Ajmer din

MCQs 1. Contracting state means any country or place outside India in respect of which arrangements have been made by the CG with government of such country through treaty or otherwise 1(A) 1(B) 1(C) 2(A) 2(B) 2(C) 3(A) 3(B) 3(C) 3(D) 3(E) 4(A) 4(B) 4(C) 4(D) Prohibition of loans (Section 29) No insurer shall grant loans or temporary advances either on hypothecation of property or on personal security or otherwise, except loans on life insurance policies issued by him within their surrender value, to any director, if a company or to any other company or firm in which any such director,  holds the position of a director.  This shall not apply to such loans made by an insurer to a banking company, as may be specified by the Authority.  Further this shall not be applicable from granting such loans or advances to a subsidiary company or to any other company of which the company granting the loan o...

New Course To be updated Old Course "Analyse with Ajmer Din" 1(a) The auditor shall determine, from the matters communicated with those charged with governance, those matters that required significant auditor attention in performing the audit. The auditor’s decision-making process in determining key audit matters is designed to select a smaller number of matters from the matters communicated with those charged with governance, based on the auditor’s judgment about which matters were of most significance in the audit of the financial statements of the current period. In making this determination, the auditor shall take into account the following: - Areas of higher assessed risk of material misstatement, or significant risks identified in accordance with SA 315 - Significant auditor judgments relating to areas in the financial statements that involved significant management judgment, including accounting estimates that have been identified as having high es...

Recent Decisions 1. A Chartered Accountant in practice CAN Can Act as mediator in Court, [Same as “arbitrator’, Permitted under Regulation 191]  Can be a settler of a Trust. Can Engage himself as Registration Authority for obtaining digital signatures for clients.  Can be Internal auditor of a company & statutory auditor of its employees PF Fund. 2. WITH CONDITION, A Chartered Accountant in practice CAN Can be equity research adviser, but cannot publish retail report as it be other business/occupation.  Can hold the credit card of a bank when he is auditor of that bank, provided o/s is not more than Rs. 10,000/- beyond credit period limit. Can be a Director Simplicitor (which is generally permitted as per ICAI norms), if he is non – executive director, required in the BM only + remuneration to attending BM only. (CA in service)  Can appear as tax representative before tax authorities on behalf of his employer, but not on behalf of other em...

Intermediate New May 2019 1(a) Question from SM 3.131 1(b) Where long-term investments are reclassified as current investments, transfers are made at the lower of cost and carrying amount at the date of transfer Where long-term investments are reclassified from current to long term, transfers are made at the lower of cost and fair value at the date of transfer 1(c)

Theory 7 (a) Credit rating is a very important indicator for prudence but it suffers from certain limitations. Some of the limitations are: (i) Conflict of Interest – The rating agency collects fees from the entity it rates leading to a conflict of interest. Since the rating market is very competitive, there is a distant possibility of such conflict entering into the rating system. (ii) Industry Specific rather than Company Specific – Downgrades are linked to industry rather than company performance. Agencies give importance to macro aspects and not to micro ones; overreact to existing conditions which come from optimistic / pessimistic views arising out of up / down turns. At times, value judgments are not ruled out. (iii) Rating Changes – Ratings given to instruments can change over a period of time. They have to be kept under constant watch. Downgrading of an instrument may not be timely enough to keep investors educated over such matters. (iv) Corporate Governance Issu...

1. Min. no. of Directors (Individuals) in Public 3, In Private 2, In One Person 1, Max. no. of Directors is 15 for any type of co. More than 15 directors may be appointed by Altering AoA + Passing SR in GM. [Section 14 + 149(1) + First Proviso] 2. (a) Retiring director à At AGM à Vacancy not so filled up + Not expressly resolved to “Not to fill vacancy” à Adjourn AGM (Same day next week) à Vacancy not so filled + Not expressly resolved to “Not to fill” à Retiring director shall be deemed to have been re-appointed. (b) No Re-appointment if à Resolution for re-appointment was put and lost or Director expressed not to be re-elected or Director is disqualified [Section 152(7)] 3. AoA may give power to BOD to appoint any person as additional director (Other than person who failed get appointed in GM), Tenure – Till next AGM date / or last date on which AGM should have been held. Additional director can be appointed only by BOD and not by members. Other Conditions à...

Strategic Financial Management A Category (60 Marks) Security Valuation Mutual Funds Merger Forex B Category (20 Marks) Indian Capital Market Dividend Decision Portfolio C Category (20 Marks) All Other Chapters  Intermediate New Course Paper-1: Accounting Study Material Questions for Practice Revision Test Papers Mock Test Papers Question Papers Suggested Answers Paper-2: Corporate and Other Laws Study Material Corrigendum to Study Material Revision Test Papers Mock Test Papers Question Papers Suggested Answers Paper-3: Cost and Management Accounting Study Materials Corrigendum to Study Material Revision Test Papers Questions for Practice Mock Test Papers Question Papers Suggested Answers Paper-4: Taxation Study Material relevant for May, 2019 and November, 2019 examinations Study Guidelines for Indirect Taxes for May, 2019 examination Statutory Update for May, 2019 examination for Indirect Taxes Revision Test Papers Mock Test Papers Questions Papers Su...