Highlights of this Article :
- Discussed practical application in life of the subject studied in CA Final
- Paper by paper analysis
- Information collected from the industries expert.
PART 1 : GROUP 1
- Application of IND-AS in the various industries w.e.f. 1/4/2017 : Central Government has made in stages the implementation of IND-AS mandatory.
It will be made applicable to large companies first.
- Valuation of business and intangibles for the business acquisition: Business acquisition strategy can work properly for growth only when it is properly structured. Goodwill, patent, copyright and other intangible may be valued by a registered business valuer. Such valuation process needs to be properly implemented by a Chartered Accountant.
- Internal Financial Control (IFC) mechanism : Internal control has become a serious professional task in a multi country and multicultural business environment. It requires following the standard codified international guidelines on a consistent basis.
- International Financial Reporting Standard(IFRS) compliances from international perspective : IFRS is a common global platform which requires
All countries to follow common accounting practices. India is also working on the convergence model by changing to IND- AS first. The developed countries and few least developing countries have already implemented IFRS. IFRS will make the flow of capital across world easy because the reporting practice will be common and easy to understand just like Microsoft which universally same.
Strategic Financial Management
- Strategies for derivative and hedging : The stock brokers create business strategies for derivative and hedging. These are used for creating growth around stocks and commodities. Profit can be booked in the future based on the hedging strategies defined by the investment experts.
- Capital budgeting proposals for the big infrastructure and power projects :
Big projects need capital planning on a longer horizon. This requires a decision on the capital expenditure and revenue expenditure with a focus on the breakeven, internal rate of return and corresponding payback period.
- Wealth management planning for High Net worth Individual (HNI) : HNI is a person who requires a guidance on fund and asset management. Different banks and consultants are working to give solution so that optimum utilization is achieved for HNI funds and assets by diversifying the risks.
- Analysis of Share market operation: Share market goes through bull and bust in a business cycle. Cyclical movement allows a business to work upon the future direction in the interest of shareholder and debenture holders. Analysis of these parameter allows the individuals and businesses to understand and improve the investing direction of investors on a short term and long term horizon.
Advanced Auditing & Professional Ethics
- Internal audit of the various industries : CAs are known for their internal auditing capability which requires certain basic common requirements universally. These are known as the Standard of Auditing called as SA.
But in case of the different industries say mining or aviation we may find that
the capabilities and standard requirement will vary according to the requirements of the industry.
- Internal control design for the different companies: CAs are better known as an internal control design experts for the various businesses and industries. Automated Internal control questionnaire help an expert to find the suitable solution towards the client’s requirements on a long term basis.
- Forensic Audit : Businesses are susceptible to the frauds which can be countered through the application of the Forensic Audit.
- CAG Audit and Bank Audit : Central government allows a regular conduct of statutory audits of the central government institutions annually by a CA firm. Likewise, banks are also asked to get their accounts audited annually.
Company and Allied Law
- MCA Compliances Filing : Ministry of Company Affairs has created as per Company Act 2013,the various compliances filing at the various periodic interval of time. MCA has made it’s compliance filing mandatory to certain type of companies.
- Company Law Case studies and it’s judicial solution before Company Law Board : This is again a sunrise area where due to the change of Company law Act from 1956 to 2013 has lots of new opportunities to the professional at the practice level and at the corporate level has come. New Act, circulars, explanations allow the companies to reorient properly.
- Foreign Exchange Management Act (FEMA ACT) related compliance : Foreign exchange movement for the products and services by way of export and import is essentially required by India which is regulated by FEMA. FEMA limits for the foreigner, person of Indian origin, NRI and resident are different. Proper compliance through RBI mechanism is required through FEMA Act.
- SEBI related compliance : Stock exchange Board of India related compliances as required by the SEBI Act is an alluring working area for the professionals which require deep knowledge in to the Act and circulars.