Finance - Page 5

Security deposits (given or taken): “Fair Value” – Ind-As/ IFRS

As per the current accounting system in India, there is no specific treatment defined for any kind of security deposits which are being taken/ given in normal course of business by an entity and all such deposits that are refundable shown at their respective transaction values....

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Other Comprehensive Income with regard to IndAS 16

Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs....

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TAKE or PAY long term commodities contracts- Ind-As/ IFRS

There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values to...

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Convergence to IFRS (Ind AS) – Indian Insurance scene

Insurers are supposed to adopt (Ind AS) as per above timelines though they would have been sending proforma (Ind AS) financial standards to IRDA from the quarter ended December 31, 2016 onwards. ...

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Follow these four rules to get rich!

When young be a youngster, when old be mature.-Don't let the opinions of the average man sway you. Dream and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. By Robert Allen...

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De-recognition of Financial Liabilities – IND-AS/ IFRS

As we are gradually moving towards converged IFRS (known as IND-AS in India) in India, there are some rules which have been prescribed by the new accounting standard related to de-recognition of financial liabilities subject to the fulfill of certain requirements....

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Proposed Buy back of Shares by TCS- An Accounting perspective-Ind –As/ IFRS

CA Anuj Agrawal We all got to hear by now that some major companies in India including Tata Consultancy Services (TCS) are planning to buy back its shares in order to improve efficiencies into its earning per share. We will not discuss about the reasons and shortcoming of Buyback schemes which are normally being done […]...

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Retail inflation in Delhi, J&K more than double national average

The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

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“Commitment fees” AND “Processing fees” on Loans – Ind-As / IFRS

In general terms one can understand that a Commitment fees is being charged for some approved facility which can be drawn down in future at the same terms which has been agreed initially between lender and borrower. ...

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Share Application money pending allotment – Ind-As/ IFRS

It is quite common where an entity provides some amounts as Share Application Money for the sake of allotment of such shares in future. The amount in substance will be advance given for such investment and the entity is waiting for the same to be converted into an Equity in future....

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