CPE Teleconference to be held on 3.11.2011 from 11am to 1pm on Auditing in ERP Environment.

 

CPEC-5(3)/Telecon/11/2011                                               1^st November, 2011

Chairmen of all Regional Councils & Branches / Convenors of CPE Study Circles / CPE Chapters / CPE Study Groups of the Institute.

Dear Sir / Madam

 

Sub: CPE Teleconferencing Programme on the topic “Auditing in ERP Environment” on Thursday 3rd November, 2011 from 11.00 am to 1.00pm at IGNOU, New Delhi.

In continuation of our earlier letter dated  24^th October, 2011, please note that the Gyan Darshan Channel, at the specified Technical Details, is having a number of alternative channels – GD I for telecasting the recorded educational programmes round the clock, GD II for Teleconferencing purposes etc.  Accordingly GD II will not be visible other than the specified timings.  You are required to first tune to GD I as per the technical details and at the specified timings fine tune your television set or the reception equipment to receive the Teleconferencing signals.  Please note that the Gyan Darshan Channel is Dish Antenna Position Sensitive, which requires careful alignment.  In case of poor reception kindly check the alignment of the Dish Antenna. It is advisable to keep a TV/Dish antenna technician with you during the conduct of the teleconferencing programme. The Technical Specifications for the reception of Gyan Darshan Channel is enclosed herewith to enable the POUs to adjust their Direct Reception Facilities.

We would also like to mention that the Gyan Darshan Channel II is also available on DTH Platform of Doordarshan “DD Direct Plus”.

The coordinator should ensure to get the Television Volume reduced while a query is being raised over phone.  After completing the query, please say ‘thanks’ or ‘I have finished’ so that the moderator as well as staff of IGNOU knows that the call has finished to enable them to disconnect the call.  Only after disconnecting the call, the faculty would answer the query and you can listen the same through TV only (not through telephone). 

The queries can be asked by the members on IGNOU telephone Nos. 011-29532844, 011-29532845 or can be faxed at 011-29536134.

POU’s are, however, requested not to upload the Programme details in the CPE Portal in respect of all the Teleconferences organised by CPE Committee of the Institute.  An auto generated and auto approved event will be created in your login ID by the CPE Committee itself for all the Teleconferences held by it.

POUs are requested to upload attendance of members attending the Teleconferencing in the CPE Portal in the same manner as for other programme within 72 hours of holding the Teleconferencing Programme.

          We request you to kindly arrange to advise through e-mail or otherwise all the members in your Region to participate in the Teleconference. It is our sincere hope that with your kind cooperation the proposed Continuing Education Programmes on teleconference mode will be a resounding success.

With thanks and regards,

Yours sincerely,

(N K Bansal)

 Secretary

Continuing Professional Education Committee

Phone: 0120-3045957, M: 9312089135

E-mail: cpehours@icai.in

Encl:   - Announcement of the Programme

-      Technical specifications

Cc: CA. Sumantra Guha, Chairman, CPEC – for kind information please

Continuing Professional Education Committee of the

Institute of Chartered Accountants of India

Announces a CPE Teleconferencing Programme

On

“Auditing in ERP Environment”

On Thursday, 3^rd November, 2011 from 11.00am to 1.00pm

   Faculty: CA. Yukti Arora, FCA

For registration, kindly contact your nearest Regional Council / Branch / CPE Study Circle / CPE Chapter / CPE Study Group

CPE CREDIT: TWO HOURS.

Advance Intimation of Queries Prospective participants may kindly send their queries in advance, which could be considered for response during the teleconference by email at cpetele@icai.in or cpehours@icai.in The queries can be asked by the members during live telecast of the programme on telephone Nos.  011-29532844, 011-29532845 or can be faxed at 011-29536134

 

 

 

 

 

Members of ICAI please note that participation in the Teleconference Programme through Regional Council/ Branch / CPE Chapter / CPE Study Circle / CPE Study Group is necessary to avail CPE Credit.

Gyan Darshan Channel II  is also available on DTH platform of Doordarshan

“DD Direct Plus” on New Skies Satellite (NSS-6) located at 95 Degrees East & Dish TV.

DIRECT RECEPTION FACILITIES

Dish Antennae to receive the Signals of the Gyan Darshan Channel

1.       Insat – 3C (74 Degree East)

2.       Transponder: C - 12

3.       Linear Horizontal Polarisation

4.       Downlink Frequency: 4165 MHz

5.       Symbol Rate: 26.000 Sps

6.       FEC: ½

Digital Satellite Receiver

Television standard                     :       PAL – B

Video Decompression                  :       MPEG – 2

Audio Decompression                  :       QPSK (minimum)

Video output                              :       2 Outputs : Main & Monitor

Level                                         :       1 Volt p-p

Code Rate                                  :       Selectable

Signal – to – noise ratio               :       > 55 dB

Audio output                              :       2 stereo pairs

Audio output level                       :       0 dBm at 600 ohms balanced

Frequency Response                   :       50 Hz to 15 Khz + 2 dB

Asynchronous serial data output   :       Upto 38.4 Kbps

RF Input Frequency range           :       950 – 2150 MHz

Tuning step size                         :       250 KHz max.

Satellite frequency band              :       C-band/extended C-band

Input power range                      :       -30 to –65 dBm per carrier

Television Set

Gyan Darshan Channel II  is also available on DTH platform of Doordarshan “DD Direct Plus” on New Skies Satellite (NSS-6) located at 95 Degrees East and Dish TV

Required Space on Rent @ Aurangabad

Dear All,

 

One of my Client required Space on rent in Aurangabad, which is having easy ( walkable distance ) approach from Jalna Road. Approximate area is 1500 Sq ft to 2000 Sq ft.If you have any option please let me know through mail or SMS me on following number.

--
Thanks & Regards

 CA Praveen Bangad
+91-97667 06000

FINANCIAL PLANNING-AICPA

Financial planning is the process of setting financial goals and objectives during life, designing
strategies to achieve them, and monitoring progress toward achieving them. Financial planning includes
investment planning, college planning, insurance planning and risk management, employee
benefits planning, retirement planning, income tax planning, and estate planning. This publication
addresses each of these areas of financial planning and gives special emphasis to estate planning.
Estate planning is setting goals and objectives and developing strategies for disposing of assets
and providing for family members, friends, and charities at death. Estate planning is a part
of financial planning because estate planning goals, objectives, and strategies affect the financial
planning process during life.
Although people often think of estate planning as being important for the wealthy, anyone who
owns property or has money has an estate. Estate planning includes more than tax implications.
The federal and state governments regulate the use of property. However, generally the property
owner decides what to do with the property—whether to keep it, sell it, exchange it, or give it away.
The property owner may devise or bequeath the property upon his or her death or allow the state
to determine the property's disposition under state law. Asset protection planning, regardless of tax
issues, is an important element of financial planning.
Although a financial planner may concentrate in one of the highly interrelated areas of financial
planning, the financial planner needs a working knowledge of all areas. The goals of financial planning
include avoiding potential problems and fulfilling the client's wishes. Financial planning is an
art because it is a skill obtained by study and experience.
Investment planning includes developing investment strategies. These strategies could include
designing a systematic investment plan and developing an asset allocation strategy. Investment
planning is a major part of retirement planning. College planning includes saving and investing for
future college costs of the client's children or other family members. Insurance planning and risk
management include analysis and evaluation of risks, choosing which risks to insure, and obtaining
the right kind of insurance to protect against such risks. Life insurance is often a major part of estate
planning. Employee benefits planning includes the evaluation of group insurance plans, employee
stock options, and other employee benefit programs. The financial planner should consider income
taxes and estate taxes in developing employee benefit plans, investment plans, insurance plans,
and retirement plans. Some strategies require the planner to consider tradeoffs between income
taxes and estate and gift taxes.

Financial planning requires the client to make value judgments. The individual's personal investment
philosophy toward potential returns and risks is an important consideration in making
these value judgments. The individual must also consider family, emotional, and religious considerations.
The financial planner should be careful not to impose his or her values, philosophy,
or personal feelings upon the client. The role of the financial planner is to inform the client about
alternative financial strategies and the potential consequences of those strategies

Opportunities for practicing CAs and ACWAs to become franchisee of Brisk Corporate Services

B'Risk (www.briskadvisors.com) which is a division of Brisk Corporate Services (www.briskservices.com) based in Chennai. We are a Management Consulting Firm launched in 2003 specializing in offering Business Process associated services to SMEs in tier 1 and 2 cities. In our experience catering to clients across nation we have realized a great potential for two of our key services among SMEs - Accounts Streamlining and Internal Audit. In the last 2 months we have seen 100% conversion in our leads for the Accounts Streamlining services. That's the kind of demand out there in the market. And to cater to this growing demand, we have taken the franchise route.

 

We are looking for franchisees in tier 1 and tier 2 cities who are CAs or ACWAs. The franchisee will be given exclusive territorial rights for the region that he/ she opts for at the time of sign-up. Its a minimum investment opportunity. Investment can get as low as 2-3Lakh or even lower if existing infrastructure and resources are to be used. This is a business initiatve where break-even can happen under a year.

 

We believe in joint, co-operation model. We suppport our franchisees totally/ partially in every aspect of management. Besides having detailed Franchise Operating Manuals, we provide extensive training for the franchisee and their joinees and employees. Areas where we support:-

• Business Strategy: Direction for growth is centrally governed.
• Client Engagement & Delivery: The complete client engagement model including techniques/models, processes, formats and templates are developed centrally and the franchisees are oriented on the same.
• Marketing and Business Development: Besides the nation-wide campaign we do centrally, we provide the franchisees with support for their region-specific Marketing. We provide our franchisees with Marketing road map for pre-launch as well as for one-year post-launch. We will provide you with pre-sales materials and collaterals.
• Quality Assurance: Every final deliverable going out of our franchisees to clients is centrally reviewed.
• Human Resources: Org Structure, Role Descriptions and policies on Review, Appraisal are all centrally developed. Induction and on-going training for employees are done centrally.
• Practice Development and Knowledge Repository: Continuous effort in invested centrally in building up the knowledge base in the system and also innovating/ upgrading our quality of conulting and service delivery. Our franchisees will be credited as contributors in white papers/ research notes/ publications submitted by B'Risk

For more information and/or application form, please send us a mail to deepti@briskservices.com or call at 08754400740.

David Allen CBE, CIMA’s 1983-1984 president, continues his series exploring the advantages of strategic financial management. We noted at the end of last month’s article that the accounting model is unsuited for use at the strategic level of management. We should remember that accounting is not the only task which falls within the responsibility of a finance function. There is also financial management, and we confuse the two at our peril. The origins of accounting are found in stewardship reporting: explaining to investors what has been done with their money. Such reports need to be prepared, or at least endorsed, by passive and therefore impartial observers: words like regular, comparable and standardised come to mind. A moment’s thought is enough to realise that we do not control things by reporting on them after they have happened. Control calls for proactive involvement in the teams which make and monitor the decisions about what to do with the money currently entrusted to the company. The information needed by such teams varies from one enterprise to another, and is customised to the decisions being taken. Backwards and forwards Accounting is backward looking. If figures are to be verified by an outsider (the auditor) the focus must be on things that have already happened – on profits that have been realised in the form of tangible assets. It makes no claim to quantify the value of a business at a point in time. Financial management, on the other hand, is forward looking – comfortable with judgements about an uncertain future. Here the focus is on wealth creation and value, implying the potential to realise it at a future date. Until this time it is intangible. Accounting too is inward looking – designed by and for the outsider looking in. In order to be objective, however, the concentration is on costs, and the concept of ‘capital maintenance’. Here profit is defined as what you could afford to distribute and remain as well off as you were. By contrast, financial management needs to be outward looking, concentrating on the perceived value of outcomes. Bear in mind that value is subjective – like beauty, it is in the eye of the beholder. The process is not concerned with whether or not capital is being maintained, but whether enough wealth is being created, relative to the capital employed. In practice, this means seeking a return in excess of the cost of capital. Accounting is static – designed to allocate costs and revenues between discrete, relatively short, time frames. This is performed by way of concepts such as classifying outlays as revenue (to be charged against current revenue) or capital (to be carried forward). This contrasts starkly with financial management’s focus on the dynamics of a business over a longer term. It has no need for accounting concepts as it is rooted in cash flow. Different skills The skills required for the two tasks are very different. Accountants who have spent all their working lives seeking the precision of objectively verifiable truth about a certain past are unlikely to be comfortable with toleranced forecasts reflecting subjective judgments about an uncertain future. None of the above is to belittle the accounting model. It has an important part to play in corporate governance, the protection of creditors, the computation of tax liabilities, etc. Nor do I support the various attempts that have been made to modify the model in some way (by valuing intangibles or adopting current costs) since that would destroy the objective verifiability that has underpinned it for over 500 years. We must recognise the need for an additional model, designed to meet the needs of those making and monitoring strategic decisions, which shape the future of the enterprise. Strategic financial management is such a model. Next month I will explore the two aspects (external and internal) of financial management. This should clarify the financial objective of an enterprise, and the criteria for making and monitoring strategic

  David Allen CBE, CIMA’s 1983-1984 president, continues his series
exploring the advantages of strategic financial management.

We noted at the end of last month’s article that the accounting model
is unsuited for use at the strategic level of management. We should
remember that accounting is not the only task which falls within the
responsibility of a finance function. There is also financial
management, and we confuse the two at our peril.

The origins of accounting are found in stewardship reporting:
explaining to investors what has been done with their money. Such
reports need to be prepared, or at least endorsed, by passive and
therefore impartial observers: words like regular, comparable and
standardised come to mind.

A moment’s thought is enough to realise that we do not control things
by reporting on them after they have happened. Control calls for
proactive involvement in the teams which make and monitor the
decisions about what to do with the money currently entrusted to the
company. The information needed by such teams varies from one
enterprise to another, and is customised to the decisions being taken.

Backwards and forwards
Accounting is backward looking. If figures are to be verified by an
outsider (the auditor) the focus must be on things that have already
happened – on profits that have been realised in the form of tangible
assets. It makes no claim to quantify the value of a business at a
point in time.

Financial management, on the other hand, is forward looking –
comfortable with judgements about an uncertain future. Here the focus
is on wealth creation and value, implying the potential to realise it
at a future date. Until this time it is intangible.

Accounting too is inward looking – designed by and for the outsider
looking in. In order to be objective, however, the concentration is on
costs, and the concept of ‘capital maintenance’. Here profit is
defined as what you could afford to distribute and remain as well off
as you were.

By contrast, financial management needs to be outward looking,
concentrating on the perceived value of outcomes. Bear in mind that
value is subjective – like beauty, it is in the eye of the beholder.

The process is not concerned with whether or not capital is being
maintained, but whether enough wealth is being created, relative to
the capital employed. In practice, this means seeking a return in
excess of the cost of capital.

Accounting is static – designed to allocate costs and revenues between
discrete, relatively short, time frames. This is performed by way of
concepts such as classifying outlays as revenue (to be charged against
current revenue) or capital (to be carried forward).

This contrasts starkly with financial management’s focus on the
dynamics of a business over a longer term. It has no need for
accounting concepts as it is rooted in cash flow.

Different skills
The skills required for the two tasks are very different. Accountants
who have spent all their working lives seeking the precision of
objectively verifiable truth about a certain past are unlikely to be
comfortable with toleranced forecasts reflecting subjective judgments
about an uncertain future.

None of the above is to belittle the accounting model. It has an
important part to play in corporate governance, the protection of
creditors, the computation of tax liabilities, etc. Nor do I support
the various attempts that have been made to modify the model in some
way (by valuing intangibles or adopting current costs) since that
would destroy the objective verifiability that has underpinned it for
over 500 years.

We must recognise the need for an additional model, designed to meet
the needs of those making and monitoring strategic decisions, which
shape the future of the enterprise. Strategic financial management is
such a model.

Next month I will explore the two aspects (external and internal) of
financial management. This should clarify the financial objective of
an enterprise, and the criteria for making and monitoring strategic

SAFA-EFAA conference- 6 CEP Hrs

SAFA-EFAA conference is being held at magnolia Hall, India Habitat Center, New Delhi on 2-3rd November,2011. All Cost Accountants may kindly attend. Register your name for 6 CEP Hrs

Vacancy for CA/Chartered Accountant in Tata Communications

ASSISTANT MANAGER FR&C

Major Activities:

• Ascertaining & reporting to management reasons for monthly variances in financial statements
• Preparation of quarterly schedules of expense accounts for audit to ensure correctness & completeness of information
• Preparation of Annual notes to accounts as per Indian GAAP
• Preparation of accounting policy manual and process flow documentation

Income Tax Case law on Undisclosed sources

CALCUTTA HIGH COURT
Status Home and Enclaves (P) Ltd. Versus Commissioner of Income-Tax, West Bengal-IV.
Income for undisclosed sources - promissory note payable in the name of company or in the name of director - Held that:- on the basis of such promissory note, the amount was not payable to the appellant but was payable to Shri Parikh who happens to be one of the Directors of the appellant. - Any promissory note promising to pay an amount to a Director of the company cannot be deemed to be an amount payable to the company and thus, the authorities below acted illegally in treating the amount payable under that promissory note to be an amount receivable by the appellant, the Company.
No. - I.T.A. No.268 of 2003
Dated - August 12, 2011

ACCOUNTANCY PRACTICES IN 2020

Work within accountancy practices to become more chaotic by 2020 says new report
Tuesday, 1 November 2011

A new report on the future of technology in the UK predicts that accountancy practices will need to radically change the way they are structured and do business in order to adapt to an increase in workforce fluidity and the rise of the virtual office across the industry.

The report, commissioned by Access UK, a leading provider of business management and accounting software, predicts that accountancy firms will see a rise in staff connectivity on a global scale as technology becomes available across all platforms and devices, resulting in 50 billion devices being connected by 2020. It also predicts that smartphones will overtake PCs as the most popular device for accessing the web by 2013.

This will drastically change the way businesses, and in particular, accountancy firms operate, as processes become more accessible and transparent, paving the way for a continual virtual working world. New generation ERP (Enterprise Resource Planning) systems will ensure that firms are able to always maintain audit trails of all transactions, billings and payments, in line with different country-specific industry regulations.

The report, entitled "The future of technology: transforming mid-market business operations", was produced by the Centre for Future Studies. It suggests that the adoption of the virtual office will enable accountancy firms to employ qualified accountants on a project or modular basis, sourcing the best staff from across the globe as opposed to locally produced talent.

The report also predicts that the continued rise in the importance of cloud computing, and the development of mobile cloud, will help drive the so-called `smarter-planet' where technology talks to technology, with less human interaction in the transactional processes.

Chris Bayne, CEO of Access UK, said: "We believe this report offers an invaluable insight into some of the key technological trends and impacts facing all accountancy firms - from small to large - in the future. We believe that the accountancy industry needs to be prepared and aware of the new opportunities and challenges that future technology and increased connectivity will bring us.

"We are already beginning to see the impact of these trends and are committed to ensuring that we continue to offer our clients within the accounting industry the right services and technology to manage their business effectively - now and in the future."

"Access' report provides an excellent summary of the opportunities and challenges that the pace of technological change will create for companies," said Charles le Strange Meakin, Partner, KPMG LLP Cambridge.

"It helps to highlight that the successful organisations of the future, will be those companies who can seize on the technologies available to help adapt and change their cultures."

Other key findings from the report include:

- Accountancy software packages will become more intuitive to meet a variety of infrastructure and personnel requirements, including freelance and part time workers

- Having the right Accountancy and ERP software in place will be key to providing information needed to manage costs and increase the profitability in a continually tough economic climate

- Automation and integration of business services will play a vital role in connecting people and technology across a distributed workforce.

For further information on the report or to request a copy please contact Emma Batchelor or Ryan Jones on 01732 779 087 begin_of_the_skype_highlighting 01732 779 087 end_of_the_skype_highlighting or ryan@westgatecomms.com

ETDS Return Due Date Extended

Income Tax department has changed the date for filing of quarterly E TDS return vide notification 57/2011 dated 24.10.2011.In this notification due date to filing etds returns has been extended by 15 days for first three quarters of the Financial year but remains the same for last quarter ending 31st March. These amendment is applicable form 01.11.2011 so applicable from 3rd quarter of F.Y. 2011-12.This amendment is applicable ONLY FOR GOVERNMENT OFFICES.

For Complete notification visit http://ca-recentupdates.blogspot.com/2011/10/etds-return-due-date-extended.html

 

CA Harcharan Singh
Connect with me at:- http://caharcharan.blogspot.com
Website:- http://ca-recentupdates.blogspot.com/