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...
There may be a time gap between the balance sheet date (reporting date) and the date on which the financial statements are approved. During this gap of time, some events shall take place. Such events are called events after reporting period. For Example, a company prepares its balance sheet on 31/3/2021, but it is approved […]
Let me start with the example: The Company has sales of $5,00,000/- on 1st April 2020. Spot Rate was Rs. 70/ $ To hedge the exchange rate fluctuation the Company has sold 2 Year forward contract of $4,00,000/- @ Rs. 72/ $. Date Spot Rate (Rs./ $) Forward Rate (Rs./ $) 31st March 2021 73 […]
1. Following are the important Accounting Standards related with Segment Reporting 1. IFRS 8 2. INDAS 108 3. AS -17 2. Withdrawal of IAS 14 This IFRS supersedes IAS 14 Segment Reporting. 3. Differences between INDAS 108 and IFRS 8 INDAS 108 IFRS 8 1.Transitional provisions have not been given 1.Transitional provisions have been given […]
COVID-19 pandemic has disrupted the entire world whether its humans’ health or their financial health. Financial statements have to bear the direct impact of this unprecedented pandemic. But how will this be shown and disclosed? This is being answered by the prestigious Institute of Chartered Accountants of India (ICAI) in its Advisory issued in March […]
Finance Lease As per Accounting Standard 19 (Leases): Definitions ♣ A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. ♣ A finance lease is a lease that transfers substantially all the […]
Recently the MCA issued notification dated 24/07/2020 wherein a number of amendments are introduced in IndAS 103, 107, 109, 116, 7, 8, 10, 34 and 37. We will be here discussing the amendments brought in IndAS 103. It is worthy to note that the changes are in line with changes introduced by IASB in IFRS […]
Depreciation is a common accounting concept which the accountant comes across in their regular course of employment or in regular course of their business. This article will explore the treatment of depreciation under Companies Act, Income Tax Act and in Indian and internationally accepted Accounting Standard. DEFINITION AND TREATMENT OF DEPRECIATION AS PER COMPANIES ACT […]
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) […]
