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141-711: The Institute of Chartered Accountants of India , abbreviated as ICAI , is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs , Government of India . It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India. In India, accounting standards and auditing standards are recommended by

282-461: A writ petition at the filing counter of the court or by addressing a letter to the Chief Justice of India , highlighting the question of public importance for redress. These are known as public interest litigations . India has a quasi-federal form of government, called "union" or "central" government, with elected officials at the union, state and local levels. At the national level,

423-608: A Bachelor's degree and master's degree by writing six papers / five papers respectively. For example, a bachelor's degree in Commerce can be obtained from IGNOU with a major in accounting and finance provided the student is able to provide the grades received in Foundation and Intermediate and pass the term end examination conducted by IGNOU. Similarly based on the grades in Final would be taken for Masters. This initiative has helped

564-465: A Civil Court to summon and enforce attendance or require discovery and production of documents on affidavit or otherwise. The Disciplinary Directorate is headed by an officer designated as Director (Discipline). On receipt of any information or complaint that a member has allegedly engaged in any misconduct , the Director (Discipline) shall arrive at a prima facie opinion whether or not there

705-729: A republic with a president as head of state, replacing the monarch and his viceregal representative, the Governor-General . It was based in large part on the Government of India Act 1935 , which was itself based on the uncodified constitution of the United Kingdom . It also drew notable inspirations from the constitutions of several other Commonwealth dominions and the French , Soviet , Japanese , German and American constitutions. India today prides itself in being

846-699: A "New Scheme for Education and Training", wherein emphasis would be more on development of higher order skills of application, analysis and interpretation. A special feature of the new scheme would be the mandatory multi-disciplinary case study at the Final level, which would help students integrate professional knowledge in different subject areas, analyse and apply such knowledge in problem solving. The scheme also intends to focus more on practical training and will also offer self-paced online modules, where in working students can learn and qualify at their own pace. ICAI has entered into an agreement with Indira Gandhi National Open University (IGNOU), to help CA students acquire

987-401: A Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor, a person had to acquire a restricted certificate from the local government upon such conditions as may be prescribed. The holder of a restricted certificate was allowed to practice only within the province of an issue and in

1128-512: A constitutional crisis. Thus, in practice, the Council of Ministers cannot be dismissed as long as it holds the support of a majority in the Lok Sabha . The President is responsible for appointing many high officials in India. These high officials include the governors of the 28 states ; the chief justice ; other judges of the supreme court and high courts on the advice of other judges;

1269-534: A few examples, there is Aldi , from Theo Albrecht , the name of its founder, followed by discount ; Haribo , from Hans Riegel , the name of its founder, followed by Bonn , the town of its head office; and Adidas , from Adolf "Adi" Dassler , the nickname of its founder followed by his surname. Government of India The Government of India ( ISO : Bhārata Sarakāra, legally the Union Government or Union of India and colloquially known as

1410-489: A fraud. A person is eligible to apply for membership either by passing all three levels of examinations (Foundation, Intermediate and Final) prescribed by ICAI and completing 24 months of practical training or by availing themselves of exemptions under mutual recognition agreement (MRAs). ICAI has MRAs and MOUs with the CPA Canada , ICAEW , CPA Australia , CPA Ireland . Entry to the profession can be made by taking

1551-435: A highly professional manner and collect evidences which may be subject to high level of scrutiny in a court of law. Abbreviation An abbreviation may be a shortened form of a word with a trailing period. For example: etcetera is usually abbreviated etc. and abbreviation is sometimes abbreviated abbr. , abbrv. , or abbrev. . But sometimes the trailing period is not used for such shortened forms. A contraction

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1692-418: A lot of students attain both the degrees without any duplication of subjects and credits. ICAI offers study materials and describes the syllabus in great detail via a prospectus. While ICAI claims that this study material on the website is sufficient for motivated students to study, most students opt to attend oral coaching classes or learn from e-learning portals. The second method of obtaining membership

1833-490: A member of one of the houses of the parliament. The cabinet is headed by the prime minister , and is advised by the cabinet secretary , who also acts as the head of the Indian Administrative Service and other civil services. Other members of the council are either union cabinet ministers, who are heads of various ministries; or ministers of state, who are junior members who report directly to one of

1974-405: A net worth of Rs. 500 crore and above from the accounting year beginning on or after 1 April 2016. With effect on 1 April 2017, all listed companies and unlisted companies having a net worth of Rs. 250 crore and above would be required to prepare their financial statements in accordance with the applicable Ind AS. Banks and NBFCs are also required to implement Ind AS on 1 April 2018 onwards based on

2115-495: A new Lok Sabha . The most recent election was in 2024 . After an election, the president selects as prime minister the leader of the party or alliance most likely to command the confidence of the majority of the Lok Sabha . In the event that the prime minister is not a member of either House upon appointment, he/she is given six months to be elected to either House of Parliament . The first seeds of responsible government during British colonial rule in India were sown by

2256-480: A person's name, such as Migjeni —an abbreviation from his original name ( Millosh Gjergj Nikolla ) a famous Albanian poet and writer—or ASDRENI ( Aleksander Stavre Drenova ), another famous Albanian poet. Other such names which are used commonly in recent decades are GETOAR, composed from Gegeria + Tosks (representing the two main dialects of the Albanian language, Gegë and Toskë), and Arbanon —which

2397-555: A plural of an initialization without an apostrophe can also be used for a number, or a letter. Examples: For units of measure, the same form is used for both singular and plural. Examples: When an abbreviation contains more than one period, Hart's Rules recommends putting the s after the final one. Examples: However, the same plurals may be rendered less formally as: According to Hart's Rules , an apostrophe may be used in rare cases where clarity calls for it, for example when letters or symbols are referred to as objects. However,

2538-544: A published Code of Ethics and professional standards, violation of which is subject to disciplinary action. Only a member of ICAI can be appointed as statutory auditor of a company under the Companies Act, 2013 . The management of the institute is vested with its council with the president acting as its chief executive authority. A person can become a member of ICAI and become a financial (i.e. statutory) auditor of Indian Companies. The professional membership organization

2679-481: A quarter of the 543 elected members of parliament had been charged with crimes, including murder. Many of the biggest scandals since 2010 have involved high-level government officials, including cabinet ministers and chief ministers, such as the 2010 Commonwealth Games scam ( ₹ 700 billion (equivalent to ₹ 1.6 trillion or US$ 19 billion in 2023)), the Adarsh Housing Society scam ,

2820-557: A single letter and was originally spelled with lower case letters then there is no need for capitalization. However, when abbreviating a phrase where only the first letter of each word is taken, then all letters should be capitalized, as in YTD for year-to-date , PCB for printed circuit board and FYI for for your information . However, see the following section regarding abbreviations that have become common vocabulary: these are no longer written with capital letters. A period (a.k.a. full stop)

2961-517: A symbol such as "km" for " kilometre ". In the International System of Units (SI) manual the word "symbol" is used consistently to define the shorthand used to represent the various SI units of measure. The manual also defines the way in which units should be written , the principal rules being: A syllabic abbreviation is usually formed from the initial syllables of several words, such as Interpol = International + police . It

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3102-513: A vote in the house where he is not a member. A secretary to the Government of India , a civil servant , generally an Indian Administrative Service (IAS) officer, is the administrative head of the ministry or department, and is the principal adviser to the minister on all matters of policy and administration within the ministry/department. Secretaries to the Government of India rank 23rd on Indian order of precedence . Secretaries at

3243-541: A whole is responsible to the Lok Sabha. The Lok Sabha is a temporary house and can be dissolved only when the party in power loses the support of the majority of the house. The Rajya Sabha is a permanent house and can never be dissolved. The members of the Rajya Sabha are elected for a six-year term. The executive of government is the one that has sole authority and responsibility for the daily administration of

3384-738: A word to a single letter was common in both Greek and Roman writing. In Roman inscriptions, "Words were commonly abbreviated by using the initial letter or letters of words, and most inscriptions have at least one abbreviation". However, "some could have more than one meaning, depending on their context. (For example, ⟨A⟩ can be an abbreviation for many words, such as ager , amicus , annus , as , Aulus , Aurelius , aurum , and avus .)" Many frequent abbreviations consisted of more than one letter: for example COS for consul and COSS for its nominative etc. plural consules . Abbreviations were frequently used in early English . Manuscripts of copies of

3525-568: Is a syllabic abbreviation of Commonwealth and (Thomas) Edison . Sections of California are also often colloquially syllabically abbreviated, as in NorCal (Northern California), CenCal (Central California), and SoCal (Southern California). Additionally, in the context of Los Angeles, the syllabic abbreviation SoHo (Southern Hollywood) refers to the southern portion of the Hollywood neighborhood. Partially syllabic abbreviations are preferred by

3666-533: Is a variant of the acronym. Syllabic abbreviations are usually written using lower case , sometimes starting with a capital letter , and are always pronounced as words rather than letter by letter. Syllabic abbreviations should be distinguished from portmanteaus , which combine two words without necessarily taking whole syllables from each. Syllabic abbreviations are not widely used in English. Some UK government agencies such as Ofcom (Office of Communications) and

3807-458: Is also in the process of negotiating MRAs with Hong Kong Institute of Certified Public Accountants and Certified General Accountants Association of Canada . The ICAI has signed a memorandum of understanding (MOU) with professional accounting bodies of various countries. These MOUs aim at establishing mutual co-operation between the two institutions for the advancement of accounting knowledge, professional and intellectual development, advancing

3948-633: Is an Associate member of the Chartered Accountants Worldwide, Member of International Valuation Standards Council (IVSC). Members of the Institute are known as Chartered Accountants. Becoming a member requires passing the prescribed examinations, 24 months of practical training and meeting other requirements under the Act and Regulations. The institute has more than 3,90,000 members currently. Generally, associates are members of

4089-404: Is an abbreviation formed by replacing letters with an apostrophe. Examples include I'm for I am and li'l for little . An initialism or acronym is an abbreviation consisting of the initial letter of a sequence of words without other punctuation. For example, FBI ( /ˌɛf.biːˈaɪ/ ), USA ( /ˌjuː.ɛsˈeɪ/ ), IBM ( /ˌaɪ.biːˈɛm/ ), BBC ( /ˌbiː.biːˈsiː/ ). When initialism is used as

4230-777: Is an alternative way used to describe all Albanian lands. Syllabic abbreviations were and are common in German ; much like acronyms in English, they have a distinctly modern connotation, although contrary to popular belief, many date back to before 1933 , if not the end of the Great War . Kriminalpolizei , literally criminal police but idiomatically the Criminal Investigation Department of any German police force, begat KriPo (variously capitalised), and likewise Schutzpolizei ( protection police or uniform department ) begat SchuPo . Along

4371-783: Is any misconduct. If the Director (Discipline) is of the opinion that the misconduct is covered by the items listed in the first schedule of the Chartered Accountants Act, 1949, he/she shall refer the case to the Board of Discipline. If he/she is of the Opinion that the case is covered by the Second Schedule or both schedules of the CA Act, he/she will refer the case to the Disciplinary Committee. If

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4512-527: Is considered the lower house . The parliament does not have complete control and sovereignty , as its laws are subject to judicial review by the Supreme Court . However, it does exercise some control over the executive . The members of the Council of Ministers , including the prime minister , are either chosen from parliament or elected there within six months of assuming office. The council as

4653-418: Is controversy as to which should be used. One generally accepted rule is to be consistent in a body of work. To this end, publishers may express their preferences in a style guide . Some controversies that arise are described below. If the original word was capitalized then the first letter of its abbreviation should retain the capital, for example Lev. for Leviticus . When a word is abbreviated to more than

4794-476: Is known for its non-profit service. ICAI has entered into mutual recognition agreements with other professional accounting bodies worldwide for reciprocal membership recognition. ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA). ICAI was formerly

4935-479: Is mainly composed of the executive , the legislature , and the judiciary , and powers are vested by the constitution in the prime minister , parliament , and the supreme court , respectively. The president of India is the head of state and the commander-in-chief of the Indian Armed Forces , while the elected prime minister acts as the head of the executive and is responsible for running

5076-695: Is sometimes used to signify abbreviation, but opinion is divided as to when and if this convention is best practice. According to Hart's Rules , a word shortened by dropping letters from the end terminates with a period, whereas a word shorted by dropping letters from the middle does not. Fowler's Modern English Usage says a period is used for both of these shortened forms, but recommends against this practice: advising it only for end-shortened words and lower-case initialisms; not for middle-shortened words and upper-case initialisms. Some British style guides, such as for The Guardian and The Economist , disallow periods for all abbreviations. In American English ,

5217-533: Is supplemented with campus placement events and advertising through its professional journals and website. ICAI formulates and issues technical standards to be followed by Chartered Accountants and others. Non-compliance of these standards by the members will lead to disciplinary action against them. The technical standards issued by ICAI include Accounting Standards, Engagement, and Quality Control Standards, Standards on Internal Audit, Corporate Affairs Standard, Accounting Standards for Local Bodies, etc. As of 2010,

5358-597: Is the ex-officio head of the Civil Services Board, the Cabinet Secretariat , the Indian Administrative Service (IAS) and the head of all civil services under the rules of business of the government. The cabinet secretary is generally the senior-most officer of the Indian Administrative Service . The cabinet secretary ranks 11th on the Indian order of precedence . The cabinet secretary

5499-401: Is the chief executive authority of the council. ICAI has five regions : Eastern, Western, Northern, Southern and Central. As on 15 July 2019, ICAI have 164 Branches so far. Out of total 164 Branches, 99 branches are having their own premises which include 14 Branches (presently functioning from Rented Premises) who have procured land on which construction is either commenced or construction

5640-403: Is the chief executive of the government and the leader of the majority party that holds a majority in the Lok Sabha. The prime minister leads the executive of the Government of India. The prime minister is the senior member of the cabinet in the executive government in a parliamentary system. The prime minister selects and can dismiss other members of the cabinet; allocates posts to members within

5781-468: Is through mutual recognition agreements or MRAs. ICAI has entered into MRAs with several institutes globally, of equivalent standing, to enable members of those institutes to acquire membership of ICAI and to enable the members of ICAI to gain membership of its counterpart in other countries. This is done by granting some exemptions in the regular scheme of examination and training. ICAI currently has MRAs with following professional accounting bodies: ICAI

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5922-602: Is to act following aid and advice tendered by the Prime Minister, who leads the Council of Ministers as described in Article 74 of the Constitution . The council of ministers remains in power during the 'pleasure' of the president. However, in practice, the council of ministers must retain the support of the Lok Sabha. If a president were to dismiss the council of ministers on his or her initiative, it might trigger

6063-584: Is typically US . There are multiple ways to pluralize an abbreviation. Sometimes this accomplished by adding an apostrophe and an s ( 's ), as in "two PC's have broken screens". But, some find this confusing since the notation can indicate possessive case . And, this style is deprecated by many style guides. For instance, Kate Turabian , writing about style in academic writings, allows for an apostrophe to form plural acronyms "only when an abbreviation contains internal periods or both capital and lowercase letters". For example, "DVDs" and "URLs" and "Ph.D.'s", while

6204-522: Is under the direct charge of the prime minister . Presently, the Cabinet Secretary of India is Rajiv Gauba , IAS . India's independent union judicial system began under the British, and its concepts and procedures resemble those of Anglo-Saxon countries . The Supreme Court of India consists of the chief justice and 33 associate justices, all appointed by the president on the advice of

6345-433: Is under-way. 16 Branches (functioning from own premises) have procured land where either construction has started or construction is under-way. 51 Branches do not own either land or building. ICAI's first president was Mr. G.P. Kapadia (1949 to 1952). CA. Ranjeet Kumar Agarwal is the current president. The institute has a detailed code of ethics and actions in contravention of such code results in disciplinary action against

6486-530: The CA Foundation Course after completion of schooling (12th grade). Alternatively, graduates may train as an articled assistant for three years in a chartered firm before final exam or after completion of Intermediate of Cost Management Accountant or Company Secretary. A comprehensive 100 hours of information technology training and an orientation programme for soft skills development have to be completed before being articled. ICAI will soon introduce

6627-716: The Central Government ) is the government of the Republic of India , located in South Asia , consisting of 36 states and union territories . The government is led by the prime minister (currently Narendra Modi since 26 May 2014) who exercises the most executive power and selects all the other ministers . The country has been governed by a NDA -led government (a coalition of the BJP and its allies) since 2014. The prime minister and their senior ministers belong to

6768-485: The Chief Justice of India and 33 sanctioned other judges, it has extensive powers in the form of original , appellate and advisory jurisdictions . As the final court of appeal of the country, it takes up appeals primarily against verdicts of the high courts of various states of the Union and other courts and tribunals. It safeguards fundamental rights of citizens and settles disputes between various governments in

6909-504: The Chief Justice of India . The jury trials were abolished in India in the early 1960s, after the famous case KM Nanavati v. the State of Maharashtra , for reasons of being vulnerable to media and public pressure, as well as to being misled. Unlike its United States counterpart, the Indian justice system consists of a unitary system at both state and union levels. The judiciary consists of

7050-557: The Government of India Act 1919 , commonly known as the Montagu - Chelmsford reforms, which introduced a greatly expanded Imperial Legislative Council . It comprised a lower house, the Central Legislative Assembly of 145 members (of which 104 were elected and 41 nominated) and an upper house, the Council of State of 60 members (of which 34 were elected and 26 nominated). The next structural modification to

7191-536: The Governor General of India on accountancy and the qualifications for auditors. However, it was felt that the accountancy profession was largely unregulated, and this caused much confusion as regards the qualifications of auditors. Hence in the year 1948, just after independence in 1947 , an expert committee was created to look into the matter. This expert committee recommended that a separate autonomous association of accountants should be formed to regulate

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7332-471: The House in which they sit, they make statements in that House and take questions from fellow members of that House. For most senior ministers this is usually the directly elected Lok Sabha rather than the (mostly) indirectly elected Rajya Sabha . As is the case in most parliamentary systems, the government is dependent on Parliament to legislate, and general elections are held every five years to elect

7473-417: The Indian Armed Forces . The President of India can grant a pardon to or reduce the sentence of a convicted person once, particularly in cases involving the punishment of death. The decisions involving pardoning and other rights by the president are independent of the opinion of the prime minister or the Lok Sabha majority. In most other cases, however, the president exercises his or her executive powers on

7614-811: The Indian Constituent Assembly , the controversial term, chartered was accepted. When the Chartered Accountants Act, 1949 came into force on 1 July 1949, the term Chartered Accountant superseded the title of Registered Accountant. This day is celebrated as Chartered Accountants Day every year. On 23 September 2019 chartered accountancy students organized protests under leadership of teacher CA Praveen Sharma, named " Dear ICAI please change " at over 200 institute branches across India and on social media demanding among other things right to re-checking of CA exam answer sheets. At present as per CA regulations, re-checking of answer sheets are not allowed. Students were demanding this right since 2018. A protest

7755-638: The Indian Councils Act 1909 , commonly known as the Morley - Minto reforms. The Act introduced elections to the Imperial Legislative Council (then the unicameral Legislature for British India). Before that, governance was carried by an all-European Legislative Council and Viceroy's Executive Council . As such, no Indians were represented in government before 1909. India's current bicameral Parliament has its roots in

7896-765: The International Standards issued by the IAASB of the IFAC except for two standards i.e. ISA 600 and ISAE 3000. The Institute of Chartered Accountants of India ( ICAI ) has constituted a committee to deliberate on FAIS, which are expected to be framed by the end of this year 2020. The Institute of Chartered Accountants of India will be the first body in the accounting world to develop a full set of FAIS standards for forensic professionals and stakeholders, The proposed standards would help Forensic Accounting and Investigation professionals to conduct their examinations in

8037-576: The Modern Language Association explicitly says, "do not use an apostrophe to form the plural of an abbreviation". Also, the American Psychological Association specifically says, "without an apostrophe". However, the 1999 style guide for The New York Times states that the addition of an apostrophe is necessary when pluralizing all abbreviations, preferring "PC's, TV's and VCR's". Forming

8178-584: The National Financial Reporting Authority (NFRA) to the Government of India which sets the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. Members of the institute are known as ICAI Chartered Accountants or ICAI Accountants (either Fellow or Associate). However, the word chartered does not refer to or flow from any Royal Charter . ICAI Chartered Accountants are subject to

8319-690: The Old English poem Beowulf used many abbreviations, for example the Tironian et ( ⁊ ) or & for and , and y for since , so that "not much space is wasted". The standardisation of English in the 15th through 17th centuries included a growth in the use of such abbreviations. At first, abbreviations were sometimes represented with various suspension signs, not only periods. For example, sequences like ⟨er⟩ were replaced with ⟨ɔ⟩ , as in mastɔ for master and exacɔbate for exacerbate . While this may seem trivial, it

8460-540: The Supreme Court of India , high courts at the state level, and district courts and Sessions Courts at the district level. The Supreme Court of India is situated in New Delhi , the capital region of India . The Supreme Court is the highest judicial forum and final court of appeal under the Constitution of India , the highest constitutional court, with the power of constitutional review . Consisting of

8601-477: The Union Council of Ministers —its executive decision-making committee being the cabinet . The government, seated in New Delhi , has three primary branches: the legislative, the executive and the judiciary, whose powers are vested in a bicameral Parliament , a prime minister , and the Supreme Court respectively, with a president as head of state. The Council of Ministers are responsible to

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8742-571: The attorney general ; the comptroller and auditor general ; the chief election commissioner and other election commissioners ; the chairman and members of the Union Public Service Commission ; the officers of the All India Services ( IAS , IFoS and IPS ) and Central Civil Services in group 'A'; officers of the Indian Armed Forces ; and the ambassadors and high commissioners to other countries on

8883-505: The civil procedure code , the penal code , and the criminal procedure code . Similar to the Union government, individual state governments each consist of executive, legislative and judiciary branches. The legal system as applicable to the Union and individual state governments is based on the English common and Statutory Law . The full name of the country is the Republic of India . India and Bharat are equally official short names for

9024-473: The constitution empowers the union government to levy income tax , tax on capital transactions ( wealth tax , inheritance tax ), sales tax , service tax, customs and excise duties and the state governments to levy sales tax on intrastate sale of goods, taxon entertainment and professions , excise duties on manufacture of alcohol , stamp duties on transfer of property and collect land revenue (levy on land owned). The local governments are empowered by

9165-575: The head of government , the prime minister , is appointed by the president of India from the party or coalition that has the majority of seats in the Lok Sabha . The members of the Lok Sabha are directly elected for a term of five years by universal adult suffrage through a first-past-the-post voting system. Members of the Rajya Sabha , which represents the states , are elected by the members of State legislative assemblies by proportional representation , except for 12 members who are nominated by

9306-459: The 1990s led to a marked rise in colloquial abbreviation. This was due largely to increasing popularity of textual communication services such as instant and text messaging. The original SMS supported message lengths of 160 characters at most (using the GSM 03.38 character set), for instance. This brevity gave rise to an informal abbreviation scheme sometimes called Textese , with which 10% or more of

9447-661: The 20th century. The contractions in Newspeak are supposed to have a political function by virtue of their abbreviated structure itself: nice sounding and easily pronounceable, their purpose is to mask all ideological content from the speaker. A more recent syllabic abbreviation has emerged with the disease COVID-19 (Corona Virus Disease 2019) caused by the Severe acute respiratory syndrome coronavirus 2 (itself frequently abbreviated to SARS-CoV-2 , partly an initialism). In Albanian, syllabic acronyms are sometimes used for composing

9588-405: The Board of Discipline finds a member guilty of professional or other misconduct, it may at its discretion reprimand the member, remove the name of the member from the register of members for up to three months or impose a fine up to ₹ 1,00,000/-. If the Disciplinary Committee finds a member guilty of professional or other misconduct, it may at its discretion reprimand the member, remove the name of

9729-455: The Council of ICAI. Only members holding a Practicing Certificate may act as statutory auditors of Indian companies. Companies in India cannot practice profession of accountancy. Chartered accountants work in all fields of business and finance, including auditing, taxation, financial and general management . Some are engaged in public practice work, others work in the private sector and some are employed by government bodies. The management of

9870-462: The Government; is the presiding member and chairman of the cabinet and is responsible for bringing a proposal of legislation. The resignation or death of the prime minister dissolves the cabinet. The prime minister is appointed by the president to assist the latter in the administration of the affairs of the executive. The Union Council of Ministers includes the prime minister, Cabinet Ministers and Ministers of State (MoS). Each minister must be

10011-520: The ICAI Disciplinary committee. The court's order came in response to the pleas of the charged auditors seeking a stay on the disciplinary proceedings against them on the ground that it violated their fundamental right against self-incrimination under Article 20 (3) of the Constitution of India . Other publicized actions included, the SEBI referred case of a brokerage firm, Karvy , in which

10152-528: The ICAI is Ya Aeshu Suptaeshu Jagruti (Sanskrit), which literally means "a person who is awake in those that sleep". It is a quotation from the Upanishads (Kathopanishad). It was given to the ICAI at the time of its formation in 1949 by Sri Aurobindo as a part of its emblem. CA. C. S. Shastri, a Chartered Accountant from Chennai went to Sri Aurobindo and requested him through a letter to give an emblem to

10293-546: The ICAI. The aforesaid Standards are collectively known as Engagement Standards. 5. Standards on Quality Control (SQCs) – These Standards are to be applied for all services covered by the Engagement Standards as described above. As of October 2017 ICAI has issued 46 Engagement and Quality Control Standards (formerly known as Auditing and Assurance Standards) covering various topics relating to auditing and other engagements. These standards have been harmonized with

10434-420: The ICAI. Queries raised are also addressed through Support-desk for implementation of Ind AS. Apart from this, Certificate Course on Ind AS, In-house training programmes on Ind AS for corporate and regulatory bodies are also being organized to educate and train the members on these standards. Engagement and Quality Control Standards comprises the following Standards: 1 Standards on Auditing (SAs), to be applied in

10575-407: The Institute of Chartered Accountants of India has issued 32 Accounting Standards. These are numbered AS-1 to AS-7 and AS-9 to AS-32 (AS-8 & AS-6 is no longer in force since it was merged with AS-26 and AS-10). Compliance with accounting standards issued by ICAI has become a statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India. Before

10716-604: The Parliament of India with the objective of regulating the accountancy profession in India. ICAI is the second largest professional accounting body in the world in terms of number of membership and number of students after the AICPA . It prescribes the qualifications for a Chartered Accountant, conducts the requisite examinations and grants Certificate of Practice . The Indian Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by

10857-484: The Republic of India in the Constitution, and both names appears on legal banknotes, in treaties and in legal cases. The terms "Union government", "central government" and " bhārat sarkār " are often used officially and unofficially to refer to the government of India. The term New Delhi is commonly used as a metonym for the Union government, as the seat of the central government is in New Delhi . The powers of

10998-768: The US Navy, as they increase readability amidst the large number of initialisms that would otherwise have to fit into the same acronyms. Hence DESRON 6 is used (in the full capital form) to mean "Destroyer Squadron 6", while COMNAVAIRLANT would be "Commander, Naval Air Force (in the) Atlantic". Syllabic abbreviations are a prominent feature of Newspeak , the fictional language of George Orwell 's dystopian novel Nineteen Eighty-Four . The political contractions of Newspeak— Ingsoc (English Socialism), Minitrue (Ministry of Truth), Miniplenty ( Ministry of Plenty )—are described by Orwell as similar to real examples of German ( see below ) and Russian ( see below ) contractions in

11139-428: The Union government. Parliament is bicameral in nature, with the Lok Sabha being the lower house , and the Rajya Sabha the upper house . The judiciary systematically contains an apex supreme court , 25 high courts , and hundreds of district courts , all subordinate to the supreme court. The basic civil and criminal laws governing the citizens of India are set down in major parliamentary legislation, such as

11280-493: The advice of the prime minister. Presently, the President of India is Droupadi Murmu . The vice president is the second-highest constitutional position in India after the president. The vice president represents the nation in the absence of the president and takes charge as acting president in the incident of resignation impeachment or removal of the president. The vice president also has the legislative function of acting as

11421-506: The affairs of the institute is undertaken by a council constituted under the Chartered Accountants Act, 1949. The council consists of 32 elected fellow members and up to 8 members nominated by the Government of India . The elected members of the council are elected under the single transferable vote system by the members of the institute. The council is re-elected every three years. The council elects two of its members to be president and vice-president who hold office for one year. The president

11562-460: The apostrophe can be dispensed with if the items are set in italics or quotes: In Latin, and continuing to the derivative forms in European languages as well as English, single-letter abbreviations had the plural being a doubling of the letter for note-taking. Most of these deal with writing and publishing. A few longer abbreviations use this as well. Publications based in the U.S. tend to follow

11703-530: The audit of historical financial information. 2 Standards on Review Engagements (SREs), to be applied in the review of historical financial information. 3 Standards on Assurance Engagements (SAEs), to be applied in assurance engagements, other than audits and reviews of historical financial information. 4 Standards on Related Services (SRSs), to be applied to engagements involving the application of agreed-upon procedures to information, compilation engagements, and other related services engagements, as may be specified by

11844-526: The budget will be presented on the 1st day of February. The budget has to be passed by the Lok Sabha before it can come into effect on 1 April, the start of India's fiscal year . The Union budget is preceded by an economic survey which outlines the broad direction of the budget and the economic performance of the country for the outgoing financial year India's non-development revenue expenditure had increased nearly five-fold in 2003–04 since 1990–91 and more than tenfold from 1985 to 1986. Interest payments are

11985-431: The cabinet ministers, often overseeing a specific aspect of government; or ministers of state (independent charges), who do not report to a cabinet minister. As per article 88 of the constitution, every minister shall have the right to speak in, and to take part in the proceedings of, either house, any joint sitting of the houses, and any committee of parliament of which he may be named a member, but shall not be entitled to

12126-422: The chairman of the Rajya Sabha . The vice president is elected indirectly by members of an electoral college consisting of the members of both the houses of the parliament following the system of proportional representation employing the single transferable vote and the voting is by secret ballot conducted by the election commission . The Prime Minister of India , as addressed in the Constitution of India ,

12267-524: The companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply. The inception of the idea of convergence of Indian GAAP with IFRS was made by the Prime Minister of India Dr. Manmohan Singh by committing in G20 to align Indian accounting standards with IFRS. As per the original roadmap for implementation of IFRS-converged Ind AS issued by the Government of India, initially, Ind AS were expected to be implemented from

12408-650: The constitution of the National Advisory Committee on Accounting Standards ( NACAS ), the institute was the sole accounting standard setter in India. However NACAS is not an independent body. It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under

12549-502: The council. Apart from its emblem, ICAI also has a separate logo for its members. As a part of a brand building exercise, ICAI introduced this separate new CA logo for the use of its members in 2007. The logo is free for use by all members of ICAI subject to certain conditions. The logo was launched by the then Minister of Corporate Affairs, Prem Chand Gupta at the occasion of the Chartered Accountant Day (1 July) in

12690-400: The country. As an advisory court, it hears matters which may specifically be referred to it under the constitution by the president. It also may take cognisance of matters on its own (or 'suo moto'), without anyone drawing its attention to them. The law declared by the supreme court becomes binding on all courts within India and also by the union and state governments. Per Article 142 , it is

12831-437: The criteria of net worth. In order to ensure that these standards are implemented in the same spirit in which these have been formulated, ICAI has been providing guidance to members through its various initiatives such as the issuance of Educational Materials on Ind AS containing Frequently Asked Questions (FAQs). For addressing transition and implementation related queries clarifications on a timely basis are also being issued by

12972-471: The duty of the president to enforce the decrees of the supreme court. In addition, Article 32 of the constitution gives an extensive original jurisdiction to the supreme court concerning enforcing fundamental rights. It is empowered to issue directions, orders or writs, including writs in the nature of habeas corpus , mandamus , prohibition , quo warranto and certiorari to enforce them. The supreme court has been conferred with power to direct

13113-435: The erring members. The institute publishes a members' handbook containing the Chartered Accountants Act 1949, Chartered Accountants Regulations 1988, Professional Opportunities for Members – an Appraisal, Code of Ethics and Manual for members. These together form the basis of regulation of the profession. The council also has a Peer Review Board that ensures that in carrying out their professional attestation services assignments,

13254-428: The former Oftel (Office of Telecommunications) use this style. New York City has various neighborhoods named by syllabic abbreviation, such as Tribeca (Triangle below Canal Street) and SoHo (South of Houston Street). This usage has spread into other American cities, giving SoMa , San Francisco (South of Market) and LoDo, Denver (Lower Downtown), amongst others. Chicago -based electric service provider ComEd

13395-456: The globally popular term OK generally credited as a remnant of its influence. Over the years, however, the lack of convention in some style guides has made it difficult to determine which two-word abbreviations should be abbreviated with periods and which should not. This question is considered below. Widespread use of electronic communication through mobile phones and the Internet during

13536-662: The governance of British India , the Government of India Act 1935 (the longest Act of Parliament of the United Kingdom until surpassed by the Greater London Authority Act 1999 ) was aimed at devolution of powers by establishing provincial governments and the creation of civil service institutions . However, it was unpopular amongst Indians and is considered a failure as it did not give Indians self-rule and permanent dominion status (the form of government followed in Canada , Australia and New Zealand ) as

13677-416: The higher level are assisted by one or many additional secretaries , who are further assisted by joint secretaries . At the middle they are assisted by directors/deputy secretaries and under secretaries. At the lower level, there are section officers, assistant section officers, upper division clerks, lower division clerks and other secretarial staff. The Civil Services of India are the civil services and

13818-557: The holder to practice as an auditor throughout India. Later on, the issue of restricted certificates was discontinued in the year 1920. In 1930, it was decided that the Government of India should maintain a register called the Register of Accountants. Any person whose name was entered in such register was called a Registered Accountant . Later on a board called the Indian Accountancy Board was established to advise

13959-417: The institute to get designated as a "Fellow". Responsibilities and voting rights of both types of members remain the same but only fellows can be elected to the council and regional councils of ICAI. Fellows are perceived as enjoying a higher status due to their long professional experience. Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice (COP) from

14100-466: The institute with less than five years of membership after which they become entitled to apply for being a fellow member. Some associate members, particularly those not in practice, often voluntarily chose not to apply to be a fellow due to a variety of reasons. An associate member who has been in continuous practice in India or has worked for a commercial or government organization for at least five years and meets other conditions as prescribed can apply to

14241-426: The interests of their respective members and positively contributing to the development of the accounting profession. Currently ICAI has MOUs with following professional accounting bodies: The MoUs with CPA Afghanistan and Saudi Organization for Certified Public Accountants (SOCPA) are in pipeline. The institute maintains a placement portal on its web site for qualified members and partially qualified students. This

14382-476: The internal auditors, Haribhakti & Co (an associate of BDO Global ). were held guilty of negligence for failing to detect thousands of demat accounts being opened with the same address. The committee has also taken action against members for alleged irregularities in the books of Maytas Properties and Maytas Infra and the role played by their auditors. The names of the members found guilty of misconduct are published on ICAI's website. The ICAI website lists 35 as

14523-524: The issuer of IFRS, is also supporting the ICAI in its endeavors towards convergence. ICAI has revised/formulated Ind AS on the basis of the amendments and new IFRS issued by the IASB subsequent to February 2011. IFRS-converged Indian Accounting Standards (Ind AS) has been implemented in India in a phased manner from 1 April 2015 being the voluntary date of adoption of Ind AS. The mandatory application of Ind AS has been restricted to listed and unlisted companies with

14664-534: The language specified in the restricted certificate. In 1918 a course called Government Diploma in Accountancy was launched in Sydenham College of Commerce and Economics of Bombay (now known as Mumbai ). On passing this diploma and completion of three years of articled training under an approved accountant, a person was held eligible for grant of an unrestricted certificate. This certificate entitling

14805-460: The legislature in India are exercised by the Parliament , a bicameral legislature consisting of the Rajya Sabha and the Lok Sabha . Of the two houses of parliament, the Rajya Sabha (or the 'Council of States') is considered to be the upper house and consists of members appointed by the president and elected by the state and territorial legislatures . The Lok Sabha (or the 'House of the People')

14946-542: The member from the register of members permanently or impose a fine up to ₹ 5,000/-. Any member aggrieved by any order may approach the Appellate Authority. It should be borne in mind that this disciplinary proceeding is not in lieu of or an alternative for criminal proceedings in a court. Criminal proceedings against a Chartered Accountant and disciplinary action by ICAI are two separate issues and one need not wait for another to be completed first. One of

15087-622: The members of the institute (a) comply with the Technical Standards laid down by the institute and (b) have in place proper systems (including documentation systems) for maintaining the quality of the attestation services work they perform. The Disciplinary Directorate, the Board of Discipline , and the Disciplinary Committee form the foundation of the disciplinary process of the institute. These entities are quasi-judicial and have substantial powers like that of

15228-588: The newly formed Institute of which he was an elected member from the Southern India . In reply to this request, Sri Aurobindo gave him the emblem with a Garuda , the mythical eagle in the center and a quotation from the Upanishad: Ya Aeshu Suptaeshu Jagruti. The emblem along with the motto was placed at the first meeting of the Council of the Institute and was accepted amongst many other emblems placed by other members of

15369-512: The number of cases in which inquiry was completed by the Disciplinary Committee in the past one year since February 2010. The list of members held guilty of professional or other misconduct is published periodically. Many of the recent financial frauds and scams related to organizations that had multinational accounting firms as their auditors. These multinational firms cannot legally practice in India but they are practicing in India by surrogate means, operating through tie-ups with local firms, though

15510-641: The partners involved are from India, since only a member of the institute can be an auditor of an Indian entity. The example for this is an elaborate list, Price Waterhouse in case of Global Trust Bank Scam, again Price Waterhouse in Satyam Computer Services Limited scam, Ernst and Young in the Maytas case. ICAI lacks jurisdictional powers to punish these or for that matter any firm, as under its current regulations it only has

15651-402: The people themselves. But the handful of ministers is not expected to deal personally with the various problems of modern administration. Thus the ministers lay down the policy and it is for the civil servants to enforce it. The cabinet secretary ( IAST : Maṃtrimaṇḍala Saciva ) is the top-most executive official and senior-most civil servant of the Government of India. The cabinet secretary

15792-487: The period is usually included regardless of whether or not it is a contraction, e.g. Dr. or Mrs. . In some cases, periods are optional, as in either US or U.S. for United States , EU or E.U. for European Union , and UN or U.N. for United Nations . There are some house styles, however—American ones included—that remove the periods from almost all abbreviations. For example: Acronyms that were originally capitalized (with or without periods) but have since entered

15933-461: The permanent bureaucracy of India. The executive decisions are implemented by the Indian civil servants. In the parliamentary democracy of India, the ultimate responsibility for running the administration rests with the elected representatives of the people which are the ministers. These ministers are accountable to the legislatures which are also elected by the people based on universal adult suffrage . The ministers are indirectly responsible to

16074-542: The power to proceed against individual members. The institute has asked the Ministry of Corporate Affairs, Government of India to grant additional powers so that it may proceed against firms whose partners or employees are frequent offenders. ICAI also has sent a proposal to the Government of India to amend the Chartered Accountants Act, 1949 in order to enable to it to impose a fine of ₹ 1,00,00,000/- on audit firms if they are found guilty of colluding with companies to commit

16215-511: The preferred term, acronym refers more specifically to when the abbreviation is pronounced as a word rather than as separate letters; examples include SWAT and NASA . Initialisms, contractions and crasis share some semantic and phonetic functions, and are connected by the term abbreviation in loose parlance. In early times, abbreviations may have been common due to the effort involved in writing (many inscriptions were carved in stone) or to provide secrecy via obfuscation . Reduction of

16356-472: The presence of the then President of ICAI Sunil Talati. Members of ICAI cannot use the ICAI emblem, but they are encouraged to use the CA logo instead on their official stationery. ICAI is a founder member of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA) and International Innovation Network (IIN) . ICAI

16497-419: The president. India is currently the largest democracy in the world, with around 900 million eligible voters, as of 2019. In India, power is divided between the governments of the union and the states of India , the latter being ruled by the chiefs ministers . The state legislature is bicameral in five states and unicameral in the rest. The lower house is elected with a five-year term, while in

16638-411: The profession. The Government of India accepted the recommendation and passed the Chartered Accountants Act in 1949 even before India became a republic. Under section 3 of the said Act, ICAI is established as a body corporate with perpetual succession and a common seal . Unlike most other commonwealth countries , the word chartered does not refer to a royal charter , since India is a republic . At

16779-434: The provisional jurisdiction for XBRL International in India. In 2010, it promoted eXtensible Business Reporting Language (XBRL) India as a section 8 Company to take over this responsibility from it. Now, eXtensible Business Reporting Language (XBRL) India is an established jurisdiction of XBRL International Inc. The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949 passed by

16920-404: The public actions of The ICAI Disciplinary Committee in the 2009–2010 time period was proceedings for professional misconduct against two auditors from the firm Price Waterhouse partners for wrongly auditing and inflating the financial statements of Satyam Computer Services Limited . The Supreme Court of India (November 2010) rejected a plea by the two charged auditors to stay the proceedings by

17061-469: The recommendations of the Council of Ministers, among others. The President, as the head of state , also receives the credentials of ambassadors from other countries, while the prime minister , as head of government , receives credentials of high commissioners from other members of the Commonwealth , in line with historical tradition. The President is the de jure commander-in-chief of

17202-835: The same lines, the Swiss Federal Railways' Transit Police—the Transportpolizei —are abbreviated as the TraPo . With the National Socialist German Workers' Party gaining power came a frenzy of government reorganisation, and with it a series of entirely new syllabic abbreviations. The single national police force amalgamated from the Schutzpolizeien of the various states became the OrPo ( Ordnungspolizei , "order police");

17343-401: The secret police) and VoPo for Volkspolizei . The phrase politisches Büro , which may be rendered literally as "office of politics" or idiomatically as "political party steering committee", became Politbüro . Syllabic abbreviations are not only used in politics, however. Many business names, trademarks, and service marks from across Germany are created on the same pattern: for

17484-494: The single largest item of expenditure and accounted for more than 40% of the total non-development expenditure in the 2003–04 budget. Defence expenditure increased fourfold during the same period and has been increasing to defend from a difficult neighbourhood and external terror threats. In 2020–21, India's defence budget stood at ₹ 4.71 trillion (equivalent to ₹ 5.5 trillion or US$ 66 billion in 2023). In 2009, several ministers are accused of corruption and nearly

17625-556: The state KriPos together formed the "SiPo" ( Sicherheitspolizei , "security police"); and there was also the Gestapo ( Geheime Staatspolizei , "secret state police"). The new order of the German Democratic Republic in the east brought about a conscious denazification , but also a repudiation of earlier turns of phrase in favour of neologisms such as Stasi for Staatssicherheit ("state security",

17766-469: The state bureaucracy. The division of power into separate branches of government is central to the republican idea of the separation of powers . The executive power is vested mainly in the President of India , as per Article 53(1) of the constitution. The president has all constitutional powers and exercises them directly or through subordinate officers as per the aforesaid Article 53(1). The president

17907-405: The state government to levy property tax and charge users for public utilities like water supply , sewage etc. More than half of the revenues of the union and state governments come from taxes, of which 3/4 come from direct taxes . More than a quarter of the union government's tax revenues are shared with the state governments. The tax reforms, initiated in 1991, have sought to rationalise

18048-546: The style guides of The Chicago Manual of Style and the Associated Press . The U.S. government follows a style guide published by the U.S. Government Printing Office . The National Institute of Standards and Technology sets the style for abbreviations of units. Many British publications follow some of these guidelines in abbreviation: Writers often use shorthand to denote units of measure. Such shorthand can be an abbreviation, such as "in" for " inch " or can be

18189-456: The tax structure and increase compliance by taking steps in the following directions: The non-tax revenues of the central government come from fiscal services, interest receipts, public sector dividends, etc., while the non-tax revenues of the States are grants from the central government, interest receipts, dividends and income from general, economic and social services. Inter-state share in

18330-477: The time of passing the Chartered Accountants Act, various titles used for similar professionals in other countries were considered, such as Certified Public Accountant . This designation inherited a general public impression that Chartered Accountants had better qualifications than Registered Accountants. Hence the accountants were very stern in their stand that, the Indian accountancy professionals should be designated only as Chartered Accountants. After much debate in

18471-480: The transfer of any civil or criminal case from one state high court to another state high court, or from a Court subordinate to another state high court and the supreme court. Although the proceedings in the supreme court arise out of the judgment or orders made by the subordinate courts, of late the supreme court has started entertaining matters in which the interest of the public at large is involved. This may be done by any individual or group of persons either by filing

18612-554: The union tax pool is decided by the recommendations of the Finance Commission to the president. Total tax receipts of Centre and State amount to approximately 18% of national GDP. This compares to a figure of 37–45% in the OECD. The Finance minister of India usually presents the annual union budget in the parliament on the last working day of February. However, for the F.Y. 2017–18, this tradition had been changed. Now

18753-411: The upper house one-third of the members in the house gets elected every two years with six-year terms. Local governments function at the basic level. It is the third level of government apart from union and state governments. It consists of panchayats in rural areas and municipalities in urban areas. They are elected directly or indirectly by the people. India has a three-tier tax structure, wherein

18894-516: The vocabulary as generic words are no longer written with capital letters nor with any periods. Examples are sonar , radar , lidar , laser , snafu , and scuba . When an abbreviation appears at the end of a sentence, only one period is used: The capital of the United States is Washington, D.C. In the past, some initialisms were styled with a period after each letter and a space between each pair. For example, U. S. , but today this

19035-464: The words in a typical SMS message are abbreviated. More recently Twitter, a popular social networking service , began driving abbreviation use with 140 character message limits. In HTML , abbreviations can be annotated using < abbr title = "Meaning of the abbreviation." > abbreviation </ abbr > to reveal its meaning by hovering the cursor . In modern English, there are multiple conventions for abbreviation, and there

19176-484: The world's largest democracy , and the 4th largest economy in the world. Even though much remains to be done, especially in regard to eradicating poverty and securing effective structures of governance, India's achievements since independence in sustaining freedom and democracy have been singular among the world's new nations. The Government of India is modelled after the Westminster system . The Union government

19317-474: The year 2011. However, keeping in view the fact that certain issues including tax issues were still to be addressed, the Ministry of Corporate Affairs decided to postpone the date of implementation of Ind AS. For a smooth transition to IFRS, ICAI has taken up the matter of convergence with the National Advisory Committee on Accounting Standards and various regulators such as the RBI , SEBI and IRDA , CBDT . IASB ,

19458-481: Was also called in December, 2018 but after assurance by the council and formation of a committee to review the examination process the protest was called off. Students were able to gather support of many public figures which includes Congress leader Rahul Gandhi, Past President of ICAI Mr. N. D. Gupta , renowned accountant Mr. Motilal Oswal , Mr. Mohandas Pai, Mr. Raghav Chadha , etc. on social media. The motto of

19599-640: Was previously promised. Between midnight on 15 August 1947 and 26 January 1950 , India was an independent, self-governing dominion of the Commonwealth of Nations , a constitutional monarchy with a Prime Minister and a Governor-General as the viceregal representative of the head of state, George VI . Its unicameral legislature, the Constituent Assembly , was tasked with drafting the country's constitution. The Constitution of India came into effect on 26 January 1950 , making India

19740-478: Was symptomatic of an attempt by people manually reproducing academic texts to reduce the copy time. Mastɔ subwardenɔ y ɔmēde me to you. And wherɔ y wrot to you the last wyke that y trouyde itt good to differrɔ thelectionɔ ovɔ to quīdenaɔ tinitatis y have be thougħt me synɔ that itt woll be thenɔ a bowte mydsomɔ. In the Early Modern English period, between the 15th and 17th centuries, the thorn Þ

19881-451: Was used for th , as in Þ ('the'). In modern times, ⟨Þ⟩ was often used (in the form ⟨y⟩ ) for promotional reasons, as in Y Olde Tea Shoppe . During the growth of philological linguistic theory in academic Britain, abbreviating became very fashionable. Likewise, a century earlier in Boston , a fad of abbreviation started that swept the United States, with

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