ANNOUNCEMENT
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No. ICAI/ESB//2011/02
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All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its
decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the
term “relative” for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements
when there is substantial interest) will have the same meaning as assigned to it in AS-18..
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Accordingly, the Chapter IV of the Council General Guidelines, 2008 as appended to the ICAI publication
titled “The Chartered Accountants Act, 1949 “ is modified and modified version shall read as under -
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“Chapter IV
Opinion on financial statements when there is substantial
interest
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4.0 A member of the Institute shall not express his opinion on financial statements of any business or enterprise
in which one or more persons who are his “relatives” within the meaning of Accounting Standard (AS - 18) has / have,
either by themselves or in conjunction with such member, a substantial interest in the said business or enterprise.
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Explanation: For this purpose and for the purpose of compliance of Clause (4) of Part I of the Second Schedule to
the Chartered Accountants Act, 1949, the expression “substantial interest” shall have the same meaning as
is assigned thereto under Appendix (9) to the Chartered Accountants Regulations, 1988. “
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This decision shall be in force with effect from 28th June, 2011
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