Key Highlights on Tax and Regulatory Matters proposed by Hon’ble Finance Minister of India Smt. Nirmala Sitharaman on 24th March 2020.

Key highlights of the announcements pertaining to relief in certain tax and regulatory compliances proposed by Hon’ble FM Finance Minister of India Smt. Nirmala Sitharaman vide her address to nation dated 24th March, 2020 are summarised in the attached pdf.

Key Highlights – Address by FM – 24.03.2020

Posted in Direct Tax, GST, Regulatory |

Artificial Intelligence and Risk Advisory

Artificial Intelligence, or AI, is no longer the exclusive tool of limited entities such as defense organizations, instead, AI is now present everywhere and impacting all walks of life. From gaming to films and from manufacturing to services, AI is impacting ever person’s life.
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Posted in Risk Advisory |

Being a Risk Advisory Professional – New Expectations

In recent times, few instances were noted where Risk advisory professional was accused of being gross negligent and consequently either arrested or barred from practice as Chartered Accountant. It’s being said that if there is anything wrong happening in the Company, Risk advisory professional must be the first to know as he is working there all 12 months of the year compared to Statutory Auditors whose role is limited to 2-3 months a year.
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Posted in Risk Advisory |

IRDAI defers Ind AS implementation for Insurance Sector

Background

Ministry of Corporate Affairs, had on March 30, 2016 notified the road map for implementation of Ind AS for banks, insurers and NBFCs from accounting period beginning 01st April 2018.

Insurers were required to implement Ind-AS 104, Insurance Contracts from April 2018 which is equivalent to IFRS 4. Since IFRS 4 has been replaced by IFRS 17 therefore the Insurance Regulatory and Development Authority of India (IRDAI)through its circular IRDA/F&A/CIR/ACTS/146/06/2017 dated 28.06.2017 approved the Regulatory override whereby the implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same have to be implemented from accounting period beginning from 1st April, 2020.
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Why Risk Advisory to Manage Business Risk is Important?

What is Risk Management?

Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. The risks, could evolve from a various sources such as financial risk, legal risk, strategic risk, nature’s apathy, etc.The risk management strategies to reduce the risks, have become a top priority for companies.
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Posted in Risk Advisory |