accounting standard

Indian Accounting Standard (Ind AS)- Brief Study

CA, CS, CMA - Ind AS the new set of accounting standards was notified by the Ministry of Corporate Affairs (MCA) on February 19, 2015. As of date, there are 39 Ind AS notified by the MCA. The Ind AS are named and numbered in the same way as the corresponding IFRS. The application of Ind AS is based on the listing status and net worth of a company....

Read More

Treatment of Exchange Fluctuation under Income Tax Laws

CA, CS, CMA - 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

Accounting Standard (AS) 10 Property, Plant and Equipment

CA, CS, CMA - The objective of Accounting Standard (AS) 10 Property, Plant and Equipment is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment....

Read More

Accounting Treatment of Spare Parts

CA, CS, CMA - Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset...

Read More

Treatment of Stores, Spares and Servicing Equipment as Per IND AS 16

CA, CS, CMA - As Per sub section (1) of Section 128, Every Company shall keep at its registered office, the books of accounts and book or papers including Financial Statements with respect to every financial year including that of its branch office or offices and explain the transactions effected both at the registered office and branches....

Read More

Ind AS Transition Facilitation Group Clarification Bulletin 14

CA, CS, CMA - As per Ind AS 23, Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognize other borrowing costs as an expense in the period in which it incurs them....

Read More

Exposure Draft of upgraded Accounting Standards for Public Comments

CA, CS, CMA - Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies in phased manner. For other class of companies, i.e., primarily the unlisted entities having net worth less than Rs. 250 crores, ...

Read More

Accounting Standard 16 Property, Plant &amp Equipment- Exposure Draft

CA, CS, CMA - AS 10 has been taken as the base for formulating the upgraded Standard on Property, Plant and Equipment. The upgraded Standard on AS 16 is almost similar to AS 10. However, there are certain differences between draft AS 16 and AS 10. ...

Read More

Uncertainty over Income Tax Treatments to Ind AS 12- Exposure Draft

CA, CS, CMA - Following is the Exposure Draft of Appendix C, Uncertainty over Income Tax Treatments of Ind AS 12, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More

Accounting Standards for Local Bodies (ASLBs) 20, ‘Related Party Disclosures’ for Comments

CA, CS, CMA - The objective of ASLB 20, ’Related Party Disclosures’ is to require the disclosure of the existence of related party relationships where control existsand the disclosure of information about transactions between the entity and its related parties in certain circumstances.This information is required for accountability purposes and to ...

Read More

Loss should be recognized immediately if contract cost is likely to exceed revenue

ITO 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 More

Addition not warranted for low profit due to application of revised AS 7

Principal CIT (Central) Vs M/s A2Z Maintenanc & Engineering Services Ltd, (Delhi High Court) - his Court in Paras Buildtech India Pvt. Ltd. v. Commissioner of Income Tax (2016) 382 ITR 630 (Del) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008) 299 ITR 1 (SC)....

Read More

No addition for change in valuation of stock, where method changed in compliance of ICAI Accounting Standard

ACIT Vs M/s J. K. Synthetics Ltd. (ITAT Lucknow) - ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by t...

Read More

Construction Business- No Revenue recognition if substantial risk & reward not transferred to buyer

ITO Vs M/s Tirupati Enterprises (ITAT Ahmedabad) - ITAT Ahmedabad held in case of ITO vs. M/s Tirupati Enterprises held that the revenue has to be recognized only at the time when substantial risk and reward are transferred to the buyer by the seller. Since the construction was incomplete, the property was not ready for sale. ...

Read More

AS-7 is applicable to a “Contractor” and not to a “Developer”

Income Tax Officer Vs M/s. Meeti Investment and Consultancy P. Ltd. (ITAT Ahemdabad) - Brief facts of the case are that assessee is engaged in the business of sale/purchase of TDR, income by way of stallage and construction activity. During the assessment proceedings AO found that assessee had received advanced booking amount on account of the construction activity...

Read More

FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

Read More

Issues on implementation of MAT provisions for Ind AS companies

NA - (25/07/2017) - CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....

Read More

Guidelines on compliance with Accounting Standard (AS) 11 by banks

Notification No. RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 - (18/04/2017) - It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11....

Read More

Companies (Indian Accounting Standards) (Amendment) Rules, 2017

G.S.R. 258(E) - (17/03/2017) - (1) These rules may be called the Companies (Indian Accounting Standards) (Amendment) Rules, 2017. (2) They shall come into force on the 1st day of April, 2017....

Read More

Applicability of Revised Accounting Standards

General Circular No. 04/2016 - (27/04/2016) - Stakeholders have sought clarifications with regard to the accounting period for which the accounts would need to be prepared using the Accounting Standards, as amended through the Companies (Accounting Standards) Amendment Rules, 2016. The matter has been examined in the Ministry and it is ...

Read More

Recent Posts in "accounting standard"

Indian Accounting Standard (Ind AS)- Brief Study

Ind AS the new set of accounting standards was notified by the Ministry of Corporate Affairs (MCA) on February 19, 2015. As of date, there are 39 Ind AS notified by the MCA. The Ind AS are named and numbered in the same way as the corresponding IFRS. The application of Ind AS is based on the listing status and net worth of a company....

Read More
Posted Under: Company Law |

Ind AS Transition Facilitation Group Clarification Bulletin 14

As per Ind AS 23, Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognize other borrowing costs as an expense in the period in which it incurs them....

Read More
Posted Under: Company Law |

Exposure Draft of upgraded Accounting Standards for Public Comments

Indian Accounting Standards (Ind AS), as notified by the Ministry of Corporate Affairs in February, 2015, have been applicable to the specified class of companies in phased manner. For other class of companies, i.e., primarily the unlisted entities having net worth less than Rs. 250 crores, ...

Read More
Posted Under: Company Law |

Accounting Standard 16 Property, Plant &amp Equipment- Exposure Draft

AS 10 has been taken as the base for formulating the upgraded Standard on Property, Plant and Equipment. The upgraded Standard on AS 16 is almost similar to AS 10. However, there are certain differences between draft AS 16 and AS 10. ...

Read More
Posted Under: Company Law |

Uncertainty over Income Tax Treatments to Ind AS 12- Exposure Draft

Following is the Exposure Draft of Appendix C, Uncertainty over Income Tax Treatments of Ind AS 12, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Company Law |

Treatment of Exchange Fluctuation under Income Tax Laws

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
Posted Under: Company Law |

Accounting Standard (AS) 10 Property, Plant and Equipment

The objective of Accounting Standard (AS) 10 Property, Plant and Equipment is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment....

Read More
Posted Under: Company Law |

Accounting Treatment of Spare Parts

Now, it is very imperative to ascertain the treatment of transitional provisions as well the treatment of future purchases of such spare parts under Income Tax Act. The Income Tax Act does not provide for any particular definition of capital asset or fixed asset...

Read More
Posted Under: Company Law |

Accounting Standards for Local Bodies (ASLBs) 20, ‘Related Party Disclosures’ for Comments

The objective of ASLB 20, ’Related Party Disclosures’ is to require the disclosure of the existence of related party relationships where control existsand the disclosure of information about transactions between the entity and its related parties in certain circumstances.This information is required for accountability purposes and to ...

Read More
Posted Under: Company Law |

Treatment of Stores, Spares and Servicing Equipment as Per IND AS 16

As Per sub section (1) of Section 128, Every Company shall keep at its registered office, the books of accounts and book or papers including Financial Statements with respect to every financial year including that of its branch office or offices and explain the transactions effected both at the registered office and branches....

Read More
Posted Under: Company Law |
Page 1 of 3112345...102030...Last »

Browse All Categories

CA, CS, CMA (3,602)
Company Law (3,641)
Custom Duty (6,783)
DGFT (3,557)
Excise Duty (4,087)
Fema / RBI (3,352)
Finance (3,592)
Income Tax (26,343)
SEBI (2,795)
Service Tax (3,307)