Mandatory and Non Mandatory Accounting Standards issued by the ICAI
CA, CS, CMA : Understand the key principles of AS 10 for Property, Plant, and Equipment (PPE), including recognition, cost treatment, depreciati...
SEBI : Failure to comply with accounting standards may violate LODR regulations, affecting financial transparency, director accountabilit...
CA, CS, CMA : Explore illustrative accounting policies for non-company entities as per ICAI standards, covering preparation, revenue recognition...
Income Tax : A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable in...
CA, CS, CMA : Learn the accounting treatment for derecognition, retirement, and disposal of PPE under AS 10, including recognition, measurement,...
CA, CS, CMA : ICAI announces new classification criteria for non-company entities' Accounting Standards, effective April 1, 2024. Learn about MS...
CA, CS, CMA : ICAI amends AS 22 for non-company entities, introducing exceptions and disclosure requirements for deferred tax related to Pillar ...
CA, CS, CMA : Stay updated on Indian Accounting Standards (Ind AS) amendments. Accounting Standards Board seeks your input on Lack of Exchangeab...
CA, CS, CMA : Clarification provides the level of authority of various documents issued by ICAI e.g. Accounting Standards, Auditing Standards, G...
CA, CS, CMA : The Accounting Standards Board issues an Exposure Draft of International Tax Reform—Pillar Two Model Rules, proposing Amendments...
Income Tax : ITAT Ahmedabad rules in favor of Aaryan Buildspace LLP, holding that Section 43CB does not apply to real estate developers recogni...
Income Tax : ITAT Bangalore held that Comparable Uncontrolled Price (CUP) is the most appropriate method for determining the Arm’s Length Pri...
Income Tax : Aadarh Developers Vs ACIT (ITAT Rajkot) Admittedly, the assessee is a developer and not a works contractor. Therefore, the revenue...
Income Tax : Veolia India Pvt. Ltd. Vs DCIT (ITAT Delhi) Ground- Learned CIT(A) has erred in considering amounts aggregating to Rs.26,839,975 t...
Income Tax : The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as presc...
Company Law : The Ministry of Corporate Affairs amends Companies (Ind AS) Rules, introducing new leaseback regulations. Effective from 9th Septe...
Company Law : MCA penalizes Sri Subhalakshmi Infra Pvt Ltd for improper related party disclosures in FY 2014-15 and 2016-17, imposing a total fi...
Company Law : National Financial Reporting Authority (NFRA) issues an order imposing a penalty on CA Gautam Guha of Rupees One Lakh (Rs. 1,00,00...
CA, CS, CMA : The objective of this Standard is to prescribe the manner in which Prior Period Adjustments including errors once identified shall...
Company Law : NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It ha...
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
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 globe.
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, 2021. […]
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 Standards) Amendments Rules 2021) . 1. The relevant Accounting Standards […]
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 […]
Disclosures Checklist of Indian Accounting Standards (Ind AS) 1 Ind AS 1, Presentation of Financial Statements S. No. Paragraph Reference Disclosure Yes No NA 1. 1.16 When financial statements comply with Ind AS, disclosure by way of an explicit and unreserved statement of such compliance in the notes. 2. 1.17(c) Additional disclosures when compliance with the […]
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
Guidance Note on Accounting for Derivative Contracts (Revised 2021) The Research Committee of ICAI issued the Guidance Note on Accounting for Derivative Contracts to establish uniform accounting principles for accounting of derivative contracts. In view of global developments in respect of Interbank Offered Rates (IBORs), the same has been revised. A report on “Reforming Major […]
The ministry of corporate affairs (MCA) has notified The Companies (Accounting Standards) Amendment, Rules 2021 on 23rd June 2021. These Rules came into effect from 23rd June 2021.
Accountant Standards (AS) 29 Provisions, Contingent Liabilities and Contingent Assets is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The objective of this Standard is also to lay down appropriate accounting for contingent assets.
