accounting standard

Accounting Standard (AS) 15 Employee Benefits

CA, CS, CMA - Accounting Standard 15 Employee Benefits deals with all the forms of employee benefits, all forms of consideration given by an enterprise in exchange for service rendered by employees but exclude inventory compensation. AS 15 is applicable for enterprise, Entities having 50 or more employees. As 15 an employee is a person rendering servic...

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Actuarial Valuation for Accounting of Gratuity Benefits – Ind AS19 & AS-15

CA, CS, CMA - Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS 19 & 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/Loss...

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Accounting Standards- A New Move To Compliance: Defining “Small And Medium Sized Company” (SMC)

CA, CS, CMA - Accounting Standards- A New Move To Compliance: Defining ‘Small And Medium Sized Company’ (SMC) On 23rd June, 2021, the Ministry of Corporate Affairs (MCA) has come with the rules pertaining to Accounting Standards. The rules got the green signal and became final and published in the Official Gazette on same day i.e. June 23, ...

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Borrowing Cost (Ind AS-23)

CA, CS, CMA - Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby try to summarize various dimensions with regard to the Accounting Standard related with Ind As-23 : Borrowing Costs (By incorporating Changes as per Companies (Indian Accounting S...

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Companies Accounting Standard Rules 2021

CA, CS, CMA - 1. Eligibility for qualifying to be Small and Medium Sized Company (SMC): –A company shall qualify to be small and medium sized company if all the following conditions are satisfied as at the end of the relevant accounting year: – i. Equity and debt securities are not listed on any stock exchange whether in India or outside ...

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Exposure Draft of revised AS 36, Impairment of Assets,

CA, CS, CMA - Exposure Draft of revised AS 36, Impairment of Assets, has been issued by the ASB for comments with the last date being September 30, 2021,...

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Revised MEF Form for year 2021-22 to be live in October 2021

CA, CS, CMA - Members may kindly note that the Revised MEF Form for the year 2021-22 is expected to be made live (at meficai.org) in the month of October 2021....

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Exposure Draft of revised AS 105, Non-current Assets Held for Sale and Discontinued Operations

CA, CS, CMA - Exposure Draft of revised AS 105, Non-current Assets Held for Sale and Discontinued Operations, has been issued by the ASB for comments with the last date being September 14, 2021...

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Exposure Draft: Subsidiaries without Public Accountability: Disclosures

CA, CS, CMA - Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments from across the...

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Exposure Draft of revised AS 102, Share-based Payments

CA, CS, CMA - Exposure Draft of revised AS 102, Share-based Payments, has been issued by the ASB for comments with the last date being August 7, 2021, which can be assessed at the link: https://resource.cdn.icai.org/65465asb52807.pdf...

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

Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) - Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) Ground- Learned CIT(A) has erred in considering amounts aggregating to Rs.26,839,975 towards Value Added Tax and Service Tax included in the customer’s work order as constituting part of construction contract value for the purposes of recognizing rev...

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Change in Inventory Valuation Method Allowed if Based on AS 2

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?...

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

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....

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HC explains Accrual of liability under mercantile system of accounting

CIT 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...

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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....

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ICAI Recommendations on Accounting Standards to NFRA

File No. NF-25012/2/2021-O/o Secy-NFRA - (28/09/2021) - ICAI has sent its Approach Paper for revision of existing ASs and the proposed texts of 18 revised ASs out of a total of 32 revised ASs expected to be prescribed upon completion of this AS revision project....

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Companies (Accounting Standards) Rules, 2021

Notification No. G.S.R. 432(E). - (23/06/2021) - MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of Small and Medium Sized Company for applicability of Accounting Standards as recommended by the Institute of Chartered Accountants of India from 01.04.2021. Central Gover...

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Companies (Indian Accounting Standards) Second Amendment Rules, 2019

Notification 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....

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Companies (Indian Accounting Standards) Amendment Rules, 2019

Notification 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...

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Companies (Accounting Standards) Amendment Rules, 2018

Notification No. G.S.R. 569(E) - (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...

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Recent Posts in "accounting standard"

Accounting Standard (AS) 15 Employee Benefits

Accounting Standard 15 Employee Benefits deals with all the forms of employee benefits, all forms of consideration given by an enterprise in exchange for service rendered by employees but exclude inventory compensation. AS 15 is applicable for enterprise, Entities having 50 or more employees. As 15 an employee is a person rendering servic...

Read More
Posted Under: CA, CS, CMA |

ICAI Recommendations on Accounting Standards to NFRA

File No. NF-25012/2/2021-O/o Secy-NFRA 28/09/2021

ICAI has sent its Approach Paper for revision of existing ASs and the proposed texts of 18 revised ASs out of a total of 32 revised ASs expected to be prescribed upon completion of this AS revision project....

Read More

Actuarial Valuation for Accounting of Gratuity Benefits – Ind AS19 & AS-15

Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS 19 & 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/Loss...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of revised AS 36, Impairment of Assets,

Exposure Draft of revised AS 36, Impairment of Assets, has been issued by the ASB for comments with the last date being September 30, 2021,...

Read More
Posted Under: CA, CS, CMA |

IND AS 102 Share Based payments

Applicability As per MCA notification dated 16 Feb 2015 FY 2016-17 – Listed and unlisted companies both with net worth above Rs. 500 Crores FY 2017-18 – All listed companies and unlisted companies with net worth above Rs. 250 Crores Paragraph D2 of Ind AS 101 Encouraged, but not required to apply Ind AS 102 […]...

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Posted Under: CA, CS, CMA |

Revised MEF Form for year 2021-22 to be live in October 2021

Members may kindly note that the Revised MEF Form for the year 2021-22 is expected to be made live (at meficai.org) in the month of October 2021....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of revised AS 105, Non-current Assets Held for Sale and Discontinued Operations

Exposure Draft of revised AS 105, Non-current Assets Held for Sale and Discontinued Operations, has been issued by the ASB for comments with the last date being September 14, 2021...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft: Subsidiaries without Public Accountability: Disclosures

Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. The IASB, before issuing the new/amendments to IFRS Standards, issues consultative documents [such as Discussion Paper (DP), Exposure Draft (ED) etc] seeking public comments from across the...

Read More
Posted Under: CA, CS, CMA |

Accounting Standards- A New Move To Compliance: Defining “Small And Medium Sized Company” (SMC)

Accounting Standards- A New Move To Compliance: Defining ‘Small And Medium Sized Company’ (SMC) On 23rd June, 2021, the Ministry of Corporate Affairs (MCA) has come with the rules pertaining to Accounting Standards. The rules got the green signal and became final and published in the Official Gazette on same day i.e. June 23, ...

Read More
Posted Under: CA, CS, CMA |

Borrowing Cost (Ind AS-23)

Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby try to summarize various dimensions with regard to the Accounting Standard related with Ind As-23 : Borrowing Costs (By incorporating Changes as per Companies (Indian Accounting S...

Read More
Posted Under: CA, CS, CMA |

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