and discussion with all stakeholders involved. "We believe this pause will help ensure that any changes made to SA 600 are in the best interest of the profession and the public," the ICAl said. BY: Alekh Shah #ETCFO #CFO #CFOMovement #ICAI #NFRA #SA600Revision #AccountingStandards #AuditProfession #FinancialGovernance #CorporateRegulations https://lnkd.in/gXq-r6y8

ICAI Vs. NFRA: WHAT'S THE FUSS ALL ABOUT? In this insightful piece, finance expert Robin Banerjee discusses tensions between the National Financial Reporting Authority (NFRA) and ICAI (Institute of Chartered Accountants of India), highlighting their impact on financial transparency and corporate governance in India's growing economy. Read full story here: https://lnkd.in/dXTUuGkj #ICAI #NFRA #SA600 #AUDIT #AUDITOR #CORPORATE #GOVERNANCE #ECONOMY  

I have prepared summary notes for Ind AS 110 - Consolidated FInancial Statements which would be useful to CA students for revision before exams. Tag someone who might find it useful #CAFinal #FinancialReporting #IndAS

🎉 Exciting Update! 🎉 I am thrilled to announce that my article on "Ind AS 116: Enhancing Financial Transparency and Comparability" has been published in the latest issue of NIRC of ICAI! In this article, I delve into the significant changes brought about by Ind AS 116, which aligns with IFRS 16, and how it transforms lease accounting. 📘 Highlights include: The shift from a dual model to a single lessee accounting model. Detailed explanations of key definitions and concepts. Real-world examples and journal entries to illustrate the application of Ind AS 116. Insights into the impact on financial statements and practical challenges faced by companies. I hope this article provides valuable insights and aids in understanding the nuances of lease accounting under Ind AS 116. I would like to extend my gratitude to NIRC of ICAI for this opportunity. Your support and feedback are highly appreciated! 👉 Read the full article here: https://lnkd.in/gCitvKvf #LeaseAccounting #IndAS116 #FinancialReporting #ICAI #NIRC #AccountingStandards #Finance #Transparency #Comparability

Please note a very important change in the applicability of #AccountingStandards for non-company entities issued by the ICAI. For accounting periods commencing on or after April 1, 2024, non-company entities are now classified into 2 categories instead of 4 levels: 1. Large entities - Turnover above 250 Cr and Borrowings above 50 Cr; and 2. Micro, Small & Medium Sized Entities (MSMEs) - Turnover below 250 Cr and Borrowings below 50 Cr Exemptions/ relaxations which were available to non-company entities earlier classified under Level III & IV have been extended to all #MSMEs except AS 18 & AS 28 which are applicable to non-company entities with Turnover below 50 Cr and Borrowings below 10 Cr. The said changes would bring reduced compliance for MSMEs without having a major impact on classification and recognition criteria. The link to access the Revised Criteria for applicability of Accounting Standards for Non-company entities is available at https://lnkd.in/gMu6mWt9 Please ensure compliance with accounting standards for preparation & presentation of financial statements of #soleproprietorships, #partnerships, etc. accordingly from FY 2024-25 onwards. Warm Regards

🔍 **Navigating the Future of Audit Standards: NFRA's Justification Amid ICAI's Resistance** 🔍 In a bold move affecting audit practices across the country, the National Financial Reporting Authority (NFRA) has recently put forth its rationale for revising existing audit standards. This comes amidst notable pushback from the Institute of Chartered Accountants of India (ICAI), leading to a significant conversation in the finance and accounting sectors. 📈 **Why the Change?** The NFRA contends that the revision of audit standards is essential to enhance transparency, accountability, and reliability within financial reporting. These changes are not just bureaucratic adjustments; they aim to align our standards with global best practices, ensuring that stakeholders can trust the integrity of financial statements. 🚀 **The NFRA’s Vision:** 1. **Increased Accountability:** Strengthening the role of auditors to safeguard against malpractice. 2. **Enhanced Credibility:** By modernizing audit standards, the NFRA aims to build greater trust in India's financial reporting process. 3. **Global Alignment:** As international norms evolve, so must our standards to remain competitive and credible on the global stage. 📉 **ICAI's Concerns:** The ICAI has voiced their opposition, citing that these changes could create confusion and disrupt current practices. They argue for a more measured approach, emphasizing the importance of collaboration before any substantial revisions. This debate underscores the need for balance between progressive reforms and practical implementation. 💬 **The Bottom Line:** The ongoing dialogue between the NFRA and ICAI highlights an essential discourse on how best to uphold the integrity of our financial systems. As professionals in the field, it is crucial to stay informed and engaged with these developments. The direction we choose will have lasting implications for our industry and the economy. What are your thoughts on the NFRA's proposed revisions? Are they necessary for our growth, or should we heed ICAI's warnings? Let’s discuss below! 👇 #AuditStandards #NFRA #ICAI #FinancialReporting #Accountability #Transparency #GlobalStandards #ProfessionalDevelopment #Finance Note: AI-powered post. May contain errors.

Interesting facts about AS/ Ind AS: 1. no AS or Ind AS talks about books of account but the financial statements 2. at present there are i. Companies AS Rules, 2021; ii. Companies Ind AS Rules, 2015; iii. ICAI AS for NCEs; and iv. the relevant Guidance Notes 3. there are Standards which deal only with disclosures and not with any accounting, such as that for Segment Reporting, RPT, EPS 4. CARO also requires reporting on some of the applicable Standards, e.g. Clause 3(xiii) #AS #IndAS

#Accounting #Update ICAI Announces Revised Classification Criteria of Non-Company Entities for the Applicability of Accounting Standards. #Explanation The Institute of Chartered Accountants of India (ICAI) has announced revised classification criteria for non-company entities to determine the applicability of Accounting Standards. #KeyHighlights 1. Revised criteria based on total assets, revenue, and borrowing. 2. Applies to non-company entities, including partnerships, LLPs, and proprietorships. 3. Classification into three categories: - Level 1: Small entities (assets < ₹1 crore, revenue < ₹2 crore). - Level 2: Medium entities (assets ₹1-10 crore, revenue ₹2-20 crore). - Level 3: Large entities (assets > ₹10 crore, revenue > ₹20 crore). 4. Different Accounting Standards apply to each level. #Implications 1. Simplified accounting requirements for small entities. 2. Increased disclosures for medium and large entities. 3. Enhanced financial reporting quality. #EffectiveDate 1. Applies to financial statements for periods beginning on or after April 1, 2024. #ActionItems 1. Review entity classification. 2. Update accounting policies and procedures. 3. Ensure compliance with applicable Accounting Standards.

wondering how to score exemption in CA Final Financial Reporting? Hear my suggestions: 1. choose the faculty you are comfortable with. My suggestions would be Bhavik Chokshi 2. For the First revision take as much time on concept building and try a sum again and again till you are making it right without a error 3. For subsequent Revisions mark Last Day revision questions and revise it and give a full test paper 4. Solve current year RTP and mock test papers, past RTP, MTP and past papers of up to a minimum of 2 to 3 attempts 5. try to write at least a minimum of 2 full test papers 6. Give at least 5 to 6 days revision for Financial Reporting of exam revision as Financial Reporting is lengthy as plan it before hand 7. Do not ever try to do selective study for any subject and FR as well MCQ is there and you cannot predict ICAI and cover all topics. I am saying this based on my experience on may 23 exams I left operating segments same came for 16 Marks if you have any queries Feel free to DM #CAFinal #FR #FinancialReporting #May25exams