IFRS

Consolidation of “Structured Entities” – An Accounting perspective

Finance - 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

Finance - 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

Finance - 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”

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

Finance - 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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Definition of Business & Accounting for Previously held interests

Finance - Exposure Draft issued by the International Accounting Standards Board (IASB) on Definition of a business and accounting for previously held interests (proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements), is for comment only. ...

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Roadmap drawn-up for implementation of Ind AS converged with IFRS

Finance - Roadmap drawn-up for implementation of Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) for Scheduled Commercial Banks (Excluding Rrbs), Insurers/Insurance Companies and Non-Banking Financial Companies (NBFC’s) ...

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Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4)

Finance - Exposure Draft issued by IASB on Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Proposed amendments to IFRS 4) is for comment only. Comments on the Exposure Draft need to be received by January 8, 2016. The International Accounting Standards Board (the Board) published for public comment proposals to amend the exis...

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IASB Draft on Application of Materiality to Financial Statements

Finance - Exposure Draft- IFRS Practice Statement Application of Materiality to Financial Statements – Comments to be received by 26 February 2016 Exposure Draft ED/2015/8 IFRS Practice Statement Application of Materiality to Financial Statements is published by the International Accounting Standards Board (IASB) for comment only. The proposa...

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IFRS : IASB proposes clarifications to IFRS 15

Finance - The International Accounting Standards Board (IASB) today published for public consultation some proposed clarifications to and transition reliefs for IFRS 15 Revenue from Contracts with Customers....

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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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IFRS’s Popular Posts

Recent Posts in "IFRS"

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: Finance |

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: Finance |

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: Finance |

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: Finance |

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. ...

Read More
Posted Under: Finance |

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: Finance |

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: Finance |

Foreign Currency Borrowings- “Exchange Loss Capitalization” – Ind-As/ IFRS

There are certain foreign currency borrowings which have been taken in order to construct/ create some of the assets of the entity. Company is currently availing option given under para 46/46A of AS-11 and amortizing exchange difference over the period of loan....

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Posted Under: Finance |

Fair Value of “Operating Leases” when acquisition of a Business – Ind-As/ IFRS

Acquisitions of new businesses are quite common strategies for any business to leverage its exisiting competencies or to achieve an economy of scale. Apart from various valuation analysis that are being done while finalizing any new business acquisition decisions...

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Posted Under: Finance |

Discounting the Provisions (Time value of Money)-Ind-As/ IFRS

CA Anuj Agrawal Provisions are being made where there is an uncertainty of an Amount and Timing to discharge these liabilities which are being calculated based on estimations & other procedures adopted by the management prescribed as per applicable accounting standards. Under the current accounting practice there is no requirement for...

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Posted Under: Finance |
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