CPT Mock Test for June, 2011 Exam---Last date for registration 25th May.

CPT Mock Test for June, 2011 Exam Day & Date : Sunday 5th June, 2011 Time : Morning session – 10.30 am to 12.30 pm Afternoon session – 02.00 pm to 04.00 pm Fees : Rs.200/- by cash / Cheque Mode of Mock Test : OMR answer Sheet Last Day for Registration : 25th May, 2011 (upto 05:00pm ) Registration Centres : 1. WIRC Office, ICAI Bhawan, Cuffe Parade, Mumbai 2. WIRC -DADAR Library 3. WIRC – Andheri RVG Hostel 4. WIRC – Mulund Library Date of Result : 11th June, 2011 (will be hosted at WIRC website) Chief Co-ordinators : CA Neel Majithia 9820327660 CA Mangesh Kinare 9869070539 For Registration and information contact 022-3980 2923/22 Cheques should be drawn on in favour of “WIRC OF ICAI” payable at Mumbai. Note: Forms will be available on WIRC Website and should be submitted by 25th May, 2011. Hard Copy of Registration forms will also be available at the above centres. Download Registration Form:click here:https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0Bz0INWeiJAEQZDc1ZWM4OWMtNWI2NC00Zjc0LTlhZmUtNThiYTIxYmY4YWQw&hl=en_US

NEW DIRECTOR'S RELATIVE (OFFICE OR PLACE OF PROFIT) RULES, 2011

Director's Relative (Office or Place of Profit) Rules, 2011

NOTIFICATION NO. G.S.R. 357(E), DATED 2-5-2011

In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following Rules in supersession of the earlier Notification No. GS.R. 89(E), dated 5-2-2003, namely:—

1. (1) Short Title and Commencement: (1) These rules may be called Director's Relative (Office or Place of Profit) Rules, 2011.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. Applicability : These rules shall apply to all companies registered under the Companies Act, 1956 except as provided in these rules.

3. Approval of the Central Government in case of Appointment of Relatives, etc. of Directors : No appointment for an office, or place of profit in a company shall take effect unless approved by the Central Government on an application, in respect of:—

 (a)  Partner of film or relative of a Director or Manager; or
 (b)  Firm in which such Director, or Manager of relative of either is a partner; or
  (c) Private Company of which such Director or Manager or relative of either is a Director, or member, which carries a monthly remuneration exceeding, Rs. 2,50,000 p.m.
 (d)  An individual who is a relative of a Director, or Manager and is appointed as an Advisor or Consultant and paid remuneration including commission on periodical basis.

IAASB Seeks Global Views on Enhancing the Value of Auditor Reporting

FOR IMMEDIATE RELEASE

Contact:

Laura E. Wilker

Head of Communications

+1-212-471-8707

(Mobile) +1-914-646-3957

laurawilker@ifac.org

IAASB SEEKS GLOBAL VIEWS ON ENHANCING THE VALUE OF AUDITOR REPORTING

(New York/May 16, 2011) – The International Auditing and Assurance Standards Board (IAASB) today released its consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change, to obtain views on enhancing the quality, relevance and value of auditor reporting on an international basis.

The consultation paper seeks to determine whether there are common views among users of audited financial statements and other stakeholders about the usefulness of auditor reporting. It describes issues with current financial reporting, including a perceived “information gap,” identified by some stakeholders. It then sets out possible options for change and seeks input as to whether such options might be effective in enhancing auditor reporting and the communicative value of the auditor’s report.

“The auditor communicates to financial statement users primarily through the auditor's report,” noted Prof. Arnold Schilder, IAASB Chairman. “Over the past several years, the IAASB has developed International Standards on Auditing addressing auditor communication and reporting with the aim to address the expectations gap and, more recently, to promote international consistency in auditor reporting. The IAASB believes that now is the time for a more fundamental review of auditor reporting to ensure, in the public interest, that it can meet the information needs of financial statement users in a global business environment with increasingly complex financial reporting requirements.”

The IAASB is also seeking information about the potential implications of changes in auditor reporting, as well as about possible implementation challenges. The paper recognizes that not all of the options explored are able to be implemented by the IAASB on its own—some would require collaboration with national standard setters, regulators and/or legislators to develop or implement.

“This consultation is aimed at gathering views from around the world to inform the IAASB about whether there is consensus about the need to enhance auditor reporting and, if so, how an enhanced model might be achieved,” said James Gunn, IAASB Technical Director. “Investors and financial analysts have signalled to us they want additional, and more pertinent, information for their decision making. The IAASB wants to better understand these views as well the views of others, including users of audited financial statements of small- and medium-sized entities and public sector organizations, preparers, auditors and other key participants in the financial reporting process.”

How to Comment
The IAASB invites all stakeholders to respond to its consultation paper. To access the onsultation paper or submit a comment, visit the IAASB’s website atwww.iaasb.org/ExposureDrafts.php. Comments on the Consultation Paper are requested by September 16, 2011.

Puma creates world's first eco-P&L statement

Footwear company Puma is reported to be the world's first company to publish a comprehensive environmental profit-and-loss statement, detailing the economic cost of greenhouse emissions, water consumption and social impact related to its operations. John Elkington, who first proposed the concept of the triple bottom line, said: "This sort of accounting was pretty much what I had in mind when I came up with the triple bottom line 17 years ago. We've taken a while to get there, but the pace is accelerating."