Forums
Who audits summarised FS
Auditing
answered on 05-Jan-25 23:18
If in the current year, there has been a change in the auditor and the entity requires audit of summarized FS of PY. So who will audit in such a case
latest answer
In cases where the auditor has changed, it is the predecessor auditor who is expected to audit and report on the summary financial statements derived from the prior year’s audited financial statements, as they have the direct knowledge and responsibility for the original audit. In case he is unable or not not willing to do, them newly appointed auditor can. But he will not be In a proper position to do the audit justifying his responsibility.
Manu Jacob
CA Final
★ 6K+
1
259
EXEMPTION UNDER SEC 54 for residential house property
Direct Taxation
answered on 06-Jan-25 19:22
An assessee has sold a house for 110 lakh rupees. This property was purchased at 1998 so the indexation benefit applies for this sale. Computing indexation as on 01-04-2001, indexed cost of acquisition comes to 65 lakh rupees 110-65=45 has to be reinvested within timeline to avoid taxation. This reinvestment has to be house property only as per IT act. Say the assessee purchases a piece of vacant residential land without a house on it for 50 lakh rupees before the filing due date. Can he claim the expemption as this purchase falls under residential category because a house come from the land only, being it a primary purchase. If not whats the further treatment of this case.
latest answer
Already answered.
lithish kumar
CA Final
★ 3K+
1
1K+
Doubt
AFM
answered on 04-Jan-25 11:18
Why is the mean taken as Expected NPV??
latest answer
Expected NPV
Punniya Ramesh
CA Final
★ 0
1
258
Employee benefits
Accountancy
answered on 06-Jan-25 14:01
How multi employer plan is working instead of they give fund to outsiders they pool such funds together and giving benefits at time of employees retirement?
latest answer
They pool fund together and can have a single trust managing them. Say for e.g Tata Trust (hypothetical). manages PF of Tata Motors, Tata Consultancy, Tata Steel etc.
Dhivakar27
CA Inter
★ 240
1
922
Portfolio Beta
AFM
answered on 04-Jan-25 10:00
Not understood the part where we multiplied the beta with cost and calculated Portfolio beta, i was doing the weight calculation based on mkt price and then calculating beta
latest answer
Here they gave data for periods T0 & T1 and are asking us evaluate performance for period T1 We have to compute Beta as time of investment (To) and then compare return (at point T1) based on beta at T0 If you compute Beta at period T1, how will you measure performance of the portfolio with market
Hrishikesh Pradhan
CA Final
★ 18K+
1
901
Incremental approach
Financial Management
answered on 03-Jan-25 22:38
Here in icai book while calculating incremental approach In Total cost included fixed cost But your are doing with out fixed cost is only variable cost
latest answer
Sorry sir I understand it
Mr M
CA Final
★ 3K+
1
819
Time limit for Rectification of incorrect details
Indirect Taxation
answered on 03-Jan-25 21:59
What is time limit for Rectification of mistakes in returns? In one video it is said as due date of filing return for September month or annual return which ever is earlier and another it is saying 30th of November or annual return. Which one is correct?
latest answer
30th November following the end of FY OR DATE of filing annual return whichever is earlier. Will check the video and close it
Sitaram Kollepara
CA Inter
★ 200
1
193
Indirect Method
Financial Reporting
answered on 03-Jan-25 19:55
Sir, In class it has been mentioned that we can consider Net profit after taxes also but need to add it back because we will not consider accrual tax but actual tax paid Is it referred to tax on Accounting profit? Please Clarify.
latest answer
Tax charges to P&L
Gunda Sharan
CA Final
★ 150
1
176
What happens if TCWG tells not to mention the OM/EOM/KAM para
Auditing
answered on 05-Jan-25 23:08
What happens if TCWG tells not to mention the OM/EOM/KAM para. Does the auditor not mention the paras or mention it somewhere else
latest answer
Auditor is required to only communicate such inclusions in the auditors report. He is not taking their consent or undermining his integrity and independence . So he will include the matter
Manu Jacob
CA Final
★ 6K+
2
892
Operating activities
Financial Reporting
answered on 06-Jan-25 13:59
Sir, Which method does IND AS Suggests to follow whether Direct or Indirect? Because in class it has been said as Indirect but in ICAI Study material it says Direct Please clarify.
latest answer
Direct is encouraged. But in real life we use indirect.
Gunda Sharan
CA Final
★ 150
1
187