LatestAccounting And Audit 26 June 2026
Business News Roundup: ICAI, CA Regs, and More
Catch up on the latest news from the world of business, including updates from ICAI, California regulations, and more. ICAI has joined the Corporate Mitra scheme for MSME growth, while also announcing mock test papers for CA Intermediate exams. California pushes back against vehicle emissions regulations, and KPMG provides key updates on Indian Accounting Standards.
- ICAI Joins Corporate Mitra Scheme for MSME Growth
- Five professional bodies, including the Institute of Chartered Accountants of India (ICAI), have joined the Corporate Mitra scheme to promote MSME growth.
- The scheme aims to provide regulatory services and support to Micro, Small and Medium Enterprises (MSMEs) and Small and Medium Enterprises (SMEs)
- ICAI, ICSI, ICMAI, and IIT Madras are among the bodies that have joined the scheme
- California Pushes Back Against Vehicle Emissions Regulations
- California is taking steps to push back against vehicle emissions regulations.
- The state is opposing the latest regulations from the Environmental Protection Agency (EPA) that would restrict vehicle emissions
- The regulations are part of the Congressional Review Act and would have significant implications for the state's environment
- ICAI Announces Mock Test Papers for CA Intermediate Exams
- The Institute of Chartered Accountants of India (ICAI) has announced the schedule for mock test papers for the CA Intermediate exams.
- The mock test papers will be conducted in two series, with Series I commencing from July 25 and Series II starting from August 8, 2026
- The exams will be conducted for students preparing for the September 2026 exams
- KPMG Provides Key Updates on Indian Accounting Standards
- KPMG has released key financial reporting updates for the quarter ended 30 June 2026.
- The updates include reiteration on forthcoming Indian Accounting Standards (Ind AS) and recent updates from the Securities and Exchange Board of India (SEBI)
- The updates are aimed at providing clarity to companies preparing their financial reports
- Tax Audit Limit and ITR Filing Deadlines
- The tax audit limit has been clarified by the Institute of Chartered Accountants of India (ICAI).
- The tax audit limit is now clarified to be 10 crores, with income above this limit requiring a tax audit
- The ITR filing deadline for AY 2026-27 has been extended to August 31, 2026, for those who need a tax audit
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