Mandatory and Non Mandatory Accounting Standards issued by the ICAI
CA, CS, CMA : Learn the accounting treatment for derecognition, retirement, and disposal of PPE under AS 10, including recognition, measurement,...
CA, CS, CMA : Discover a comprehensive FAQ on Ind AS 115, covering revenue recognition principles, key concepts, and implementation challenges. ...
CA, CS, CMA : Understand AS 13 Accounting for Investments: Learn about investment types, properties, carrying amounts, reclassification, and ess...
CA, CS, CMA : Explore AS 17 Segment Reporting: its scope, definitions of business and geographical segments, allocation methods, and criteria fo...
CA, CS, CMA : Understand Accounting Standard 10 (AS 10) for "Property Plant and Equipment" covering recognition, measurement, valuation, depreci...
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...
CA, CS, CMA : As per LLP Act 2008, accounts of Limited Liability Partnership shall be audited in accordance with Rules prescribed under LLP Rule...
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...
Income Tax : The fact that bills were not raised did not stop accrual of income under the mercantile system of accounting. Therefore, the clai...
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...
Company Law : 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 revise...
Company Law : MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of...
Accounting Standards (AS) 20 Earnings Per Share prescribe principles for the determination and presentation of earnings per share which will improve comparison of performance among different enterprises for the same period and among different accounting periods for the same enterprise.
Accounting Standard (AS) 19 – Leases prescribe, for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases.
Accounting Standards (AS) 18 – Related Party Disclosures should be applied in reporting related party relationships and transactions between a reporting enterprise and its related parties. The requirements of this Standard apply to the financial statements of each reporting enterprise as also to consolidated financial statements presented by a holding company.
Accounting Standard (AS) 17 Segment Reporting establish principles for reporting financial information, about the different types of products and services an enterprise produces and the different geographical areas in which it operates. Such information helps users of financial statements:
Accounting Standards AS 16 Borrowing Costs prescribe the accounting treatment for borrowing costs. This Standard should be applied in accounting for borrowing costs. This Standard does not deal with the actual or imputed cost of owners’ equity, including preference share capital not classified as a liability.
Accounting Standards (AS) 15 Employee Benefits prescribe the accounting and disclosure for employee benefits. The Standard requires an enterprise to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the enterprise consumes the economic benefit arising from service provided by an employee in exchange for employee benefits.
Accounting Standards (AS) 14 Accounting for Amalgamations deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
Accounting Standards (AS) 13- Accounting for Investments deals with accounting for investments in the financial statements of enterprises and related disclosure requirements.
Accounting Standards (AS) 12 Accounting for Government Grants deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc.
Accounting Standards (AS) 11 The Effects of Changes in Foreign Exchange Rates should be applied (a) in accounting for transactions in foreign currencies; and (b) in translating the financial statements of foreign operations.
