Mandatory and Non Mandatory Accounting Standards issued by the ICAI
CA, CS, CMA : Learn the accounting treatment for derecognition, retirement, and disposal of PPE under AS 10, including recognition, measurement,...
CA, CS, CMA : Discover a comprehensive FAQ on Ind AS 115, covering revenue recognition principles, key concepts, and implementation challenges. ...
CA, CS, CMA : Understand AS 13 Accounting for Investments: Learn about investment types, properties, carrying amounts, reclassification, and ess...
CA, CS, CMA : Explore AS 17 Segment Reporting: its scope, definitions of business and geographical segments, allocation methods, and criteria fo...
CA, CS, CMA : Understand Accounting Standard 10 (AS 10) for "Property Plant and Equipment" covering recognition, measurement, valuation, depreci...
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...
CA, CS, CMA : As per LLP Act 2008, accounts of Limited Liability Partnership shall be audited in accordance with Rules prescribed under LLP Rule...
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 : 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...
Company Law : ICAI has sent its Approach Paper for revision of existing ASs and the proposed texts of 18 revised ASs out of a total of 32 revise...
Company Law : MCA has notified Companies (Accounting Standards) Rules, 2021 on 23rd June, 2021. vide this notification has amended definition of...
Accountancy, more-often-than-not, is erroneously sighted as a static science. It is a common belief that the principles of accountancy do not change, sans their operating environment, or the circumstances which confront them. You always debit the receiver and credit the giver, whether you are on Earth or Mars.
Following is the Exposure Draft of the Accounting Standard (AS) 24, Related Party Disclosures, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India
This article provides the reader a brief understanding and grip about the property plant and equipment as contained in Ind AS 16. Property, plant and equipment are tangible items that are held by an entity for use in the production or supply of goods or services, for rental to others, or for any administrative purposes; and are expected to be used during more than one period.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense.
This Consultation Paper discusses two potential approaches for recognition of revenue for transactions that have performance obligations or stipulations:
In 1991, the Government of India opened its gates to the world through globalization. Over the years globalization has enabled cross border transactions in form of FDI’s and ODI’s, and cross border listing.
Indian Accounting Standard (Ind AS) 18, Revenue , prescribes the recognition and measurement principles for revenue arising from certain types of transactions and events. Since revenue is an element which can influence the decisions of the users of the financial statements, the principles prescribed in the Standard need to be applied very carefully. Moreover, with regard to certain provisions, need of practical guidance has been felt.
The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent of IND AS, as it focuses on the substance of the transaction rather than merely its form or nomenclature.
The Institute of Company Secretaries of India (ICSI), recognising the need to provide support to its members to develop the auditing acumen, techniques and tools and for inculcation of best auditing practices among its membersconstituted Auditing Standards Board (ASB) with theobjective of formulating Auditing Standards of the ICSI.
CA Preksha Choraria AS 2- Valuation of Inventories ISSUE DATE JUNE,1981 EFFECTIVE DATE APRIL 1ST,1999 APPLICABILITY MANDATORY FOR ALL ENTERPRISE OBJECTIVES: A: CARRYING VALUE OF INVENTORY B: NET REALIZABLE VALUE 1. 2. Specific exclusion:- 3. CONTAINERS AND EMPTIES (NOT COVERED IN DEFINITION) 4. CARRYING VALUE OF INVENTORIES OR MEASUREMENT OF INVENTORIES. 5. COST OF INVENTORY […]
