accounting standard

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

Income Tax - In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part I

Income Tax - Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards...

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Assets Retirement Obligation in Indian Accounting Standard

Income Tax - As per Ind AS, An Asset Retirement Obligation (ARO) is a legal obligation associated with the retirement of a tangible long-lived asset in which the timing or method of settlement may be conditional on a future event and Decommission Liability is the Estimated amount of dismantling and restoration cost that a company expects to incurred i...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

Income Tax - It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

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Fixed Assets are fully depreciated, but we still use them! What shall we do? [IndAS-16]

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Do you work in the production company? And did you find out that some of your production assets are still in operation but they were fully depreciated? In this case, the original estimate of machinery’s useful life proved to be incorrect. T...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

Income Tax - Issue 1: Whether provision for unspent Corporate Social Responsibility expenditure is required to be made as per Ind AS? Response: Paragraph 14 of Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets states:...

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Draft of clarifications to Ind AS 115 Revenue from Contracts with Customers

Income Tax - Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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Applicability of SA 700, 701, 705, 706 deferred by one year to 01.04.2018

Income Tax - SA 701 and Revised SAs 700, 705 & 706 be deferred by one year and consequently the said Standards shall now be effective/applicable for audits of financial statements for periods beginning on or after April 1, 2018 ( ...

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Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle

Income Tax - Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle, issued by Accounting Standards Board of ICAI, for comments....

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Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration

Income Tax - Following is Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transaction and Advance Consideration, issued by Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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Loss should be recognized immediately if contract cost is likely to exceed revenue

ITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai) - As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....

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Addition not warranted for low profit due to application of revised AS 7

Principal CIT (Central) Vs M/s A2Z Maintenanc & Engineering Services Ltd, (Delhi High Court) - his Court in Paras Buildtech India Pvt. Ltd. v. Commissioner of Income Tax (2016) 382 ITR 630 (Del) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008) 299 ITR 1 (SC)....

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No addition for change in valuation of stock, where method changed in compliance of ICAI Accounting Standard

ACIT Vs M/s J. K. Synthetics Ltd. (ITAT Lucknow) - ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by t...

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Construction Business- No Revenue recognition if substantial risk & reward not transferred to buyer

ITO Vs M/s Tirupati Enterprises (ITAT Ahmedabad) - ITAT Ahmedabad held in case of ITO vs. M/s Tirupati Enterprises held that the revenue has to be recognized only at the time when substantial risk and reward are transferred to the buyer by the seller. Since the construction was incomplete, the property was not ready for sale. ...

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AS-7 is applicable to a “Contractor” and not to a “Developer”

ITO Vs M/s. Meeti Investment and Consultancy P. Ltd. (ITAT Ahemdabad) - Brief facts of the case are that assessee is engaged in the business of sale/purchase of TDR, income by way of stallage and construction activity. During the assessment proceedings AO found that assessee had received advanced booking amount on account of the construction activity...

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Guidelines on compliance with Accounting Standard (AS) 11 by banks

Notification No. RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 - (18/04/2017) - It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11....

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Companies (Indian Accounting Standards) (Amendment) Rules, 2017

G.S.R. 258(E) - (17/03/2017) - (1) These rules may be called the Companies (Indian Accounting Standards) (Amendment) Rules, 2017. (2) They shall come into force on the 1st day of April, 2017....

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Applicability of Revised Accounting Standards

General Circular No. 04/2016 - (27/04/2016) - Stakeholders have sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016. The matter has been examined in the Ministry and it is ...

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Till NFRA formation govt may notify AS recommended by ICAI

S.O. 1227(E) - (29/03/2016) - Provided that until the National Financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, consti...

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Accounting Standard Committee recommends 14 new Tax Accounting Standards

Income Tax Press release - (26/10/2012) - Committee recommended that the AS notified under the Act should be made applicable only to the computation of taxable income and a taxpayer would not be required to maintain books of account on the basis of AS notified under the Act. The Committee examined all the 31 AS issued by the ICAI and recomm...

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Recent Posts in "accounting standard"

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

Read More
Posted Under: Finance |

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part I

Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards...

Read More
Posted Under: Finance |

Assets Retirement Obligation in Indian Accounting Standard

As per Ind AS, An Asset Retirement Obligation (ARO) is a legal obligation associated with the retirement of a tangible long-lived asset in which the timing or method of settlement may be conditional on a future event and Decommission Liability is the Estimated amount of dismantling and restoration cost that a company expects to incurred i...

Read More
Posted Under: Finance |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

Read More
Posted Under: Finance |

Fixed Assets are fully depreciated, but we still use them! What shall we do? [IndAS-16]

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Do you work in the production company? And did you find out that some of your production assets are still in operation but they were fully depreciated? In this case, the original estimate of machinery’s useful life proved to be incorrect. T...

Read More
Posted Under: Finance |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

Issue 1: Whether provision for unspent Corporate Social Responsibility expenditure is required to be made as per Ind AS? Response: Paragraph 14 of Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets states:...

Read More
Posted Under: Finance |

Principal Market Vs. Most Advantageous Market? – Fair Value

Fair Values are being used as one of the measurement requirements to recognize certain transactions/ Assets/ Liabilities as required by respective Accounting Standards (i.e. Ind-As)....

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Posted Under: Finance |

Draft of clarifications to Ind AS 115 Revenue from Contracts with Customers

Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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Posted Under: Finance |

BREACH of Covenants of a Loan – “Classification change” under Ind-AS

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Almost every loan agreement will be carrying some of the terms and conditions that are required to be fulfilled by a borrower to keep that loan continue as per the agreed terms OR an immediate re-payment might be initiated which can […]...

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Posted Under: Finance |

Comparison of definition of Related Party as per AS -18 and IND -AS 24

Several entities will be required to comply with Indian Accounting Standards (IND-AS) w.e.f. 1st April, 2017 with the comparatives for the periods ending on 31st March, 2017, or thereafter....

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Posted Under: Finance |
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