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Brief overview of Ind As 116 Leases (Proposed from 1.4.2019)

IND AS 116 Leases (Proposed to be applicable from 1.4.2019  Standard is proposed to be effective from annual periods beginning on or after 1 April 2019 (MCA notification is pending). The proposed standard for lessee eliminates the accounting difference between an operating lease and an finance lease.  Lessee’s with operating lease...

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Posted Under: CA, CS, CMA |

Exposure Draft on AS-1- My Opinion

With the onset of the IND AS in the Corporate world and the tightening screws of the Ministry of Corporate Affairs, ICAI has come up with a series of Exposure Drafts to revamp the Accounting Standards that were erstwhile issued. This move is to ensure that the older accounting standards are in line with IND […]...

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Posted Under: CA, CS, CMA |

Accounting of Borrowings / Loans under Ind AS

Accounting of Loans under Ind AS Two Ind AS would be referred for the accounting of loans: Ind AS 109 (Financial Instruments) and Ind AS 113 (Fair Value Measurement). As per Ind AS 109, financial instruments have to be measured at fair value at its initial recognition as per the methodology given by Ind AS […]...

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Posted Under: CA, CS, CMA |

Overcoming failures- Inspiration can come only from within!

As Thomas A Edison once said I have not failed I have found 10000 ways that won’t work. What is failure? Dictionary defines failure as a state of not meeting desirable or intended objective. If we try to understand this meaning we can draw a conclusion that the result of our effort was not as per our defined objective....

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Posted Under: CA, CS, CMA |

UDIN Applicable And Not Applicable List

UDIN APPLICABLE & NOT APPLICABLE LIST AS PER PDC-ICAI ■ APPLICABLE LIST: (i) Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate (ii) Certificates issued on the basis of Financial books of accounts and annual financial statements ̵...

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Posted Under: CA, CS, CMA |

How to Crack CA Exams after First Failure

As you are aware, results of all stages of CA Exam for November/December, 18 attempts has been declared by ICAI. Some Students are able to clear their exams and some are not able to get their desired results. All of us are aware that, CA Exam is one of the toughest exams of India. CA […]...

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Posted Under: CA, CS, CMA |

Note on Deposits under Companies Act, 2013

One more attempt has been made from my side to share my knowledge and experience regarding “Deposits” under the Companies Act, 2013 through this Article. As the new notification published on MCA (Ministry of Corporate Affairs) on date 22nd January 2019, this Article contains the Introduction, definition, clarification, applicability, ...

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Posted Under: CA, CS, CMA |

IFRS 8 Operating Segments

♦ In April 2001 the International Accounting Standards Board (Board) adopted IAS 14 Segment Reporting, which had originally been issued by the International Accounting Standards Committee in August 1997. ♦ In November 2006 the Board issued IFRS 8 Operating Segments to replace IAS 14. ♦ Core principle An entity shall disclose informa...

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Posted Under: CA, CS, CMA |

Standards On Internal Audit – A Bird’s Eye View

The Internal Audit Standard Board of the ICAI has, with other pronouncements, issued five Standards on Internal Audit (SIAs) in November 2018. The SIAs are a set of minimum requirements that apply to all members of the ICAI while performing internal audit of any entity or body corporate. However these are not mandatory to be undertaken ...

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Posted Under: CA, CS, CMA |

Ind AS 108: Operating Segments

Applicability (Para 2 – Para 4) ♣ Applicable to all companies to which Ind ASs notified under Companies Act apply. ♣ Companies to which Ind AS are not applicable but voluntarily opts to disclose Segment information, in that case entity has two options: either comply with all the requirements of this Ind AS or provide […]...

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Posted Under: CA, CS, CMA |