Technology Initiatives Study Circle
Technology Initiatives Study Circle on “Productivity Apps
for Workplaces Part 2” held on 21st September, 2018 at BCAS
Conference Hall
Technology Initiatives Committee conducted a Study Circle
Meeting on Productivity Apps for Workplaces Part 2 on 21st
September, 2018 at BCAS Conference Hall which was ably led by CA. Rajesh Pabari
who is an HR Consultant by Profession and aspiring management consultant by
Passion.
It was the second session on Productivity Apps for Workplaces
which was in continuation of the first
session held on 23rd August 2018. CA Rajesh Pabari covered effective
use of Gmail and important chrome extensions. He also covered various
productivity apps like Trello, Evernote, MightyText, Wunderlist, Anydesk,
PDFill, LibreOffice, Calibre, Agent Ransack, Xilisoft Video Downloader, Flux,
etc.
As the session was Productivity Apps for Workplaces, this
time Technology Initiatives Committee tried to experiment zoom application for
participants to attend the session online through their Desktop and
Smartphones. The Committee received wonderful response from the participants
and more than 15 participants attended session online through zoom application.
The session was followed by Q&A session where the Speaker
thoroughly addressed all the queries of the participants.
The study circle was truly captivating and the participants
got hugely enlightened from the insight given by the learned speaker.
Meeting on “Action Plans 8 to 10 – Aligning Transfer Pricing
Outcomes with Value Creation” held on 1st October, 2018
The BEPS Study Circle organised a discussion on 1st October,
2018 at Khilachand Hall, IMC to understand Action Plans 8 to 10 of BEPS in
order to ensure compliance with value addition. In the meeting the discussion
was led by CA. Ganesh Rajgopalan and CA. Shreyas Shah. The speakers discussed
the final report on Action Plan 8 to 10 of the OECD-G20 Base Erosion and Profit
Shifting Project. The discussion was about the changes to the OECD Transfer
Pricing Guidelines brought about after the adoption of the final Report on
Action 8-10. The concepts of location savings, local market features, assembled
workforce and MNE group synergies were analysed. The new chapter on Intangibles
in the TP Guidelines defining and identifying intangibles, identifying the
parties which perform the significant functions of development, enhancement,
maintenance, protection, exploitation were discussed by the Group. Guidance in
the Report relating to hard to value intangibles including the use of ex post
results by the tax authorities were also discussed.
The session was very interactive and the participants got
enlightened a lot from the discussion.
Lecture Meeting on “GST Audit Report – Clause Wise Analysis”
held on 1st October, 2018 at BCAS Conference Hall
Indirect Taxation Committee organised a lecture meeting on
“GST Audit Report – Clause by Clause Analysis” on 1st October 2018
at BCAS Conference Hall which was addressed by CA. Sunil Gabhawalla, President,
BCAS. He briefed the audience about the steps initiated by the Society in
making recommendations on the audit report to the GST Council from time to
time. He further explained the significant provisions under GST Audit and
various issues concerning the same. Referring to the contents of the
Certification format, he enlightened the audience about the expectations from a
professional and his roles and responsibilities as an Auditor. He subsequently
deliberated on scope of GST audit, documentation prescribed by the Government,
key features of audit report, clause by clause analysis, various contents of
the Annual Reconciliation Statement in Form GSTR-9C and the level of
preparedness required by both the assessees as well as professionals, for
carrying out the GST audits. He also touched upon some of the areas which may
be tricky to comply with and involve significant time and efforts. Some of the
prominent issues in GSTR-9C prone to multiple interpretations and warranting
representation to the government were also discussed.
The meeting got an overwhelming response with more than 150
participants in attendance who got extremely enriched with the knowledge shared
by the learned Speaker having immense expertise on the subject.
Experts Chat @ BCAS on “Criminal Law System, Prosecution,
Economic Offences & Cheque Bouncing” held on 4th October, 2018
at BCAS Congerence Hall
Bombay Chartered Accountants’ Society organised this unique
experts chat on the offbeat topic such as Criminal Law System and Economic
offences on 4th October 2018 at the BCAS Conference Hall. This
stimulating chat was well attended by the members with Adv. Niranjan Mundargi
and Adv. Yogesh Israni on the panel and Dr. Anup P. Shah as moderator.
Dr. Anup Shah started with questions relating to care and due
diligence that needs to be ensured by the Chartered Accountants while
discharging their attest function and issuing certification. Adv. Niranjan
Mundargi emphasised on the importance of documentation and record keeping for
Chartered Accountants with a caveat that they are prone to questioning by
authorities and regulators more frequently in the present dynamic economic
scenario.
Adv. Yogesh Israni explained
the members on laws around cheque bouncing and economic offences. He detailed
the procedure for registering a NC with Police Station and difference between a
bailable and a non-bailable warrant. He also spoke on the hierarchy of various
courts in the judicial system along with monetary limits for filing the suits
and important aspects of Criminal Procedure Code.
The participants found the seminar to be very useful since
with changing scenario, practising Chartered Accountants are also required to
get themselves acquainted with the knowledge of criminal laws and economic
offences.The meeting was interactive and participants enriched themselves with
the knowledge shared on the subject.
HDTI Study Circle
Study Circle Meeting on “Relationship Management” held on 9th
October, 2018 at BCAS Conference Hall
Human Development and Technology Initiatives Committee
organised a Study Circle meeting on 9th October, 2018 at BCAS
Conference Hall on the topic “Relationship Management” which was addressed by
Ms. Carissa Gudino.
The focus of the
discussion was to study all aspects of interpersonal relationships. Broad
points taken up for discussion included (1) Understanding ourselves (2) How to
communicate effectively and (3) How to manage conflict. Briefly, all facets of communication,
relationship building and conflict management were explained by the Speaker.
Overall, this discussion helped participants understand themselves in order to
manage and build better relationships on the personal as well as professional front.
International Economics Study Group
Study Circle Meeting on “Current Economic Issues” held on 9th
October, 2018 at BCAS Conference Hall
International Economics Study Group conducted a meeting on 9th
October, 2018 at BCAS Conference Hall to discuss “Current Economic Issues”. CA.
Rashmin Sanghvi, CA. K. K. Jhunjhunwala & CA. Harshad Shah led the
discussion with their thoughts on current turbulent times with disturbing
trends in Debt & Financial Markets, episodes like IL&FS & few NBFCs,
rising oil prices, depreciating Rupee and Emerging Economic War creating ripple
effects in global economy. This was followed by group interactions.
The group felt that Asset Liability mismatch (ALM) wherein
many NBFCs have used short term borrowings for lending towards long term assets
and issues in regulatory matters and corporate governance have resulted in
current turmoil in financial markets. Oil prices have seen 55% increase in last
1 year on account of OPEC controlling supplies, Saudi – Russia “Secret Deal” (despite
US President Trump`s harsh words) and supply constraints from Libya, Venezuela
& Iran (overhang of sanctions). Indian Rupee also saw sudden depreciation
due to Strong Dollar, Increased Oil prices and outflow of dollars due to sell
off in Debt & Equity market. US 10 & 30 Years Treasury yield has seen
spike to 7 year high resulting in massive outflow from Debt Markets and high
bond yields in India`s debt markets. Trade war between America & China is
escalating and is having ripple effect on global economies which if it spills
to geopolitics, could have adverse impact in economies globally.
The participants
benefitted enormously from the knowledge shared by the experienced and learned
speakers.
ITF Study Circle
Meeting on “Impact of Ind AS on International Taxation”
held on 11th October 2018 at BCAS Conference Hall
ITF Study Circle
organised a meeting on the Impact of Ind AS on International Taxation on 11th
October, 2018 at BCAS Conference Hall which was led by Group Leader CA. Bhaumik
Goda. Ind AS introduces significant differences from the requirements of
existing Indian Generally Accepted Accounting Principles (IGAAP) in areas such
as revenue recognition, property, plant and equipment, financial instruments,
business combinations, consolidation etc.
In addition to changes in the requirements of the standards
themselves, there are several areas where Ind AS requires application of
judgement and financial reporting would be based on estimates made by the
management. Certainly, fundamental shift to Ind AS from IGAAP will not bring
any solace in tax computation of domestic and international tax.
The Group Leader commenced the meeting by discussing the
roadmap to Ind AS for Companies and Banking sector entities. During the course
of the meeting, the speaker made successful attempt for deliberating the issues
with regards to corporate guarantee, principal vs. agent, thin capitalisation,
compounded instruments, redeemable preference shares, impact on CBCR and impact
on comparability. He also discussed case studies, jurisprudence, OECD
commentary, India’s position with various reporting aspects and their criteria
for implementation, consolidation and comparison. The members of the Study
Circle shared their experience on above mentioned issues and it was a huge take
away for all the participants through the insights provided during the meeting.
