CA, CS, CMA - Exposure Draft Standard for Audit of Smaller and Less Complex Entities (SA-SLCE) Your comments on this Exposure Draft should reach us by March 31, 2021 Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wordin...
Read MoreCA, CS, CMA - 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 MoreCA, CS, CMA - 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 MoreCA, CS, CMA - 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 MoreCA, CS, CMA - 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 MoreCA, CS, CMA - Valuation is an exercise which is unique for every transaction and requires efforts, involvement, application of mind and thought for each assignment separately. Only guiding principles can be adopted and considered by the valuer while undertaking each assignment. Further, ‘value’ is an estimate of the value of a business or assets, a...
Read MoreCA, CS, CMA - Standard On Assurance Engagements (SAE) 3410 Assurance Engagements On Greenhouse Gas Statements Standard on Assurance Engagements (SAE) 3410, Assurance Engagements on Greenhouse Gas Statements, should be read in the context of the Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and Guida...
Read MoreCA, CS, CMA - Invitation of Comments on Exposure Drafts of Forensic Accounting and Investigation Standards(FAIS) – 250, 360, 370, 510, 520, 530 and 540 – (28-12-2020) Digital Accounting Assurance Board The Institute of Chartered Accountants of India 28th December, 2020 Announcement The Digital Accounting Assurance Board of The Institute of ...
Read MoreCA, CS, CMA - 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 MoreCA, CS, CMA - ‘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 MoreACIT 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 MoreM/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 MoreCIT Vs The KCP Limited (Andhra Pradesh High Court) - CIT Vs The KCP Limited (Andhra Pradesh High Court) In this case High Court explains Entire law on accrual of liability under mercantile system of accounting explained read with Accounting Standard 4 (AS-4) (contingencies and events occurring after the balance sheet date) issued by the ICAI and Secti...
Read MoreAshoka Hi-Tech Builders P.Ltd Vs Dy. Commissioner of Income Tax (ITAT Indore) - Ashoka Hi-Tech Builders Pvt. Ltd Vs DCIT (ITAT Indore) In this Case ITAT Indore explains Entire law on taxation of real estate construction contracts in the context of ‘completed contract’ vs. ‘percentage completion’ with reference to Accounting Standards AS-7 and AS-9 and ...
Read MoreITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai) - As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....
Read MoreNotification No. G.S.R (E) - (30/03/2019) - These rules may be called the Companies (Indian Accounting Standards) Second Amendment Rules, 2019. They shall come into force on 1st day of April, 2019....
Read MoreNotification No. [G.S.R. 273(E)] - (30/03/2019) - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th March, 2019 G.S.R. 273(E).— In exercise of the powers conferred by section 133 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government, in consultation with the National Financial Repo...
Read MoreNotification No. F.No. 17/15 1/2013-CL-V - (18/06/2018) - Amendment in Accounting Standard (AS) 11- An enterprise may dispose of its interest in a non-integral foreign operation through sale, liquidation, repayment of share capital, or abandonment of all, or part of, that operation. The payment of a dividend forms part of a disposal only when it constitute...
Read MorePress Release : 2017-2018/2642 - (05/04/2018) - Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016....
Read MoreS.O. 1965(E). - (02/04/2018) - Vide Notification number S.O. 529(E), dated the 5th February, 2018 it was specified that provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years to certain Government companies with effect from th...
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