Mandatory and Non Mandatory Accounting Standards issued by the ICAI
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 : A practitioner's guide to the Profit and Loss Account under the Companies Act, 2013. Learn about P&L line items, inclusions, exclu...
CA, CS, CMA : Learn how an auditor qualifies a report, the reasons behind it, and its impact on financial statements. This guide covers the requ...
CA, CS, CMA : Compare India's Accounting Standard 3 (AS 3) and Ind AS 7 on cash flow statements. Learn about their objectives, classification me...
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 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...
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...
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...
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...
Exposure Draft of Standard on Internal Audit (SIA) 110, Nature of Assurance (Comments to be received by March 28, 2019) – (27-02-2019) The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 110, Nature of Assurance. Comments are most helpful if they indicate […]
Following is the Exposure Draft of the Amendments to Ind AS 1, Presentation of Indian Accounting Standards, and Ind AS 8, Accounting Policies, Change in Accounting Estimates and Errors, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments.
Following is the Exposure Draft of the Amendments to Ind AS 103, Business Combinations, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India for comments.
During the year 2012, ICAI had issued a Guidance Note on ‘Accounting and Auditing of Political Parties’ as desired by the Election Commission of India. The Guidance Note is now being upgraded to incorporate certain improvements and changes in the operating environments since then. It has also been decided to issue the guidance for Auditing of Political Parties separately in detailed manner, if required.
Ind AS 21: The effect of changes in foreign exchange rates Applicability: 1. Accounting of transaction and balances in foreign currency 2. Translating results and financial position of foreign operations 3. Translating entity’s results and financial position into PRESENTATION CURRENCY Not Applicable to: 1. Foreign currency derivatives which are covered by Ind AS 109. 2. […]
With the onset of the IND AS in the Corporate world and the tightening screws of the Ministry of Corporate Affairs, ICAI has come up with a series of Exposure Drafts to revamp the Accounting Standards that were erstwhile issued. This move is to ensure that the older accounting standards are in line with IND […]
Accounting of Loans under Ind AS Two Ind AS would be referred for the accounting of loans: Ind AS 109 (Financial Instruments) and Ind AS 113 (Fair Value Measurement). As per Ind AS 109, financial instruments have to be measured at fair value at its initial recognition as per the methodology given by Ind AS […]
The Accounting Standards Board (ASB) of ICAI has initiated upgradation process of of these standards which will be applicable to all entities to whom Ind AS are not applicable. Currently, there is no Accounting Standard on Agriculture under Companies (Accounting Standards) Rules, 2006. Considering the need of AS on the subject, the ASB has formulated […]
1. The Standard shall be applied in accounting for revenue arising from the following transactions or events: (a) the sale of goods, (b) rendering of services, and (c) the use by others of entity resources yielding interest, royalties and dividends.
The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods.
