Mandatory and Non Mandatory Accounting Standards issued by the ICAI
Income Tax : This guide explains all ten Income Computation and Disclosure Standards (ICDS) and provides reconciliation formats between Account...
CA, CS, CMA : Explains how Indian Accounting Standards operate, covering transition to Ind AS, presentation of financial statements, and the reg...
CA, CS, CMA : This explains when investment values must be written down under AS 13 and Ind AS, and why recognising impairment is essential for ...
CA, CS, CMA : Breaks down the purpose and components of a CFS and highlights how it reveals a company’s real liquidity, not just accounting pr...
Finance : Summary of mandatory financial record-keeping periods under the Income Tax Act, GST Law (72 months), and Companies Act (8 ye...
CA, CS, CMA : ICAI issues Guidance Note for non-corporate financial statements, effective April 1, 2024, replacing 2022 Technical Guide with sta...
Company Law : NFRA highlights auditor responsibilities in related party transactions, emphasizing compliance with Ind AS 24, SEBI regulations, a...
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...
Income Tax : ITAT held that Accounting Standard-19 governs accounting treatment but does not determine tax treatment under the Income-tax Act. ...
Income Tax : The issue was whether foreign exchange fluctuation loss recorded at year-end was notional and disallowable. The Tribunal upheld it...
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...
Company Law : The MCA amended AS 22 to incorporate provisions related to OECD Pillar Two global minimum tax rules. The amendment exempts compani...
Company Law : The adjudicating authority held that failure to disclose related party transactions violated statutory audit duties. The key takea...
CA, CS, CMA : A Chartered Accountant was found not guilty of professional misconduct by the ICAI Disciplinary Committee regarding allegations of...
CA, CS, CMA : A Chartered Accountant has been reprimanded by the ICAI Disciplinary Committee for professional misconduct, including an incorrect...
CA, CS, CMA : The ICAI Disciplinary Committee has fined CA Ankit A. Chokshi Rs. 25,000 after finding him guilty of professional misconduct for f...
NFRA issues Financial Reporting Quality Review (FRQR) Report of Prabhu Steels Industries Limited (CIN: L28100MH1972PLC015817) for FY 2019-20 The National Financial Reporting Authority (NFRA) has issued the Financial Reporting Quality Review Report (FRQRR) in respect of Prabhu Steels Industries Limited (PSIL) for the Financial Year 2019-20. Some of the main observations classified as High Impact […]
ICAI is extremely astounded and surprised to see that the Approach Paper on Revision of Existing Accounting Standards has now been returned by NFRA. It may be mentioned that while formulating the revised ASs as per the Approach Paper; transparent mechanism was followed by ICAI through all stages wherein exposure drafts were issued, comments thereon were discussed at ASB of ICAI
Exposure Drafts of following revised AS have been issued by the ASB for comments with the last date being February 3, 2022: AS 111, Financial Reporting of Interest in Joint Ventures, AS 28, Accounting for Associates and Jointly Controlled Entities, AS 103, Accounting for Amalgamations and AS 110, Consolidated and Separate Financial Statements
Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers, regardless of the structures or forms under which the joint venture activities take place.
Exposure Draft of AS 28, Accounting for Associates and Jointly Controlled Entities set out principles and procedures for recognising the effects of the investments in associates and to set out the requirements for application of the equity method when accounting for investments in associates and joint controlled entities.
Exposure Draft of AS 110, Consolidated and Separate Financial Statements shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent.
Exposure Draft- Accounting Standard (AS) 103- Accounting for Amalgamations deals with accounting for amalgamations (including business acquisitions) and the treatment of any resultant goodwill or reserves.
Hydro power generating industry, which is a green source of power, involves activities relating to pre-construction, construction activities, operation & maintenance and renovation & modernisation thereof. These projects are highly capital intensive
1. Meaning of Intangible Assets: As per the provision of Ind As-38, Intangible assets can be recognized in Balance sheet only if the following 5 condition are satisfied. Condition 1: It should not have any physical substance. + Condition 2: It should be under the control of the enterprise. + Condition 3: It should be […]
This is the third edition of our earlier issued publication which contains an overview of various aspects related to IFRS-converged Indian Accounting Standards (Ind AS) such as roadmap for the applicability of Ind AS, carve-outs from IFRS/IAS, changes in financial reporting under Ind AS compared to financial reporting under accounting standards, summary of all the Ind AS etc.
