Indian Accounting Standard

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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Assets Retirement Obligation in Indian Accounting Standard

Income Tax - As per Ind AS, An Asset Retirement Obligation (ARO) is a legal obligation associated with the retirement of a tangible long-lived asset in which the timing or method of settlement may be conditional on a future event and Decommission Liability is the Estimated amount of dismantling and restoration cost that a company expects to incurred i...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

Income Tax - It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

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Fixed Assets are fully depreciated, but we still use them! What shall we do? [IndAS-16]

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Do you work in the production company? And did you find out that some of your production assets are still in operation but they were fully depreciated? In this case, the original estimate of machinery’s useful life proved to be incorrect. T...

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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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Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle

Income Tax - Exposure Draft of Annual Improvements to Ind AS Standards 2014-2016 Cycle, issued by Accounting Standards Board of ICAI, for comments....

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Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration

Income Tax - Following is Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transaction and Advance Consideration, issued by 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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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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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...

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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 ...

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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...

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Indian Accounting Standard’s Popular Posts

Recent Posts in "Indian Accounting Standard"

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: Finance |

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: Finance |

Assets Retirement Obligation in Indian Accounting Standard

As per Ind AS, An Asset Retirement Obligation (ARO) is a legal obligation associated with the retirement of a tangible long-lived asset in which the timing or method of settlement may be conditional on a future event and Decommission Liability is the Estimated amount of dismantling and restoration cost that a company expects to incurred i...

Read More
Posted Under: Finance |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9

It may be noted that the treatment of Dividend Distribution Tax (DDT) in the standalone financial statements of the parent entity and its subsidiary has been dealt with in the FAQ issued by the Accounting Standards Board (ASB) of ICAI on the treatment of Dividend distribution tax....

Read More
Posted Under: Finance |

Fixed Assets are fully depreciated, but we still use them! What shall we do? [IndAS-16]

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Do you work in the production company? And did you find out that some of your production assets are still in operation but they were fully depreciated? In this case, the original estimate of machinery’s useful life proved to be incorrect. T...

Read More
Posted Under: Finance |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 8

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:...

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)....

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Posted Under: Finance |

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

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....

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 |

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

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in 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 […]...

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Posted Under: Finance |
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