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...
A comparison of AS 18 and Ind AS 24 related party accounting standards. Learn key differences in definitions, disclosures, and how they impact financial reporting.
A summary of AS 2 and Ind AS 2 for inventory accounting. Learn about valuation methods, cost formulas, and key differences in these standards.
Learn the accounting rules for borrowing costs under AS 16 and Ind AS 23. This guide covers capitalization, qualifying assets, and key differences between the standards.
Learn about Accounting Standard (AS) 12 for government grants. Understand its scope, recognition principles, accounting treatments for various grant types, and disclosure rules.
A summary of Accounting Standard 6 (AS 6), including its objectives, scope, key principles, and methods of depreciation. Understand its legacy in Indian accounting.
A comparative analysis of AS 15 and Ind AS 19 for employee benefits. Key differences include actuarial gains/losses, discount rates, and disclosure requirements.
Learn the accounting and tax treatment for insured asset loss and claims under Indian accounting standards. This guide covers journal entries, tax implications, and disclosures.
ICAI issues Guidance Note for non-corporate financial statements, effective April 1, 2024, replacing 2022 Technical Guide with standard formats.
In this article I will present my detailed analytical view of revised Format for Financial Statements by ICAI on non corporate entities, based on the ICAI’s guidance note.
Recurring accounting errors in non-corporate financials and audit assignment limits for Chartered Accountants are outlined, impacting reporting accuracy.
