Mandatory and Non Mandatory Accounting Standards issued by the ICAI
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 : Understand AS 2 and its guidelines for inventory valuation. Learn about costs, net realizable value, exclusions, and comparisons w...
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...
CA, CS, CMA : In case of corporate entities, the users or primary users of financial information are shareholders, regulators, potential investo...
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...
While converting into Ind AS, the Companies are facing couple of practical issues in dealing with the requirements of Ind AS. There are lots of questions are still unanswered on practical aspects. Among the most common questions, one question is that – HOW TO ACCOUNT PRIOR PERIOD ERRORS?
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Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provisions of the section 115JB of the Income-tax Act, 1961 in respect of Ind AS Compliant Companies.
Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies.
Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Ltd.
In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 16 Property, Plant and Equipment. The amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity would recognise those sales proceeds in profit or loss.
As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments.
The year ending 31 March, 2017, witnessed many companies preparing their financial statements as per the Indian Accounting Standards (‘Ind-AS’) for the first time. Ind-AS is a set of accounting standards that converge with the International Financial Reporting Standards (‘IFRS’) and require companies to adopt fair value accounting. The first time adoption of Ind-AS requires […]
In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)
