SHIKSHARTHI - ALMANAC 2

E - N e w s l e t t e r
f o r t h e
C A S t u d e n t s
i n I n d i a
Volume I, Issue 2
August 2015
The Missile Man rests in Peace

My dear Friends,
This is something that all of us know but only a few
realize. Our mission is to spread knowledge using
this magazine as our instrument. We wish to pub-
lish an edition every three months and each edition
will cover a wide range of topics catering to the
needs of both students and professionals.
For the students we will include all updates related
to examinations, a detailed discussion of one topic
from our syllabus. Also included will be entrepre-
neurial ideas and information about important
events and conventions. In this Edition to current
students we hope to reach out to prospective stu-
dents, those who do not know what being Char-
tered Accountant entails. The current edition has a
total of five articles compiled by some of the best
authors aimed at creating awareness among the
readers about this field of education.
We hope that you enjoy this edition and look for-
ward to any feedback and comments which you
may have.
WISHING “HAPPY LEARNING” TO ALL!
TEAM SHIKSHARTHI
From the Editor’s Desk..
“Ability is what you are capable of doing, motivation
determines what you do. Attitude determines how
well you do it”
Volume I, Issue 2 August 2015
Page 2
SHIKSHARTHI
From the Editor’s Desk.. 2
Interview of this Edition 3
Indian Accounting Standards 5
Convergence of IFRS to Ind AS 8
C.A.R.O. 2003 vs. 2015 11
Consolidated FDI Policy, 2015 16
Derivatives 18
Poem Corner - Apahij.. 20
Inside this issue:

Volume I, Issue 2August 2015
CA Rajesh Sharma, a Chartered Accountant by profes-
sion is a government nominated member in The Insti-
tute of Company Secretaries of India. He is a well
known face of young professionals. He is an active
politician and a great philanthropist. CA Rajesh
Sharma is a man of great intellect and patron for eve-
ryone.
1. Sir to begin with I would like to know what the sce-
nario was when you entered professional career and
what difference you see today. And according to the
current economic situation what do you expect in next
5 years.
The Course Chartered Accountancy was important since
the initiation, I can say that this is the reason that its enact-
ment was done even before the constitution came into
force in the country. We are the custodian of country‟s
wealth. We are the one who have seen the country boom-
ing economically. We have been Partner in Nation Build-
ing the profession have definitely changed a lot with time.
The time we entered the students number were very less,
the training system was very hectic, and the students who
used to do coaching were very less and we never found
Interview of this Edition
students doing coaching , very less student do coaching
but with time I can say that all are inclined towards taking
coaching and not much interested in practical part of
training , but the essence of our course is that we equally
take into consideration the exam as well as the training, a
person who has not done his/her training properly defi-
nitely do face problem in later years in job opportunity .
So this are the few things, I can say that some of the steps
are to be taken on ICAI behalf, I was in the student asso-
ciation and then we passed resolution to conduct cam-
pus interview , but this campus interview need to be im-
proved in a greater way, brand building is one thing
which is regularly needed to be done though we the
member in the industry who regularly interact with the
CA force and director finance but I am not satisfied with
the extend it was done I think that there need to be ex-
haustive and regular contact with the director finance ,
finance head of each and every private co public co MNC
PSU whatsoever name our ICAI mem-
ber in industry committee should have a very good one to
one repo with the finance head of the organization so that
they know how icai is ahead to other institute in the same
criteria we are the competitor so that they can know what
icai is doing new in curriculum so it can be a good way
to interact with them and calling them regularly so that
they come for campus placement and recruit our char-
tered accountant and if I say that 200-300 company do
turn up to campus then our CA‟s will get recruited in the
best possible way, so I think a lot need to be done.
2. Sir our economy is emerging towards growth. In
this Era of Gloomy Economic Outlook what role can
Indian CA’s Play?
Indian CA‟s definitely play greater role The country‟s
economy is glomming and I can say that if we take the
current scenario the current government is working
ahead with a long-term goal, the growth rate will defi-
“We are the Custodian of the Country’s wealth, we
have seen the country booming economically, we are
the partners in nation building”
SHIKSHARTHI
CA Rajesh Sharma

nitely be above 8.5 , I feel in the years to come we will be
better position which will be even better then china so in
this type of situation CA do have a great role to play I will
also take one more point , a lot of work goes to big 4 com-
pany which have taken a great work in the country I can
say very clearly that they came to our country and they
were allowed only for consultancy but they have estab-
lished and taken major work force of the country and I
can say that the institute and the government should take
some steps so that the Indian CA who are definitely capa-
ble can get more Work . So I am of the view that icai and
government need to take a call whether this big 4 should
be allowed in our country or not.
3. We are still competing with Top B school gradein
presentation and skills, being the best in finance
where is the gap which CA students should fulfill to
accomplish the par competitive scenario?
I will say one thing that our curriculum is the widest,
Lengthiest and best of all the curriculum if you compare
our curriculum with the b school definitely it will be far
ahead , If you compare our knowledge of CAs are far
ahead of B School but definitely we lack in soft skills , we
lack in our confidence , because we appear in exam
which is very tough and not very confident about the re-
sult and that fear brings down the persons confidence
They are always of the mindset “Ki Hoga Ki nai Hoga”
and for the whole life they go with that mood that “ Ye
kaam mujhse hoga ki nai Hoga” so this are the reasons
which I have always seen.
4. What part of your job do you find most Challenging,
if you could start all over again, would you change
your career path in any way? Why?
The most Challenging part is when I have to Stand for the
benefit of My CA fraternity as a whole; I am and was al-
ways working for the benefit of our Fraternity,so it takes a
lot of efforts when you have to fight for your rights. Sec-
ondly even if I get an Chance to change my career path I
won‟t change it at all, I am Obliged and Fortunate that I
am a Part of Such a big Name ICAI, and I would say that
my name and surname is given to me by my parents but
The Two Letters C.A. Is earned by me and this is some-
thing I got from hard works and efforts and it mean a lot to
me.
5. Your biggest asset and strategy in crises, Tell us
your success mantra for Professional Excellence?
I remember the time when I first started a protest all alone
against the budget which brought service tax on CA,
which was later joined by masses and covered by the
Media and then they arranged our meeting with the then
Finance minister, I believe that its inner Strength and Your
attitude which helps you to stand in crises, One should
know and should not hesitate to take a stand for himself
and then no one can stop him/her from achieving success.
6. Sir earlier it has been heard that CA exams will be
held under the system of open book,
what will be impact if they do it in future.
ICAI is still considering this concept of Open Book Exam
and forum is open for Suggestion, And I have full faith in
ICAI that whatever it does and will do will be favorable
for the Students, And as it is yet to come under frame, I
wish if it happens so it will be only for the benefit of the
students.
7. Sir sometimes it happens we pass the CA exam and
after that we don’t feel confident either to go under
practice or in industry, why does it happen sir?
The students of ICAI basically face lack of direction, They
are not sure about a lot of things when it comes to their
Career, And also as soon as they appear for their Final
Exams they are not sure whether they will pass or not and
the same continues once they pass their Finals, So it‟s ba-
sically the lack of Confidence which leads to all this kind
“One should know and should not hesitate to take a
stand for himself and then no one can stop him/her
from achieving success.”
Page 4
SHIKSHARTHI

of Dilemma.
8. What’s your view on the concept of Make in India,
Do you think” Aache DIN are not so far”?
Our New Government is really Working hard for the de-
velopment of our country, But if you look at past the situa-
tion at which the former Government left the country in a
helpless and hopeless condition, in that case it will really
take a lot of time and efforts to revive the Condition, So
definitely we have a lot of expectation from the Concept
of Make in India and wish we can see India at a Devel-
oped State in the coming years
9. They say that every good thing has to come to an
end, so last but not the least your message to the
young CA Aspirant?
“Preparation of Cash flow statements have been
made mandatory for all classes of Companies”
IASB- It is an independent accounting standard- setting
body, which consists of 14 members from 9 countries and
is based in London. The organisation took over from the
International Accounting Standards Committee in 2001.
These Standards are not only robust but tend to gain a
wide and ready acceptability among the users of financial
statements, promote transparency and provide suitable
standards for accounting practises in general. Financial
statements based on international reporting standards
also help the companies to tap the global financial mar-
kets with greater ease since the lenders and capital pro-
viders can make well informed estimates about the finan-
cial health of the company.
Difference between convergence
and adoption.
As mentioned in the introductory paragraph, India has
decided to converge with IFRS and not to adopt it.
By “Adoption” of IFRS, it means that the standards will
have to be made applicable as it is in the manner issued
by IASB with 100% compliance.
However, “Convergence” means that the Indian Ac-
counting Standards (AS) and the International Financial
Reporting Standards would, over time, continue working
together to develop high quality compatible accounting
standards.
Benefits of Convergence
Convergence of current Accounting standards with IFRS
is expected to result in several benefits to Indian Entities.
SHIKSHARTHI
Indian Accounting Standards
The only thing constant in the world is change
Introduction
The era of Globalisation has entirely changed the way in
which business is done. Corporations have established
multinational presence. In such a scenario, need of com-
mon accounting practises is very dominant. After years of
planning and hard work, world is moving towards conver-
gence of accounting standards.
Replying to the need of the hour, India is on the verge of
adopting International Financial Reporting Standard
(IFRS) but not in absolute terms. India has decided to con-
verge with IFRS and not adopt it.
What is IFRS? Why convergence? Why not adoption?
What is the difference? How is Ind A.S different from IFRS
and our existing Accounting Standards? From when Ind-
AS are applicable? All these questions and much more is
discussed further.
What is IFRS?
International Financial Reporting Standards (IFRS) are
a set of Accounting
Standards developed
by the International
Accounting Stan-
dards Board (IASB).
These are becoming
global standards for
preparation of financial statements of the companies. The
IFRS are presently being used in more than 100 countries
in the world.

Some of them are:
 Better Comparability and Transparency- IFRS will
help in point to point financial comparison of com-
panies regardless where they are based.
 Indian businesses will become more global in their
operations and investor base.
 The incorporations with multinational presence will
be able to save lots of time because of no multiple
reporting structures.
 Cost saving is one of the major offerings. Swiss
pharmaceutical giant ROCHE group, which oper-
ates in more than 100 countries, is likely to save
more than $100 Million.
 IFRS promotes a Universal Financial Frame-
work .i.e. IFRS are accepted as a financial report-
ing framework for companies seeking admission to
almost all of the world‟s stock exchange.
Ind-AS
Indian Accounting Standards (Ind AS) are the result of
convergence between IFRS and existing Accounting
Standards.
While addressing the assembly regarding Ind – AS, fi-
nance minister Arun Jaitely in his budget speech on 10
July 2014 , had said there was an urgent need to converge
the current Accounting standards with IFRS.
The Ministry of Corporate Af-
fairs, has notified 35 Indian Ac-
counting Standards (Ind AS), on
25th
Feb 2011, which are drafted
on similar lines of IFRS. The fol-
lowing schedule provides the
list of the Ind- AS given on
ICAI’s website along with the
current AS corresponding to it.
The timelines for implementa-
tion of Ind AS for the Financial
Services sector, including banks
and insurance companies would be separately notified by
the respective regulator.
However, the date of applicability is not announced but
one can predict that Ind-AS will be applicable very soon
as finance minister Arun Jaitely has said, “I propose for
adoption of the new Indian Accounting Standards (Ind
Page 6
SHIKSHARTHI
Ind
AS
Name Cur-
rent
101 First-time Adoption of Indian Account-
ing Standards
102 Share based Payment
103 Business Combinations AS 14
104 Insurance Contracts
105 Non Current Assets Held for Sale and
Discontinued Operations
AS 24
106 Exploration for and Evaluation of Min-
eral Resources
107 Financial Instruments: Disclosures AS 32
108 Operating Segments AS 17
109 Presentation of Financial Statements AS 1
2 Inventories AS 2
7 Statement of Cash Flows AS 3
8 Accounting Policies, Changes in Ac-
counting Estimates and Errors
AS 5
10 Events after the Reporting Period AS 4
11 Construction Contracts AS 7
12 Income Taxes AS 22
16 Property, Plant and Equipment AS 6,10
17 Leases AS 19
18 Revenue AS 9
19 Employee Benefits AS 15
20 Accounting for Government Grants
and Disclosure of Government Assis-
tance
AS 12
21 The Effects of Changes in Foreign Ex-
change Rates
AS 11
23 Borrowing Costs AS 16
24 Related Party Disclosures AS 18
27 Consolidated and Separate Financial
Statements
AS 21
28 Investments in Associates AS 23
29 Financial Reporting in Hyperinflation-
ary Economies
31 Interests in Joint Ventures AS 27
32 Financial Instruments: Presentation AS 31
33 Earnings per Share AS 20
34 Interim Financial Reporting AS 25
36 Impairment of Assets AS 28
37 Provisions, Contingent Liabilities and
Contingent Assets
AS 29
38 Intangible Assets AS 26
39 Financial Instruments: Recognition
and Measurement
40 Investment Property AS 13

AS) by the Indian Companies from the financial year
2015-16 voluntarily and from the financial year 2016-
17 on mandatory basis.”
Difference between Ind-AS and
IFRS.
Ind-AS and IFRS are not same. There are some differ-
ences in between Ind-AS and IFRS. There are some
conceptual differences in some standard which are as
follows:-
Issues in Implementation.
Some IFRS require fair value approach to be followed.
However, the market of many economies such as India
normally do not have adequate depth and breadth for
reliable determination of fair values. With a view to pro-
vide further guidance on the use of fair value approach,
the IASB is developing a document. Till date, no viable
solution of objective fair value measures is available.
Also, in a country like India, a significant part of economic
activities is carried on by small and medium sized enti-
ties (SMEs). Such entities may face problem in imple-
menting the revised accounting standards because of:
1. Scarcity of resources and expertise with the SMEs to
achieve compliance. 2. Cost of Compliance not commen-
surate with the expected benefits.
Way Forward
The RBI, ICAI on its part has already taken several meas-
ures to assess the situation, promote skill development,
engage stakeholders and monitor developments. A work-
ing group to address implementation issues in IFRS has
been set up to facilitate a smooth transition to an IFRS con-
verged environment. Six sub groups have been formed to
address the issues arising on classification and measure-
ment of financial assets, financial liabilities and hedge
accounting presentation, disclosure requirements etc.
Conclusion
According to a survey of 59 countries, 95% companies say
that they have adopted international standard, while re-
maining 40% countries are planning to adopt it.
The capital markets are the joint creation of many differ-
ent stakeholders- investors, corporate securities ex-
change, lenders, accountants and auditors among others.
Every stakeholder stands to gain from active participation
in shaping the successive phases of the convergence
process.
Eventually, the roles of Indian Accounting Standards,
which are becoming closer to IFRS, have assumed great
significance from the point of view of global financial re-
porting. The Indian GAAP has conceptual differences with
IFRS and our legal and regulatory frameworks need to be
amended to adopt IFRS. The bridge to successful IFRS
reporting can be crossed only with strenuous efforts of
experienced professionals and Chartered Accountants
have big responsibilities on their shoulder.
SHIKSHARTHI
As per Ind –AS As per IFRS
Balance sheet Statement of Financial posi-
tion
Statement of Profit and
Loss
Statement of Comprehensive
Income
Approval for the Finan-
cial statement of issue
Authorisation of the financial
statement for issue.
Ind - AS 1 allows only
single statement ap-
proach. (i.e. where all
the incomes and ex-
penses are recognised
in a single comprehen-
sive income statement.)
International Accounting
Standard (IAS) 1, gives an
option to follow single state-
ment or two statement ap-
proach. (This requires two
Statements to be prepared, 1.
Displaying the Components
of Profit and Loss 2. For Other
Incomes)
Ind AS 40 dealing with
Investments permits
only the Cost model.
However, IAS 40 permits both
cost model and fair value
model (except in some situa-
tions) for measurement of
investment properties after
initial recognition)

Convergence of IFRS to Ind AS
Page 8
SHIKSHARTHI
INTRODUCTION
The Ministry of Cor-
porate Affairs has
finally notified the
much awaited Indian
Accounting Stan-
dards (Ind AS), which
are converged with
International Finan-
cial Reporting Stan-
dards (IFRS). The
notification of these
IFRS converged stan-
dards fills up signifi-
cant gaps that exist in
the current accounting
guidance, and India
can now claim to have financial reporting standards that
are contemporary and virtually at par with the leading
global standards. This will in turn improve India‟s place in
global rankings on corporate governance and transpar-
ency in financial reporting.
BACKGROUND
International Financial Accounting
Standards (IFRS), formerly known as
International Accounting Standards
(IAS) are the Standards, Interpreta-
tions and Framework for the Prepa-
ration and Presentation of Financial
statements adopted by the Interna-
tional Accounting Standards Board
(IASB).
They comprise:
(a) International Financial Reporting
Standard
(b) International Accounting Standards
(c) Interpretation developed by the International Finan-
cial Reporting Interpretation Committee (IFRIC) or the
former Standing Interpretation Committee (SIC).
Accounting bodies all over the world and the various ac-
counting standard setting bodies are looking to eliminate
the differences persisting in various countries as to the
treatment in the accounts in respect of assets, liabilities,
Income & expenses etc. The main purpose is to create a
condition in which the financial statements of any entity
can be easily read and understood by the various users of
the statement residing in different parts of the world.
IFRSs are the solutions to this problem.
Single set of accounting standards would enable interna-
tionally to standardize and assure better quality on a
global screen, it would also permit international capital to
flow more freely, enabling companies to develop consis-
tent global practices on accounting problems. It would be
beneficial to regulators too, as a complexity associated
with needing to understand various Reporting regimes
would be reduced.
PROPOSED ROADMAP
The MCA through notification dated 16 February 2015 has
issued the Companies (Indian Accounting Standards)
Rules, 2015 (Rules) which lay down a roadmap for compa-
nies other than insurance companies, banking companies
and non-banking finance companies (NBFC) for imple-
mentation of Ind AS converged with IFRS. The Rules will
come into force from the date of its publication in the Offi-
cial Gazette.
Simrat Jeet Singh

SHIKSHARTHI
Exceptions
Companies whose securities are listed or in the process of
listing on the Small and Medium Enterprises
(SME)exchanges will not be required to apply Ind AS and
can continue to comply with the existing accounting stan-
dards unless they choose otherwise.
Adoption Procedure
Three steps process was laid down by the accounting
professionals in India which are summarized as follows:
Step 1 – IFRS Impact Assessment
Step 2 – Preparations for IFRS Implementation
Step 3 – Implementation
BENEFICIARIES OF CONVERGENCE WITH IFRS
The researchers point out several beneficiaries to the
convergence of Indian GAAP with IFRS. Some important
Key carve-outs in Ind-AS
Accounting area Ind AS carve-outs IFRS Requirements
Mandatory carve-outs
Foreign currency convertible
bonds - treatment of conversion
option
Recognition of embedded foreign currency
conversion option as „equity‟
Conversion option treated as
derivative and carried at fair value
Employee benefits – discount rate Mandatory use of government securities
yields for determining actuarial liabilities
(except for foreign components)
Requires use of corporate bond
rates as default
Business acquisitions – gain on
bargain purchase
Recognition of „bargain purchase gains‟ in
a business combination as „capital reserve‟
„Bargain purchase gains‟ in a
business combination recognized
as income in the statement of profit
and loss
Classification of loan with
covenant breaches
Entities to continue classifying loans as non-
current even in case of breach of a material
provision if, before the approval of the fi-
nancial statements, the lender agreed not
to demand payment
Loans reclassified as „current
liability‟
Lease rental recognition No straight-lining for escalation of lease
rentals in line with expected general infla-
tion
Requires straight-lining of lease
rentals
Investment in associates – gain on
bargain purchase
Excess of the investor‟s share of the net fair
value of the investee‟s identifiable assets
and liabilities over the cost of investment to
be
transferred to capital reserve instead of in
the statement of profit and loss
Excess recognized as income in the
statement of profit and loss
Optional carve-outs
Foreign exchange fluctuations Option to continue the policy adopted for
accounting for exchange differences aris-
ing from translation of long-term foreign
currency monetary items recognized in the
financial statements for the period ending
immediately before the beginning of the
first Ind AS financial reporting period as
per the previous GAAP.
Requires recognition of exchange
rate fluctuations on long-term
foreign currency monetary items in
the statement of profit and loss
Accounting policies of joint ven-
tures and associates
Option not to align the accounting policy of
associates and joint ventures with that of the
Parent, if impracticable.
Requires alignment of accounting
policies.

Page 10
SHIKSHARTHI
ones are discussed as below.
1. The Investors.
2. The Industry.
3. Accounting Professionals.
4. The corporate world.
5. The Economy.
WHY IFRS???????
By adopting IFRS, you would be adopting a "global finan-
cial reporting" basis that will enable your company to be
understood in a global marketplace. This helps in access-
ing world capital markets and promoting new business. It
allows your company to be perceived as an international
player.
A consistent financial reporting basis would allow a multi-
national company to apply common accounting standards
with its subsidiaries worldwide, which would improve
internal communications, quality of reporting and group
decision-making.
In increasingly competitive markets, IFRS allows a com-
pany to benchmark itself against its peers throughout the
world, and allows investors and others to compare the
company's performance with competitors globally.
IFRS convergence, but not IFRS yet!
India‟s efforts towards convergence with IFRS is a giant
leap forward and to make Indian standards contempo-
rary. However, due to the existence of certain carve-outs
or deviations from IFRS, these standards would not be
considered as equivalent to IFRS, even though the carve-
outs are relatively minor. While some of these carve-outs
are optional, there are certain mandatory carve-outs,
which may prevent companies from being able to state
dual compliance with IFRS as per the IASB. Ability to state
full compliance with IFRS would be relevant for several
Indian companies that are raising funds from global inves-
tors, including from leading global capital markets.
The MCA and the ICAI have done laudable efforts to-
wards minimizing the carve-outs as compared to those
that existed in the 2011 version of the Ind-AS standards.
Going forward, the MCA and the ICAI should continue to
work closely with the IASB to eliminate these carve-outs in
a time bound manner by either getting the IASB to change
the IFRS requirements or align the Indian requirements
with IFRS.
CONCLUSION
The speed of regulatory change is such that companies
find it difficult to keep pace. With limits on resources,
availability of talents and different reporting needs there
is a tremendous stretch on companies to manage compli-
ance and improve reporting efficiency.
Integrated impact assessment will involve assessing im-
pact of transition to new framework (be it IND AS, Tax
accounting standards or GST) on all areas of organisation
like accounting and reporting, tax, systems and proc-
esses, human resources. Organisation should consider
clubbing transformation projects, to the extent possible,
“Profession”al Humour
Teacher: Osama has 5 wives and 20 Children, Laloo has 1 wife and 9 chil-
dren. Who is better?
CA Student: Cannot decide. Osama’s NPV is good but Laloo’s IRR is better.

SHIKSHARTHI
C.A.R.O. 2003 vs. 2015
Background
Section 227(4A) of the Companies Act, 1956 (1956 Act)
required that the auditor‟s report of certain class of com-
panies should include a statement on certain prescribed
matters. These reporting requirements were prescribed
under the Companies (Auditor's Report) Order, 2003
(CARO – 2003) by the Ministry of Corporate Affairs
(MCA). Section 227(4A) of the 1956 Act ceased to be op-
erational from 1 April 2014 after notification of section
143(11) under the Companies Act, 2013 (2013 Act).
Though section 143(11) of the 2013 Act provides require-
ments similar to section 227(4A) of the 1956 Act, the MCA
had not prescribed CARO related requirements. Conse-
quently, after consulting the Institute of Chartered Ac-
countants of India (ICAI), the MCA on 10 April 2015 issued
the Companies (Auditor's Report) Order, 2015 (CARO –
2015) prescribing certain reporting requirements for
auditors of certain class of companies. CARO – 2015 will
be effective from the date of its publication in the Official
Gazette.
CARO 2003 CARO 2015
Applicability
Shall apply to every Company including a foreign com-
pany as defined in section 591 of the 1956 Act, except:
 A banking company
 An insurance company as defined u/s 2 (21) of the
1956 Act
 A section 25 company
 A private company with a paid up capital and re-
serves of not more than ₹50 Lakhs and has not
accepted any public deposit and does not have
loan o/s of ₹25 Lakhs or more from any bank or
financial institution and does not have a turnover
exceeding ₹5 Crores
Applicability
Shall apply to every Company including a foreign com-
pany as defined in section 2(42) of the 2013 Act, except:
 A banking company
 An insurance company as defined under Insur-
ance Act, 1938
 A section 8 company
 A One Person Company as per section 2(62) of the
2013 Act and a small company as per section 2(85)
of the 2013 Act.
 A private company with a paid up capital and re-
serves of not more than ₹50 Lakhs and does not
have loan o/s of ₹25 Lakhs or more from any
bank or financial institution and does not have a
turnover exceeding ₹5 Crores at any point of
time during the financial year.
Definitions
CARO, 2003 has defined chit Fund Company, finance
company, Investment Company, manufacturing com-
pany, mining company, processing company, Service
Company and trading company.
Definitions
No Such Definitions are mentioned
Fixed Assets
Auditor needed to comment upon:
 Maintenance of proper records showing full par-
ticulars, including quantitative details and situa-
tion of fixed assets;
 Physical verification of Fixed Assets by the Man-
agement, material discrepancies on such verifica-
tion and dealing of such discrepancies;
 The effect on going concern in case substantial
part of fixed assets is disposed off during the year.
Fixed Assets
Auditor needs to comment upon:
 Maintenance of proper records showing full par-
ticulars, including quantitative details and situa-
tion of fixed assets;
 Physical verification of Fixed Assets by the Man-
agement, material discrepancies on such verifica-
tion and dealing of such discrepancies.
 Not required

C.A.R.O. 2003 vs. 2015
Page 12
SHIKSHARTHI
Inventory
 Physical verification of inventory by the Manage-
ment;
 Reasonability and adequacy of Procedures of
physical verification of inventory in relation to the
size of the company and nature of its business.
Inadequacies in such procedures to be reported
separately;
 Maintenance of proper records of inventory, ma-
terial discrepancies on physical verification and
dealing of such discrepancies;
Inventory
Same as earlier
Loans and Advances
 Whether the company has granted or taken any
secured or unsecured loans to/from parties cov-
ered in register maintained u/s 301 of the 1956,
Act. If so, the number of parties and amount in-
volved in the transactions;
 Rate of interest and other terms and conditions of
above loans given or taken are prima facie preju-
dicial to the interest of the company;
 Regularity of payment of principal amount and
interest of above loans;
 If overdue amount is more than ₹1 lakh, whether
reasonable steps have been taken by the com-
pany for recovery/payment of the principal and
interest.
Loans and Advances
 Whether the company has granted any secured or
unsecured loans to parties covered in register
maintained u/s 189 of the 2013, Act;
 On Regularity of receipt of principal amount and
interest of above loans;
 If overdue amount is more than Rs. 1 lakh, whether
reasonable steps have been taken by the company
for recovery of the principal and interest.
 No comments required in respect of loans taken
from parties covered in register maintained u/s 189
of 2013 Act.
 Further w.r.t. loans given – no comments required
on number of parties, amount involved in transac-
tions and whether the rate of interest and terms and
conditions are prima facie prejudicial to the interest
of the company.
Internal Control System
 Adequacy of internal control procedure w.r.t to
size of the company and the nature of its business,
for the purchase of inventory and fixed assets and
for the sale of goods.
 Whether there is a continuing failure to correct
major weaknesses in internal control.
Internal Control System
 Adequacy of internal control system w.r.t to size of
the company and the nature of its business, for the
purchase of inventory and fixed assets and for the
sale of goods and services.
 Whether there is a continuing failure to correct ma-
jor weaknesses in internal control system.
Register u/s 301
 Transactions required to be entered into a regis-
ter in pursuance of section 301 of the 1956 Act
have been so entered;
 In case transactions entered exceeds value of ₹5
lakhs in respect of any party in a financial year,
whether those transactions were made at reason-
able prices having regard to the prevailing mar-
ket price at the relevant time.
Register u/s 301
No comments relating to this matter are required to be
given under CARO, 2015.

SHIKSHARTHI
C.A.R.O. 2003 vs. 2015
Deposits
•In case the company has accepted deposits, whether
the directives issued by RBI and provisions of sections
58A and 58AA of the 1956 Act, and the rules framed
there under, where applicable, have been complied
with. If not, the nature of contraventions should be
stated; If an order has been passed by Company Law
Board whether the same has been complied with or not?
Deposits
 In case the company has accepted deposits,
whether the directives issued by RBI and provisions
of sections 73 to 76 or any relevant provisions of the
2013 Act, and the rules framed there under, where
applicable, have been complied with. If not, the
nature of contraventions should be stated; If an or-
der has been passed by Company Law Board or
National Company Law Tribunal or RBI or any court
or any other tribunal, whether the same has been
complied with or not?
Internal Audit System
 Whether the company has an internal audit sys-
tem commensurate with its size and nature of its
business. (Only In case of Listed Companies or
Companies having a paid-up capital and reserves
> Rs. 50 lakhs as at the beginning of the financial
year or having an average annual t/o > Rs. 5cr for
a period of 3 consecutive financial years immedi-
ately preceding the financial year).
Internal Audit System
Cost records
 Where maintenance of cost records has been
prescribed by the Central Government under
section 209(1)(d) of the 1956 Act, whether such
accounts and records have been made and main-
tained.
Cost Records
 Where maintenance of cost records has been speci-
fied by the Central Government under section
148(1) of the 2013 Act, whether such accounts and
records have been made and maintained.
Statutory Dues
 Is the company regular in depositing undisputed
statutory dues with the appropriate authorities; if
not the extent of the arrears of outstanding statu-
tory dues as at the last day of the financial year
concerned for a period of more than six months
from the date they became payable shall be indi-
cated;
 In case dues of sales tax/income tax/custom
tax/wealth tax/excise duty/cess have not been
deposited on account of any dispute, then the
amounts involved and the forum where dispute is
pending may please be mentioned. (A mere rep-
resentation to the Department shall not constitute
the dispute).
Statutory Dues
 Is the company regular in depositing undisputed
statutory dues with the appropriate authorities; if
not the extent of the arrears of outstanding statutory
dues as at the last day of the financial year con-
cerned for a period of more than six months from
the date they became payable shall be indicated;
 In case dues of income tax or sales tax or wealth tax
or service tax or duty of customs or duty of excise
or value added tax or cess have not been deposited
on account of any dispute, then the amounts in-
volved and the forum where dispute is pending
shall be mentioned. (A mere representation to the
Department shall not constitute the dispute);
 Whether the amount required to be transferred to
investor education fund and protection fund in ac-
cordance with the relevant provisions of the 1956
Act and rules made thereunder has been trans-
ferred to such fund within time.

C.A.R.O. 2003 vs. 2015
Page 14
SHIKSHARTHI
Accumulated Losses
 In case of a company, which is registered for a
period of not less than 5 years, whether its accu-
mulated losses at the end of the financial year are
not less than 50% of its net worth and whether it
has incurred cash losses in such financial year
and in the immediately preceding financial year
also?
Accumulated Losses
Same as Earlier
Repayment of Dues to Lenders
 Has the company defaulted in repayment of dues
to a financial institution or bank or debenture
holders. If yes, the period and amount of default
to be reported.
Repayment of Dues to Lenders
Same as Earlier
Provisions Relating to Special Statute
 Compliance of provisions of any special statute
applicable to chit fund. In respect of nidhi/mutual
benefit fund/societies:
 whether the net-owned funds to deposit liability
ratio is more than 1:20 as on the date of balance
sheet;
 whether the company has complied with the pru-
dential norms on income recognition and provi-
sioning against sub-standard/default/loss assets;
 whether the company has adequate procedures
for appraisal of credit proposals/requests, assess-
ment of credit needs and repayment capacity of
the borrowers;
 whether the repayment schedule of various loans
granted by the nidhi is based on the repayment
capacity of the borrower and would be conducive
to recovery of the loan amount.
Provisions Relating to Special Statute
Guarantees for loans taken by others
 Has the company given any guarantee for loans
taken by others from bank or financial institutions
, the terms and conditions whereof are prejudicial
to the interest of the company.
Guarantees for loans taken by others
Same as Earlier
Documentation for secured Loans & advances
granted by way of pledge of securities
 Maintenance of adequate document and records
in cases where the company has granted loans &
advances on the basis of security by way of
pledge of shares, debentures and other securi-
ties; If not the deficiencies to be pointed out.
Documentation for secured Loans & advances granted
by way of pledge of securities

SHIKSHARTHI
C.A.R.O. 2003 vs. 2015
Records for company dealing or trading in shares,
securities, debentures and other investments
For such Companies auditor needed to comment upon:
 Maintenance of proper records of the transactions
and contracts, timely entries and whether shares ,
securities, debentures and other securities have
been held by the company in its own name ex-
cept to the exemption, if any, granted u/s 49 of
the 1956 Act.
Records for company dealing or trading in shares, se-
curities, debentures and other investments
Application of term loans
 Whether the term loans were applied for the pur-
pose for which the loans were obtained.
Application of Term Loans
Same as Earlier
Use of funds raised on short term basis for long term
investment and vice-versa
 whether the funds raised on short-term basis
have been used for long term investment and
vice versa; If yes, the nature and amount is to be
indicated.
Use of funds raised on short term basis for long term
investment and vice-versa
Preferential allotment of shares
 Has the company made any preferential allotment
of shares to parties and companies covered in the
Register maintained u/s 301 of the 1956, Act. If so
the price at which shares have been issued is
prejudicial to the interest of the company.
Preferential allotment of shares
Security of debentures issued
 Creation of securities in respect of debentures
issued.
Security of debentures issued
End use of money raised by public issues
 whether the management has disclosed on the
end use of money raised by public issues and the
same has been verified.
End use of money raised by public issues
Fraud on or by the Company
 whether any fraud on or by the company has
been noticed or reported during the year; If yes,
the nature and the amount involved is to be indi-
cated.
Fraud on or by the Company
Reasons for unfavorable or qualified answers
If the answer to any of the questions is unfavorable or
qualified, auditors needed to state the reasons for such
unfavorable or qualified answer, as the case may be.
Where the auditor is unable to express any opinion in
answer to a particular question, his report shall indicate
such fact together with the reasons on impossibility to
give an answer to such question.
Reasons for unfavorable or qualified answers

Consolidated FDI Policy, 2015
Page 16
SHIKSHARTHI
INTRODUCTION
FDI means an investment in a
foreign country where the
investor retains control over
the investment and in terms
of India, it refers to an invest-
ment by a non-resident en-
tity/person resident outside
India in the capital of an In-
dian company.
The Government has put in
place, a policy framework on
Foreign Direct Investment (“FDI”) embodied in the Circu-
lar No. D/O IPP F.No. 5(1)/2015-FC-1 dated May 12th 2015
on Consolidated FDI Policy, which may be updated every
year, to capture and keep pace with the regulatory
changes.
KEY CHANGES UNDER VARIOUS SECTORS
1. Defence
FDI under this sector is now permitted up to 49% and is
being categorized under automatic route as opposed to
26% under FDI Policy 2014. Proposals for FDI beyond
49% with proposed inflow in excess of Rs. 2000 cr.
(formerly 1200 cr.), as required to be approved by Cabi-
net Committee on Security (“CCS”) will not require a fur-
ther approval of the Cabinet Committee on Economic
Affairs (“CCEA”). Foreign Portfolio Investment is also
permitted in the same and investment by
FPIs/FIIs/NRIs/QFIs and by Foreign Venture Capital In-
vestors together will not exceed 24% of the total equity of
the investee/joint venture company.
2. Railway Infrastructure
FDI is now open to private sector participation, subject to
sectoral guidelines of Ministry of Railways. Proposals in-
volving FDI beyond 49% in sensitive areas, shall be
brought by the Ministry of Railways before the (CCS) for
consideration on a case to case basis.
3. Insurance
The sectoral cap has been raised to 49% under the gov-
ernment route, which formerly was 26% and no Indian
insurance company shall allow the aggregate holdings by
way of FDI in its equity shares by foreign investors, in-
cluding portfolio investors, to exceed 49% of the paid up
equity capital of such Indian insurance company. Insur-
ance intermediaries appointed under provisions of Insur-
ance Regulatory Development Authority Act, 1999 apart
from Insurance Company, Insurance Brokers, third Party
administrators, surveyors, and loss assessors are also
permitted to bring FDI.
4.. Non-Banking Financial Companies (“NBFCs”)
Leasing & Finance covers only financial leases and not
operating leases. FDI in operating leases is permitted up
to 100% on the automatic route.
5. Lock in period for optionality clauses
The new FDI Policy provides for minimum lock in period
of one year before which option attached to the relevant
capital instrument can be exercised. In the earlier regime
the optionality clause was locked in for a minimum period
of one year subject to such higher lock in period as pre-
scribed for relevant sector under the FDI Regulation.
6. Issue of Foreign Currency Convertible Bonds
(“FCCBs”) and Depository Receipts (DRs)
Earlier it was only American Depository Receipt/ Global
Depository Receipt but now investment could be made on
all types of DRs.
7. For issue of shares
“The Sectoral cap for Defence, Railway
Infrastructure and Insurance has now been raised to
49% in certain areas”
Ankit Aggarwal

SHIKSHARTHI
Now for the issue of shares, the price of the shares will be
determined on the fair valuation of shares done by a Secu-
rities and Exchange Board of India (“SEBI”) registered
Merchant Banker or a Chartered Accountant as per any
internationally accepted pricing methodology on arm‟s
length basis, where the shares of the company are not
listed on any recognised stock exchange in India.
8. Issue of equity shares against any other fund
Issue of equity shares against any other funds payable by
the investee company, remittance of which does not re-
quire prior permission of the Government of India or Re-
serve Bank of India under Foreign Exchange Management
Act (“FEMA”), 1999 or any rules/ regulations framed or
directions issued thereunder is permitted.
9. Acquisition of shares under Scheme of
Merger/Demerger/Amalgamation
Foreign Investment Promotion Board (“FIPB”) approval
would not be required in case of mergers and acquisitions
taking place in sectors under automatic route.
10. Levels of Approvals for Cases under Government
FIPB would consider the recommendation of FIPB on pro-
posals with foreign equity inflow of and below Rs. 2000 cr.
which earlier was Rs. 1200 cr. And it would also be placed
for consideration of Cabinet Committee on Economic Af-
fairs (“CCEA”).
11. Fresh Approval
No fresh approval would now be required for any addi-
tional foreign investment into the same entity, within an
approved foreign equity percentage/or into a wholly
owned subsidiary.
CONCLUSION
The Government of India intends to attract and promote
foreign direct investment in order to supplement domes-
tic capital, technology and skills, for accelerated eco-
nomic growth. Such foreign collaborations do have a posi-
tive role but activities which increase our dependence on
foreign multinationals and drain away our resources
should be restricted and accordingly a bolder and persis-
tent policy shall be followed to account for the same.
(The writer is a CA Final Student pursuing articleship at
Bharadwaj is a Tamil Film Composer. He is known to have com-
posed music for programmes on All India Radio and Door Dar-
shan at the age of 17. He is trained in Hindustani, Carnatic as well
as Western music. He has also composed thematic songs for the
Tamil Nadu Government and several social organisations.
Bharadwaj went on to score music for various Tamil, Telugu and Malayalam movies. He
is a recipient of the Kalaimamani Award for the year 2008 from the Tamil Nadu Govern-
ment. Hailing from a Tamil Brahmin family, Bharadwaj has ensured the presence of Char-
tered Accountants in the field of music as well.
He’s a CA Too

Derivatives
Page 18
SHIKSHARTHI
A derivative is nothing but a bet.
We in our daily lives enter into a
derivative contract (place a bet)
without even knowing about it,
say while watching a cricket
match. To make you familiar with
one of the derivative contract let
me give you an example. Let‟s
say you have to buy a cable con-
nection for your TV. As a buyer
you selected a cable operator and
enter into an agreement to subscribe to 100 channels at Rs
350 a month for year 2015.This contract is similar to a fu-
tures contract, in that you have agreed to get a product at
a future date and at a specific price. You have secured
your benefit for the pre –decided price which is not set to
change. Even if the cable operator increases his charges,
you‟ll still be able to enjoy the channels at Rs 350 per
month. By entering into this agreement with the cable
operator, you have reduced your risk of higher prices.
This is what a Derivative contract is.
The term „Derivatives‟ as its name suggests, means an
instrument which derives its value or price from or is de-
pendent upon an underlying asset which can be a finan-
cial asset such as currency, stock, market index, com-
modities etc. Four most common derivative instruments
are Futures, options, Forwards and Swaps. According to
the Securities Contract Regulation Act 1956 the term
„Derivative‟ includes:
i. a security derived from a debt instrument, share,
loan, whether secured or unsecured, risk instru-
ment or contract for differences or any other form
of security
ii. a contract which derives its value from the prices,
or index of prices, of underlying securities.
Types of Derivative Contracts
The most commonly used derivatives are Futures, op-
tions, Forwards and Swaps. These are briefly defined be-
low:
1. Futures Contract: A futures contract is an agreement
between two parties to buy or sell an underlying asset at a
certain time in future at a certain price. The underlying
can be a commodity, stock, currencies etc. These are
standardized exchange traded contracts. The buyers of
futures contract are said to be in long position whereas
the seller in short position. A futures contract may be
squared off prior to maturity by entering into an equal and
opposite transaction. To trade in futures, one must open a
futures trading account with a derivatives broker and sim-
ply involves putting in the margin money. With the pur-
chase of a futures contract, the holder legally binds him-
self to buy the underlying at a specific price and at some
specific time in future.
2. Options Contract: An option contract gives the holder
of the option the right not an obligation to do something in
future. In contrast, in a forward or futures contract, the two
parties are legally bound or are obligated to meet their
commitments as specified in the contract. The buyer of
the option contract is required to pay an upfront fee
called option premium (consider it as the price to be paid
to the seller of the option contract for buying the right).
There are two types of options:
 Call option: It gives the holder the right but not
the obligation to buy an asset by a certain date for
a certain price
 Put option: It gives the holder the right but not the
obligation to sell an asset by a certain date for a
certain price.
3. Forward Contracts: A forward contract is a contract
between two parties, where settlement takes place on a
specified date in future at a price agreed today. Each con-
tract is customized and hence is unique in terms of con-
tract size, expiry and asset type and quality. One of the
parties to the contract assumes long position to buy the
underlying asset and the other short position to sell the
asset. The forward contracts are normally traded outside
the exchanges (OTC). Since a forward contract is custom-
ized and are traded OTC, these are exposed to counter
CA Jayant Makkar

SHIKSHARTHI
party risk which arises from the possibility of default by
any one party to the transaction.
4. Swaps: Swaps are private agreement between two par-
ties to exchange cash flows in the future according to a
prearranged formula. They can be regarded as portfolios
of forward contracts. The two commonly used swaps are:
 Interest rate swaps: These entail swapping only
in the interest related cash flows between parties
in the same currency say floating rate with fixed
rate of interest.
 Currency swap: These entail swapping both prin-
cipal and interest between the parties, with the
cash flow in two different currencies.
Having explained the types of derivative contracts, I will
now briefly tell how and what type of derivative instru-
ments are traded on the NSE.
Only Futures and Options derivatives instrument s are
traded on the NSE. The futures and options trading system
of NSE, called NEAT F&O trading system, provides a fully
automated screen based trading for Index futures & op-
tions and stock futures and options on a nationwide basis.
It supports an order driven market and provides com-
plete transparency of trading operations. It is similar to
that of trading of equities in cash market segment. Since
the launch of the Index Derivatives on CNX Nifty index in
2000, the exchange currently provides trading in F&O
contracts on 9 major indices and 145 securities. As on
January 09, 2015 the instrument wise no. of outstanding
contracts is given below:
In fact, currency derivative turnover on January 09, 2015
the BSE touched Rs 23,143.57 crore, the highest ever level
in this segment recorded by any exchange in India. It
stood at 11,634.42 crore on December 30, 2014.
Taxation of Derivative Transaction in securities
Prior to F.Y. 2005-06, transaction in derivatives were con-
sidered as speculative transaction under the Income Tax
Act, 1961. Finance Act 2005 amended this provision so as
to exclude transactions in derivatives carried out in a
“recognized stock exchange” for this purpose. This im-
plies that income or loss on derivative transactions which
are carried out in a “recognized stock exchange” is not
taxed as speculative income or loss. As per Finance Act
2008, following STT rates are applicable in relation to sale
of a derivative transaction on a recognized stock ex-
change:
It may also be noted that STT paid on such transactions is
eligible as deduction under Income Tax Act,1961.
Not everyone is a fan of using derivatives, including in-
vestors as regarded as Mr. Warren Buffett. In a letter to
his shareholders in 2002, Buffett describes derivatives as
“financial weapons of mass destruction, carrying dangers
that, while now latent, are potentially lethal.” But living in
a world where we are surrounded by finance and its tech-
nicalities, derivatives form an important part.
To conclude I would say derivatives are complicated yet
are great instruments for leveraging your portfolio and to
some extent, provide liquidity and flexibility. However,
they are risky investments. Before entering into a deriva-
tive transaction, keep in mind the expiry, volatility and
with a proper strategy.
PRODUCT No. OF CONTRACTS
Index futures 7,61,196
Stock Futures 9,41,995
Index Options 83,13,402
Stock Options 6,19,284
Taxable securi-
ties transaction
New rate from
01.06.2013
Payable by
Sale of an option
in securities
0.017% Seller
Sale of an option
in securities,
where
Option is exer-
cised
0.125% Purchaser
Sale of a futures in
securities
0.01% Seller

Poem Corner - Apahij..
Page 20
SHIKSHARTHI
Well we all feel that we lack
something in ourselves & that we
are not gifted. But on the other
hand, there are many disabled
people, who live their life like any
other human being. Its not that
God has been unjust only to them.
Indeed every human being on
this earth lacks something but at
the same time is also gifted with
something. That‟s why I believe
“Iss Duniya Mein Koi Apahij Nahi Hota, Ya Phir Yeh Saari
Duniya Hi Apahij Hai !" There is nothing like normal peo-
ple & disabled people. There is only two categories of
people – Normal People & Terrorists !
(This poem is dedicated to all school students who died
few months ago in a brutal terrorist attack in Pakistan.
May their souls RIP.)
Yeh Pruthvi Puri, Goll Kyun Hai?
Yahan Tarah-Tarah K, Zhhol Kyun Hai?
Kehtey Hai, Koi Bhagwan Hai Upar,
Kartey Hai Sab, Uski Tarriff Badh-Chadkar!
Yeh Saari Duniya, Hai Ussi-Ne Banayi,
Ussi-Se Sabne, Hai Kismat Paayi,
Nazrein Ghumayi Puri Duniya Ki Taraf,
Kyun Kisiki Kismat Aag, Aur Kisiki Baraf?
Eishu-Waheguru-Allah-Bhagwan, Jo Bhi H Tera Naam..
Yeh Fariyad Hu Karta Aaj Uparwaale Mai Tujhse,
Agar Tere Hi Bande Hai Hum,
Toh Humme Farak Kyun H Itna ? ?
Sawalon Ka Jawab Toh, Dhundna Hi Tha,
Usne Fariyad Naa Suni, Toh Ussi Ki Duniya Ki Aor Chal
Pada !
Chaltey Chaltey, Mai Pahucha Ek Jagah Par,
Kehtey The Jisse Log, Badd-Kismaton Ka Ghar !
Jahan Kabiliyat Toh Hai, Par Haath Hi Nahi,
Jinka Nazariya Toh Hai, Par Aankh Hi Nahi,
Jinhe Bolna Toh Hai, Par Awaaz Hi Nahi,
Jinke Sapne Toh Hai, Par Udaan Hi Nahi !
Suna Hai, Aise Duniya Mein Hai Bahut Saare,
Kehtey Hai Woh Ashakt 'Apahij' Hai Bichaare..
Sahan Na Hua Mujhse, Mein Aagey Chal Pada,
Hogaya Mai, Ek Alag Hi Duniya Mein Aa Khada !
Yahan Haath Toh Hai, Par Koi Saath Hi Nahi,
Yahan Zuban Toh Hai, Par Kahin Sachhein Shabd Hi Nahi,
Yahan Aankh Toh Hai, Par Koi Nazarein Nahi Milata,
Yahan Sab Kuch Toh Hai, Par Phir Bhi .. Kuch Bhi Nahi !
Woh Apahij Roz Gam Manatey, Kuch Naa Hone Ka !
Par Sab Kuch Hoke Bhi, Humne Kya Haasil Kar Liya ?
Jo Bhi H Ussi Se Unhone, Duniya Mutti Mein Kar Li,
Aur Hum Sab Kuch Hokey Bhi, Sirf Hatheli Hi Dekhtey Reh
Gaye ! !
Chahe Samaj Unhe Apahij Kahe,
Chahe Unhone Duniya K Saare Gam Sahe,
Lekin Woh Toh H Bhagwan K Farishtey,
Aur Kahin Hum Toh Asli Apahij Nahi ??
Nazrein Kyun Chahiye, Jab Duniya Hi Haseen Naa Rahi,
Shabd Ki Kya Jarurat, Jab Sunne K Liye Waqt Hi Na Raha !
Haathon Ki Kya Jarurat, Jo Dushkaram K Khilaf Na Utthe,
Pairon Ki Kya Jarurat, Jo Sahi Raah Par Na Chala Sakke !
Har Kisi K Paas Sab Kuch Hai,
Ya Phir Shayad, Kisi K Paas Kuch Bhi Nahi..
Meri Mano Yaaron, "Iss Duniya Mein Koi Apahij Nahi Hota,
Ya Phir Yeh Saari Duniya Hi Apahij Hai !"
"Aare Khushkismat H Hum Log,
Jo Kuch Bhi H Humne Paya..
Kum Se Kum Unn Antakwadiyon Jaisa,
Dil Se Apahij Na Banaya ! Dil Se Apahij Naa Banaya" !
CA Saurabh Toshniwal

PILLARS OF CHARTERED ACCOUNTANTS
Page 21 Newsletter Title
A new book on IMPORTANT PILLARS OF CHARTERED ACCOUNTANCY is authored
by Atul Khurana. this book is not as per any curriculum or syllabus, this is specifically written and framed in a format so as to
assist "Article Assistants and Chartered Accountants in Practice". This book touches the following important aspects of
the field of Chartered Accountancy:
1) Accounting standards vis a vis Ind AS vis a vis IFRS
2) Appointment & Responsibilities of Auditors
3) Appointment & Remuneration of Directors
4) Impact of IT On CA Profession
5) Audit under Banking Environment
6) Corporate Governance-Role of Independent Directors
7) CSR in new companies act 2013
8) International Taxation
9) OLTAS & TRACES
10) Positioning of Internal Audit corporate framework
This book is available in online mode and
because it is his first publication, this book is FREE OF COST (both
online as well as physical edition) . You can avail this book by
sending a mail at atulkhurana9@gmail.com or text him at 9888855340

SHIKSHARTHI
Behind the Scenes
Akhand Pratap Singh
Madhya Pradesh
Jinendra Gupta
Rajasthan
Tushar Gupta
New Delhi
Firdosh Sheikh
Chattisgarh
Vineet N Shetty
Karnataka
Mail your articles on the topic of your choice to shiksharthi-
mag@hotmail.com by the 15th
of September to make it to the next
issue of SHIKSHARTHI.
Contact us @ shiksharthimag@hotmail.com
Follow us @ https://www.facebook.com/shiksharthi

SHIKSHARTHI - ALMANAC 2

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