Subhash Khuntia of the Insurance Regulatory and Development Authority of India (IRDAI) has told insurers that the regulator will not permit any unviable discounts to be doled out to the clients. Khuntia said that sectors like telecom and aviation had faced a downfall due to heavy discounts being offered to customers. … [Read more...] about Insurance discounts may soon be thing of the past: Here’s why
Q: What is the interaction of the Audit Committee with other Board members?A: After the full audit committee meeting comes the Board meeting. Invariably, what happens is that where compliance, governance and numbers are concerned the Audit Committee is doing most of the heavy lifting for the Board.In all the Boards, I always invite all other directors to join the Audit Committee if they have the time. And many of them do, especially if it is a finance-oriented organisation. Not everyone joins in because many members cannot come the day before. So that is the process that I follow in an audit committee. … [Read more...] about What is a good way to run an Audit Committee?
And, Ind AS 104 has a cascading impact on other standards too, notably Ind AS 109 which deals with financial instruments. "Implementation of Ind AS 109 before implementation of equivalent of IFRS 17 equivalent may cause volatility in the financial statements because of asset liability mismatch," the press release said. … [Read more...] about IRDAI defers new accounting norms for insurers
A: We have the legislation. And, it is very robust. The reason why it is not working has to do with culture. I have seen this in Korea, Malaysia and other countries, and it is very much prevalent in India, too. The degree varies. Effectively, one reason is that you cannot legislate something as fundamental as independence -- the independence of the board members. These are all issues of relationships, deep connections, the inability to be direct and many associated cultural issues. That, to my mind, is the one all pervading reason which results in such situations in India, despite having among the best legislation. … [Read more...] about CFOs must be made legally liable in case of outright fraud: Prabal Basu Roy
The Goods and Service Tax (GST), introduced in India, on July 1 2017, supplanted a number of indirect tax laws required under central and state governments. The fundamental subject was to have a 'one country, one tax' which would improve the simplicity of doing business for taxpayers and align the Indian Indirect tax laws with International Standards, timely compliance and transparency, guarantee convenient and at last lessen the taxation rate for the taxpayer. The journey since its implementation has been nothing short of a roller coaster ride not only for taxpayers but even the government. As GST completes 30 months in India, it is time to ascertain the key milestones which are expected to be achieved in 2020. … [Read more...] about 2020 promises key GST milestones