Indian 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....

Read More

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. ...

Read More

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....

Read More

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....

Read More

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....

Read More

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. ...

Read More

ICAI releases Exposure Draft of Ind AS Taxonomy for Comments

Income Tax - As per the roadmap issued by the Ministry of Corporate Affairs (MCA) in February 2015, certain class of companies have to prepare their financial statements as per Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) w.e.f F.Y. 2016-17. MCA has also notified Ind AS compliant form...

Read More

Guidance Note on Accounting for Oil & Gas Producing Activities

Income Tax - Guidance Note on Accounting for Oil and Gas Producing Activities, issued by Council of ICAI for entities to whom Ind ASs are applicable....

Read More

Download e-book on Indian Accounting Standards (Ind AS)

Income Tax - Indian Accounting Standards (Ind AS): An Overview (Revised 2016) This publication contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as Roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, Changes in financial reporting under Ind AS compared to financial reporting unde...

Read More

ICAI creates Support-desk for implementation of Ind AS

Income Tax - A number of issues are constantly being faced by the SMPs and companies in the implementation of Ind AS. In view of this, it has been decided to launch a Support-desk for implementation of Ind AS, so as to address the difficulties faced by the members and stakeholders as early as possible....

Read More

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....

Read More

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....

Read More

Implementation of Indian Accounting Standards (Ind AS)

RBI/2016-17/DBR.FID.No. 1/01.02.000/2016-17 - (04/08/2016) - In this connection, it is advised that select All-India Term Lending and Refinancing Institutions(AIFIs) (Exim Bank, NABARD, NHB and SIDBI), shall follow the Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015, subject to any guideline or direction i...

Read More

Revised Formats for Financial Results & Ind-AS Implementation by Listed Entities

Circular No. CIR/CFD/FAC/62/2016 - (05/07/2016) - The existing formats prescribed in SEBI Circular dated November 30, 2015 for Unaudited/Audited quarterly financial results i.e. Statement of Profit and Loss and the Unaudited/Audited Half-Yearly Balance Sheet to be submitted by the listed entities, with the stock exchanges, shall continue till the ...

Read More

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...

Read More

Companies (Indian Accounting Standards) Rules, 2015

Notification No. G.S.R . 111(E) - (16/02/2015) - Ministry of Corporate Affairs notifies Roadmap for applicability of Indian Accounting Standards (Ind AS) for compliance by companies specified in roadmap. ...

Read More

Recent Posts in "Indian 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: Finance |

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. ...

Read More
Posted Under: Finance |

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:...

Read More
Posted Under: Finance |

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....

Read More

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. ...

Read More
Posted Under: Finance |
Page 1 of 1212345...10...Last »

Browse All Categories

CA, CS, CMA (3,305)
Company Law (3,196)
Custom Duty (6,362)
DGFT (3,312)
Excise Duty (3,977)
Fema / RBI (3,108)
Finance (3,274)
Income Tax (24,134)
SEBI (2,642)
Service Tax (3,246)

Search Posts by Date

March 2017
M T W T F S S
« Feb    
 12345
6789101112
13141516171819
20212223242526
2728293031