A: Regulation only pushes you to a certain extent. How you manage the spirit of the regulation is important. This is reflected in all facets of life, not just in the corporate sector. We are good at following the letter of the law, but the spirit does not come to us naturally. We have come a long way, but progress is slow. These things take time. So, I am optimistic. … [Read more...] about CFOs must be made legally liable in case of outright fraud: Prabal Basu Roy
Analysis a clean well lighted place
Going a step further, insurance companies have been warned that if they continue to engage in discounting practices, penalties will be imposed from the regulatory body. Discounting is a practice in the Indian insurance sector where corporate clients are offered lower premiums at the time of renewals even when past claims have been high. … [Read more...] about Insurance discounts may soon be thing of the past: Here’s why
Q: Do you usually have the audit committee meeting on the same day as the Board meeting?A: The audit committee proper may meet on the same day as the Board (meeting) or the day before. It would typically be a two or three hour affair where the whole audit committee goes through a private meeting with the statutory auditor. Then we meet with the CFO where we walk through the numbers. Then we meet with the internal auditor as a whole group.Then we have a session only with the CFO where we provide feedback on items that the CFO needs to look at and report back to the committee the next time. … [Read more...] about What is a good way to run an Audit Committee?
The Insurance Regulatory and Development Authority (IRDAI) has offered another reprieve to the insurers from the transition of the new accounting standards (Ind AS) from the coming financial year, 2020-21. The implementation of these standards which are comparable to the globally accepted International Financial Reporting Standards (IFRS) is now indefinitely postponed. … [Read more...] about IRDAI defers new accounting norms for insurers
Nearly 52 countries have adopted such a refund mechanism. It has been noted that such a scheme helps in attracting tourists and is in line with the avowed objectives of the GST regime of zero rating of goods for exports and Make in India initiative. Presently section 15 of the IGST Act has not been enacted. This provides the power of refund of the integrated tax paid on supply of goods to tourists leaving India. … [Read more...] about 2020 promises key GST milestones