Indian Accounting Standard

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Income Tax - 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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IND AS 23 Vs AS 16

Income Tax - In IND AS 23 we should calculate weighted average capitalisation rate on total borrowing of Holding & subsidiaries. There Individual weighted average cost of capitalisation rate shall not be considered in consolidated statement....

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Accounting of convertible instruments under Ind-AS and its MAT impact

Income Tax - The year ending 31 March, 2017, witnessed many companies preparing their financial statements as per the Indian Accounting Standards (‘Ind-AS’) for the first time. Ind-AS is a set of accounting standards that converge with the International Financial Reporting Standards (‘IFRS’) and require companies to adopt fair value accounting...

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

Income Tax - In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part I

Income Tax - Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards...

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Exposure Draft of Ind AS 116, Leases

Income Tax - Following is the Exposure Draft of the Ind AS 116, Leases, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate...

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Disclosure Initiative – Principles of Disclosure

Income Tax - The IASB has published Discussion Paper that suggests principles to make disclosures in financial statements more effective. This Discussion Paper, published by the International Accounting Standards Board, could lead to amendments to IAS 1, the Standard covering general disclosure requirements, or the development of a new general disclos...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

Income Tax - Issue 1: Whether provision for unspent Corporate Social Responsibility expenditure is required to be made as per Ind AS? Response: Paragraph 14 of Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets states:...

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Draft of amendments to Ind AS 101, First-time Adoption of IND AS

Income Tax - Following is the Exposure Draft of amendments to paragraph D7AA of Ind AS 101, First-time Adoption of Indian Accounting Standards, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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

Income Tax - 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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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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FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

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Issues on implementation of MAT provisions for Ind AS companies

NA - (25/07/2017) - CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....

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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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Guidelines on compliance with Accounting Standard (AS) 11 by banks

Notification No. RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 - (18/04/2017) - It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11....

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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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Recent Posts in "Indian Accounting Standard"

FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax (25/07/2017)

Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

Read More

Issues on implementation of MAT provisions for Ind AS companies

NA (25/07/2017)

CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....

Read More

Exposure Draft of Ind AS 116, Leases

Following is the Exposure Draft of the Ind AS 116, Leases, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate...

Read More
Posted Under: Company Law |

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: Company Law |

IND AS 23 Vs AS 16

In IND AS 23 we should calculate weighted average capitalisation rate on total borrowing of Holding & subsidiaries. There Individual weighted average cost of capitalisation rate shall not be considered in consolidated statement....

Read More
Posted Under: Company Law |

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

Accounting of convertible instruments under Ind-AS and its MAT impact

The year ending 31 March, 2017, witnessed many companies preparing their financial statements as per the Indian Accounting Standards (‘Ind-AS’) for the first time. Ind-AS is a set of accounting standards that converge with the International Financial Reporting Standards (‘IFRS’) and require companies to adopt fair value accounting...

Read More
Posted Under: Company Law |

Disclosure Initiative – Principles of Disclosure

The IASB has published Discussion Paper that suggests principles to make disclosures in financial statements more effective. This Discussion Paper, published by the International Accounting Standards Board, could lead to amendments to IAS 1, the Standard covering general disclosure requirements, or the development of a new general disclos...

Read More
Posted Under: Company Law |

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

Read More
Posted Under: Company Law |

Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part I

Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards...

Read More
Posted Under: Company Law |
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