EDITOR IN THIS ISSUE VOLUME 61 N CHARTERED VOLUME 61 … · – CA. Sanjay Chauhan 931 Impact of...
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CONTENTS THE CHARTERED ACCOUNTANT DECEMBER 2012 4 www.icai.org 856 EDITOR CA. JAYDEEP NARENDRA SHAH, President MEMBERS CA. MAHESH P. SARDA SHRI PRITHVI HALDEA SHRI GAUTAM GUHA CA. ANIL S. DANI CA. S. SUNDARARAMAN CA. K. GOPAL CA. R. GIRI CA. DEEPAK RINDANI SECRETARY NADEEM AHMED ICAI EDITORIAL TEAM SUSANTA K. SAHU DR. N. K. RANJAN NIMISHA SINGH THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI Bhawan, Post Box No.7100, Indraprastha Marg, New Delhi-110002, Tel: +91 (11) 39893989. E-mail: [email protected], Website: www.icai.org SUBSCRIPTION RATES Inland subscribers : R1,000 per annum Overseas: $150 per annum (subscribers by sea mail) For Overseas Members/Subscribers •Air Mail Surcharge : R2,100 per annum •Sea Mail Surcharge : R1,100 per annum CA Students : R1,400 for 3.5 years R400 per annum Other students & faculties : R600 per annum CLASSIFIEDS: Minimum R1,000/- for the first 25 words or part thereof and R250/- for five words or part thereof over and above first twenty five words. Please contact: The Journal Section at ICAI Bhawan, A-29, Sector-62, Noida or call at +91(120) 3045955 or e-mail at [email protected] EDITORIAL SUPPORT, DESIGN, ADVERTISEMENT & MARKETING SPENTA MULTIMEDIA Aaron Rodrigues, V. Kalidasan, Nilesh Juvalekar & Anand Dhuri. MUMBAI: Spenta Multimedia, Peninsula Spenta, Mathuradas Mill Compound, N. M. Joshi Marg, Lower Parel. Mumbai-400013. Tel: +91 (22) 24811022/24811025, Telefax: -91(22) 24811021. DELHI: No.7, 1 st Floor, Nizamuddin (West) Market. New Delhi-110013. Tel: +91 (11) 4669 9999. BENGALURU: No.606, 1st Floor, Rear Building, 80 Feet Road, 3rd Cross, Opp. Koramangala Police Station, Bengaluru-560 095. Landmark - Behind Boca Grande Restaurant. Tel: +91(80) 4161 8966/77. KOLKATA: 206-Jodhpur Park, Kolkata - 700068. Tel: +91(33) 2473 5896. Telefax: +91(33) 2413 7973. CHENNAI: 1 st Floor,#5 Montieth Road Egmore, Chennai 600 028. Tel: +91-44-4218 8984/85 ICAI RESERVES THE RIGHT TO REJECT ADVERTISEMENTS Printed and published by Vijay Kapur on behalf of The Institute of Chartered Accountants of India (ICAI) Editor – CA. Jaydeep Narendra Shah Published at ICAI Bhawan, P. O. Box No. 7100, Indraprastha Marg, New Delhi - 110 002 and printed at Spenta Multimedia. Peninsula Spenta, Mathuradas Mill Compound. N. M. Joshi Marg, Lower Parel, Mumbai - 400013 The views and opinions expressed or implied in THE CHARTERED ACCOUNTANT are those of the authors and do not necessarily reflect those of ICAI. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of ICAI. DISCLAIMER: The ICAI is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Journal. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements. TOTAL CIRCULATION: 2,36,439 Total No. of Pages: 164 including Covers Cover Image: Press Information Bureau, Government of India Inside images and Graphics: www.dreamstime.com UPDATES 890 Legal Update - Legal Decisions - Circulars and Notifications 1000 National Update 1002 International Update 1004 Accountant’s Browser VOICE 855 Editorial - XBRL: Expanding Professional Horizons of CAs 858 From the President MEMBERS 864 Readers Write 866 Photographs 888 Know Your Ethics 919 Opinion - Valuation of Stock of Gypsum, A by-product 999 Financial Reporting Review - Non-Compliance with Reporting Obligations observed by the Financial Reporting Review Board relating to AS 15 ‘Employee Benefits’ 1007 Classifieds EVENTS 1008 Forthcoming Events ICAI NEWS 909 Certificate Course on Master in Business Finance 930 www.icai.org.in: An Exclusive Website for CA Firms of ICAI 949 Quick Insight 957 6 th ICAI’s MII Corporate Forum and Awards 2012 959 ICAI-XBRL Software 997 Antivirus Software 1005 Empanelment of CA Firms for the Year 2013-2014 1005 Announcement 1005 Study Tour to Hong Kong (13 th to 19 th January, 2013) 1006 Certificate Course on Concurrent Audit of Banks SET UP BY AN ACT OF PARLIAMENT THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA VOLUME 61 N. 6 DECEMBER 2012 R100 THECHARTERED JOURNAL ACCOUNTANT Shri P. Chidambaram (Union Minister of Finance) (During the Seminar on FCRA, 1976 jointly organised by Ministry of Home Affairs and the ICAI on 24th and 25th June, 2005, and at the launch of Diamond Jubilee celebrations of the ICAI on 1st July, 2008 in New Delhi) I foresee a very crucial role for bankers and Chartered Accountants who can provide useful service to the nation by discharging their respective roles in an honest and diligent manner. They can provide meaningful checks to any attempt by unscrupulous organisations/elements in possible misuse of funds for any clandestine activity… The ICAI has a significant role in providing policy inputs to the Government in the areas of fiscal reforms, financial sector reforms and public finance… Chartered Accountants can play a very important role in meeting the major challenge of Financial Inclusion in India. IN THIS ISSUE... PROFILE 874 Minister of Corporate Affairs, Sachin Pilot 876 Minister of Petroleum and Natural Gas, Dr. M. Veerappa Moily 878 Minister of Minority Affairs, CA. K. Rahman Khan
Transcript of EDITOR IN THIS ISSUE VOLUME 61 N CHARTERED VOLUME 61 … · – CA. Sanjay Chauhan 931 Impact of...
CONTENTS
THE CHARTERED ACCOUNTANT december 20124 www.icai .org
856
EDITOR CA. JAYDEEP NARENDRA SHAH, PresidentMEMBERS CA. MAHESH P. SARDA SHRI PRITHVI HALDEA SHRI GAUTAM GUHA CA. ANIL S. DANI CA. S. SUNDARARAMAN CA. K. GOPAL CA. R. GIRI CA. DEEPAK RINDANISECRETARY NADEEM AHMEDICAI EDITORIAL TEAM SUSANTA K. SAHU DR. N. K. RANJAN NIMISHA SINGH
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI Bhawan, Post Box No.7100, Indraprastha Marg, New Delhi-110002, Tel: +91 (11) 39893989. E-mail: [email protected], Website: www.icai.org
SUBSCRIPTION RATES Inland subscribers : R1,000 per annum Overseas: $150 per annum (subscribers by sea mail)
For Overseas Members/Subscribers •AirMailSurcharge :R2,100 per annum •SeaMailSurcharge :R1,100 per annum CA Students : R1,400 for 3.5 years R400 per annumOther students & faculties : R600 per annum
CLASSIFIEDS: Minimum R1,000/- for the first 25 words or part thereof and R250/- for five words or part thereof over and above first twenty five words. Please contact: The Journal Section at ICAI Bhawan, A-29, Sector-62, Noida or call at +91(120) 3045955 or e-mail at [email protected]
EDITORIAL SUPPORT, DESIGN, ADVERTISEMENT & MARKETING SPENTA MULTIMEDIA Aaron Rodrigues, V. Kalidasan, Nilesh Juvalekar & Anand Dhuri. MUMBAI: Spenta Multimedia, Peninsula Spenta, Mathuradas Mill Compound, N. M. Joshi Marg, Lower Parel. Mumbai-400013. Tel: +91 (22) 24811022/24811025, Telefax: -91(22) 24811021. DELHI: No.7, 1st Floor, Nizamuddin (West) Market. New Delhi-110013. Tel: +91 (11) 4669 9999.BENGALURU: No.606, 1st Floor, Rear Building, 80 Feet Road, 3rd Cross, Opp. Koramangala Police Station, Bengaluru-560 095.Landmark - Behind Boca Grande Restaurant.Tel: +91(80) 4161 8966/77. KOLKATA: 206-Jodhpur Park, Kolkata - 700068. Tel: +91(33) 2473 5896. Telefax: +91(33) 2413 7973. CHENNAI: 1st Floor,#5 Montieth Road Egmore, Chennai 600 028. Tel: +91-44-4218 8984/85ICAI RESERVES THE RIGHT TO REJECT ADVERTISEMENTSPrinted and published by Vijay Kapur on behalf of The Institute of Chartered Accountants of India (ICAI)Editor – CA. Jaydeep Narendra ShahPublished at ICAI Bhawan, P. O. Box No. 7100, Indraprastha Marg, New Delhi - 110 002 and printed at Spenta Multimedia. Peninsula Spenta, Mathuradas Mill Compound. N. M. Joshi Marg, Lower Parel, Mumbai - 400013The views and opinions expressed or implied in THE CHARTERED ACCOUNTANT are those of the authors and do not necessarily reflect those of ICAI. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of ICAI.DISCLAIMER: The ICAI is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Journal. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.TOTAL CIRCULATION: 2,36,439Total No. of Pages: 164 including CoversCover Image: Press Information Bureau, Government of IndiaInside images and Graphics: www.dreamstime.com
UPDATES890 Legal Update - Legal Decisions - Circulars and Notifications
1000 National Update1002 International Update1004 Accountant’s Browser
VOICE
855 Editorial - XBRL: Expanding Professional
Horizons of CAs858 From the President
MEMBERS 864 Readers Write866 Photographs888 Know Your Ethics919 Opinion - Valuation of Stock of Gypsum, A by-product 999 Financial Reporting Review - Non-Compliance with Reporting Obligations observed
by the Financial Reporting Review Board relating to AS 15 ‘Employee Benefits’
1007 Classifieds
EVEnTS1008 Forthcoming Events
ICAI nEWS909 Certificate Course on Master in Business Finance930 www.icai.org.in: An Exclusive Website for CA Firms of ICAI949 Quick Insight957 6th ICAI’s MII Corporate Forum and Awards 2012959 ICAI-XBRL Software997 Antivirus Software1005 Empanelment of CA Firms for the Year 2013-20141005 Announcement1005 Study Tour to Hong Kong (13th to 19th January, 2013)1006 Certificate Course on Concurrent Audit of Banks
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SET UP BY AN ACT OF PARLIAMENT
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
VOLUME 61 No. 6 DECEMBER 2012 R100
THECHARTERED
JOU
RN
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ACCOUNTANT
Shri P. Chidambaram (Union Minister of Finance)
(During the Seminar on FCRA, 1976 jointly organised by Ministry of Home Affairs and the ICAI on 24th and 25th June, 2005, and at the launch of Diamond Jubilee celebrations of the ICAI on 1st July, 2008 in New Delhi)
I foresee a very crucial role for bankers and Chartered Accountants who can provide useful service to the nation by discharging their respective roles in an honest and diligent manner. They can provide meaningful checks to any attempt by unscrupulous organisations/elements in possible misuse of funds for any clandestine activity… The ICAI has a significant role in providing policy inputs to the Government in the areas of fiscal reforms, financial sector reforms and public finance… Chartered Accountants can play a very important role in meeting the major challenge of Financial Inclusion in India.
IN THIS ISSUE...
PROfIlE 874 Minister of Corporate Affairs,
Sachin Pilot
876 Minister of Petroleum and Natural Gas, Dr. M. Veerappa Moily
878 Minister of Minority Affairs, CA. K. Rahman Khan
CONTENTS
THE CHARTERED ACCOUNTANT december 2012 5www.icai .org
REPORT880 24th Annual International Seminar and First GCC
Conference of ICAI’s Abu Dhabi Chapter
884 Professional Ties between ICAI and CERT of HCT in UAE Get Fresh Boost
886 ICAI-CBEC Programme for Training the Trainers in Financial Statement Analysis
ACCOUnTIng927 IFRS 3 and Goodwill – CA. Sanjay Chauhan
931 Impact of IFRS Adoption on Taxation
– CA S. Sairam
937 Carbon Emissions Trading in India: A Study on Accounting and Disclosure Practice
– CA. (Dr.) Satyajit Dhar
InTERnATIOnAl TAxATIOn956 Recent Rulings of Authority of
Advance Rulings – Committee on International
Taxation of the ICAI
961 Recent Global Developments in International Taxation
– CA. Bhavna Doshi
TAxATIOn944 Public Charitable Trust – Formation
and Taxation Aspects : An Overview
– CA. Ankit N. Anjaria951 Application for Settlement of Cases
as Amended by Finance Act, 2011 – CA. Thakur Repudaman
MAnAgEMEnT992 Negative Working Capital and
Indian Corporates - A Conceptual
Analysis
– Dr. Pradeep Kumar Singh
BAnkIng AnD fInAnCE986 Critical Analysis of Discounted
Cash Flow Approach to Share Valuation and Capital Asset Pricing Model and the relevance of Behavioural Economics in Security Analysis
– CA. Aditya Arungunram Nandakumar
BACkPAgE1013 Cross Word 078
Smile Please
CORPORATE & AllIED lAWS966 Hindu Law and Hindu Succession
Act, 2005 – CA. Rakesh Somani
857
set up by an act of parliament
tHe institute of cHartereD accountants of inDia
volume 61 no. 6 december 2012 R100
THECHARTERED
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ACCOUNTANTCORPORATE SOCIAl RESPOnSIBIlITy971 Sustainability Reporting Practices -
A Study of Recent Trends in Indian Context
– CA. Debaraj Gupta and Anandaraj Saha
InfORMATIOn TEChnOlOgy979 Why Small Business Owners
Should Take their Accounting to the Cloud
– Aditya Tulsian
CAPITAl MARkETS983 Participatory Notes – CA. Hemali Deepak Thakkar
