Tips: How to remember IFRS relating to AS-17:
AS-17=1+7 =IFRS-8
Remind that IFRS-8 applies to enterprises whose securities whether Equity or Debt are publicly traded whereas AS-17 applies if turnover exceeds Rs. 50 crore i.e. It doesn't matter that whether enterprise is listed or not.

CA final Most Imp. for Nov:
SA-220 300 505 570 610 700 706 710 800 805 810 
SRE-2400
SRS-4410
Forward to every Final students

Most Imp for Nov-2011:
AS- 1 5 9 16-18 20 25 and 28.
- CFS, share based payment, NBFC, valuation of Business, Equity Risk Premium & MVA.
Fwd to every CA Final Students.

DTAA Does Not Protect Tax Evaders. SIT Formed To Probe Black Money. [Ram Jethmalani vs. UOI -SC]

IT : Mere difficulty in successfully enforcing mortgage does not make debt bad - [Madras]
- Remind that NSE gets approval for SME exchange.

HSBC and ICICI banks r not State Financial Corporation or State Industrial Investment Corporation for purposes of section 43B(d) [ MUM. - ITAT]

Both IAS-17 and US GAAP ( i.e. FAS-13) are applicable to lease agreement for use of Land whereas AS- 19 does not say anything for that type of lease agreements i.e. AS- 19 would not be applicable to lease agreement to use Land.

RBI today said that:

Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible.

SEBI has issued a show-cause notice to one of the country’s largest listed broking firms, India Infoline Ltd (IIFL), for alleged violation of certain norms.

National Housing Bank has banned the levy of pre-payment penalty for those homeowners who have availed of loans from any of the 54 housing finance companies (HFCs).

Today Central Board of Excise and Customs (CBEC) has extends the date of submission of half yearly return for the period April 2011 to September 2011 from 25th October 2011 to 26th December 2011.

News: Companies might not have to maintain two sets of accounts under the I-T Act and the Companies Act. So, a taxpayer should not be required to maintain books of account on the basis of accounting standards notified under the Income Tax Act.

CBDT publishes discussion paper on tax accounting standards: Visit finmin.nic.in ; incometaxindia.gov.in ; and irsofficersonline.gov.in

Today Central Board of Excise and Customs (CBEC) has extends the date of submission of half yearly return for the period April 2011 to September 2011 from 25th October 2011 to 26th December 2011.

The new regulations for merger and acquisitions in India as notified by SEBI last month has accordingly become effective from 22/10/2011.

MCA has given a copy of General Circular No. 66/2011 to DIN Cell will issue message through e-mail and SMS to all existing DIN holders who have not furnished their PAN earlier at the time of obtaining DIN to furnish their PAN by filing DIN-4 e-form by 15.12.2011 to avoid penal action.

There are total 290 new admission to membership of ICWAI: 245 AICWA & 40 FICWA w.e.f. 23/10/2011 & 5 New AICWA on the basis of mou with ima, usa w.e.f. 12/10/2011.

LAW: CA Final must revise Co Sec. 211;212;217(2A);219(1);233B;266B;309(4);309(4)(b) 314(1B) 396 E-governance;Prosecution of Dir. & filing of B/S & P/L.

Must revise b4 exam: Para 46 of AS-11 as the provision has been extended upto 31/03/2012(MCA) :exchange diff. will not be debited/credited to P/L

List of Candidates who are provisionally admitted to Nov-2011 Final Exam[ https://goo.gl/JWYMy ] Inform Regional Office by 15/12/2011 after exam.

Exam Tips: Suppose you are solving a question and meantime you are not able to proceed, Must leave that otherwise you can't attempt all questions.

ICAI has announcement for setting up of 17 New Branches of CICASA, WICASA and EICASA dated 01/11/2011 Download in PDF visit [ https://goo.gl/ntPDL ]

RBI raised the cap on individual housing loan an urban cooperative bank can disburse to Rs30 lakh from Rs25 lakh.

Changes in due dates for filing Form No.24Q/26Q where deductor is Govt. Office [CBDT]