IFRS

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

CA, CS, CMA - Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Lt...

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Principal Market Vs. Most Advantageous Market? – Fair Value

CA, CS, CMA - 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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BREACH of Covenants of a Loan – “Classification change” under Ind-AS

CA, CS, CMA - 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 end the relationship related to the debt. Often these terms are e.g. agreed debt […]...

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Insurance Companies – “Un-bundling of deposits” as per Ind-As/ IFRS

CA, CS, CMA - As per MCA notification, Insurance Companies are required to transit their financial statements into Ind-As starting from April 2018 with previous period comparatives. Since everyone is waiting for a comprehensive accounting standards i.e. IFRS-17 (which will eventually replace the existing IFRS-4/ Ind-As 104) which is likely to be issued...

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Appointment of CA Firms with PSPCL for IND-AS implementation

CA, CS, CMA - The offer shall be considered only from Indian, Technically competent, experienced and financially sound Chartered Accountant firms who meet the following pre-qualification requirements/criteria:...

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Disclosure Initiative- Principles of Disclosure; Post-implementation Review- IFRS 13 Fair Value Measurement

CA, CS, CMA - As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments. ...

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Post-implementation Review – IFRS 13 Fair Value Measurement

CA, CS, CMA - The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. ...

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

CA, CS, CMA - 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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ICAI Proposes amendments to IFRS 8 and IAS 34

CA, CS, CMA - Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017....

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Prepayment Features with Negative Compensation: Proposed amendments to IFRS 9

CA, CS, CMA - Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017....

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Implementation of Ind AS in Insurance Sector deferred for 2 Years

Ref: IRDA/F&A/CIR/ACTS/146/06/2017 - (28/06/2017) - Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21....

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MCA Press Release No. 3/2010 on Implementation of IFRS Dated 31st March, 2010

PRESS RELEASE-3/2010 - (31/03/2010) - In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-...

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MCA Press Release No. 2/2010 on Implementation of IFRS dated 22.01.2010

PRESS RELEASE-2/2010 - (22/01/2010) - The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity....

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Recent Posts in "IFRS"

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Lt...

Read More
Posted Under: Finance |

Implementation of Ind AS in Insurance Sector deferred for 2 Years

Ref: IRDA/F&A/CIR/ACTS/146/06/2017 (28/06/2017)

Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21....

Read More

Disclosure Initiative- Principles of Disclosure; Post-implementation Review- IFRS 13 Fair Value Measurement

As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments. ...

Read More
Posted Under: Finance |

Post-implementation Review – IFRS 13 Fair Value Measurement

The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. ...

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)....

Read More
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....

Read More
Posted Under: Finance |

ICAI Proposes amendments to IFRS 8 and IAS 34

Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017....

Read More
Posted Under: Finance |

Prepayment Features with Negative Compensation: Proposed amendments to IFRS 9

Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017....

Read More
Posted Under: Finance |

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

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 end the relationship related to the debt. Often these terms are e.g. agreed debt […]...

Read More
Posted Under: Finance |

Insurance Companies – “Un-bundling of deposits” as per Ind-As/ IFRS

As per MCA notification, Insurance Companies are required to transit their financial statements into Ind-As starting from April 2018 with previous period comparatives. Since everyone is waiting for a comprehensive accounting standards i.e. IFRS-17 (which will eventually replace the existing IFRS-4/ Ind-As 104) which is likely to be issued...

Read More
Posted Under: Finance |
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