CA, CS, CMA : Explore the intricacies of revenue recognition under Ind AS 115 and IFRS 15, Revenue from Contracts with Customers. Understand the...
CA, CS, CMA : Unlock the complexities of Accounting Standards, Ind AS, and IFRS with our comprehensive overview. Navigate the global standards s...
CA, CS, CMA : Understand Contingent Liabilities & Assets & how to treat them when preparing Financial Statements as per AS, IND AS & IFRS...
CA, CS, CMA : International Public Sector Accounting Standards (IPSASs) are a set of accounting standards issued by the IPSAS Board (IPSASB) fo...
Finance : Article contains Easy Analysis of Differences Between Ind AS-103 and AS-14 and Carve-Out, Carve-In in Ind AS-103 from IFRS-3. It e...
Corporate Law : Explore proposed amendments to IAS 32, IFRS 7, and IAS 1 in the Exposure Draft by IASB. Learn how the changes address challenges i...
CA, CS, CMA : Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFR...
CA, CS, CMA : To contribute to standard setting at international level, Exposure Draft of third edition of IFRS for SMEs Accounting Standard is...
CA, CS, CMA : Staff draft of IFRS Sustainability Disclosure Taxonomy is issued by the IFRS Foundation for the public views. This draft sets out ...
CA, CS, CMA : IFRS Foundation document issued for comments: IFRS Taxonomy 2021-Proposed Update 3 Initial Application of IFRS 17 and IFRS 9-Compa...
Corporate Law : 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 im...
Company Law : In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respec...
Company Law : The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above...
Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:
> Earlier, there were many IAS and guidance notes (IFRIC) dealing with revenue recognition but this IFRS brought all IAS & guidance notes at one place to deal with revenue recognition including customer loyalty point which was earlier dealt by IFRIC. Before new IFRS – 15 After IFRS -15 IAS 18 Revenue from Sale of […]
International Financial Reporting Standard (IFRS) – 10 CONSOLIDATED FINANCIAL STATEMENTS 1. Scope of IFRS 10 IFRS 10 addresses the scope of consolidated financials statements and the procedures for their preparations. The scope of IFRS 10 covers: 1. The reporting entities (investor / parent entities) that are required to assess control of their investees (subsidiary entities) […]
Ind AS 16 discusses whether expenditure incurred should be should be capitalised as PPE or charged to P&L statement, retirement of PPE, depreciation and disposal of PPE. Scope Definitions I. Property, Plant and Equipment (PPE) – PPE are tangible items which are held for use in producing or supply of goods or services, rentals to […]
Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]
Recent amendment in IFRS 16 and exposure draft (Proposed amendment) on Ind AS 116 – Leases for accounting of rent concession due to Covid-19 The pandemics of coronavirus, or COVID-19 has been here for a while and after the first shock of its quick spread and effect on people’s health, we are all seeing its […]
Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) corresponding to Amendments in IFRS 16 issued by the International Accounting Standards Board (IASB) The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of India. The Institute of Chartered Accountants of India […]
Vishal Gupta The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued and all new standards are now known as IFRS standards. The IFRS Foundation has currently 22 Trustees […]
Financial reporting in India has undergone a significant transformation owing to the adoption of Indian Accounting Standards (Ind AS) and fair value is the guiding principle in financial reporting across the globe. The Institute of Chartered Accountants of India (ICAI) converged accounting standards with IFRSs and accordingly, the financial statements beginning from the accounting year […]
Exposure Draft on Interest Rate Benchmark Reform-Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) – (21-04-2020) The Institute of Chartered Accountants of India In 2018, International Accounting Standards Board (IASB) decided to add a project to its work plan to consider the financial reporting implications of the […]
