Goods and Services tax (popularly known as GST) would soon be the new system of indirect taxation in India that will subsume all the other indirect taxes that has been levied and collected in India so far. From the viewpoint of a taxpayer, registration under GST would be the key factor. The aim of this […]
This Standard should be applied in accounting for provisions and contingent liabilities and in dealing with contingent assets, except: (a) those resulting from financial instruments that are carried at fair value; (b) those resulting from executory contracts, except where the contract is onerous; Explanation :
1. This Standard should be applied in the preparation and presentation of consolidated financial statements for a group of enterprises under the control of a parent. 2. This Standard should also be applied in accounting for investments in subsidiaries in the separate financial statements of a parent.
This standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
Shares, debentures and other securities held as stock-in-trade (i.e., for sale in the ordinary course of business) are not ‘investments’ as defined in this Standard. However, the manner in which they are accounted for and disclosed in the financial statements is quite similar to that applicable in respect of current investments.
The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment.
A contingency is a condition or situation, the ultimate outcome of which, gain or loss, will be known or determined only on the occurrence, or non-occurrence, of one or more uncertain future events.
This Revised ‘Accounting Standard (AS) 2- Valuation of Inventories’ as applicable for the accounting periods commencing on or after April 1, 2017 after considering Companies (Accounting Standards) Amendment Rules, 2016 (G.S.R. 364(E) dated 30.03.2016) also read with ICAI Press Release dated 28.09.2016 titled “Amendment to AS 2, 4, 6, 10, 13, 14, 21 and 29 […]
Every insolvency professional agency shall have adopted comprehensive bye-laws, which are in consonance with the model bye-laws, to govern its internal matters prior to its registration as an insolvency professional agency:
Any person who seeks to establish an insolvency professional agency under the Code shall form a company limited by share capital, and registered under section 8 of the Companies Act, 2013 and such company may make an application to the Board for grant of certificate of provisional registration or certificate of transitional registration as an insolvency professional agency under these Regulations.
