The opinions contained in this compilation are of the competent Committees constituted by the Council of the Institute and are of operational nature and not on issues on which relevant laws and rules are not explicit. These “Selected Opinions” are not a compendium of “legal advice”.
The opinions issued by the Committees to the members’ queries are dated. Since an opinion is arrived at on the basis of the facts and circumstances of each individual query, it may change if the facts and the circumstances change. An opinion may also change due to subsequent developments in law, pronouncements made by the Institute and other relevant changes. The Institute and the Committees will have no liability in connection with such opinion.
In every case the members have to take their own decisions in the light of facts and circumstances in accordance with related laws and rules etc., applicable to the issue under decision at that point in time.
1.1 Accounting for Sugar Sales by Sugar Industry
1.2 Business Combination Involving Common Control Transactions
1.3 Change in Accounting Policy or Prior Period Error
1.4 Deferred Tax Reserves
1.5 Desktop Revaluations in Terms of IAS 16 (Property, Plant and Equipment)
1.6 Guidance on Accounting for Specie Dividend Issue by a Subsidiary Company
1.7 Issue of Bonus Shares
1.8 Presentation / Disclosure Requirements (Investments – Held-to-Maturity)
1.9 Query Related to WPPF
2.1 Clarification Regarding Half Yearly Review
2.2 Opinion on Appointing an External Auditor Providing Non- Assurance Services
2.3 Requirement to obtain NOC from the Retiring Cost Auditor
2.4 Situation Where a Conflict of Interest Arises