CAs can now Advertise; ICAI Council notifies guidelines

NEW DELHI. The Council of the Institute of Chartered Accountants of India at its 278th meeting held on May 13-15, 2008, has taken the following decision in tune with the changes in economy.

                The Council at its 278th Meeting has finalized the Guidelines for advertisement for the Members in Practice. The final guidelines are likely to be notified soon.

                The said guidelines are intended to permit the Members in practice to advertise their services through a write up subject to the provisions of the Act, 1949 and the aforesaid guidelines framed there under.

The main features of the guidelines are:

  • Write up must be as per recommended format.
  • The write up may be issued, circulated or published through print or electronic mode.
  • The information given in the write up should not be misleading or false.
  • The information given in the write up should not violate the provisions of the Act, 1949, Rules & Regulations framed there under.
  • Details of the Members in Practice / Firms are permitted in the write up to some extent.
  • Details of the employees of the practicing Members has also been permitted up to some extent.

ICAI has also okayed setting up of Chapter of the Institute in New York

                Chapters of ICAI are already in Saudi Arabia (Jeddah, Riyadh, Eastern Province), Botswana, Nigeria, Nairobi, Port Moresby (Papua New Guinea), Dubai, Abu Dhabi, Bahrain, Kuwait, Doha, Australia (Melbourne & Sydney, Canada (Toronto), Indonesia, London, Muscat (Sultanate of Oman).

                The Council of ICAI has also approved Accounting Standard (AS) 32, Financial Instruments: Disclosures. The objective of this Accounting Standard is to require entities to provide disclosures in their financial statements to enable users to evaluate the following:

the significance of financial instruments for the entity’s financial position and performance; and

the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks.

                ICAI has already issued the related Accounting Standards, namely, Accounting Standard (AS) 30, Financial Instruments: Recognition and Measurement and Accounting Standard (AS) 31, Financial Instruments: Presentation. Issuance of this standard completes Accounting Standards on the subject of Financial Instruments. Like AS 30 and AS 31, the Council has proposed to make AS 32 recommendatory from 1st April 2009 and mandatory from 1st April 2011.

(Source: Allindiantaxes)

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