Recognising the need for establishing uniform accounting principles and practices for all types of share-based payments for the companies following Accounting Standards under Companies (Accounting Standards) Rules, 2006, as amended under Section 133 of Companies Act, 2013, it is heartening to note that the Research Committee of the Instit...
Read More
‘Guidance Note on Applicability of AS 25 to Interim Financial Results’ which was issued in the year 2008 and ‘Guidance Note on Measurement of Income Tax Expense for Interim Financial Reporting in the context of AS 25’ which was issued in the year 2006 to issue as ‘Guidance Note on Applicability of AS 25 and Measurement of Income...
Read More
Exposure Draft of revised AS 21, The Effects of Changes in Foreign Exchange Rates, has been issued by the ASB for comments with the last date being December 3, 2020...
Read More
The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the ...
Read More
Companies (Indian Accounting Standards) Amendment Rules, 2020* The COVID 19 has not only affected health of people across the globe, but it also caused severe disturbance in global economic environment which consequentially created an impact on financial statements and reporting. Keeping in view all these drastic changes MCA on July 24, 2...
Read More
ACIT Vs Thiagarajar Mills Ltd. (ITAT Chennai) -
The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...
Read More
There may be a time gap between the balance sheet date (reporting date) and the date on which the financial statements are approved. During this gap of time, some events shall take place. Such events are called events after reporting period. For Example, a company prepares its balance sheet on 31/3/2021, but it is approved […]...
Read More
Let me start with the example: The Company has sales of $5,00,000/- on 1st April 2020. Spot Rate was Rs. 70/ $ To hedge the exchange rate fluctuation the Company has sold 2 Year forward contract of $4,00,000/- @ Rs. 72/ $. Date Spot Rate (Rs./ $) Forward Rate (Rs./ $) 31st March 2021 73 […]...
Read More
1. Following are the important Accounting Standards related with Segment Reporting 1. IFRS 8 2. INDAS 108 3. AS -17 2. Withdrawal of IAS 14 This IFRS supersedes IAS 14 Segment Reporting. 3. Differences between INDAS 108 and IFRS 8 INDAS 108 IFRS 8 1.Transitional provisions have not been given 1.Transitional provisions have been given [&he...
Read More
COVID-19 pandemic has disrupted the entire world whether its humans’ health or their financial health. Financial statements have to bear the direct impact of this unprecedented pandemic. But how will this be shown and disclosed? This is being answered by the prestigious Institute of Chartered Accountants of India (ICAI) in its Advisory ...
Read More
Finance Lease As per Accounting Standard 19 (Leases): Definitions ♣ A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. ♣ A finance lease is a lease that transfers substantially all the […]...
Read More
Recently the MCA issued notification dated 24/07/2020 wherein a number of amendments are introduced in IndAS 103, 107, 109, 116, 7, 8, 10, 34 and 37. We will be here discussing the amendments brought in IndAS 103. It is worthy to note that the changes are in line with changes introduced by IASB in IFRS […]...
Read More
Depreciation is a common accounting concept which the accountant comes across in their regular course of employment or in regular course of their business. This article will explore the treatment of depreciation under Companies Act, Income Tax Act and in Indian and internationally accepted Accounting Standard. DEFINITION AND TREATMENT OF ...
Read More
Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them....
Read More
Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...
Read More
A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c...
Read More
Applicability of Ind AS on Banks & Financial Institutions The Ministry of Corporate Affairs (MCA), in January, 2016, had notified the roadmap for implementation of Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) for Scheduled commercial banks (excluding RRBs), insurers/insurance companies ...
Read More
Leases is one of the important accounting standard on which detailed improvements /modifications has been made in recent times. Therefore, this article is an attempt to demystify the relevant accounting standard on Leases. My attempt is to present the relevant standards in simple language. Following are the relevant standards relating wit...
Read More
Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS19 & AS 15 (Revised 2005) by Indian Public, Private and Multinational Companies ? Background Indian Public Sector, Private Sector and Multinational Companies needs to prepare the Financial Statement such as Balance Sheet & Profit/L...
Read More
Article deals with treatment of foreign exchange (forex) fluctuations on computation of total income in case of capital assets acquired by using funds borrowed from outside India in the form of ECB, Loans and payment to suppliers (borrowed funds). ...
Read More
Background, Ind AS-116 Leases brings significant changes in accounting requirements for lease accounting, mainly for lessees. The new standard replaces the existing standard i.e. Ind AS-17, Leases with effect from accounting periods beginning on or after 1 April 2019. The new standard requires lessees to recognise “Right-of-use assets...
Read More
Why Actuarial Valuation Services are needed by Indian and Multinational Companies for Accounting of Defined Benefit Plans (i.e. Gratuity, Leave Encashment, Long Service Award Plan, etc.) in compliance of AS 15 (Revised 2005) & Ind AS 19? I hope the below email may help you in understanding the requirement of Actuarial Valuation Servic...
Read More
Ind AS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors 1. Accounting policies are the specific principles and procedures implemented by a company’s management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and procedures for presenting disclo...
Read More
Permanent differences as the name suggests are permanent in nature which means it cannot be subsequently reversed in future period. An expense accrued or provision made in the statement of profit and loss of current year but not allowed for tax purposes in current as well as future period. It does not result in deferred tax assets or defe...
Read More
Business is passing through an unprecedented time and incurring huge direct and indirect costs due to Covid 19 pandemic. Lockdown protocols have led to severe supply chain disruptions and labour shortages, hurting both the top and the bottom lines of almost all companies. Writing offs inventory with low shelf life or high storage costs or...
Read More
Indian Accounting Standard (Ind AS) 114 Regulatory Deferral Accounts# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting requirements for reg...
Read More
Indian Accounting Standard (Ind AS) 111 Joint Arrangements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial ...
Read More
Indian Accounting Standard (Ind AS) 110 Consolidated Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles...
Read More
Indian Accounting Standard (Ind AS) 106 Exploration for and Evaluation of Mineral Resources# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to sp...
Read More
Indian Accounting Standard (Ind AS) 105 Non-current Assets Held for Sale and Discontinued Operations# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS)...
Read More
Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Ind AS is to ensure that an entity’s fi...
Read More
Indian Accounting Standard (Ind AS) 33 Earnings per Share# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe principles for the determination and presentation of...
Read More
Indian Accounting Standard (Ind AS) 32 shall be applied to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be he...
Read More
Indian Accounting Standard (Ind AS) 29 Financial Reporting in Hyperinflationary Economies# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1. This Standard shall be applied to the financial statements, including t...
Read More
Indian Accounting Standard (Ind AS) 23 Borrowing Costs# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Core principle 1 Borrowing costs that are directly attributable to the acquisition, construction or production of a...
Read More
Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 An entity may carry on foreign activities in two ways. It may have tra...
Read More
Indian Accounting Standard (Ind AS) 20 Accounting for Government Grants and Disclosure of Government Assistance# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1 This Standard shall be applied in accounting for, ...
Read More
Indian Accounting Standard (Ind AS) 17 Lease# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and ...
Read More
This SAE is effective in relation to reports on projections/forecasts issued on or after April 1, 2007. 1. Introduction The purpose of this (SAE) is to establish standards and provide guidance on engagements to examine and report on prospective financial information (PFI) including examination procedures for best-estimate and hypothetical...
Read More
Impairment is determined by comparing CARRYING VALUE of the asset with it’s RECOVERABLE AMOUNT. It will be higher of Fair Value less Cost of Disposal and its Value in Use. Impairment rules apply to both Tangible and Intangible Assets. Scope and Applicability: It applies to all tangible, intangible and financial assets except- Inventorie...
Read More
Assessment of Going Concern is one of the key areas which require the attention of Auditors and Management for the audit of financial statements for the year ended 31st March 2020. However, it is the general assumption of people that assessment of going concern is only the responsibility of auditors and not that of management. […]...
Read More
IAS 16 Property, Plant and Equipment (PPE) covers the aspects of accounting for property, plant and equipment and represents the list of items falls into Tangible Non-Current Assets....
Read More
Timely and effective communication between the management and the auditor is essential in ensuring that both are able to fulfil their respective responsibilities in relation to going concern aspect during these uncertain times....
Read More
tandard on Auditing, (SA) 240, one of the most authoritative text deals with the auditor’s responsibilities relating to fraud in an audit of financial statements. With the flood of opportunities to open up for auditors to audit financial statements for the period ending 31st March 2020...
Read More
With passage of time for many of us Cash Flows Statement has become just a component of Financial Statements that need to be prepared or verified. However in the recent times, with advent of COVID-19 pandemic around the globe Cash Flows Statement along with other components of financial statement is becoming extremely important for prospe...
Read More
As per provisions of Section 129 of the Companies Act 2013, each company has to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year in compliance of Accounting Standards as stipulated in Section 133 of the Companies Act 2013, so that they can give a true and fair view ...
Read More
Accounting Standard –1 (Disclosure of Accounting Policies) and Indian Accounting Standard -1 (Presentation of Financial Statements) Along with Impact of COVID-19 Over the same. Accounting Standard –1 (Disclosure of Accounting Policies) 1. Purpose: Purpose of this standard is to promote better understanding of financial statements by e...
Read More
In this write-up, I am going to discuss the preparation and presentation of the Consolidated Financial Statement. The Companies Act, 2013 in its Section 129 along with Rule 6 of the Companies (Accounts) Rules, 2014, and Accounting Standard 21 govern the provision related to the consolidation of the financial statement. Now the question ar...
Read More
In most cases when a company acquires certain types of long-term assets, it has an obligation to remove these assets after the end of their useful lives and restore the site. Most of these long term assets are constructed on leased land or premises, thus obligating the user to return it in the original condition at the end of the agreed t...
Read More
Brief of IND AS Areas to be considered (A questionnaire for management) Due to Covid-19 while preparing Financial Statement for FY 2019-20 Areas Covered: 1. Inventory Measurement 2. Impairment of Non-Financial Assets 3. Provisions, Contingent Liabilities and Contingent Assets 4. Going Concern Assessment 5. Property, Plant and Equipment 6....
Read More
With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The basis of value is closely related to the purpose of a given valuation exercise and can often vary. Selecting an appropriate basis of value is critical. For example, Fair Value is generally used for […]...
Read More
Key Differences and Accounting requirement for Employee Benefit Plans in compliance of AS 15 (Revised 2005) and IndAS 19 by Companies at the end of each Financial Year. This post is an attempt to make awareness about Key Differences & Accounting Requirement for Employee Benefit Plans (i.e Gratuity, Leave Encashment, Pension & Post...
Read More
ICSI Auditing Standards aims to support the Company Secretaries in developing auditing acumen, techniques and tools and inculcate best auditing practices while conducting the audit and promote standardisation and uniformity in the professional arena. The Institute of Company Secretaries of India has issued the first four Auditing Standard...
Read More
Earnings per share (‘EPS’), as the name suggests comprises of two factors: 1. The net profit or loss for the year/period attributable to the ordinary shareholders, and 2. The weighted average number of ordinary shares outstanding during the year/period. While the first component of EPS is easy to determine, the second may pose various...
Read More
M/s. Optum Health & Technology (India) Pvt. Ltd. Vs ITO (ITAT Bangalore) -
The fact that bills were not raised did not stop accrual of income under the mercantile system of accounting. Therefore, the claim of assessee which was purely based on AS-9 was not sustainable and the revenue was justified in making the impugned addition....
Read More
Introduction In this ED, the IASB has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. The IASB is also proposing limited changes to the statement of cash flows and the statement of financial position. The ED requires companies to: Present 3 new defined subtot...
Read More
Globally On 7 June 2017, the International Accounting Standards Board (IASB or the Board) issued IFRIC Interpretation 23 — Uncertainty over Income Tax Treatments (the Interpretation). The Interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax trea...
Read More
Requirement of Actuarial Valuation Reports in compliance for International Accounting Standard 19 – IAS 19 This article is an attempt to describe about requirement of Actuarial Valuations for compliance of International Accounting Standard 19 – IAS 19 by Indian MNC’s & Companies Operating Middle East and North Africa...
Read More
When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...
Read More
While formulating the ASLBs, due consideration is given to the International Public Sector Accounting Standards (IPSASs) issued by the International Public Sector Accounting Standards Board (IPSASB) of IFAC for integrating the same to the extent possible, in the light of the conditions and practices prevailing in India. The Committee ...
Read More
Ind AS 116- Leases, is effective from annual period beginning on or after 1 April 2019. Ind AS 116 Supersedes Ind AS 17 – Leases from the date of its applicability. Under Ind AS 17, lease rentals under an operating lease were recognised as an expense/income on a straight line basis over the lease term […]...
Read More
A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an asset to another entity (the buyer-lessor) for consideration and leases that asset back from the buyer-lessor. Ind AS 116 makes significant changes to sale and leaseback accounting....
Read More
THE INSTITUTE OF Company Secretaries of India IN PURSUIT OF PROFESSIONAL EXCELLENCE Statutory body under an Act of Parliament (Under the jurisdiction of Ministry of Corporate Affairs) EXPOSURE DRAFTS OF GUIDANCE NOTE ON ICSI AUDITING STANDARDS FOR PUBLIC COMMENTS (Last date for submission of comments: 5th December, 2019) The Institute of ...
Read More
The need for converging to international financial reporting practices in India is now being realised with the adoption of Indian Accounting Standards by Indian companies that are converged International Financial Reporting Standards. With incorporating the aspects of international financial reporting framework and accounting practices, t...
Read More
This note is an attempt in the matter of accounting provisions to be made in financial reporting of enterprises for Compensatory Absences (Leave Encashment Obligations) in compliance of Accounting Standard AS -15 (Revised 2005) issued by Accounting Standard Board of the Institute of Chartered Accountant of India....
Read More
The assessment of whether a contract is or contains a lease is the biggest practical issue while applying Ind AS 116. This assessment is required right at the inception of the contract. In most of the cases, the assessment is likely to be straightforward and contracts which are classified as lease contracts under Ind AS 17 are likely to c...
Read More
Disclosure requirement in compliance of AS 15 (Revised 2005) for SME and Non SME Companies in India In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the financial statements at the end each Financial Year. Ensuring the proper compliance and provisions of the...
Read More
TREATMENT OF SHARE BASED PAYMENTS WHILE PREPARING FINANCIAL STATEMENTS AS PER AS, IND AS AND IFRS (LATEST AND SIMPLIFIED) The relevant Accounting Standards relating to Share Based Payments are the following:- a. INDAS 102 b. IFRS 2 c. Guidance Note issued by ICAI There is no major difference between INDAS 102 and IFRS 2.Therefore, the [&h...
Read More
1. Gratuity Benefit is payable by Schools to its employees. Furthermore, with amendment of ‘Payment of Gratuity Act’ in 2009, Gratuity is payable to teachers also. The amended act can be accessed from the gazette vide Notification S.O. 1080 by Ministry of Labour and Employment. 2. How Schools should do their accounting is explained by...
Read More
An entity shall classify financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit & loss on the basis of both: (a) The entity’s business model* for managing the financial assets and (b) The contractual cash flow** characteristics of the financial asset. ...
Read More
The relevant Accounting Standards relating to Employee Benefits are the following:- a. INDAS 19 b. IAS 19 c. AS 15 There is no major difference between INDAS 19 and IAS 19.Therefore, the following descriptions relate to both INDAS 19 and IAS 19. Statements of Profit and loss and other Comprehensive income, Statement of changes in [&hellip...
Read More
TREATMENT OF PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS WHILE PREPARING FINANCIAL STATEMENTS AS PER AS, IND AS AND IFRS (LATEST) Assistant Professor of Commerce. The relevant Accounting Standards relating to PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS are the following:- a. INDAS 37 b. IAS 37 c. AS 29 There is n...
Read More
This article aims at covering most of the concepts of recently issued Ind AS 116 by the ICAI and MCA which will supersede the earlier issued standard Ind AS 17 on leases w.e.f. 01st April 2019 1. Introduction Ind-AS 116 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. Ind-AS 116 [&h...
Read More
Ind AS 116, Leases, is applicable for annual reporting periods beginning on or after April 1, 2019. Entity X has applied Ind AS 116 using modified retrospective approach, under which the cumulative effect of initial application is recognised in retained earnings as on April 1, 2019....
Read More
In Ind AS 19/IAS 19 Generally 4 types of Benefits have been discussed which can be payable to employees. 1. Short Term Employee Benefits – Payable within 12 Months 2. Post-Employment Benefits – Payable only after completion of Employment 3. Other Long Term employee Benefits – Long term Paid Leave, Disability Benefits 4. Terminat...
Read More
In year 2005, PQR Limited entered into a lease agreement to take on lease an office building from ABC Limited for a period of one year. Since 2005, the contract has been renewed every year for a further period of one year at a time. As per the past practice, it is likely that the contract will be renewed for another one year at the expiry...
Read More
What is the presentation requirement as per Ind AS in India for dividend and dividend distribution tax thereon?...
Read More
The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various inter-related conc...
Read More
Learning Outcomes > Understand meaning and scope of intangible assets. > Recognise the criteria. > Examine mode of acquisition. > Measure intangible assets at initial recognition. > Measure intangible assets after recognition. > Evaluate amortization and useful life of intangible asset. > De-recognition and comply wit...
Read More
Overview of Ind AS-116 ♠ The Ministry of Corporate Affairs (MCA) notified Ind AS 116, the new leases accounting standard on 30th March 2019 with the effective date of its application from 1st April 2019. Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. ♠ Ind AS 116 defines a lease as a […]...
Read More
A SIMPLE VERSION OF INDAS-16 AND IAS 16 -PROPERTY,PLANT AND EQUIPMENT The relevant Accounting Standards relating to Property, Plant and Equipment are the following:- 1. AS-6, AS-10 2. INDAS-16 3. IAS-16 There is no major difference between INDAS-16 AND IAS-16.So the following details relate to both INDAS-16 and IAS-16. Property, Plant and...
Read More
Accounting of Interest free demand loan given by One Company to Other Company which may or may not be related party- Entity generally advances various demand loans / Inter Corporate Deposits (ICDs) to various parties on commercial terms and sometime entities does not charge any interest or charge an interest, which is below market rate....
Read More
Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases’ for public comments ICAI/TD/CPF&ASLB/2019-20 , Dated: August 8, 2019 Dear Sir/Madam, Sub: Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases‘ for comments. At the outset, we would like to inform you that du...
Read More
Business organisations enter into a bunch of restructuring transactions which satisfy the definition of business combinations as per Ind AS 103. There is also a requirement to understand the accounting, tax, presentation and reporting requirements in the case of common control transactions.
...
Read More
Accounting for Inventories AS-2 Valuation of Inventories IAS-2 Inventories INDAS-2 Inventories Important Points are as follows 1. Matching Concept is the relevant concept for Inventories 2. Definition Inventories Consists of the following Held for sale in the ordinary course of business(finished goods) In the process of production of such...
Read More
This Compendium of Accounting Standards is relevant for all companies, other than the companies following Ind AS, and also to non-corporate entities for the purpose of preparation and presentation of good quality financial statements....
Read More
In order to provide a quick guide of the key provisions of the Accounting Standards, an initiative has been taken up by the Accounting Standards Board of ICAI to publish a booklet titled ‘Accounting Standards: Quick Referencer’....
Read More
Indian Accounting Standards Standards applicable to Financial Instruments: Ind AS 32 : Financial Instruments: Presentation Ind AS 39 : Financial Instruments: Recognition and Measurement Ind AS 107 : Financial Instruments: Disclosures Ind AS 109 : Financial Instruments OBJECTIVES Standard No. Standard Objective Ind AS 32 (Complement to Ind...
Read More
In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 12 Income Taxes. The proposed amendments would require an entity to recognise deferred tax on initial recognition of particular transactions to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabiliti...
Read More
This is the third edition of our earlier issued publication which contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting sta...
Read More
ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new di...
Read More
Paragraph 5.7.1 of Ind AS 109 requires a gain or loss on a financial asset that is measured at fair value to be recognised in profit or loss – though there are some exceptions to this general requirement, these are not applicable in the case under discussion....
Read More
This publication presents a checklist of disclosures requirements under Ind AS applicable to entities preparing its financial statements voluntarily and mandatorily beginning on or after April 1, 2016, in accordance with Ind AS. The disclosures checklist is based on the Indian Accounting Standards (Ind AS) that are effective as on April 0...
Read More
CSAS-1 Auditing Standard on Audit Engagement Applicability: 1. Applicable to Auditor undertaking Audit Engagement under any Statute. 2. CSAS-1 deals with the Auditor’s role and responsibilities w.r.t Audit Engagement and the process of entering into an understanding/ agreement with the Appointing Authority. – Effective Date: Objec...
Read More
AS 18 defines the disclosure requirements related to related party relationship and transaction between a reporting enterprise and its related parties in the financial statement of that enterprise. The basic assessment during disclosure is centered upon two things viz., who is related party and what amounts to related party transaction. A...
Read More
Issue 1: Entity A is required to apply Ind ASs in preparing its financial statements for periods beginning on or after April 1, 2018. Thus, the date of Entity A’s transition to Ind ASs is April 1, 2017....
Read More
ICAI Press Release ICAI releases Compendium of Ind AS (E-version) effective from April 01, 2019 Indian Accounting Standards Framework (Ind AS Framework) is based on IFRS Standards. IFRS Standards undergo regular upgrades due to issuance of new Standards and amendments in existing Standards by way of annual improvements etc. The Central Go...
Read More
The Indian Accounting Standards (IND AS) are Accounting Standards, harmonized with IFRS (International Financial Reporting Standards)/IAS (International Accounting Standards) to make Financials Accounts and Reports of Indian Companies internationally accessible, acceptable, transparent and comparable....
Read More
Exposure Draft Accounting Standard (AS) 34 Interim Financial Reporting- Interim financial report means a financial report containing either a complete set of financial statements as described in AS 1, Presentation of Financial Statements, or a set of condensed financial statements (as described in this Standard) for an interim period....
Read More
