Mandatory and Non Mandatory Accounting Standards issued by the ICAI
Income Tax : This guide explains all ten Income Computation and Disclosure Standards (ICDS) and provides reconciliation formats between Account...
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...
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 : ITAT held that Accounting Standard-19 governs accounting treatment but does not determine tax treatment under the Income-tax Act. ...
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...
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...
Revenue Recognition is a very important aspect in Accounting & often many listed companies try to book higher revenue (popularly known as window dressing) for showing good performance by following proper basis to safeguard them. IFRS 15 Revenue from contracts with customers is applicable from annual periods beginning 1st January 2018. On similar lines The […]
Amendment in Accounting Standard (AS) 11- An enterprise may dispose of its interest in a non-integral foreign operation through sale, liquidation, repayment of share capital, or abandonment of all, or part of, that operation. The payment of a dividend forms part of a disposal only when it constitutes a return of the investment.
The ICAI had issued a Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable), in May 2016, applicable to all projects in real estate by entities to whom Ind AS were applicable. The aforementioned Guidance Note is based on principles of Ind AS 11, Construction Contracts and Ind AS 18, Revenue. On issuance of Ind AS 115,
Past experiences of financial crisis has revealed, the need of being proactive in reckoning the potential deterioration in the credit quality of the financial assets. Further adequate disclosures of increase in credit risk will facilitate prudent decision making and initiate needed corrective measures.
Press Release ICAI issues Accounting Standard for Local Bodies The Committee on Accounting Standards for Local Bodies (CASLB) is formulating Accounting Standards for Local Bodies (ASLBs) since March, 2005 to improve financial reporting for local bodies. So far, the Committee has issued thirteen ASLBs including one cash based ASLB that will facilitate transitioning from cash […]
Exposure Draft Accounting Standard (AS) 109 Financial Instruments- Last date for the comments: June 30, 2018. Issued by Accounting Standards Board, The Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) has invited comments for the draft on Indian Valuation Standards released by Valuation Standards Board (VSB) of ICAI. The Institute through VSB has formulated valuation standards meant for financial transactions such as merger & acquisition, buying/selling of properties, solvency and many such activities.
Basic understanding of amortising upfront fees by factoring the same into interest expense by EIR method using Goal seek formula. 1. Entity has taken loan from bank on which it has incurred transaction costs primarily in form of upfront processing fees. Further these loans have multiple changes in interest rate (as contemplated in the contract […]
Ind AS 115 Not applicable where contract are towards non-monetary exchanges between entities in the same line of business Not applicable to contracts with customers as specific Ind AS are applicable as follows:-
Following is the Exposure Draft of the Indian Valuation Standard 303 Financial Instruments issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments.
