Mandatory and Non Mandatory Accounting Standards issued by the ICAI
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...
Income Tax : Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for cal...
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 : 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...
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...
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...
In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 12 Income Taxes. The proposed amendments would require an entity to recognise deferred tax on initial recognition of particular transactions to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabilities.
ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new dimensions after the implementation of […]
Paragraph 5.7.1 of Ind AS 109 requires a gain or loss on a financial asset that is measured at fair value to be recognised in profit or loss – though there are some exceptions to this general requirement, these are not applicable in the case under discussion.
This publication presents a checklist of disclosures requirements under Ind AS applicable to entities preparing its financial statements voluntarily and mandatorily beginning on or after April 1, 2016, in accordance with Ind AS. The disclosures checklist is based on the Indian Accounting Standards (Ind AS) that are effective as on April 01, 2018, and includes disclosures required under Ind AS 115, Revenue from Contracts with Customers, a standard issued recently. This publication is for guidance purposes and should be read in conjunction with the relevant Ind AS and should not be considered as an alternative from studying the Ind AS.
CSAS-1 Auditing Standard on Audit Engagement Applicability: 1. Applicable to Auditor undertaking Audit Engagement under any Statute. 2. CSAS-1 deals with the Auditor’s role and responsibilities w.r.t Audit Engagement and the process of entering into an understanding/ agreement with the Appointing Authority. – Effective Date: Objective: CSAS-1 is to prescribers for Auditors, principles and procedures […]
AS 18 defines the disclosure requirements related to related party relationship and transaction between a reporting enterprise and its related parties in the financial statement of that enterprise. The basic assessment during disclosure is centered upon two things viz., who is related party and what amounts to related party transaction. As per AS 18, following is the definition of related party.
Issue 1: Entity A is required to apply Ind ASs in preparing its financial statements for periods beginning on or after April 1, 2018. Thus, the date of Entity A’s transition to Ind ASs is April 1, 2017.
ICAI Press Release ICAI releases Compendium of Ind AS (E-version) effective from April 01, 2019 Indian Accounting Standards Framework (Ind AS Framework) is based on IFRS Standards. IFRS Standards undergo regular upgrades due to issuance of new Standards and amendments in existing Standards by way of annual improvements etc. The Central Government, prescribes under Section […]
The Indian Accounting Standards (IND AS) are Accounting Standards, harmonized with IFRS (International Financial Reporting Standards)/IAS (International Accounting Standards) to make Financials Accounts and Reports of Indian Companies internationally accessible, acceptable, transparent and comparable.
Exposure Draft Accounting Standard (AS) 34 Interim Financial Reporting- Interim financial report means a financial report containing either a complete set of financial statements as described in AS 1, Presentation of Financial Statements, or a set of condensed financial statements (as described in this Standard) for an interim period.
