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ICAI
The Institute of Chartered Accountants of India, abbreviated as ICAI, is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India. Members of the institute are known as ''ICAI Chartered Accountants'' or ''ICAI Accountants'' (either Fellow or Associate). However, the word chartered does not refer to or flow from any Royal Charter. ICAI Chartered Accountants are subject to a published Code of Ethics and professional standards, violation of which is subject to disciplinary action. Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013. The management of the institute is vested with its council with the president acting as its chief executive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Financial Reporting Authority
National Financial Reporting Authority (NFRA) is the auditing and accounting supervision authority of India. The authority oversees the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It was formed in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey.https://www.google.com//timesofindia.com/business/india-business/govt-appoints-ex-finance-secretary-ajay-bhushan-pandey-as-nfra-chief/amp_articleshow/90132847.cms History After the Satyam scandal took place in 2009, the Standing Committee on Finance proposed the concept of the National Financial Reporting Authority (NFRA) for the first time in its 21st report. Companies Act 2013, then gave the regulatory framework for its composition and constitution. The Union Cabinet approved the proposal for its establishment on 1 March 2018. It is hoped that the establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Audit
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.Arens, Elder, Beasley; Auditing and Assurance Services; 14th Edition; Prentice Hall; 2012 Overview The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Confederation Of Asian And Pacific Accountants
The Confederation of Asian and Pacific Accountants (CAPA) is a regional organization representing 33 national professional accountancy organizations (PAOs) operating in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent close to 2 million accountants across the region. History Governor Gregorio S. Licaros, President of the Philippine Institute of Certified Public Accountants, came up with the idea for the CAPA. The first Far East Conference of Accountants was held between November 28 and December 1 of 1957 in Manila, Philippines. The event, said to be the forerunner of CAPA, "created history in the accountancy world as it became the base for various professional accounting bodies in the Far East to confer every few years to discuss and exchange information." Fourteen countries sent delegates to the first event. Of these fourteen, twelve would go on to be considered the founding members of CAPA. # Australia # Hong Kong # India # Indonesia # Japan # K ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emblem
An emblem is an abstract art, abstract or representational pictorial image that represents a concept, like a moral truth, or an allegory, or a person, like a monarch or saint. Emblems vs. symbols Although the words ''emblem'' and ''symbol'' are often used interchangeably, an emblem is a pattern that is used to represent an idea or an individual. An emblem develops in concrete, visual terms some abstraction: a deity, a tribe or nation, or a virtue or vice. An emblem may be worn or otherwise used as an identifying badge or Embroidered patch, patch. For example, in America, police officers' badges refer to their personal metal emblem whereas their woven emblems on uniforms identify members of a particular unit. A real or metal Cockle (bivalve), cockle shell, the emblem of St James the Great, James the Great, sewn onto the hat or clothes, identified a medieval pilgrim to his shrine at Santiago de Compostela. In the Middle Ages, many saints were given emblems, which served to ide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act, 2013
The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages. Section 1 of this act came into force on 30 August 2013. 98 different sections came into force on 12 September 2013 with a few changes. A total of another 183 sections came into force from 1 April 2014. The Ministry of Corporate Affairs thereafter published a notification exempting private companies from the ambit of various sections under the act. The Act increased the responsibilities of corporate executives in the information technology sector, increasing India's safeguards against organised cybercrime by allowing CEOs and CTOs to be prosecuted in cases of IT failure. The Act established the National Company Law Tribunal (NCLT), which was constituted on 1 June 2016, based on the recommendation of the Jus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GDA Certificate
GDA may refer to: * Generic Design Assessment, UK assessment process for new nuclear reactor designs * Global Development Alliance, a program of the United States Agency for International Development * GNU Data Access, a software API specification * Golden Disc Awards The Golden Disc Awards (, formerly spelled the Golden Disk Awards before 2015) is an annual South Korean major music awards ceremony that honors achievements in the local music industry. The awards ceremony was founded with the purpose to prom ..., an annual South Korean major music awards ceremony * Gounda Airport, in the Central African Republic * Grand Democratic Alliance, a political alliance in Pakistan * Greater Dublin Area, a region of Ireland * Grupo de Diarios América, an international trade organization * Guideline Daily Amount in the United Kingdom * Gwadar Development Authority, in Gwadar, Pakistan * GDA (gene), which encodes the enzyme guanine deaminase * Giornate degli Autori, independent se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chartered Accountants Of India 2018 Stamp
Chartered may refer to: * Charter, a legal document conferring rights or privileges ** University charter ** Chartered company * Chartered (professional), a professional credential * Charter (shipping) * Charter (airlines) * Charter (typeface) * Chartered Semiconductor Manufacturing Chartered Semiconductor Manufacturing, Inc. (CSM), was a Singaporean semiconductor company. History Chartered Semiconductor Manufacturing was founded in 1987, as a venture that included Singapore Technologies Engineering Ltd. The company sign ..., a manufacturing company See also * Charter (other) {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity reports on the changes in equity of the company over a stated period. # A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated perio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Standards
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straightforward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions, and if it is followed by the company while preparing the financial statements, then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. The term ''generally accepted accounting principles'' (GAAP) was popularized in the late 1930s. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Professional Certification
Professional certification, trade certification, or professional designation, often called simply ''certification'' or ''qualification'', is a designation earned by a person to assure qualification to perform a job or task. Not all certifications that use post-nominal letters are an acknowledgement of educational achievement, or an agency appointed to safeguard the public interest. Overview A certification is a third-party attestation of an individual's level of knowledge or proficiency in a certain industry or profession. They are granted by authorities in the field, such as professional society, professional societies and universities, or by private certificate-granting agencies. Most certifications are time-limited; some expire after a period of time (e.g., the lifetime of a product that requires certification for use), while others can be renewed indefinitely as long as certain requirements are met. Renewal usually requires ongoing education to remain up-to-date on advanceme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AICPA
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries. Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. AICPA is headquartered in Durham, North Carolina, and maintains additional offices in New York City, Washington, D.C., and Ewing, New Jersey. History AICPA and its predecessors date back to 1887, when the ''American Association of Public Accountants'' (AAPA) was formed. The Association went through several name changes over the years: the Institute of Public Accountants (1916), the American Institute of Accountants (1917), and the American Society of Public Accountants (1921), which merged into the American Institute of Accountants in 1936. At that time, the decision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
XBRL International
XBRL International (XII) is the international standards organization which develops and maintains the XBRL standard and related specifications in order to improve business reporting for the public good. It is a global not-for-profit consortium of approximately 600 public and private organisations working together to support the collection, sharing and use of structured data for data reporting and analysis. History XBRL was originally the work of the AICPA The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries. Founded in 1887 as the Americ ..., created as a way to advance financial reporting and facilitate the global exchange of financial data. XBRL International was created to ensure compatibility and agreement among industry members and to promote adoption of the standard around the world. Membership XII members consi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
