accounting standard

Deferred Tax- Simplified

CA, CS, CMA - As we are rushing towards the Tax audit due date, I thought its worthy to attempt a write-up on a concept that holds significant place in accounting of taxes of a business(i.e) Deferred Tax....

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Non- Controlling Interest- “Initial Measurement” – Policy Choice Available?

CA, CS, CMA - When an Entity is being acquired by another Entity, it has two way to look at it, first being 100% acquired where all controlling rights will be with Parent Entity only, another could be where the control is less than 100% which arises a situation to have another interested party who has rights in the […]...

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Non-Cash Collateral provided by borrower: Accounting treatment under Ind-As

CA, CS, CMA - The article deals mainly with the COLLATRERAL which is non-cash in nature and an agreement or custom (common business practices) exists which defines the rights and obligation attached to the collateral for transferee (who receives such collateral) and for transferor (who provides such collateral)....

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Ind AS 115- Revenue from Contracts with Customers – Impacts on Real Estate Industry

CA, CS, CMA - Revenue Recognition is a very important aspect in Accounting & often many listed companies try to book higher revenue (popularly known as window dressing) for showing good performance by following proper basis to safeguard them. IFRS 15 Revenue from contracts with customers is applicable from annual periods beginning 1st January 2018....

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Are We Prepared For Expected Credit Loss Model?

CA, CS, CMA - Past experiences of financial crisis has revealed, the need of being proactive in reckoning the potential deterioration in the credit quality of the financial assets. Further adequate disclosures of increase in credit risk will facilitate prudent decision making and initiate needed corrective measures....

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Accounting Standard (AS) 40, Investments property- Draft

CA, CS, CMA - Accounting Standard (AS) 40, Investments property shall be applied in the recognition, measurement and disclosure of investment property....

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Exposure Draft Accounting Standard (AS) 38 Intangible Assets

CA, CS, CMA - The objective of Exposure Draft Accounting Standard (AS) 38 Intangible Assets is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met....

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Draft SAE 3410 Assurance Engagements on Greenhouse Gas Statements

CA, CS, CMA - Exposure Draft- Standard on Assurance Engagements (SAE) 3410- Assurance Engagements on Greenhouse Gas Statements  (Last date for comments: October 22, 2018) Issued by– Auditing and Assurance Standards Board, The Institute of Chartered Accountants of India, (Set up by an Act of Parliament), New Delhi Your comments on this Exposure D...

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Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 16

CA, CS, CMA - How will the financial guarantee be accounted for in the separate financial statements of S Ltd.? S Ltd. has accumulated losses and has not paid any dividend in the past. (ii) How would financial guarantee be subsequently measured in the separate financial statements of S Ltd.?...

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Educational Material on Ind AS 115, Revenue from Contracts with Customers

CA, CS, CMA - The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of Ind AS 115 is that an entity recognises revenue to dep...

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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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ITAT explains taxation of real estate construction contracts (AS-7 & AS-9)

Ashoka 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 ...

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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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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)....

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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...

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Companies (Accounting Standards) Amendment Rules, 2018

Notification 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...

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RBI defers implementation of Ind AS for banks by one year

Press 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....

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MCA removes applicability of AS 22 & Ind AS 12 to Govt Companies forever

S.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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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....

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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....

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Recent Posts in "accounting standard"

Accounting Standard (AS) 40, Investments property- Draft

Accounting Standard (AS) 40, Investments property shall be applied in the recognition, measurement and disclosure of investment property....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft Accounting Standard (AS) 38 Intangible Assets

The objective of Exposure Draft Accounting Standard (AS) 38 Intangible Assets is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met....

Read More
Posted Under: CA, CS, CMA |

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 Section 211 of the Companies Act, 1956. FULL ...

Read More

ITAT explains taxation of real estate construction contracts (AS-7 & AS-9)

Ashoka 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 all important judgements on the issue. I...

Read More

Deferred Tax- Simplified

As we are rushing towards the Tax audit due date, I thought its worthy to attempt a write-up on a concept that holds significant place in accounting of taxes of a business(i.e) Deferred Tax....

Read More
Posted Under: CA, CS, CMA |

Draft SAE 3410 Assurance Engagements on Greenhouse Gas Statements

Exposure Draft- Standard on Assurance Engagements (SAE) 3410- Assurance Engagements on Greenhouse Gas Statements  (Last date for comments: October 22, 2018) Issued by– Auditing and Assurance Standards Board, The Institute of Chartered Accountants of India, (Set up by an Act of Parliament), New Delhi Your comments on this Exposure D...

Read More
Posted Under: CA, CS, CMA |

Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 16

How will the financial guarantee be accounted for in the separate financial statements of S Ltd.? S Ltd. has accumulated losses and has not paid any dividend in the past. (ii) How would financial guarantee be subsequently measured in the separate financial statements of S Ltd.?...

Read More
Posted Under: CA, CS, CMA |

Non- Controlling Interest- “Initial Measurement” – Policy Choice Available?

When an Entity is being acquired by another Entity, it has two way to look at it, first being 100% acquired where all controlling rights will be with Parent Entity only, another could be where the control is less than 100% which arises a situation to have another interested party who has rights in the […]...

Read More
Posted Under: CA, CS, CMA |

Educational Material on Ind AS 115, Revenue from Contracts with Customers

The objective of Ind AS 115 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The core principle of Ind AS 115 is that an entity recognises revenue to dep...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of ASLB 23, Revenue from Non-Exchange Transactions (Taxes and Transfers)

Keeping in view the significance and volume of non-exchange transactions in Government sector, the Exposure Draft of ASLB 23 is being issued which provide guidance on recognition & measurement principles and disclosure requirements in respect of revenue arising from non-exchange transactions in Local Bodies....

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Posted Under: CA, CS, CMA |

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