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Fahad Ahmad

Latest Posts by Fahad Ahmad

Reporting of Key Audit Matters

October 8, 2020 5544 Views 0 comment Print

The purpose of communicating Key Audit Matters (KAM) is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. -KAM provides additional information to intended users of the Financial Statement to assist them in understanding those matters that, in the auditor’s judgement were of most significance in the audit of financial statement of current period.

How To Record Expected Credit Loss

October 3, 2020 32889 Views 1 comment Print

SCOPE: An entity shall recognize ECL on following: 1. FA measured at Amortized Cost 2. FS measured at FVTOCI 3. Lease Receivable 4. Contract Asset or Loan Commitment 5. Financial Guarantee Contract MEANING YOU SHOULD KNOW: PROBABILITY OF DEFAULT (PD): It is an estimate of a likelihood of a default over a given time horizon. […]

Accounting Treatment of Refundable Security Deposit

September 30, 2020 144795 Views 4 comments Print

Learn about the accounting treatment of refundable security deposit under Ind-AS 32 and Ind-AS 109. Understand the classification and reporting requirements for financial assets.

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