Arthabichar Nepal - Guide to Entrepreneurs, Startups, and Business Enthusiast

Well, all of us at one point of our life must have thought about the Internet Service Providers and which one is providing the best service. What are the criteria for us to compare the internet service providers? 1) The consistency of Internet Speed 2) Price for the service 3) Free Goodies and Bundled service involved 4) Customer Service So, what we normally do is go for those providing higher internet speed at lower cost or those providing more value for money. But have we really considered the internet speed we are getting is true speed? Every internet service provider particularly talks about the internet speed in terms of "Mbps" such as 20Mbps, 30Mbps or 5Mbps etc. It's true that "Mbps" denotes the actual internet connection speeds. Higher Mbps means higher internet connection speed allowing us to down and upload text, audio, and video files faster. But, what we need to understand is Mbps doesn't denote the file speed, for example, you want to d

We all know importance of skilled human resource for imparting quality service. Nepal has seen lot of changes in the past decade with the establishment of the Institute of Chartered Accountants of Nepal (ICAN). It has been able to produce finest professionals trained in Nepalese business environment although other professional bodies like ICAI and ACCA were also contributing even before ICAN.  Members from these professional institutes have to go through rigorous syllabus and practical training making them high level professionals. They mostly get absorbed into corporate as managers.  Demand for these professionals is still high in the market.  I am, personally, not worried about Chartered Accountants (CA) or similar high level professionals but more about mid and entry level accountants. These days, semi-qualified CA, have been major player as mid-level accountants along with Accounting Technicians (AT). Semi Qualified CA are professionals who have completed practical trai

प्रा.लिको हकमा चुक्ता पुँजि बराबरको रकम कम्पनिको खातामा जम्मा गर्नै पर्ने कुनै कानुनी व्यवस्था छ ? यदि त्यस्तो व्यवस्था भएको खण्डमा सो बराबरको रकम जम्मा नभएको भएमा वित्तिय विवरण वा वसालतमा कसरी देखाउनु पर्छ ? A recent circular issued by the Office of Company Register has made it mandatory to submit the original copy of the deposit voucher and bank statement or notarized copy of deposit voucher/bank statement for the share allotment by Company Registrar office. This provision has made all the transactions related to shares both sale and purchase to be done through banking channels only unlike past where companies were showing cash transactions. Please refer to image below for the notice. However, as raised on the question above, it is possible that the company has not received all of the issued capital or called up capital within the time frame prescribed on the call made to its shareholders. The terminology for such shortfall is "Calls in Arrears". For Instance: Let'

Circulation has been issued by The Institute of Chartered Accountants of Nepal clarifying the provision made in the FY 2075/76 fiscal policy with regards to certification by the auditor in current assets and current liabilities schedules. According to the circulation, following auditors are not eligible for the certification work: 1) Current External Auditor, Internal Auditor or Financial Advisor of the loanee (borrower). 2) Current External Auditor and Internal Auditor of the loaner banks and financial institution. Who was required to have the certification? Any loanee intending to borrow or renewing their existing loan of more than NPR 25 crore provided such loans are proposed to be used as working capital. What is the need of the circular? To bring independence and objectivity in the certification work and expand the current market of certification. What does it mean for the loanee? Loanee before applying for the loan has to have their financial statements finalized, re

International Forum of Accounting Standard Setters (IFASS) Not-for-Profit Working Group by CIPFA, Chartered Institute of Public Finance and Accountancy, has developed   the The   International Not-for-Profit Platform designed to bring together national guidance on financial reporting standards in one place. It is an online resource which allows approaches to not-for-profit accounting and reporting across different countries to be compared directly for the first time. Countries included   are:   Australia, Canada, Colombia, NewZealand, United Kingdom and   United   States of America. The resource will also enable users to determine how best to account for similar transactions, which, in the absence of specific international standards for not-for-profit financial reporting, should help improve best practice and enhance understanding of reporting practices in different jurisdictions. You can visit the website at   http://www.cipfa.org/policy-and-guidance/standards/internation

The Institute of Chartered Accountants of Nepal has published a press release directing its members not to be registered separately as an Auditor in the Municipality, Rural Municipality or any other government agencies. ICAN has emphasized that it is a sole authority of the institute to grant a certificate of practice to its members and one should be able to use the audit license per limit set by the institute. ICAN has also highlighted that it had similar issues in the past with Nepal Rastra Bank, Nepal Insurance Board, Ministry of Education and Department of Co-operatives where it was mutually agreed that not further enlistment is necessary once a person become member of the ICAN and it will be ICAN's responsibility to share to most up to date list with government agencies and regulatory authority to avoid any confusion. Source of Image: Kantipur News Recent press release from ICAN has been issued after two consecutive enlistment notices were issued by Gokarnesh

Ministry of Agriculture, Land Management and Cooperatives issued a directive to better manage and bring quality and consistency in Audit of Cooperatives in Nepal. The government of Nepal approved the directive effective 2075/05/07 i.e. August 23, 2018. This is pretty important given the fact that Nepal Government has recognized co-operatives one of the pillars for country's development. Not only that, per data published by the Department of Co-operatives, almost 6 million Nepalese people are beneficiary of the co-operative with 34,512 registered and employing more than 60,517 people which is pretty significant. We have tried to present few key takeaways/ highlights of the directive for Nepalese, foreigners and those who are engaged with Cooperatives in one form or another. Hope this article will assist you in compliance and better manage the audit. 1) Furnishing information on Auditor's appointment must be done within 3 days and the following documents must be attache

Its  not only Nepal but big countries like  USA  are also facing the Skill Gap in Accounting. No matter how big and sophisticated your profession is, there is always an opportunity to evolve to the dynamic market environment. My last article was about how we can fill those gap in Nepal by introducing curriculum in universities considering what market needs. You can go through  article , provided on the link below, to understand what kind of skills gap  USA   has and what authors articulate  potential  solution. One thing to highlight, though, is he also agrees on the fact that we need an integrated approach between curricula, competencies, and training that aligns with the way business is actually conducted for sustainable value creation. More on the link below:  https://www.cpajournal.com/2017/10/06/accounting-profession-committed-closing-skills-gap/ (Article  By:  Jeff Thomson, CMA, CAE is president and CEO of the Institute of Management Accountants, Montvale, N.J.)

Nepal is one of those countries who rank pretty low in its strength for the passport. It is currently ranked 90th in the world with only 11 Countries not requiring Nepalese to have a Visa and another 23 countries granting Nepalese a Visa on Arrival. You can see the complete list of 193 countries with visa requirement, allowed stay and any additional important notes below. This is the most up to date list from September 2018 and the source of the same is Wikipedia. --> S.N. Country Visa Requirement Allowed Stay Additional Notes 1 Afghanistan Visa Required 2 Albania Visa Required 3 Algeria Visa Required 4 Andorra Visa Required 5 Angola Visa Required 6 Antigua and Barbuda Electronic Visa Required 7 Argentina Visa Required 8 Armenia Visa Required 9 Australia Electronic Visa Required Can be applied online or through Visa Agent 10 Austria Visa Required 11 Azerbaijan eVisa 30 days 12 Bahamas Visa Required 13 Bahrain Visa Required 14 Bangladesh Visa on Arrival