ED transferred attached assets worth Rs 8441.5 Crore to Public Sector Banks who suffered loss due to the bank fraud by Vijay Mallya Nirav Modi and Mehul Choksi 1. Vijay Mallya, Nirav Modi and Mehul Choksi have defrauded Public Sector Banks by siphoning off the funds through their companies which resulted in total loss of […]
Ministry of Corporate Affairs (MCA) has notified, Companies (Creation and Maintenance of databank of Independent Directors) Amendment, Rules 2021 on 18th June 2021. These Rules came into effect from 18th June 2021. Applicability: The new norms shall be applicable to Existing Independent directors and Individual who are willing to be appointed as independent director and […]
Ministry of Corporate Affairs (MCA) has notified, The Companies (Meetings of Board and its Powers) Amendment, Rules 2021 on 15th June 2021. These Rules came into effect from 15th June 2021. Section 173 of Companies Act, 2013 allows to hold Board Meeting through physical as well as video conferencing mode. However, Rule 4 restrict some […]
Quick Response (QR) code on B2C Invoice Particulars of Invoice : Source of Quick Response (QR) code Rule 46 of CGST Rule 2017, prescribed the particulars and details to be incorporated in the Tax Invoice such as name, address and Goods and Services Tax Identification Number of the supplier etc. Vide N/No. 31/2019 – CT […]
Accountant Standards (AS) 29 Provisions, Contingent Liabilities and Contingent Assets is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of this Standard is also to lay down appropriate accounting for contingent assets.
Accounting Standard (AS) 28 Impairment of Assets prescribe the procedures that an enterprise applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset.
Accounting Standards (AS) 27 Financial Reporting of Interests in Joint Ventures set out principles and procedures for accounting for interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors.
Accounting Standards (AS) 26 Intangible Assets prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard. This Standard requires an enterprise to recognise an intangible asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures about intangible assets.
Accounting Standards (AS) 25 Interim Financial Reporting prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in a complete or condensed financial statements for an interim period.
Accounting Standards (AS) 24 Discontinuing Operations establish principles for reporting information about discontinuing operations, thereby enhancing the ability of users of financial statements to make projections of an enterprise’s cash flows, earnings-generating capacity, and financial position by segregating information about discontinuing operations from information about continuing operations.
