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 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 : 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...
Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them.
Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]
A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c) […]
Applicability of Ind AS on Banks & Financial Institutions The Ministry of Corporate Affairs (MCA), in January, 2016, had notified the roadmap for implementation of Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) for Scheduled commercial banks (excluding RRBs), insurers/insurance companies and Non-Banking Financial Companies (NBFCs). NBFCs are required to prepare Ind AS […]
Article deals with treatment of foreign exchange (forex) fluctuations on computation of total income in case of capital assets acquired by using funds borrowed from outside India in the form of ECB, Loans and payment to suppliers (borrowed funds).
Background, Ind AS-116 Leases brings significant changes in accounting requirements for lease accounting, mainly for lessees. The new standard replaces the existing standard i.e. Ind AS-17, Leases with effect from accounting periods beginning on or after 1 April 2019. The new standard requires lessees to recognise “Right-of-use assets” and “Lease Liability” in balance sheet and […]
Why Actuarial Valuation Services are needed by Indian and Multinational Companies for Accounting of Defined Benefit Plans (i.e. Gratuity, Leave Encashment, Long Service Award Plan, etc.) in compliance of AS 15 (Revised 2005) & Ind AS 19? I hope the below email may help you in understanding the requirement of Actuarial Valuation Services by Indian […]
Ind AS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors 1. Accounting policies are the specific principles and procedures implemented by a company’s management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and procedures for presenting disclosures. Example: – Valuation of inventory using FIFO, Average Cost […]
Permanent differences as the name suggests are permanent in nature which means it cannot be subsequently reversed in future period. An expense accrued or provision made in the statement of profit and loss of current year but not allowed for tax purposes in current as well as future period. It does not result in deferred tax assets or deferred tax liabilities.
Business is passing through an unprecedented time and incurring huge direct and indirect costs due to Covid 19 pandemic. Lockdown protocols have led to severe supply chain disruptions and labour shortages, hurting both the top and the bottom lines of almost all companies. Writing offs inventory with low shelf life or high storage costs or […]
