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...
Pre-financial Income derived by Financial Books will differ with Taxable Income. This difference in taxable liability is temporary imbalance between reported amount of Income and its taxable income. This difference in Tax deferred in the Books of accounts, according to the case, and is termed as Deferred Tax.
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 service to an […]
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.
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,
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 […]
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.
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 […]
