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...
In Ind AS 19/IAS 19 Generally 4 types of Benefits have been discussed which can be payable to employees. 1. Short Term Employee Benefits – Payable within 12 Months 2. Post-Employment Benefits – Payable only after completion of Employment 3. Other Long Term employee Benefits – Long term Paid Leave, Disability Benefits 4. Termination Benefits […]
In year 2005, PQR Limited entered into a lease agreement to take on lease an office building from ABC Limited for a period of one year. Since 2005, the contract has been renewed every year for a further period of one year at a time. As per the past practice, it is likely that the contract will be renewed for another one year at the expiry of its current term.
What is the presentation requirement as per Ind AS in India for dividend and dividend distribution tax thereon?
The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various inter-related concepts and the vital areas where the technique of Forensic Auditing can be best used in detecting the misappropriations and manipulations in the financial as well as operational matters.
Learning Outcomes > Understand meaning and scope of intangible assets. > Recognise the criteria. > Examine mode of acquisition. > Measure intangible assets at initial recognition. > Measure intangible assets after recognition. > Evaluate amortization and useful life of intangible asset. > De-recognition and comply with disclosure requirements of the standard. > De-recognition and comply […]
Overview of Ind AS-116 ♠ The Ministry of Corporate Affairs (MCA) notified Ind AS 116, the new leases accounting standard on 30th March 2019 with the effective date of its application from 1st April 2019. Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. ♠ Ind AS 116 defines a lease as a […]
A SIMPLE VERSION OF INDAS-16 AND IAS 16 -PROPERTY,PLANT AND EQUIPMENT The relevant Accounting Standards relating to Property, Plant and Equipment are the following:- 1. AS-6, AS-10 2. INDAS-16 3. IAS-16 There is no major difference between INDAS-16 AND IAS-16.So the following details relate to both INDAS-16 and IAS-16. Property, Plant and Equipment are fixed […]
Accounting of Interest free demand loan given by One Company to Other Company which may or may not be related party- Entity generally advances various demand loans / Inter Corporate Deposits (ICDs) to various parties on commercial terms and sometime entities does not charge any interest or charge an interest, which is below market rate.
Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases’ for public comments ICAI/TD/CPF&ASLB/2019-20 , Dated: August 8, 2019 Dear Sir/Madam, Sub: Exposure Draft of the Accounting Standards for Local Bodies (ASLBs) 13, ‘Leases‘ for comments. At the outset, we would like to inform you that during the current Council Year 2019-20, a […]
Business organisations enter into a bunch of restructuring transactions which satisfy the definition of business combinations as per Ind AS 103. There is also a requirement to understand the accounting, tax, presentation and reporting requirements in the case of common control transactions.
