accounting standard

ICDS Permanent Solution to nullify SC Decisions ?

Income Tax - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Consolidation of “Structured Entities” – An Accounting perspective

Income Tax - There are certain contractual arrangements which actually drive overall activities of an entity comparing to its voting structure where it does not has any power/ significance. ...

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Loss of Control in a Subsidiary with Multiple Transactions – Ind-As/ IFRS

Income Tax - Whenever there is a disposal into a subsidiary Investment, one has to look at whether it is a loss of control or it’s a disposal without losing the existing control by its Parent Company....

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Convertible Bonds Calculations– Equity & Liability portion: Ind-As/ IFRS

Income Tax - Many of our readers requested to share actual calculation and the process to bifurcate any convertible bonds between Equity & Liability and its related Journal Entry....

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Contingent Assets- “Different way of recognition by Ind-As”

Income Tax - Current Indian Accounting has below provisions/ requirements related to the Contingent Assets – AS -29 Provisions, Contingent Liabilities and contingent assets Para -30- An enterprise should not recognise a contingent asset....

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Draft Ind AS compliant Schedule III to Companies Act 2013 for NBFCs

Income Tax - Following is the Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. ...

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Exposure Draft- Recognition of Deferred Tax Assets for Unrealised Losses

Income Tax - Following is Exposure Draft of changes proposed in Ind AS 12, Income Taxes, issued by Accounting Standards Board of Institute of Chartered Accountants of India, for comments....

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Financial Reporting by Local Bodies in ASLB 17, Property, Plant & Equipment

Income Tax - Exposure draft of Conceptual Framework for General Purpose Financial Reporting by Local Bodies along with consequential amendments in ASLB 17, ‘Property, Plant and Equipment’ ...

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Exposure Draft- Amendments to Ind AS 7, Statement of Cash Flows

Income Tax - Exposure Draft of changes proposed in Ind AS 7, Statement of Cash Flows, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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Guidance note on Audit of Consolidated Financial Statements

Income Tax - 17.10.2016 Guidance Note on Audit of Consolidated Financial Statements (Revised 2016) issued by the Auditing and Assurance Standards Board – (17-10-2016) 1. The Council of the Institute of Chartered Accountants of India had issued Accounting Standard (AS) 21 ‘Consolidated Financial Statements’ which was subsequently noti...

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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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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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IGAS 2 – Accounting and Classification of Grants-In-Aid

Notification No. S.O.1113(E) - (19/05/2011) - In exercise of the powers conferred by article 150 of the Constitution of India, the President of India, on the advice of the Comptroller and Auditor General of India, hereby makes the following accounting standards, namely, - Indian Government Accounting Standards (IGAS)2,- Accounting and Classific...

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Recent Posts in "accounting standard"

ICDS Permanent Solution to nullify SC Decisions ?

A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

Read More
Posted Under: Company Law |

Consolidation of “Structured Entities” – An Accounting perspective

There are certain contractual arrangements which actually drive overall activities of an entity comparing to its voting structure where it does not has any power/ significance. ...

Read More
Posted Under: Company Law |

Loss of Control in a Subsidiary with Multiple Transactions – Ind-As/ IFRS

Whenever there is a disposal into a subsidiary Investment, one has to look at whether it is a loss of control or it’s a disposal without losing the existing control by its Parent Company....

Read More
Posted Under: Company Law |

Convertible Bonds Calculations– Equity & Liability portion: Ind-As/ IFRS

Many of our readers requested to share actual calculation and the process to bifurcate any convertible bonds between Equity & Liability and its related Journal Entry....

Read More
Posted Under: Company Law |

Contingent Assets- “Different way of recognition by Ind-As”

Current Indian Accounting has below provisions/ requirements related to the Contingent Assets – AS -29 Provisions, Contingent Liabilities and contingent assets Para -30- An enterprise should not recognise a contingent asset....

Read More
Posted Under: Company Law |

Associate/ JV (Equity accounted) to Subsidiary- “Step Acquisition” – Ind-As/ IFRS

Once an entity obtains a significant influence (as per Ind-As-28) or Joint control (as per Ind-As-111 to fall under JV) then Equity accounting needs to be applied. ...

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Posted Under: Company Law |

Vodafone/ Idea Merger “ Option to buy Shares given”- Ind-As Accounting approach

Recent news on approving merger of Vodafone & Idea at their board level has given many questions related to its accounting under the new framework i.e. Ind-As. ...

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Posted Under: Company Law |

Simple way to understand – Financial Asset and Financial Liability

As we know, Companies is required to comply with IND As Provisions and make the opening Ind-AS balance sheet on the date of transition. This is the starting point for adoption of Ind-AS. For this purpose, an entity should, in its opening Ind-AS Balance Sheet:...

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Posted Under: Company Law |

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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Change in Functional Currency – Ind-As/ IFRS

As you all might be aware about the meaning and significance of functional currency for an entity whose financial statements are being prepared under Ind-As/ IFRS. ...

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Posted Under: Company Law |
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