Volume 19 (XIX) 2013-14

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.

Accounting

1.1     Auditors’ Report on Going Concern Assumption
1.2    Waiver for Financial Covenants
1.3    Change of Name in the Audited Financial Statement
1.4    Auditor’s QCR Status in Case of Co-Audit
1.5    Accounting for De-Mutualization of Stock Exchanges
1.6    Deferred Taxation Rate
1.7    Interest free loans – IAS 39
1.8    Membership Card of Stock Exchange Brokers
1.9    Consolidation of Financial Statements
1.10  Biological Assets under lAS 41
1.11   Capitalization of Assets
1.12  Capitalization of Deferred Revenue Expenditure
1.13  Deferred Tax
1.14  Change in Inventory Valuation Method
1.15  Subsequent Sale of an Entity and all Its Assets after Reporting Date
1.16  Policy for Revenue Recognition
1.17  Common Control
1.18  Disclosure About Impact of IFRIC-4 & IFRIC-12

Auditing

2.1    Professional Clearance Letter
2.2   Removal of Auditor before Completion of their term
2.3   Appointment of QCR Rated Auditor for Stock Broker
2.4   Advice on Audit Report
2.5   Appointment Of Consultant For Internal Audit Assignments