Photographs
1297
ICAI President CA. Nihar N. Jambusaria and ICAI Vice President CA. (Dr) Debashis Mitra with Mr. Amit Kumar, Hon’ble Consul
General of India to Chicago, USA, CA. Mahaveer Singhvi, Joint Secretary, Ministry of External Affairs, Government of India with
other eminent guest speakers at e-Inauguration of 40th Chapter of ICAI in Chicago, USA (April 24, 2021).
ICAI in Action
Applicability of the provisions of Section
139 of the Companies Act 2013
Corporate Laws & Corporate Governance Committee
has released a clarification with regard to applicability
of the provisions of Section 139 of the Companies Act
2013 read with Rule 5 and 6 of the Companies (Audit
and Auditors) Rules, 2014. The clarification explains
whether a Proprietary firm (having FRN) or individual
CA who is practicing either in his own name or trade
name can be appointed for two terms as per Section
139 of Companies Act, 2013. For details please visit
https://resource.cdn.icai.org/64473clcgc51714.pdf.
Exposure Draft of COVID-19 Related
Rent Concessions beyond June 30, 2021
(Amendments to Ind AS 116)
The International Accounting Standards Board (IASB)
had issued COVID-19-Related Rent Concessions,
which amended IFRS 16, Leases, in May 2020. The
Indian entities preparing Ind AS based financial
statements were facing similar challenges and
situations like the International scenario and to remain
converged with IFRS standards, amendments to Ind AS
116, corresponding to aforesaid amendments issued
by IASB, as recommended by ICAI and examined and
recommended by NFRA, were notified by the MCA on
July 24, 2020.
In March 2021 the IASB has issued Covid-19-Related
Rent Concessions beyond 30 June 2021 (the 2021
www.icai.org
amendment), to extend the availability of the practical
expedient in paragraph 46A by one year so that it
applies to rent concessions for which any reduction in
lease payments affects payments originally due on or
before 30 June 2022, provided the other conditions for
applying the practical expedient are met. The objective
of the proposal is to continue providing lessees with
practical relief during the on-going COVID-19
pandemic while enabling them to continue providing
useful information about their leases to users of
financial statements. Considering that Indian entities
are also likely to continue face similar challenges, the
Accounting Standards Board (ASB) of ICAI has issued
the Exposure Draft of proposed amendments to Ind
AS 116, Leases, for public comments.
For details, please visit http://icai.org/post/ed-covid-
19-related-rent-concessions-beyond-june30-2021.
Exposure Draft of Lack of Exchangeability
- Invitation to comment
The International Accounting Standards Board has
released following Exposure Draft for comments for
proposed guidance for itself when developing and
drafting disclosure requirements in IFRS Standards in
future:
Lack of Exchangeability - IAS 21 sets out the exchange
rate a company uses when it reports foreign currency
transactions or a foreign operation’s results in a
THE CHARTERED ACCOUNTANT MAY 2021 9
 Developments
1298
different currency. However, the Standard does not
set out the exchange rate to use when there is no
observable exchange rate the company can use - such
as when a currency cannot be converted into a foreign
currency. The proposed amendments would help
companies in determining whether a currency can be
exchanged into another currency, and what accounting
to apply if the currency cannot be exchanged.
For details please visit https://icai.org/post/ed-lack-of-
exchangeability.
Amendments in the provision related to
Audit Trail
In view of applicability of the amendments made vide
notification dated 24th March, 2021 related to the
accounting software having feature of audit trail and
its reporting in audit report being made effective from
the FY 2020-21, the ICAI had requested the Ministry
of Corporate Affairs to issue a clarification on the same
as it was creating confusion in the minds of auditor
regarding applicability of the said provision. In this
regard, the Government has considered the request
and issued a clarification stating that the provisions
related to Audit trail as provided in Companies (Audit
and Auditors) Amendment Rules, 2021 and Companies
(Accounts) Amendment Rules, 2021 have been made
effective in respect of financial years commencing on
or after the 01st April, 2022.
For details please visit https://resource.cdn.icai.
org/64323clcgc050421.pdf.
Further extension of the last date for
Waiving-off Condonation Fees - Late filing
of various application forms related to
Students and Articled Assistants
Amid the current situation, it is observed that some
of the Students/Articled Assistants are still facing
difficulties in online filing of prescribed applications
forms for various activities causing delay in their
online submission inviting levy of Condonation fees
under the relevant Regulatory provisions. Considering
the difficulties being faced by such Students/Articled
Assistants, it has been decided to further extend the
last date of waiving–off Condonation Fees from 31st
March, 2021 to 30th June, 2021. All transaction dates
falling between 1st April, 2020 to 30th June, 2021
shall be considered. This period includes one-month
prescribed time limit given in general.
For details please visit http://icai.org/post/further-
extension-last-date-for-waiving-off-condonation-fees
Extension for completion of Orientation
Course/IT Training
Due to the prevailing difficulties on account
of pandemic, the Competent Authority has
decided to relax the requirements, as a one-time
10 THE CHARTERED ACCOUNTANT MAY 2021
measure as under:
• The students who were required to complete
OC/ITT course uptill 31st March 2021 can now
complete the same on or before 31st May,2021.
• The students who are yet to join the articleship
training on or before 30th April,2021 are allowed
to complete OC/ITT on or before 31st May,2021.
For details please visit https://resource.cdn.icai.
org/64287sseb010421a.pdf.
Examination postponed in the interest of
students.
In view of the ongoing pandemic and in the interest of
welfare & well-being of the students and to mitigate
their hardships, it has been decided to postpone
the Final and Intermediate Chartered Accountants
Examinations which were scheduled to commence
from 21st (Final) / 22nd (Intermediate) May, 2021 across
the globe. The situation of pandemic will be further
reviewed considering COVID cases, MHA guidelines,
Centre and State Government directions and
accordingly fresh dates will be intimated to students.
While doing so, a notice of at least 25 days will be given
before the start of the examinations. The candidates
are advised to note the position and regularly visit
ICAI website, www.icai.org for updates.
For details please visit https://icai.org/post/imp-
announcement-may2021ca-exams.
Foundation Examinations - Update
Some of the students who wish to appear for June 2021
Foundation Examination are facing problem while
filing of Examination Application Form on account of:
(a) Getting their application/declaration attested
from a CA Member/Gazetted officer/Head of the
Educational Institute due to COVID-19; and
(b) Filling of Admit Card/Roll No. of Senior
Secondary Examinations as the same has not
been received due to postponement.
In view of the above, it is notified for general
information that –
(a) the students of Foundation Course whose
photographs and/or signature are not available
in the systems be allowed to upload their Aadhar
Card alongwith Examination Application Form
for June 2021 Foundation Examination.
(b) The students who have not received their Admit
Card/Roll No. of Senior Secondary Examinations
may declare that they will be appearing for
such examination.
For details please visit https://icai.org/post/imp-
announcement-june2021-foundation-exam.
www.icai.org
 “e-Sahaayataa” – A Grievance
Resolution Mechanism of ICAI
‘e – Sahaayataa’ is the e-Channel for the entire base of Members and Students of the Institute and
other stakeholders of the profession where in their queries/ grievances pertaining to the day-to-day
working shall be resolved in a time-bound and transparent manner.
Objectives:
 To provide timely services to all the stakeholders of the profession throughout the globe
 To resolve the Query/ Complaint/ Grievance within 3 – 7 days from the date of submission of
the same
 To eliminate the operational bottlenecks and smoothen the flow of education process of
Chartered Accountancy
Features:
 Automatically sends the query/ complaint/ Grievance to the dashboard of the concerned
official as soon as the same is submitted.
 Complete history of Query/ Complaint/ Grievance can be checked.
 E Mail is sent to the user once the query/ complaint and grievance is resolved.
 Query/ Complaint/ Grievance can be reopened by the user in case the user is not satisfied.
 No query/ complaint/ grievance can be deleted from ‘e-Sahaayataa’
Scope:
‘e-Sahaayataa” caters only to the Queries/ Complaints/ Grievances pertaining to the day to day working
of the Institute which are general in nature. This is not meant for registering or making allegations,
personal observations, and personal comments. Kindly submit relevant Queries/ Complaints/
Grievances to help you better.
How to Access
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