INTERNATIONAL ACCOUNTING STANDARDS BOARD
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
Over 40 pc ads in Cricket World Cup 2023 promoted smokeless tobacco brands: Study
According to the study conducted by a group of experts from the Indian Council of Medical Research (ICMR) and Vital Strategies, of the total 41.3 per cent surrogate advertisements of smokeless tobacco (SLT) brands, 39.9 per cent were telecast during India's matches and 37.8 per cent during matches featuring one or both teams from South Asia (Afghanistan, Bangladesh, Pakistan and Sri Lanka).
RBI releases finalised framework for Indian fintech sector's self-regulatory body
The Reserve Bank of India (RBI) has finalized a framework for self-regulatory organizations (SROs) in the fintech sector, considering stakeholder feedback on draft norms from January 15. These SROs will be industry-led, responsible for regulatory standards, ethical conduct, market integrity, dispute resolution, and fostering transparency, the central bank said in a statement.
Navigating financial requirements: Essential steps for international students to study in Canada
Studying abroad offers students the opportunity to experience new cultures and gain valuable academic insights. However, financial logistics are crucial. To study in Canada, international students must demonstrate sufficient financial support for their studies and living expenses, including additional funds for any accompanying family members. From 2019 to 2021, 10% of student visa applications were rejected due to insufficient funds.
Has India’s toy story started to falter?
After hitting a high of $177 million in the financial year 2022, India’s toy exports are seeing a fall. To add to the pain, imports are also rising.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
- Go To Page 1
Delhi hospital fire: How unchecked private nursing homes thrive amid high costs & poor infra
The high costs of medical care at private corporate hospitals in Delhi, combined with inadequate infrastructure at government facilities, have led to a significant increase in the demand for private nursing homes. Unfortunately, these facilities often disregard regulations, with little effort from the administration to ensure compliance and accountability.
Meet India's Insolvency professionals: Male, chartered accountants and not so young
The typical Indian insolvency professional (IP) is a middle-aged male chartered accountant. Only 10% of the 4,352 registered IPs are women, and just 7% are under 40 years old, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Most IPs are chartered accountants (55%), with the rest being company secretaries (17%), lawyers (6%), and cost accountants (5%). About 90% are aged between 40 and 70.
Rs 91 lakh penalty on YES Bank for wrongly levying non-maintenance of minimum balance charges: Is your bank charging the same?
Minimum balance negative in savings bank account: RBI has imposed a penalty of Rs 91 lakh on YES Bank for not complying with the master directions on customer service in banks. One of the reason was levying charges on savings bank account having insufficient or zero balance. Has your bank done the same too?
A new weapon against online payment frauds: Timely alerts on transactions via UPI, debit card, credit card, Net and mobile banking
Fraud transactions: Banks like Standard Chartered Bank, HDFC Bank, ICICI Bank, and others have implemented a fraud protection measure wherein the bank will call you for transaction confirmation if it feels that these transactions are fraudulent. However if you give the confirmation, the transaction will go through. Know here how it works.
Mumbai Metro Aqua Line 3: BKC to Aarey Phase 1 operations set to start from July. Check route map and stations
Mumbai Metro Line 3 Phase I operations on the Aarey to Bandra-Kurla Complex route are set to begin in July. The Mumbai Metro Rail Corporation Limited (MMRCL) expects to start phase I operations of Mumbai Metro Line 3 on this route by then. Necessary dry runs have been completed, with some assessments and approvals pending. The Metro agency is ready to operate over 260 services with its fleet of 19 trains.
Faced with RBI audit, IIFL Finance delays Board meet for earnings release
IIFL Finance extends announcement of quarterly earnings beyond May 30 due to RBI audit, anticipates releasing results by June 30.
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
A market rumour will now no longer remain just a rumour under latest SEBI order
In my article on October 03, 2023, titled “Formation of Industry Standards Forum by SEBI - a pragmatic era in regulation implementation”, I had mentioned that SEBI has introduced a very pragmatic method of drafting standards for implementation of a regulation.
Sebi moots relaxation in valuation norms for alternative investment fund
Capital markets regulator Sebi on Thursday proposed providing relaxation on the framework pertaining to valuation of investment portfolio of alternative investment fund (AIF).
Government gets Rs 2.11 lakh crore from RBI by way of dividend
The Reserve Bank of India (RBI) has transferred a record surplus of Rs 2.1 lakh crore to the central government for FY’2023-24, exceeding expectations. This windfall, largely from interest income on overseas securities and income from LAF operations, strengthens the government's fiscal position and may lead to a reduction in borrowing. The surplus, determined by the Economic Capital Framework (ECF), represents 25.5% of RBI's total assets.
What is in-flight turbulence, and when does it become dangerous for passengers and crew?
A British man's death and numerous injuries on a Singapore Airlines flight due to severe turbulence highlight the dangers of unstable air. While turbulence-related fatalities are rare, injuries are more common, especially among flight attendants. Clear-air turbulence, often near jet streams, is particularly dangerous as it occurs with no visible warning. Climate change may increase turbulence, but airlines have safety measures in place. Experts advise passengers to wear seat belts, the best defense against turbulence-related injuries.
No EtO found in majority of MDH, Everest samples, says FSSAI official
FSSAI confirms no ethylene oxide in MDH and Everest spices after testing; orders nationwide inspections. Spices Board mandates EtO testing for exports to Singapore and Hong Kong.
Hindujas' acquisition of Reliance Capital hits financing hurdle
"IndusInd International Holdings (IIHL) is trying to reduce the cost by nearly one percentage point and is seeking a cheaper loan through ongoing discussions with the lenders," one of the sources said. "The loan arrangement must be finalised before May 27, as IndusInd International Holdings needs to close the Reliance Capital deal by then," the person added.
112th International Labour Conference: India and other countries to come up with legal framework on bio hazards
The International Labour Organisation will introduce a legal framework to protect the global workforce from biological hazards, emphasizing the impact of Covid-19. India and 186 other countries will discuss this at the 112th International Labour Conference in Geneva, focusing on standalone legislation, occupational safety, health, and national policies for prevention and protection.
'Applied extra control measures': UK tightens scrutiny of all Indian spice imports amid contamination allegations
Britain's food watchdog imposes stricter controls on all spice imports from India following contamination concerns raised by MDH and Everest brands. Hong Kong and Singapore have suspended sales of certain spice blends due to pesticide concerns. India, US, Australia, and New Zealand are investigating the matter. Indian exporters face scrutiny globally.
"My Brother, PROUD": Virat Kohli pays tribute to Indian footballing legend Sunil Chhetri
Sunil Chhetri announced his retirement on his official social media accounts with a 10-minute video, reminiscing the first time he was called up to represent the national side and about his decision to call time on his career.
Despite $125 billion debt, why is Pakistan increasing its defence budget to 18000 crore rupees
Pakistan faces economic strain with a $124.5 billion foreign debt, 42% of its GDP. It boosts military capabilities through major arms imports, mainly from China, accounting for 82% from 2019 to 2023. Despite economic woes, it increases defense spending by 15.4% in the national budget, totaling 18000 crore Pak rupees. This military expansion includes submarines from China. Reports suggest Pakistan may have secretly supplied arms to Ukraine, contradicting its neutrality stance. Public discontent grows due to economic hardships and perceived military dominance in resource allocation.
"Rs 15,000 credited to a/c XXXXX9082": This 'bank message' could be a scam; how to identify, save money
Bank phishing scam: You may get an authentic looking SMS saying that a sum of money has been credited to your bank account. However before acting on this information, remember to verify the SMS sender's ID, as banks do not use a personal mobile number to send SMS. Banks have different sender ID like AD-ICICIT for ICICI Bank, etc.
Manchester United vs Crystal Palace live: Predictions, Kick off time, where to watch Premier League free
Manchester United versus Crystal Palace Premier league will be played on Monday afternoon. We have all live streaming, predictions and other key details.
KPMG, Deloitte affiliates hit with US penalties for exam cheating
Exam cheating has plagued the auditor industry for years. KPMG in 2019 agreed to pay $50 million to the U.S. Securities and Exchange Commission (SEC) for a series of violations
Corporate actions this week: REC, SBI Card, HUDCO to go ex-dividend, Persistent Systems ex-split and more
There are a host of corporate actions scheduled for this week. Aditya Vision, Crisil, HUDCO, REC, and SBI Card will trade ex-dividend, while Persistent Systems will trade ex-split this week.
Report on audit at Byju's soon: ICAI Chief
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is finalizing its report on the standards and processes followed by the auditor of Byju's, a prominent edtech company. Ranjeet Kumar Agarwal, the new President of ICAI, stated that the report will be the basis for the institute's next steps regarding the matter. The crisis at Byju's emerged following the resignation of three directors and its auditor, Deloitte, due to delays in announcing financial results.
RBI forms working group to find framework for transition to credit-loss based provisioning system
The Reserve Bank of India has established a working group to propose a framework for a smoother transition to the expected credit loss-based provisioning system. The group, headed by R. Narayanaswamy, will provide inputs on technical aspects of the transition. The new system would be a shift from the current incurred loss-based provisioning regime. While there are concerns about the impact on banks' profits, India Ratings and Research believes that the healthy operating buffers and provision coverage ratio provide comfort. The group will also suggest factors for determining credit risk and recommend prudential floors for provisioning.
Load More
