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...
Lets understand a situation where its franchisor i.e. Domino’s USA takes over or bought the business of Domino’s India under Business combination. Now, questions which will be arisen related to this existing franchise agreement are-
Financials for FY 2016-17 will be prepared as per IND AS and the presentation will be done as per Division II of Schedule III as per Companies Act 013. The computation of book profit under MAT depends on accounting profit. The financial have become complex due to initial impact of IND AS and recurring impact due to adoption of IND AS
Cost of temporary occupation of land, successful exploratory wells. all development wells, depreciation on related equipment. facilities and estimated Future abandonment costs are capitalised and reflected as Oil & Gas Assets.
We all must have read about Jubilant Food i.e. Domino’s pizza which is essentially under a franchise agreement with Domino’s pizza USA (as per its annual report). Current accounting practices in India does not have any specific guidance on such franchise agreements in relation to its accounting specifically
It is a common debate among accounting professionals that Partnership firms in U.S.A. would solve all the problems and that they would recommend their clients to have the same structure for business.
There are many instances where an entity distributes its assets e.g. Property, plant & equipments or unit of its business i.e. in a form of Demerging an entity or distributing an ownership interest in an entity (may be subsidiary) by way of dividend to its existing shareholders.
Silo is relatively new term for many of us. Dictionary meaning of the same is “something which is in isolation”. As the meaning suggest, there are many instances where an entity is operating in a way where its certain/ specified assets & liabilities are being controlled by some other entity in-spite of running overall separate legal entity.
As per the current accounting system in India, there is no specific treatment defined for any kind of security deposits which are being taken/ given in normal course of business by an entity and all such deposits that are refundable shown at their respective transaction values.
Other comprehensive income comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other Ind ASs.
There would be many instances where a long term commodity purchase or sale agreement are being entered between the parties where there is a quantity to be delivered which is mentioned in the contract and it gives certain flexibility to avoid (if required) taking agreed quantity by paying cash (adjustment of movement in commodity values together with some penalty if any).
