BCAS Newsletter I October 2012 1 Vice-President’s Communiqué Harnessing Talent and Providing Quality Service Vol. 15 n No. 7 n October 2012 n A Monthly Newsletter of the Bombay Chartered Accountants’ Society For Members only. For Private Circulation only. Price: `10 BCAS Newsletter Dear Members, September 2012 may well have been the most eventful month so far this year for all of us. To begin with, it was a month of reforms and announcements. Some of the eye catchers were the introduction of FDI in multi-brand retail and aviation, cabinet approval for FDI in insurance and pension, hike in diesel price and cap on the number of subsidised LPG cylinders, etc. The month was also quite sensational politically with the resignation of Ms. Banerjee and her team from the UPA coalition, which almost plunged the government on the verge of minority. With so much happening simultaneously, the once-scandalous scams became passé as the media focus shifted to fresher scandals. We seem to be content with the exposé and not interested in the prosecuzione. Lastly, let's not forget that September was also the month of tax audits and tax returns. You would have filed and closed the tax returns and tax audits due by the 30th of the month and must be now gearing up for the transfer pricing audits and consequent tax returns. As you prepare for this new batch of deliverables, don't forget, a good plan prepared today will save you substantial time and efforts in your future execution plans. Here's wishing you a stress-free season. In other headlines, the Kelkar Committee report on fiscal consolidation has been put up on the finance ministry website for stakeholder comments. The report has taken a systematic approach to India's financial woes. While cautioning against India going back to the 1991 crisis, it has suggested quite a logical solution: (a) Increase revenues — efficient tax collection systems, reduction in tax benefits, better quality of tax scrutiny, disinvestments (b) Reduce expenditures — lower subsidy burden on fuel and urea, cut down on plan expenditures President: Deepak R. Shah, 98201 48536; [email protected]Vice-President: Naushad A. Panjwani, 98200 59048; [email protected]Hon. Jt. Secretaries: Nitin P. Shingala , 98200 57694; [email protected]Raman H. Jokhakar, 98208 77976; [email protected]Hon. Treasurer: Chetan M. Shah, 98202 23402, [email protected]PROGRAMMES AT A GLANCE Aadhar Card Registration Camp, ........................................... 18-10-2012 & 19-10-2012 ............ BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai .......................................... 6 Workshop on Alternative Investment Funds Regulations ....... 02-11-2012 ................................... Hotel J W Marriot, Juhu, Mumbai................................................................................ 3 Students’ Study Circle ............................................................ 02-11-2012 .................................... BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai ........................ 3 Professional Accountant Course ........................................... 20-11-2012 .................................... BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai ...................... 12 Study Course on Double Tax Avoidance Agreement ............... 24-11-2012 to 05-01-2013 ............ H. R. College, Dinshaw Waccha Road, Churchgate Mumbai ....................................... 8 Workshop On MVAT & Service Tax ........................................ 06-12-2012 to 30-03-2013 ............ STPAM Library, 104, Vikrikar Bhavan, Mazgaon, Mumbai .......................................... 5 4th Residential Study Course on IFRS / Ind AS ...................... 13-12-2012 to 15-12-2012 ............ Hotel Dukes Retreat, Khandala ..................................................................................... 4 Students’ Annual Day ............................................................. 05-01-2013 .................................... Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai ............................................. 7 Students’ Education Crash Courses ....................................... 25-01-2013 to 31-03-2013 ........... Sydenham College, ‘B’ Road, Churchgate .................................................................. 13 11th Leadership Training Camp ............................................. 07-02-2013 to 09-02-2013 ........... BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai .......................................... 6 Lecture Meeting ..................................................................... 21-11-2012 ................................... Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai ............. 1 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020. Tel. Nos. : 61377600; Fax: 61377666 Email : [email protected]; Website : www.bcasonline.org Lecture Meeting Venue I Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai – 400020 Day, Date & Time I Wednesday, 21st November, 2012, 6.15 p.m.* Speaker I CA. Raghuraman Iyer Subject I Financial Instruments (including derivative transactions) – Accounting aspects *Fellowship over a cup of tea at 5.45 p.m. (c) Overall well being — generate employment, which in turn will contribute to higher GDP, invest in infrastructure development, training of tax officials While the tabloids have termed the report 'political suicide', even if some of the proposals are implemented, it could do our country's economy a lot of good. Mr. Kelkar said it well in his report: with determined policy action and astute political statesmanship, the pain of voluntary fiscal correction now will forestall the pain of externally enforced involuntary fiscal correction later. As I write this communiqué, media channels are flashing stories of the release of the Shome Committee report on the retrospective taxation of Vodafone-type indirect transfers. The report has made many taxpayer- friendly suggestions, with the important ones being no retrospective tax withholding and keeping FIIs and Participatory Note holders out of the indirect transfer tax net. Whether these recommendations are accepted or not only time will tell. (Continued on page 2)
Transcript
BCAS Newsletter I October 2012 1
Vice-President’s Communiqué
Harnessing Talent and Providing Quality Service
Vol. 15 n No. 7 n October 2012
n A Monthly Newsletter of the Bombay Chartered Accountants’ Society
For Members only. For Private Circulation only. Price: `10
BCASNewsletterDear Members,
September 2012 may well have been the most eventful month so far this year for all of us. To begin with, it was a month of reforms and announcements. Some of the eye catchers were the introduction of FDI in multi-brand retail and aviation, cabinet approval for FDI in insurance and pension, hike in diesel price and cap on the number of subsidised LPG cylinders, etc.
The month was also quite sensational politically with the resignation of Ms. Banerjee and her team from the UPA coalition, which almost plunged the government on the verge of minority. With so much happening simultaneously, the once-scandalous scams became passé as the media focus shifted to fresher scandals. We seem to be content with the exposé and not interested in the prosecuzione. Lastly, let's not forget that September was also the month of tax audits and tax returns. You would have filed and closed the tax returns and tax audits due by the 30th of the month and must be now gearing up for the transfer pricing audits and consequent tax returns. As you prepare for this new batch of deliverables, don't forget, a good plan prepared today will save you substantial time and efforts in your future execution plans. Here's wishing you a stress-free season.
In other headlines, the Kelkar Committee report on fiscal consolidation has been put up on the finance ministry website for stakeholder comments. The report has taken a systematic approach to India's financial woes. While cautioning against India going back to the 1991 crisis, it has suggested quite a logical solution:
(a) Increase revenues — efficient tax collection systems, reduction in tax benefits, better quality of tax scrutiny, disinvestments(b) Reduce expenditures — lower subsidy burden on fuel and urea, cut down on plan expenditures
PROGRAMMES AT A GLANCEAadhar Card Registration Camp, ........................................... 18-10-2012 & 19-10-2012 ............BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai .......................................... 6
Workshop on Alternative Investment Funds Regulations ....... 02-11-2012 ...................................Hotel J W Marriot, Juhu, Mumbai................................................................................ 3 Students’ Study Circle ............................................................ 02-11-2012 ....................................BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai ........................ 3
Professional Accountant Course ........................................... 20-11-2012 ....................................BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai ...................... 12
Study Course on Double Tax Avoidance Agreement ............... 24-11-2012 to 05-01-2013 ............H. R. College, Dinshaw Waccha Road, Churchgate Mumbai ....................................... 8
Workshop On MVAT & Service Tax ........................................ 06-12-2012 to 30-03-2013 ............STPAM Library, 104, Vikrikar Bhavan, Mazgaon, Mumbai .......................................... 5
4th Residential Study Course on IFRS / Ind AS ...................... 13-12-2012 to 15-12-2012 ............Hotel Dukes Retreat, Khandala ..................................................................................... 4
Students’ Annual Day ............................................................. 05-01-2013 ....................................Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai ............................................. 7
Lecture MeetingVenue I Walchand Hirachand Hall, Indian Merchants Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 21st November, 2012, 6.15 p.m.*Speaker I CA. Raghuraman IyerSubject I Financial Instruments (including derivative transactions) – Accounting aspects
*Fellowship over a cup of tea at 5.45 p.m.
(c) Overall well being — generate employment, which in turn will contribute to higher GDP, invest in infrastructure development, training of tax officials
While the tabloids have termed the report 'political suicide', even if some of the proposals are implemented, it could do our country's economy a lot of good. Mr. Kelkar said it well in his report: with determined policy action and astute political statesmanship, the pain of voluntary fiscal correction now will forestall the pain of externally enforced involuntary fiscal correction later.
As I write this communiqué, media channels are flashing stories of the release of the Shome Committee report on the retrospective taxation of Vodafone-type indirect transfers. The report has made many taxpayer-friendly suggestions, with the important ones being no retrospective tax withholding and keeping FIIs and Participatory Note holders out of the indirect transfer tax net. Whether these recommendations are accepted or not only time will tell.
(Continued on page 2)
BCAS Newsletter I October 20122
Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. RTI Clinic is operated by Mrs. Hema D. Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan K. Varma, Past President, BCAS.
The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI.
The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from BCAS office – 11 a.m. to 1 p.m.
The next RTI Clinic days accordingly are 27th October 2012, 10th, 17th and 24th November 2012 Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.
Charitable Trust ClinicThe next Charitable Trust Clinic will be held on 2nd November 2012 from 5 p.m. to 7 p.m. in the Library room of BCA Society at New Marine Lines.
Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Ms. Khushboo: 61377620) and obtain a prior appointment, latest by noon on the day of the Clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.
Panel of Advisors:CA. Ratanshaw DamanwalaCA. Shariq ContractorCA. Gautam NayakCA. Anil Sathe CA. Atul Shah
Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on 3rd November 2012 from 10.30 a.m. to 11.30 a.m. in the Library room of BCA Society at New Marine Lines.
Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by e-mail to [email protected] one week in advance and call the Society’s office (Mr. Rajaram: 61377613) to obtain prior appointment, at least a day before the day of the Clinic. Please note that the Panel will not answer any queries pertaining to tax issues.
Panel of Advisors:CA. Sanjeev PanditCA. Himanshu Kishnadwala CA. Jayesh Gandhi
Running a government is as challenging as running any commercial organisation, if not more. In the end, be it a country or a corporate, it is the calibre of the leadership that will shape it's destiny. The PM and the FM have a strong economics and finance background, and for whatever it is worth, so does the President.
Many a corporate head honcho is a finance whizz who has been a CFO. The years of training, familiarity with numbers, interaction with the board, investors, investment bankers, working in close association with the CEO, natural flair for risk management, sensitivity to cash flows and being a natural confidant of many gives a CFO an edge over business heads who may have a great functional expertise but may lack financial acumen.
However, a CFO needs to avoid succumbing to being a bean counter, missing the larger picture in the bargain and falling prey to the syndrome of "paralysis through over analysis", just because she is good at number crunching. Her number one skill has to be people development.
Many corporates and banks are today headed by chartered accountants or MBAs in finance. Once you become a CFO, then the only growth is horizontal, that is from one company to another. But if she imbibes the right attitude, she is most certain to achieve a vertical growth and become the CEO.
What do my friends from the industry have to say to this?
Next month, I'm looking forward to discussing with you whether women get their just due in their professional life.
This Dushera, Eid and Diwali may good triumph over evil. May all our sacrifices please the almighty. And may the glow of enlightenment shine brighter and wider.
Here’s wishing everyone happiness and love.
CA. Naushad A. Panjwani
Recent BCAS Publications for Sale Sr. No.
Name of Publication - Books / CDs / Papers
Price R
Postage R
1 Digest of Full Bench Decisions of Central Information Commission
MembersNon-Members
120150
5050
2 Gita for Professionals 75 50
3 Advance Rulings Law and Procedures - A Compilation
125 50
4 Exploring FEMA 225 75
5 6th Residental Study Course on Service Tax and VAT 2012
600 100
6 Study Material DVD on Seminar on NBFC Regulations (Including Audit and Tax Aspects) held on 30th August 2012
1250
50
BCAS Newsletter I October 2012 3
Taxation CommitteeChairman : CA. Gautam S. NayakConvenors : CA. Saurabh P. Shah CA. Anil D. Doshi CA. Rajeev N. ShahWorkshop coordinators : CA. Nitin P. Shingala CA. Anil D. Doshi
SEBI has on 21st May, 2012 notified the SEBI (Alternative Investment Funds) Regulations, 2012 [AIF Regulations]. AIF Regulations endeavour to extend the perimeter of regulation to unregulated funds with a view to systemic stability, increasing market efficiency, encouraging formation of new capital and consumer protection, and would apply to not only venture capital funds but also private equity funds, real estate funds, etc.
The purpose of the workshop is to understand various aspects relating to AIF Regulations such as legal and structuring aspects, its documentation, efficient planning, direct tax aspects (domestic and international), etc. The recent legislative changes, including amendments by the Finance Act, 2012, which have a bearing on such funds will also be discussed. It would be our endeavour to allow some interaction at the workshop.
Day & Date : Friday, 2nd November 2012Time : 9.00 a.m. to 2.00 p.m. Venue : Hotel J W Marriot, Juhu, Mumbai Fees (each) for members : R2,000 + R247 (Service Tax) = R2247for non-members : R2,500 + R309 (Service Tax) = R2809 limited seats (inclusive of course material, morning breakfast, tea, coffee & lunch and R50 towards contribution to BCAS Foundation)
Topics Faculty
Introduction and Legal Aspects Mr Siddharth ShahDirect Tax Aspects (Domestic and International)
CA. Nitin Karve
Enrolment restricted to 125 participants on first-come-first-served basis. Please enrol early to avoid last minute disappointment.Enrolment fees are non-refundable.Enrolment form is printed on page 12.
The Publication & Research Committee of BCAS has decided to sponsor a research paper on the topic related to “Do Accounting Standards override true and fair view?” in this endeavour, it invites proposals from members or any academician recommended by members, interested to undertake this research project.
Further the committee also appeals to members to come forward and submit research proposals related to any other topic of professional interest. If the proposal is accepted by the committee, BCAS would not only sponsor the research project but will also pay an honorarium to the person undertaking the research.
Members are also requested to suggest names of persons who would be interested to undertake research sponsored by the Society. Members may contact :
CA. Cassem Rajabali, General Manager on [email protected] or the convenors
President : CA. Deepak R. ShahConvenors : CA. Bharatkumar K.Oza CA. Hemant P. Gandhi CA. Mihir C. Sheth
Human Resources Committee
An appeal
Chairman : CA. Pranay H. MarfatiaCo-Chairman : CA. Pradip K. ThanawalaConvenors : CA. Manish P. Sampat CA. Manish R. Reshamwala
Publication & Research Committee
SuccessTo laugh often and much;
To win the respect of intelligent people and the affection of children; To earn the appreciation of honest critics and endure
the betrayal of false friends; To appreciate beauty,
To find the best in others, To leave the world a bit better, whether by a healthy child,
A garden patch or a redeemed social condition; To know even one life has breathed easier because you have lived.
This is to have succeeded.— Ralph Waldo Emerson
BCAS Newsletter I October 20124
The International Financial Reporting Standards (IFRS) are fast emerging as the globally accepted accounting framework with more than 100 countries having adopted or permitting use of IFRS and several other countries adopting IFRS from 2012 onwards. In line with this emerging global trend, though the Ministry of Corporate Affairs (MCA) had announced convergence of Indian GAAPs with IFRS and a phased implementation thereof from April 2011 onwards, the same has been postponed mainly due to several implementation issues. Towards this end, MCA has already notified 35 Ind AS. The Institute of Chartered Accountants of India (ICAI) has also been proactive in issuing Exposure Drafts for several new Ind AS. As per the latest news reports, Ind AS are likely to be made applicable from 1st April 2013 onwards. This may also require companies to compile comparative financials for the year ended 31st March, 2013 as per the applicable Ind AS.
With the convergence fast approaching due to the impending deadline, as well as there being issues to be addressed to while preparing accounts as per revised Schedule VI, how many of us are really equipped to embrace the change with confidence? Pending the final announcement of applicability, professionals also need to be fully prepared for the implementation.
Realising the importance of the journey of convergence with IFRS/Ind AS and to assist the accounting fraternity to prepare the accounts compliant with the regulatory requirements, we at BCAS have devised the fourth Residential Study Course to equip the professionals with relevant skills and to be the catalyst of the change process.
The 4th Residential Study Course (RSC) is in continuation of the successful completion of 3RSC on IFRS in December 2009, 2010 & 2011.
The exclusive course on IFRS/Ind AS will cover case studies on application, implementation & indepth study on issues relating to Business Combinations, Financial Instruments, first time implementation of IFRS, PPE, IFRIC, etc. There will also be a presentation paper on Global developments in IFRS .
It is an important event not to be missed by the accounting professionals from practice and industry.
Details of the programme are as under
Dates : 13th, 14th, & 15th December 2012Venue : Hotel Dukes Retreat, Khandala
(Hotel Dukes Retreat, Khandala has the finest view and is at the height of about 2500 feet above sea level overlooking Sahyadri Range. It has excellent facilities is also easily accessible from Mumbai. It has well equipped conference rooms and well maintained rooms with mountain view, and facilities viz. swimming pool, recreation, fitness centre, wifi, variety of cuisines etc.)
4th Residential Study Course on IFRS / Ind AS
Accounting & Auditing CommitteeChairman : CA. Himanshu V. KishnadwalaConvenors : CA. Mukesh G. Trivedi CA. Abhay R. Mehta CA. Suril V. Shah
Sr. no. Papers for Group Discussion
Paper Writers
1 Case Studies on Business Combinations / Consolidations
CA. P. R. Ramesh
2 Case Studies Financial Instruments
CA V. Venkat
3 Case studies on first time implementation of IFRS, PPE, IFRIC, etc.
CA. Jigar Parikh / CA. Manan Lakhani
Sr. no. Paper for Presentation
1 Global developments in IFRS
Eminent Faculty
Fees (Per Participant) (Amount in Rupees) including Service Tax @12.36%
Members(Life & Ordinary
Members)
Non Members
Early Bird Upto 30th November
2012
From 1st December
2012 onwards
Early Bird Upto 30th November
2012
From 1st December
2012 onwards
Double Occupancy
11,236 14,045 14,045 17,978
Single Occupancy*
17,978 21,348 19,663 22,472
*Enrollment Limited for Single Occupancy
The fees include course material, stay, meals from Thursday 13th December 2012 till 15th December 2012 afternoon and contribution of R50 to BCAS Foundation.
Delegate substitution: In the event of inability of the registered delegate to attend the Study Course for any reason, he/she should promptly inform the Committee by email [[email protected]] indicating the “subject” as “IFRS RSC 2012– INABILITY TO ATTEND” with a copy marked to [email protected], [email protected],[email protected] and [email protected]. At its discretion, BCAS may permit substitution. The substitute too needs to be a member of BCAS if he/she is replacing a member of BCAS. The Committee reserves the right not to admit any substituted person to the Study Course in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee.
Refund:Once enrolled, requests for refunds will not be entertained.
Enrolment Form4th Residential Study Course on IFRS / Ind AS
Name: …………………………………………………………Age: …….......BCAS Membership No.: ………………………………………....................Address: ……………………………………………………………………….Tel (O): ……………………….., ………………… Tel (R): ………………….Mobile: ……………………………………. Email: …………………………..Room Partner: 1.……………………………………2.………………………Group Leader ………………………………………………………...............Food Choice: NonVeg: [ ] Veg: [ ] Jain [ ] The decision of the committee will be final in case of allotment of room & room partners. Enrolment forms will be accepted at BCAS office from 10.30 a.m. to 5.30 p.m. on first-come-first-served basis.
BCAS Newsletter I October 2012 5
Jointly with The Sales Tax Practitioners’ Association of Maharashtra, Chamber of Tax Consultants, All India Federation of Tax Practitioners and Malad Chamber of Tax Consultants
The object of the workshop is to share the essence of professional experience and expertise of the faculty which they have gained over the years. This can be of enormous help and use to the professionals practicing in Indirect Taxes. In this course, the practitioners not only get knowledge but also wisdom by interacting with the seniors. The topics selected for the workshop are 'issue based' and will cover the MVAT Act, 2002, the C.S.T. Act, 1956 and Service Tax Provisions with special emphasis on the recent developments in the service tax law after the onset of negative list regime. Three sessions will be ‘Jugalbandi’ sessions having combined issues under MVAT and Service Tax with faculty on each of the topic during that session. Details of the workshop are given below:
8 2.3.2013 1st Saturday Issues in Input Tax Credit under MVAT Adv. C. B. Thakar
9 16.3.2013 3rd Saturday Issues in Branch Transfer & Sales in transit under CST Act.
Eminent Faculty
10 30.3.2013 5th Saturday Taxation of hoteliers, restaurants, caterers, franchisee, etc, under MVAT, Luxury Tax & Service Tax
CA. Sujata Ranganekar – MVAT CA. Manish Gadia – Service Tax
The Enrolment is restricted to 120 persons only. Enrolment will be made on first-come-first-served basis. Kindly enroll yourself at the earliest to avoid disappointment
Bombay Chartered Accountants' Society InfoTech & 4i Committee & Membership
& Public Relations Committee Present
BCAS Web TV
Subscribe Now!!!
Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If
you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account.
For further details log on to www.bcasonline.org
Lecture Meeting on Domestic Transfer pricing by CA. T. P. Ostwal held on 3rd October, 2012 is available on BCAS Web TV.
Particulars Subscription Charges + Service Tax
Total Charges
Ordinary, Life and Associates of Corporate Membership
R600 + 12.36% R674
Students R600 + 12.36% R674
Journal subscribers R900 + 12.36% R1,011
Non-members R1,200 + 12.36% R1,348
BCAS Newsletter I October 20126
on 7th, 8th & 9th February 2013 (Thursday, Friday & Saturday)at Rambhau Mhalgi Prabodhini, Keshav Shrushti, Uttan,
Esselworld Road, Bhayander (West)The theme for discussion this time is
'Living in Harmony'
Recognise that we are all on this planet together. We all stand to gain more by working together and with each other rather than working against each other. It has been said that “no tree has branches so foolish as to fight amongst themselves.” Humanity faces many unavoidable challenges that require our best defense without us creating additional unnecessary problems between ourselves. Love is the greatest catalyst of harmony and it always uplifts. As there is always a shortage of enough love, be giving of it always, especially in those times it feels hardest.
Sister B.K Shivani has consented to guide participants to learn as to how to be in harmony with the self, with relations and with the world. Where do we get inspiration from to live in harmony.
BK Sister Shivani Verma is a Rajyoga Meditation Teacher and has been studying spiritual knowledge and practicing the ancient technique of Rajyoga Meditation, as taught by the Prajapita Brahma Kumaris Ishwariya Vishwa Vidyalaya, Mount Abu, for the past 14 years.Sister Shivani is known for her dynamic, engaging and down-to-earth nature. She is a hugely sought-after speaker due to the clarity of the wisdom she shares. With a background in engineering, she has the ability to analyze the deep rooted causes of the negative emotions experienced in life.
Course Fees:
Early bird till 15th December
2012
Including Service Tax @ 12.36%
From 16th December
2012
Including Service Tax @ 12.36%
Single Member R 6,000 R 6,742 R 7,000 R 7,865
Member with spouse
R 11,000 R 12,360 R 13,000 R 14,607
Cost includes two night three days stay on triple sharing, food and course material.To ensure intense participation, registration is restricted to 35 participants
Details to be submittedEnrolment Form
Name
BCAS Membership No
Age
Address
Contact Details Phone Phone Email
Accompanying Spouse’s Name
Food Jain
Cheque No Bank
Branch
Signature_________________________________
Camp For Registration Of Aadhar Card For BCAS MembersAadhar is an endeavour of the Government of India to issue Unique Identity to the residents of India and to provide full proof identification and authentication framework within the country.Your Society has co-ordinated a camp for registration of Aadhar Card for BCAS members and their family members. We thus request you to take benefit from this camp
Days & Dates
Thursday, 18th October 2012 and Friday, 19th October 2012
Kindly log on to BCAS website www.bcasonline.org to download the form and documents required for verification.Please contact Cassem Rajabali, General Manager on [email protected] or call on 61377611 should you have any queries.
E-Learning Modules on XBRL
Human Resource CommitteePresident : CA. Deepak R. ShahConvenors : CA. Bharatkumar K. Oza, CA. Hemant P. Gandhi and CA. Mihir C. Sheth
Jointly with Amita Memorial Trust organises
11th Leadership Training Camp
Quote"It is a waste of time to be angry about my disability. One has to get on with life and I haven't done badly. People won't have time for you if you are always angry or complaining."
— Stephen Hawking
Quote"Aerodynamically the bumblebee shouldn’t be able to fly, but the bumblebee doesn’t know that so it goes on flying anyway "
— Mary Kay Ash
BCAS Newsletter I October 2012 7
Dear Students,On Saturday, 5th January 2013 your Forum has organized the Jal Erach Dastur Students’ Annual Day Program to celebrate its 6th Anniversary at the Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai from 3.00 pm to 8 pmCome and Participate in Five Different Events:
Key Attractions of the Event: I Key Note Address:We are pleased to inform you that Padmashri (CA) T. N. Manoharan has agreed to deliver the Key Note address on contemporary topic.
II Awaken the Writer within:Do you have a flair for writing? Here is an interesting opportunity to express yourself by participating in the Writing Competition. Rules and other information about the competition are as follows:1. Select anyone of the following topics:
i. Democracy – a Boon or Curse?ii. Articleship – Blessings in disguiseiii. Are CA’s contributing to the Society?iv. Reality Shows – How real they are?v. Is India Progressing or Regressing?vi. Role of Women in building of Societyvii. Religion vs. Spirituality
2. Essay writing competition will be held as follows on following two days: You may come to any of the venue with prior intimation.
Friday: 14th December 2012: From 6.30 pm to 7.30 pm Venue: BCAS, ChurchgateSaturday: 15th December 2012: From 2.30 pm to 3.30 pm Venue: Directi, Andheri East
3. An Editorial Committee of the BCAS will assess your contribution and if selected your participation will be published in BCAJ. The decision of the editorial committee shall be final.
4. Three selected best contributions will be awarded a price.
5. A certificate of participation will be issued to all the participants.
III Chandanben Maganlal Bhatt Elocution Competition: This Competition is under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund. You can express your views on any of the following subjects.
i. Me Anna Hazare!ii. Role & Impact of Social Media on Today’s Youthiii. Technology Vs. Personal Freedomiv. Indiscipline Indians and Dream of becoming Super Powerv. Ethics and Growth – can they co-exist?vi. My Pay Package vs. My Careervii. If Mahatma Gandhi were to born again!
The duration of the talk will be for 5 minutes in the final round whereas it will be for 3 minutes in the elimination round.
E-Learning Modules on XBRL
Human Resource CommitteePresident : CA. Deepak R. ShahConvenors : CA. Bharatkumar Oza, CA. Hemant P. Gandhi CA. Mihir C. Sheth
Jal Erach Dastur Students’ Annual Day
IV Join a Debate:This time we shall have a debate instead of quiz. Contemporary topics will be given to the participants. Articles of the same firm can participate in a group of four and compete as a team. Three prices will be awarded to the winning team and a certificate for participation will be issued to each participant.A rotating trophy is up for grabs to be awarded to the winning team’s CA firm. Topics for debate are:
i. Should India attack Pakistan over the Kashmir or Terrorism issue?
ii. Reservation in Education - should it be based on caste or creed or should it based economic criteria?
iii. “Live in Relationship” vs. Marriageiv. Is Woman Entrepreneur better than Man?
Topics will be allotted to the teams by lottery system. V Unleash your Potential and Showcase your Talent:A unique opportunity to showcase your talent in Music in a Musical night by the students, for the students and of the students! You can participate for either for singing or playing instrument.Depending upon the number of entries there will be elimination rounds for the Elocution Competition, Debate and the Talent Show.Do not miss the opportunity to meet and enjoy with your student friends. Enrolment is limited for 600 students.And above all a sumptuous buffet to end a wonderful evening.Registration Fees: Rs. 100 + Rs. 12 (Service Tax) = Rs. 112 per student
Details to be SubmitedJal Erach Dastur Students’ Annual Day
Name:…………………………………………………………………………
Contact Nos. Mobile:…………......…Residence Tel No:………...………
Office Tel No:…….…………………...Email:……..…………………………
Firm Name:……………….........………………………………………………
Correspondence Address:…………………………………………………..
Name of Principal …………………………….........………………………….
Sir/Madam,
Intimation for participation on 5th Jan, 2013
I am interested in participating in the following events during the Annual Meet organized for the students on Saturday, 5th Jan. 2013.
1. Elocution:
My choice of the subject is: ___________________________________
Other Team Members’ Names: ________________________________
3. Writing competition: Yes / No
My Choice of Subject is _____________________________________
4. Talent Show: Yes / No
I would like to Sing/Play______________________________________
5. I would like to assist the Students’ Forum in the following manner
………………………………………………………………………………….
………………………………………………………………………………....
………………………………………………………………………………….
6. Payment details:
………………………………………………………………………………….
………………………………………………………………………………....
………………………………………………………………………………….
BCAS Newsletter I October 20128
BCAS is installing full version of the Transfer Pricing Software, ACE TP. Following are the key features of the software:
• Digital database of 28,000 listed and unlisted companies in India having historical date of over 15 years.
• Search Filters, Classifications, Parameters, Data Sources, etc. to filter companies.
• All data can be exported easily to MS Word or MS Excel• To ensure that all members can take maximum benefit, the
member desiring to use the software is requested to follow the following guidelines.
1. The software is for use of only individual Life/Ordinary/Associate BCAS members.
2. A member will be allowed to use the software for minimum 2 hours and maximum 4 hours on any day (excluding Sunday and holiday) and maximum 16 hours in any month subject to availability of time slot. The available time slots would be 10 am to 12 pm, 12 pm to 2 pm, 2 pm to 4 pm and 4 pm to 6 pm from Monday to Friday & 10 am to 12 pm, 12 pm to 2 pm on Saturday.
3. The member would be required to pay nominal amount for usage @ R 200 + R24 (Service Tax) = R 224/- per hour towards reimbursement of cost. The member will be required to register with BCAS in advance.
4. BCAS would make arrangements for familiarising the members who have registered by placing imprest deposit subject to availability of minimum number of participants as may be decided by the society. For this purpose, subject to space availability, Society may also consider participation of other members who have not registered.
5. Please take prior appointment before atleast one working day by calling Ms. Aparna on 61377614 followed by mail to <[email protected]> clearly mentioning the slot preferred. If the slot is available, BCAS will confirm the appointment by mail. Please visit the BCAS Library only during the allocated time slot.
6. The appointment once taken cannot be cancelled and the usage charges as stated in point 3 would not be refunded.
7. A representative employee deputed by the member may use the software if the member has issued authority letter in his favour clearly mentioning that the member would be fully liable for the action of the representative.
8. BCAS will not provide any facility for printouts of the data. However, the data may be copied only on CD (not pen drive) under supervision of BCAS personnel.
9. This facility is set up only for the benefit of member’s convenience. BCAS will not be responsible for any loss of data or for incorrect data due to any reason. BCAS would make all efforts to accommodate the member but the final decision would be of the Society.
The 13th batch of the intensive Study Course on ‘Double Tax Avoidance Agreement’ (DTAA) would be held from November 24, 2012 to January 5, 2013.
This intensive course would be conducted in classroom style. There will be around 28 lectures in all, covering each article of DTAA with special emphasis on features like force of attraction, most favoured nation and triangular cases and a test thereafter. The UN Model Convention will form the basis of the course.
Faculty will comprise senior professionals having expertise in the field of International Taxation. This may include the following persons.
Anil Doshi, Darpan Mehta, Dhaval Sanghvi, Dhishat Mehta, Dilip Thakkar, Geeta Jani, Girish Dave, Harish Motiwalla, Keyur Shah, Kishor Karia, Jayesh Karia, Naresh Ajwani, Paresh Parekh, Paresh P. Shah, Pinakin Desai, Radhakrishna Rawal, Samir Kanabar, Sanjay Grover, Mayur Desai, Sharad Jain, Sushil Lakhani, T. P. Ostwal, Vishal Gada, Vispi Patel and Yogesh Thar
Enrolment is restricted to 60 participants on first-come-first-serve basis. To give benefit of this course to a larger spectrum of members, enrollment would be restricted to a maximum of 7 members from the same organization and additional members from that organisation would be kept on waiting list. They would be enrolled if vacancy is available prior to one week before the commencement of the course.
Enrolment fees are non-refundable, non-transferable and a participant is not permitted to substitute another person.
Enrolment form is printed on page 12.
E-Learning Modules on XBRL E-Learning Modules on XBRL
International Taxation Committee International Taxation CommitteeChairman : CA. Kishor B. KariaCo- Chairman : CA. Rajesh S. KothariConvenors : CA. Krishnakumar Jhunjhunwala, CA. Dhishat B. Mehta, CA. Gaurang V. Gandhi
Chairman : CA. Kishor B. KariaCo- Chairman : CA. Rajesh S. KothariConvenors : CA. Krishnakumar Jhunjhunwala, CA. Dhishat B. Mehta, CA. Gaurang V. GandhiCourse Co-ordinators : CA. Gaurang V. Gandhi, CA. D. S. Sharma and CA. Kirit P. DedhiaACE TP Transfer Pricing Software
Thirteenth Intensive Study Course on Double Tax Avoidance Agreement
FeesR 8,000 + R 989 (Service Tax) = R 8,989/- per participant (including R50 as contribution to BCAS Foundation).
BCAS Newsletter I October 2012 9
BCAS Newsletter I October 201210
XBRL stands for eXtensible Business Reporting Language. It is one of the families of "XML" languages which is becoming a standard means of communicating information between businesses and on the Internet. Implementations of XBRL are growing rapidly around the world.
In order to foster the understanding of XBRL, the Infotech & 4i Committee of BCAS, XBRL Planet (owned by Mr. Conor O’ Kelly, Vice-Chairman, XBRL International) & NextGen Knowledge Solutions Private Ltd. have teamed up to provide online XBRL training. Our main goal is to transfer knowledge and unique experience of Financial Reporting through XBRL.
First of its kind e-Learning program on XBRLOver 9 hours of online training including Q&A session on XBRL Course Module :
Course objectives :• To help trainees understand the meaning and nature of XBRL
and the technical terms commonly associated with XBRL.• To help trainees understand the basics of XBRL Taxonomies.• To help trainees understand how to use XBRL Tools.• To help trainees understand how to create instance
documents.
Pre-requisites :• Familiarity with accounting system installation and report writing
recommended• Participants in this e-Learning Module need not have prior
experience of XBRL.
Fees :• The total investment to be made by you for this unique online
training course shall be R11,236 (inclusive of service tax of 12.36%)
e-Learning Materials & Certification : • The participants will have access to the training sessions for 30
days during which, they will get unlimited access. They will also get access to special live Q&A sessions.
• At the end of the training, a certificate of participation would be issued to the participants who go through the entire module.
XBRL Course Module ContentModule — I
Overview of XBRL
• Meaning of XBRL• Key concepts of XBRL• Components of Business
Reporting Supply Chain• Technical Terms associated with
XBRL
• Advantage of use of XBRL • Key drivers of XBRL• XBRL adoption around the
world• XBRL & IFRSs• Applications of XBRL
Module — IITaxonomy & Instance documents
• Meaning of XBRL Taxonomy• XBRL Taxonomy Architecture• Linkbases, Tuples, Dimensions, Hypercubes, Axis, Members, etc.• XBRL Taxonomy Extension• XBRL Instance Document• Instance Document Building Blocks (facts, contexts, units &
footnotes)• Best Practices
Module – IIIIndian GAAP Taxonomy & Business Rules
• Overview of Indian GAAP Taxonomy
• Analysis of Indian GAAP Taxonomy
• Business Rules• Analysis of Business Rule
XBRL Implementation Approaches & Indian Regulatory Requirements
• XBRL Implementation Approaches
• Indian Regulatory Requirements
Module — IVXBRL Tool
• Defining Unit, Context, Currency, Decimal
• Detailed Tagging• Block Tagging
XBRL Report Creation
• Steps involved in XBRL Report Creation
• Editing XBRL Instances
• Validating XBRL Report at MCA Validation Tool
• Viewing XBRL Report
Module — VXBRL Report Creation
• Tagging of Financial Statements Viz: Balance Sheet, P & L Account, Cash Flow Statement & Schedules
• Tagging of Notes to Accounts, Auditor's Report, Director's Report
Module — VIXBRL Assurance
• Global Trends • Current Approaches to XBRL
Assurance• XBRL Assurance Framework
• Indian Regulatory Requirements
• Assurance on XBRL Instance Documents for MCA filings
E-Learning Modules on XBRL
Infotech & 4i CommitteeChairman : CA. Ameet N. Patel Convenors : CA. Nandita P. Parekh CA. Kinjal N. Shah CA. Pinky H. Shah
E-Learning program on XBRL
BCAS Newsletter I October 2012 11
The Reserve Bank of India has issued the following 5 circulars
A. P. (DIR Series) Circular No. 24 dated September 6, 2012Exim Bank's Line of Credit of USD 20 million to the Government of MongoliaExim Bank has made available, subject to certain terms and conditions, to the Government of Mongolia a Line of Credit of US $ 20 million for financing purchase of eligible goods and services including consultancy services from India for the purpose of India-Mongolia Joint Information Technology Education and Outsourcing Center (IMJIT) Project in Mongolia.w. Eligible goods and services including consultancy services of the value of at least 65% of the contract price must be supplied by the sellers from India, while the remaining 35% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and February 13, 2018 in case of supply contracts.
A. P. (DIR Series) Circular No. 25 dated September 7, 2012Overseas Investment by Indian Parties in PakistanPresently, investment in Pakistan is not permitted. This circular permits Indian parties to invest in Pakistan under the Approval Route of ODI Scheme in terms Regulation 9 of Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any Foreign Security).
A. P. (DIR Series) Circular No. 26 dated September 11, 2012External Commercial Borrowings (ECB) Policy – Repayment of Rupee loans and/or fresh Rupee capital expenditure – USD 10 billion schemePresently, an Indian company in the manufacturing and infrastructure sector which has consistent foreign exchange earnings during the last three years can avail, under Approval Route, ECB up to 50% of the average annual export earnings realized during the past three financial years (within the overall of ECB ceiling of US $ 10 billion) for repayment of Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure, provided the companies are not in the default list / caution list of the Reserve Bank of India.
This circular has modified the above facility as under: -(a) An Indian company in the manufacturing and infrastructure
sector which has consistent foreign exchange earnings during the last three years can avail ECB
i. up to 75% of the average foreign exchange earnings realized during the immediate past three financial years; or
ii 50% of the highest foreign exchange earnings realized in any of the immediate past three financial years,whichever is higher.
(b) A Special Purpose Vehicles (SPV), which have completed at least one year of existence from the date of incorporation and do not have sufficient track record / past performance for three financial years, can avail ECB up to 50% of the annual export earnings realized during the past financial year.
(c) The maximum ECB that can be availed of by an individual company or group, as a whole, under this scheme is US $ 3 billion.
From RBIContributed by : CA. Gaurang V. Gandhi
A. P. (DIR Series) Circular No. 27 dated September 11, 2012External Commercial Borrowings (ECB) Policy – Bridge Finance for infrastructure sectorPresently, Indian companies in the infrastructure sector can, under the Approval Route, import capital goods by availing of short term credit (including buyers’ / suppliers’ credit) in the nature of 'bridge finance', subject to the following conditions:- (i) Bridge finance must be replaced with a long term ECB. (ii) ECB must comply with all the extant norms. (iii) Prior approval of RBI will have to be obtained for replacing the
bridge finance with long term ECB.
This circular permits replacement of bridge finance (including buyers’ / suppliers’ credit) availed of for import of capital goods with ECB under the Automatic Route subject to the following: - i. Buyers’ / suppliers’ credit is refinanced through an ECB before
the end of the maximum permissible period of trade credit. ii. Import of capital goods must be verified from the Bill of Entry
by the Bank. iii. Buyers’ / suppliers’ credit availed of is compliant with the extant
guidelines on trade credit. iv. The goods that are imported comply with the DGFT policy on
imports. v. The proposed ECB must be compliant with all extant ECB
guidelines. vi. Banks in India cannot provide any form of guarantees for the
ECB.
However, the borrower will still have to obtain prior approval of RBI (under Approval Route) for availing of bridge finance.
A. P. (DIR Series) Circular No. 28 dated September 11, 2012Trade Credits for Import into IndiaPresently, trade credits up to US $ 20 million per import transaction with a maturity period of more than 1 year and less than 3 years (from the date of shipment) can be availed of for the import of capital goods.
This circular permits companies in the infrastructure sector to avail trade credit up to 5 years (instead of up to 3 years) for import of capital goods subject to the following: - (i) The trade credit must be initially contracted for a period not
less than 15 months and must not be in the nature of short-term roll overs.
(ii) Banks cannot issue Letters of Credit / Guarantees / Letter of Undertaking (LOU) / Letter of Comfort (LPC) in favour of the overseas supplier / bank / financial institution for the period beyond 3 years.
All-in-cost ceilings of the said trade credit will be as under: -
Maturity period All-in-cost ceilings over 6 months LIBOR for the respective currency of credit or applicable benchmark
Up to 1 year
350 basis points More than 1 year and up to 3 years
More than 3 years and up to 5 years
The all-in-cost ceiling will include arranger fee, upfront fee, management fee, handling / processing charges, out of pocket and legal expenses, if any.
BCAS Newsletter I October 201212
CUT HERE CUT HERE CUT HERE
Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.
Registered with the Registrar of Newspapers for India under R.N. 68365/98Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month
Please fill in the above form and send the same to the Society’s office along with requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.
Combined Enrolment Form
Name : ..................................................................................................................................................................................................................Address : ..............................................................................................................................................................................................................E-mail :..................................................... Mobile : .................................................... Tel. : ..................................... Fax : ..................................BCAS Memb. No. : .................................. Tel. (O) : ................................................... Tel. (R) : ............................... Fax : ...................................Choice of food (wherever applicable) .......... Jain Non-Jain Cash/Draft/ Cheque no. .................. Drawn on ............................................................................................. Bank,Dated ......................... for an amount of r........................................................ is enclosed.
Date : ................(Signature)
WORK SHOP : Half Day Workshop on Alternative Investment FundsRegulations, 2012 ...........................02-11-2012 ...................r2,247 for members ............. r2,809 for non-members ......
Workshop On MVAT & Service Tax 06-12-2012 To 30-03-2013 .....r1,500 for members ............. r2,000 for non-members ......
SEMINAR :
Thirteenth Intensive Study Course on Double Tax Avoidance Agreement24-11-2012 To 05-01-2013 ..............................r 8989 for members .....................
E-Learning program on XBRL .................................Ongoing program r11,236.............
BCAS Referencer 2012 -13:• 50th Consecutive Year of Publication• The most acclaimed publication of its kind• Join the ever growing band of followers• Untangle the complexities of the legal world• All the information you need at the click of the mouse
Information required:
BCAS Referencer 2012 – 13
Name: Mr./Mrs./Ms :...................................................................................................................................................................................BCAS Membership No.: ..…………..……………....................................Firm’s Name :..............................................................................Office Address :........................................................................................................................................................................................Tel. Nos :......................................... ..Office :.....................................................Mobile : ……………………………........................................E-mail : …………………………………….................................................................................................................................................Cash/Draft/Cheque No :…………..…...Drawn on :……………………Bank Dated :................................................................................Amount (R) :..........................................................................................................……………………………...............................
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Referencer Premium Set (in exclusive folder) with CD and Pocket diary only 750 150
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BCAS Newsletter I October 2012
CUT HERE CUT HERE CUT HERECUT HERE
ENROLMENT FORMName :...................................................................................................................................................................................................Registration Number Allotted by I.C.A.I. :..........................................................................................................................................
Course in which admission is desired : I.P.C.C ( ) FINAL ( ) (Please tick appropriately)
Details of Articleship : Date of Joining ................................... Estimated date of Completion ................................................Name of the Principal : .....................................................................................................................................................................Name and address of Firm where articleship is being done : ........................................................................................................ ...........................................................................................................Tel. No. (O) : ............................ Fax No. (O) ..........................Cash/Draft/Cheque No. ........................................................................................................ drawn on ......................................Bank,dated ......................................................... for an amount of Rs.1686/- is enclosed.
Date : ............................................... Signature................................................................
Notes :
1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, .
3. Members are requested to keep the proforma of this sheet and send the same duly filled in by new articled trainee after his/her enrolment in their office.
2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self Development Education Courses, Orientation Courses, etc. for interested Students..
Bombay Chartered Accountants’ Society 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020.
President : CA. Deepak R. Shah Convenors : CA. Bharatkumar Oza, CA. Hemant Gandhi, CA. Mihir Sheth"We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt "
Miss Janhavi Thatte & Miss Komal Jain
I.P.C.C. & F INAL C.A. S TUDENTS’ EDUCATION CRASH COURSES (Jointly with Western India Regional Council of The Institute of Chartered Accountants of India )
For May & November 2013 Examinations 1. Courses for :
— Auditing & Assurance — Advanced Management Accountancy — Information Technology & Strategic Management — Information Systems Control and Audit
— Direct Taxes— Indirect Taxes
2. Course Co-ordinators : CA. Chandrakant Ruparelia, CA. Neel Majithia 3. Fees : Rs. 1686/- (including Service Tax 12.36% effective from 1st July 2012) per student for I.P.C.C
or Final (Total, and not per Subject, Including cost of Study Materials) 4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road,
Churchgate. 5. Duration : From January 25 to March 31, 2013. 6. Enrolment from : October 15, 2012.
7. Faculty : For further informaion kindly contact Ms. Shernaaz or Mr. Rajaram on Phone 61377600 and 61377613 respectively during office hours atBOMBAY CHARTERED ACCOUNTANTS’ SOCIETY.
