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Ukrainian army training Syrian rebels how to use drones against Russian army in SyriaThe kernel of Trumponomics is tariff, tariff & tariff!Union Budget, 2025 - Another SVLDRS is the need of the hourI-T- Delay in verification of ITR and Form 10B merits being condoned in interests of justice, where there is no delay in filing audit report in Form 10B: ITATDRI's investigative insights instrumental in addressing gaps in policy making: CBIC ChairmanI-T - Contingent liability of import duty on capital goods liability will trigger only when assessee does not meet targeted earning of foreign exchange: ITATMinistry of Coal gears up to launch 11th Round of AuctionsI-T - Financing transactions relating to real estate between two sister concerns, born out of commercial expidiency, calls for no addition: ITATMGNREGA: 10K houses being constructed daily with reduced completion timelineI-T- Revisionary power cannot be exercised solely because PCIT disagrees with view taken by AO, more so where original assessment order is passed after making due enquiry: ITATNITI Aayog launches 'Trade Watch Quarterly' in New DelhiI-T - If there is no striking off either of limbs of Sec 271(1)(c) as to for what reason penalty is being proposed to be imposed, then notice issued u/s 274 r/w/s 271(1)(c) is invalid: ITATGST - CBIC amends Circular No 31 of 2018 to clarify on 'Proper officer under Ss 73 and 74I-T - Once interest on housing loan on acquisition of capital asset is allowed u/s 24(b), then same can't be allowed by adding to cost of acquisition of capital asset u/s 48, to compute capital gains: ITATG20 declaration - Taxing super-rich's wealth - Making Modi Govt. accountableI-T- Exemption u/s 10(23C)(vi)(via) cannot be denied where ambiguities arise in Form 10 due to discrepancies in the ITR and not due to any error on part of assessee: ITATEU quickens pace to ink trade deal with MercosurGST - Cancellation of registration - No reply was filed in response to SCN and the appeal against order was also filed after more than a year - Petitioner firm is not entitled for any relief on the ground of being lethargic in approach : HCGM to take hit of USD 5 bn on reduced value of Chinese JVGST - SCN issued in name of a company which ceased to exist on account of its amalgamation, is invalid: HCUnitedHealth CEO shot dead in NY 'targeted' attackDGFT - provisions of Section 28AA of the Customs Act cannot be applied to levy interest on repayment of duty credit scrip: HCTelangana recruits 44 transgenders as traffic assistantsGST - Commissioner to take appropriate measures to ensure that officials concerned are sensitised regarding passing of appropriate orders in accordance with law and not mechanical orders: HCCBI raids 10 places in Delhi in Rs 117 Cr international cyber fraud caseGST - Contents of the petitioner's reply have been scanned and re-printed; even the letter head of the petitioner has been printed in the said order - Respondent has not applied his mind - Order quashed: HCBritain bans daytime junk food TV ads including burgers and muffinsGST - Rectification - limitation for filing appeal would start from date of rejection of rectification application & not from date of original assessment order: HCMoscow, Pyongyang defence pact comes into forceST - Assessee was not given proper notice to clarify correct classification of services - Demand rightly quashed: CESTATFall-out of martial law: South Korean Defence Minister puts in papersCX - Negligence or doubt about duty obligations alone cannot trigger extended limitations; that assessee acted in bona fide belief of goods not being dutiable, does not invite invoking extended limitation: CESTATHard Left in France urges President Macron to hold early elections after govt voted outCX - Section 11D, applicable to exempt excisable goods, could not apply to Zinc Ash which was deemed non-excisable: CESTATRailways grants Rs 60K Crore subsidy on tickets annually: MinisterCX - As is trite law, if shortage is very negligible & there is no allegation of clandestine removal or even no proof of excess clearance of final products or inputs as such, availment of Cenvat credit by manufacturer is valid: CESTAT
 
NFRA recomments revising SCQ1, SQM1 & SQM2 standards

By TIOL News Service

NEW DELHI, NOV 13, 2024: THE National Financial Reporting Authority (NFRA) held its 18th Meeting on 11th and 12th November 2024 and approved its standards on quality control.

It recommended revision of the Standard on Quality Control (SQC1), as Standards on Quality Management (SQM 1 and SQM 2) on the lines of the global Standards on Quality Management (ISQM1 and ISQM2), with minor contextual changes, to the Central Government for notifying under Section 143 (10) of the Companies Act 2013.

Also, it recommended SA 600 (Revised) on the lines of the global Standard ISA 600, with some minor contextual changes, to the Central Government for notifying under Section 143(10) of the Companies Act 2013. The SA 600 (Revised) and relevant conforming adjustments in the other SAs are proposed to be applicable only to Public Interest Entities (PIEs) except Public Sector Banks, PSUs (including public sector insurance companies) and their branches, respectively.

Adding to the above, it also recommended conforming adjustments with the SA 600 (Revised) in the liability of joint auditors under SA 299, for consistency, by making the joint auditors jointly and severally responsible, on the lines of the standard international practices, and recommend the same to the Central Government for notifying under Section 143(10) of the Companies Act, 2013.

T he three SAs, SA 800 (Revised) (Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, SA 805 (Revised) (Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement, SA 810 (Revised) (Engagements to Report on Summary Financial Statements) also for notifying under Section 143(10) of the Companies Act, 2013 also recommended.

Out of 11 Members of NFRA attending the meeting, 8 Members-the representatives of  CAG, RBI, SEBI,  two independent experts Prof Narayanswamy, Retired Professor IIM Bangalore, Professor Sanjay Kallapur, Professor ISB, Hyderabad, two Full-Time Members of NFRA and Chairperson of NFRA were in support of these four proposals.  The three ICAI representatives expressed their disagreement to the above four proposals.

The Authority also approved the other 33 Auditing Standards on lines of corresponding Global Standards.

In line with the practice followed globally in countries such as UK, Australia, Singapore, the Authority also decided to recommend to Central Government to name the Auditing Standards as IndSAs.

Upon the approval of the Central Government, these Standards are recommended to be effective from 1.04.2026.


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