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accounting standard

Mandatory and Non Mandatory Accounting Standards issued by the ICAI

Latest Articles


Non-Compliance with Accounting Standards & LODR Rules

SEBI : Failure to comply with accounting standards may violate LODR regulations, affecting financial transparency, director accountabilit...

February 11, 2025 552 Views 0 comment Print

Illustrative Accounting Policies for a non-company entity complying with ICAI AS

CA, CS, CMA : Explore illustrative accounting policies for non-company entities as per ICAI standards, covering preparation, revenue recognition...

September 3, 2024 2151 Views 0 comment Print

List of ICDS and its reconciliations with Accounting Standards​

Income Tax : A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable in...

September 2, 2024 3240 Views 0 comment Print

Accounting treatment for derecognition / retirement & disposal of PPE (AS 10)

CA, CS, CMA : Learn the accounting treatment for derecognition, retirement, and disposal of PPE under AS 10, including recognition, measurement,...

July 25, 2024 738 Views 1 comment Print

Comprehensive FAQ on Ind AS 115: Revenue from Contracts with Customers

CA, CS, CMA : Discover a comprehensive FAQ on Ind AS 115, covering revenue recognition principles, key concepts, and implementation challenges. ...

June 25, 2024 3783 Views 0 comment Print


Latest News


Revised Classification Criteria for Non-Company Entities in Accounting Standards

CA, CS, CMA : ICAI announces new classification criteria for non-company entities' Accounting Standards, effective April 1, 2024. Learn about MS...

November 10, 2024 3831 Views 0 comment Print

Amendments to AS 22, Accounting for Taxes on Income issued by the ICAI

CA, CS, CMA : ICAI amends AS 22 for non-company entities, introducing exceptions and disclosure requirements for deferred tax related to Pillar ...

July 29, 2024 1314 Views 0 comment Print

Exposure Draft of Lack of Exchangeability – Amendments to Ind AS 21

CA, CS, CMA : Stay updated on Indian Accounting Standards (Ind AS) amendments. Accounting Standards Board seeks your input on Lack of Exchangeab...

November 1, 2023 738 Views 0 comment Print

Amendment to Clarification Regarding Authority Attached to Documents Issued by ICAI

CA, CS, CMA : Clarification provides the level of authority of various documents issued by ICAI e.g. Accounting Standards, Auditing Standards, G...

August 21, 2023 1527 Views 0 comment Print

Exposure Draft: International Tax Reform – AS 22 Amendments

CA, CS, CMA : The Accounting Standards Board issues an Exposure Draft of International Tax Reform—Pillar Two Model Rules, proposing Amendments...

July 25, 2023 465 Views 0 comment Print


Latest Judiciary


CUP is most appropriate method for determining ALP for importing goods for manufacturing segment

Income Tax : ITAT Bangalore held that Comparable Uncontrolled Price (CUP) is the most appropriate method for determining the Arm’s Length Pri...

April 24, 2023 885 Views 0 comment Print

Developer to follow AS 11 issued by ICAI & not AS-7 which applies to contractor

Income Tax : Aadarh Developers Vs ACIT (ITAT Rajkot) Admittedly, the assessee is a developer and not a works contractor. Therefore, the revenue...

July 31, 2022 693 Views 0 comment Print

Service Tax/VAT not to be considered for recognizing revenue under AS7

Income Tax : Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) Ground- Learned CIT(A) has erred in considering amounts aggregating to Rs.26,839,975 t...

April 27, 2020 1479 Views 0 comment Print

Change in Inventory Valuation Method Allowed if Based on AS 2

Income Tax : The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as presc...

February 5, 2020 9369 Views 0 comment Print

Non-issue of bills does not stop accrual of income under mercantile system of accounting

Income Tax : The fact that bills were not raised did not stop accrual of income under the mercantile system of accounting. Therefore, the clai...

January 2, 2020 2592 Views 0 comment Print


Latest Notifications


Companies (Indian Accounting Standards) Second Amendment Rules, 2024

Company Law : The Ministry of Corporate Affairs amends Companies (Ind AS) Rules, introducing new leaseback regulations. Effective from 9th Septe...

September 9, 2024 5976 Views 0 comment Print

Non-Compliance with Related Party Disclosure Standards: MCA Imposes ₹8 lakh Penalty

Company Law : MCA penalizes Sri Subhalakshmi Infra Pvt Ltd for improper related party disclosures in FY 2014-15 and 2016-17, imposing a total fi...

July 12, 2024 750 Views 0 comment Print

NFRA Imposes Penalty on Auditor for Non-Reporting of Company’s AS Non-Compliance

Company Law : National Financial Reporting Authority (NFRA) issues an order imposing a penalty on CA Gautam Guha of Rupees One Lakh (Rs. 1,00,00...

June 12, 2023 2346 Views 0 comment Print

Indian Government Accounting Standard on Prior Period Adjustments

CA, CS, CMA : The objective of this Standard is to prescribe the manner in which Prior Period Adjustments including errors once identified shall...

March 2, 2023 1071 Views 0 comment Print

Non-Accrual of interest on borrowings by companies in violation of Ind AS

Company Law : NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It ha...

October 20, 2022 7230 Views 1 comment Print


Latest Posts in accounting standard

Non-Compliance with Accounting Standards & LODR Rules

February 11, 2025 552 Views 0 comment Print

Failure to comply with accounting standards may violate LODR regulations, affecting financial transparency, director accountability, and investor confidence.

Revised Classification Criteria for Non-Company Entities in Accounting Standards

November 10, 2024 3831 Views 0 comment Print

ICAI announces new classification criteria for non-company entities’ Accounting Standards, effective April 1, 2024. Learn about MSME and Large Entity classifications.

Companies (Indian Accounting Standards) Second Amendment Rules, 2024

September 9, 2024 5976 Views 0 comment Print

The Ministry of Corporate Affairs amends Companies (Ind AS) Rules, introducing new leaseback regulations. Effective from 9th September 2024. Learn the key updates here.

Illustrative Accounting Policies for a non-company entity complying with ICAI AS

September 3, 2024 2151 Views 0 comment Print

Explore illustrative accounting policies for non-company entities as per ICAI standards, covering preparation, revenue recognition, depreciation, and more.

List of ICDS and its reconciliations with Accounting Standards​

September 2, 2024 3240 Views 0 comment Print

A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable income computation in India.

Amendments to AS 22, Accounting for Taxes on Income issued by the ICAI

July 29, 2024 1314 Views 0 comment Print

ICAI amends AS 22 for non-company entities, introducing exceptions and disclosure requirements for deferred tax related to Pillar Two income taxes. Effective April 1, 2024.

Accounting treatment for derecognition / retirement & disposal of PPE (AS 10)

July 25, 2024 738 Views 1 comment Print

Learn the accounting treatment for derecognition, retirement, and disposal of PPE under AS 10, including recognition, measurement, and journal entry examples.

Non-Compliance with Related Party Disclosure Standards: MCA Imposes ₹8 lakh Penalty

July 12, 2024 750 Views 0 comment Print

MCA penalizes Sri Subhalakshmi Infra Pvt Ltd for improper related party disclosures in FY 2014-15 and 2016-17, imposing a total fine of ₹8 lakhs.

Comprehensive FAQ on Ind AS 115: Revenue from Contracts with Customers

June 25, 2024 3783 Views 0 comment Print

Discover a comprehensive FAQ on Ind AS 115, covering revenue recognition principles, key concepts, and implementation challenges. Gain insights into how this standard impacts financial statements.

Understanding AS 13 – Accounting For Investments

June 21, 2024 2997 Views 0 comment Print

Understand AS 13 Accounting for Investments: Learn about investment types, properties, carrying amounts, reclassification, and essential financial disclosures.

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