ICAI to come out with concept paper on virtual currencies
PrintListen to this Article
There are rising concerns about investments in virtual currencies such as bitcoins, which have seen significant volatility in trading globally, while there is no framework yet in India to regulate such activities.
A committee, chaired by Secretary, Department of Economic Affairs, is looking into all the issues related to virtual currencies and crypto-assets.
The Institute of Chartered Accountants of India (ICAI) is also looking into the issue of virtual currencies.
"We are coming out with a concept paper on virtual currency... We are developing accounting and auditing standards also but it takes time. It is too early to say anything as of now," Gupta told .
He formally took over as the president this week.
The institute's Digital Accounting and Assurance Board is looking into the matter.
In a notice regarding an upcoming webinar on 'Crypto- currencies & Block chain - Will they disrupt Accounting?', the institute said crypto-currencies and block chain technology are game changers set to transform accounting and auditing world.
The webinar, to be held later this week, is to explore and examine the potential impact of emerging technologies of crypto-currencies and block chain on accounting, as per the notice.
Virtual currencies are stored in digital or electronic format, making them vulnerable to hacking, loss of password and malware attack, which may also result in permanent loss of money.
In his Budget speech on February 1, Finance Minister Arun Jaitley said the government does not consider crypto-currencies legal tender or coin and would take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.
"Distributed ledger system or the block chain technology allows organisation of any chain of records or transactions without the need of intermediaries... The government will explore use of block chain technology pro-actively for ushering in digital economy," he had said. #casansaar (Source - PTI, Economic Times)
Category : ICAI | Comments : 0 | Hits : 624
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students. An ICAI notification—gazetted on April 25 —showed that the intermediate course exams will be held on May 3, 5 & 9 (Group I) and May 11, 15 and 17 (Group II). The final exams are scheduled for May 2, 4 and 8 (Group ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Agarwal told news agency PTI. Agarwal said, "The FRRB wil...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The central probe agency had last month arrested Jagdish Kumar Arora, the former chief engineer of the Delhi Jal Board. The probe agency claims that Arora awarded a contract worth Rs 38 crore to NKG Infrastru...
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineli...
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwas, Video has been removed 2 times. In his notice to Kumar Vishwas, He asked for Sorry to the Professional else Next Defemation Notice to Kumar Vishwas for his Derogatory Remarks against Chartered A...
Comments