CA MAGAZINE LATEST

WE ARE AMONGST THE BEST

For the year 2017

For the year 2016 51

BEST OVERSEAS CHAPTER
AWARDS

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ICAI LATEST NEWS FEED

India to share NRI bank account information with other countries

• India to share NRI bank account information under CRS agreement
• NRI bank account information may soon be available to your home country

tax authorities.
NRI’s PIOs & OCI holders who hold passports of Australia, Canada, Germany,
UK and many more countries will soon have their Indian- NRI bank account
information made available to the tax authorities of their home countries. A Step
by many countries to stop people from evading taxes by hiding their money in
foreign bank accounts.

Kenya becomes the 94th jurisdiction to join the most powerful
multilateral instrument against offshore tax evasion and avoidance –
Kenya signed the Multilateral Convention on Mutual Administration
Assistance in Tax Matters- Kenya is the 12th African country to sign the
Convention and the 94th jurisdiction to join it.

ICAI-CPE Global connect-Leader Speak
ICAI CPE Global Connect is an Initiative of ICAI and CPE to have
series of webcast which will have leaders across the Globe to talk on
subjects of varied interest and connect with our fraternity members.

The first edition of the CPE Global connect was hosted by Doha
Chapter of ICAI on May 28,2018 with CA Dr. R Seetharaman, CEO
Doha Bank addressing the webcast on "Emerging Indian from an
NRI perspective"

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ICAI LATEST NEWS FEED

ICAI members can have Chartered Accountants Australia & New Zealand

Membership
ICAI entered into an arrangement with Chartered Accountants Australia & New
Zealand whereby its members based in the two countries would be able to have
membership of CA ANZ
The Institute of Chartered Accountants of India (ICAI) has entered into a unilateral
arrangement ‘Pilot International Pathway Scheme’ with Chartered Accountants
Australia & New Zealand (CA ANZ)
ICAI members based in Australia and New Zealand would get the membership of CA
ANZ by completing 40 hours of self-study program and attending a two days’
workshop in less than one month’s time. The participants shall be evaluated through
oral and written assessments during the workshop.

Frauds of a Partner are NO more limited to his responsibility

The Notification issued by the Ministry of Corporate Affairs (MCA) on 7th May 2018
has omitted the Rule 9 of the Companies (Audit and Auditors) Rules, 2014 from the
Companies Act 2013.

The omitted Rule 9 imposed liability on the concerned partners only i.e. In case of
criminal liability of any audit firm, the liability other than fine, would devolve only on
the concerned partner or partners, who acted in a fraudulent manner or abetted or, as
the case may be, colluded in any fraud.

Inconsequent to the omission of Rule 9, audit firms can now be punished for an
offence done by one of its partner who acted in a fraudulent manner or abetted or
colluded in any fraud.

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ICAI LATEST NEWS FEED

Issuance of New Revenue Standard Ind AS 115

A new Ind AS in the area of revenue recognition was notified by the MCA that has
been formulated based on the recommendations made by ICAI. Key amendments are
issuance of new revenue standard Ind AS 115 and withdrawal of existing revenue
standards and related guidance. The new Standard, mandatorily effective for the
accounting period beginning on or after 1st April 2018, is based on the IFRS
15Revenue for Contracts with Customers. It will bring in a comprehensive and robust
framework (i.e. 5 step model) for the recognition, measurement and disclosure of
revenue. Ind AS 115 will improve the comparability of revenue across entities,
industries, global capital markets, etc., and bring in clarity in the areas such as
multiple element contracts/ bundled products, licensing, royalties for intellectual
properties, financing components and variable consideration. Accounting Standards
Board (ASB) of ICAI has taken up the task of upgrading the existing Accounting
Standards, which is scheduled to be implemented after 1st April 2020. In its meeting
held recently, ASB of ICAI has deliberated extensively on the exposure draft of the
new standard in financial instruments for SME, which will be issued shortly for
public comments.

Overseas Placement and Associated Developments

Now that 'accounting and financial services' have been identified among the 12
Champion Sectors, ICAI has constantly been in dialogue with its parent Ministry, i.e.
Ministry of Corporate Affairs, to draw its action plan to achieve the Vision 2022
given by the Government of India.

To promote the export of Indian CA services as well as to provide opportunity to
overseas corporate in recruitment of Indian CAs, ICAI will organize Overseas
Campus Placement Programme on 24th-26th August 2018 via campus centers at
Chennai, Mumbai and Delhi. The HR team to be present at designated centers for
personal interview. This initiative is taken exclusively for Indian CA’s at all levels-
entry, middle and top management to meet global demand for Indian CA’s.

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ICAI LATEST NEWS FEED

IT Initiatives at ICAI

• e-Sahaayataa at ICAI NOW: ICAI's e-Sahaayataa (i.e. https://help.icai.org) helps
its members and students communicate their concerns regarding the functions of
ICAI and get a timely resolution. I am happy to inform that e-Sahaayataa is now
available on the mobile app ICAI NOW too. Having revolutionized the
dissemination of information, ICAI NOW makes available the updated content
from ICAI website to its users. Also, Grievance Monitoring Committee has been
constituted in all the five Regions, which will frequently meet, possibly once a
week, and review the grievances of our members and students relating to
administrative and regulatory matters.

• Online Facility for Change in Email, Mobile and Address: To facilitate our
members with a hassle-free system, ICAI recently launched an OTP-based online
form using which our members can update their mobile number and email id in
the ICAI records. ICAI also launched an online service with regard to the change
of address for its members, which can now be done without any paper work or
manual intervention. All the above facilities are available in the dashboard of
members, which is available under the e-Services section at https://www.icai.org.

• Webcasts Organized: To update its members on the economic and statutory
changes, ICAI keeps organizing webcasts in all domains of the accountancy
profession. In the last one month, ICAI organized a series of webcasts.

• CPE-Samadhan Implemented: An online query-to answer platform has been
implemented to provide expert responses to member queries pertaining to CPE
(Continuing Professional Education) Committee of ICAI, which is expected to go
live on technical subjects shortly after a panel of experts is put in place. Using this
platform, members can reach out to expert members for seamless information and
query resolution experiences in the select areas of practice as hosted by the
Committee. Concerned link has been provided elsewhere in this Journal.

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THANK YOU SPONSORS

ANNUAL SPONSORS

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THANK YOU SPONSORS

SUPPORT SPONSORS

Our partners in
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UPCOMING ACTIVITIES

MARK YOUR CALENDER

5TH INTERNATIONAL CONFERENCE 2018
25TH & 26TH OCTOBER 2018

SHERATON GRAND DOHA RESORT &
CONVENTION HOTEL

CPE SPORTS CSR
EVENTS EVENTS EVENTS

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PICTURES GALLERY

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PICTURES GALLERY

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PICTURES GALLERY

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STUDENT’S DESK

PATHWAY TO CA COURSE

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STUDENT’S DESK

IMPORTANT NEWS & LINKS

Doha as Exam Center for ICAI

Examination Committee of ICAI has announced Doha as Exam Center to
conduct examinations for the Foundation, Intermediate and Final exams w.e.f.
from Nov. 2018.

Doha, Qatar has been exam Center for CPT examinations since the last eight

years. Inclusion of these examinations by ICAI, will help many people who are

working in Qatar to complete their professional journey given the limited time at

their disposal and travel/leave constraints.

People are requested to note of the new exam Center while applying for the CA

exams Center in future.

For Doha Exam Centre Kindly Contact

CA Rupalakshmi Setty +974 70131446

CA Rukkaiya Pachisa +974 55805162

CA Sandeep Chowdhary +974 55262250

CA Ankit Agarwal +974 77549707

Important Links For Students Pursuing CA Course

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JUST FOR LAUGHS

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CELEBRATING THE PAST, INSPIRING THE
FUTURE

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