Corporate Updates – 04-10-2016

Happy 48th CS Day

Happy CS day to all proud members of ICSI. NIRC invites all members for celebrations of CS Day – starting with Blood Donation Camp from 10 am onwards at NIRC premises at Prasad Nagar and then Panel Discussion among Past Presidents – ICSI & motivational talk by CS Pawan Agrawal (Dubbawala, Mumbai); today at 4:30 pm at Scope Complex, Lodhi Road, New Delhi. No Fees; PCH – 2.

ICAI – Accounting Standards

The Council of ICAI has amended various Accounting Standards (AS) pursuant to issuance of amendments to AS by the MCA for non-corporate entities. AS -2 (Valuation of Inventories), AS-4 (Contingencies and Events Occurring After the Balance Sheet Date), AS-10 (Property, Plant and Equipment), AS-13 (Accounting for Investments), AS-14 (Accounting for Amalgamations), AS-21 (Consolidated Financial Statements), AS-29 (Provisions, Contingent Liabilities and Contingent Assets) have been amended and AS-6 (Depreciation Accounting) has been omitted by ICAI. These amendments will come into effect in respect of accounting periods commencing on or after April 1, 2017.


RBI issued Circular on publishing of photographs of Willful defaulters. RBI which earlier has permitted the use of photographs of only ‘willful’ defaulters in newspaper advertisements directs the publication of photos of all defaulters should be stopped. RBI taking into account the sensitivity involved, directed to prevent the publishing of photos of defaulting borrower in an indiscriminate manner. RBI reiterated that banks are allowed to publish photos of proprietors, partners, directors and guarantors of borrower firms that have been declared as willful defaulters. RBI further directed banks to formulate a policy with the approval of their board of directors which sets out the criteria based on which the decision to publish the photos of a defaulter will be taken.

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