Amarjit Chopra, former President, ICAI and former Chairman, NACAS believes that COVID-19 presents unique challenges in presentation of financial reports.
Advisory on illegal activities by chartered accountants if any is welcome move but advisory not hearing any negative views on demonetisting by any ICAI member is a bit of an overreach, says V Balakrishnan, Former CFO, Infosys.
India was slated to be an early adopter of the International Financial Reporting Standards (IFRS) revenue recognition standard. But since the global standard itself is under review, NACAS recommended a deferral of the Indian standard as well.
According to PwC these two standards will have an enormous effect - it will not only impact every company's top line and therefore bottom line but will require other organisational and business changes.
On 12th February this year, Amarjit Chopra retired as the President of the Institute of the Chartered Account of India or the ICAI. It has been one very eventful year of tenure.
The Institute of Chartered Accountants of India (ICAI) has sent notices to auditors of RNRL and Reliance Infra on market regulator SEBI's consent order.
International Conference on Accountancy Profession: Catalyst to Sustained Economic Growth
The SEBI has passed a consent order regarding the Reliance Infrastructure and RNRL investigation that showed misrepresentation of investments. Amarjit Chopra, President of ICAI says that though ICAI cannot probe into affairs of the company, they will take up the matter of the professional conduct of their members.