This report is the tenth compilation of selected opinions issued by the Technical Advisory Committee on inquiries raised by the members and other agencies during the period from July 2004 to June 2005 for the general guidance of the members of the Institute. Volume I to IX are now available on the ICAP Website.
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 Applicability of Actuarial Valuation for those companies where post Employment Benefits are not in practice
1.2 Change in Accounting Policy for valuing Fixed Assets
1.3 Clarification regarding IAS-12 (Revised 2000) paragraph 81 (c)
1.4 IAS 39 – Financial Instruments – Fair Values in Financial Statements of Provident Fund
1.5 Inquiry regarding Reclassification of Financial Assets held for trading into available for sale
1.6 Sale and Leaseback (IAS 17)
1.7 Shares issued at discount – Treatment of Deferred Cost
1.8 Should we Consolidate the Financial Statements of Software House in our books?
1.9 Treatment of Increase in Investment
AUDITING
2.1 Appointment of External Auditors
2.2 Identification of Financial Statements in Auditors’ Report
2.3 Implementation of ATR-14
2.4 Is Pirated Software a Company’s Assets?
2.5 Partnership Arrangements with previous auditors