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EY Enters Into Strategic Alliance With LeaseAccelerator

The Directorate General of Foreign Trade (DGFT) in a notification said that export of rice (basmati and non-basmati) to EU member states and other European countries namely Iceland, Liechtenstein, Norway and Switzerland only will require certificate of inspections from EIA/EIC.

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Leading consultancy EY has entered into a strategic alliance LeaseAccelerator to provide lease accounting and contract management service offering for organisations.

Recently, there have been changes in how to account for leases in financial disclosures.

Following updates in certain accounting norms by the International Accounting Standards Board (IASB), the corporate affairs ministry has also amended certain Indian Accounting Standards (Ind AS).

In a release on Monday, EY said it has entered into a strategic alliance with LeaseAccelerator. The latter offers integrated lease lifecycle automation platform.

Sandip Khetan, Partner and National Leader of Financial Accounting Advisory Services (FAAS) at EY India, said the ever-changing market conditions and rigorous regulatory oversight are driving rapid and extensive changes across financial reporting practices globally.

'By implementing the policies, processes, and controls required to comply with the new accounting standards, the alliance can help clients adopt best practices and optimise their leasing programme to reduce costs and enable effective decision making,' he added.

Exporters require inspection certificate for rice exports to Europe from Jan 2021 * Export of both basmati and non-basmati rice to European countries except Iceland, Liechtenstein, Norway and Switzerland will now require certificate of inspection by a government agency from January 1, 2021, according to a notification issued on Monday.

Earlier this certificate was required from July 1 this year.

The Directorate General of Foreign Trade (DGFT) in a notification said that export of rice (basmati and non-basmati) to EU member states and other European countries namely Iceland, Liechtenstein, Norway and Switzerland only will require certificate of inspections from EIA/EIC.

'Export to remaining European countries (except Iceland, Liechtenstein, Norway and Switzerland) will require a certificate of inspection by Export Inspection Council (EIC)/Export Inspection Agency (EIA) for export from January 1, 2021,'it added. India, the world's top rice exporter, exports about 3 lakh tonnes of basmati rice to the EU.

(PTI)


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