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...
Consolidated Financial Statements of an entity are prepared for a group as defined in Ind AS 110, Consolidated Financial Statements. There may be some occasions where preparation of Consolidated Financial Statements would not be appropriate because of absence of control, e.g., in group loan arrangements, take-overs, demergers, spin-offs and initial public offerings, etc.
Exposure Draft issued by the International Accounting Standards Board (IASB) on Definition of a business and accounting for previously held interests (proposed amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements), is for comment only.
Exposure Draft of amendments to Ind AS 102, Share Based payments has been issued by the Accounting Standards Board of the ICAI, for public comments with last date as September 05, 2016, clarifying how to account for certain types of share-based payment transactions. The amendments, which provide requirements on the accounting for the following:
Ashoka Hi-Tech Builders Pvt. Ltd Vs DCIT (ITAT Indore) In this Case ITAT Indore explains Entire law on taxation of real estate construction contracts in the context of ‘completed contract’ vs. ‘percentage completion’ with reference to Accounting Standards AS-7 and AS-9 and all important judgements on the issue. ITAT further explained Provisions of S. Section […]
(a) Event occurring after the reporting period are defined as ‘events which occur between the end of the reporting date and the date when the financial statements are approved by the Board of Directors in case of a company’ and ‘by the corresponding authority in case of any other entity’.
Cash flow statement is applicable to all the companies and there is no exemption available to any type of entity from preparation and presentation of the cash flow statement but as per existing AS this statement is not mandatory for small and medium enterprises.
The Companies Act, 2013 has been amended to insert in the Schedule III, a format for for the Ind AS financial statements. With the amendment in place, we now have two divisions in the Schedule III, Division I being Format for Financial Statements (applicable to companies which are not required to prepare their financial statements […]
Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 3 Dated: 02.07.2016 As you may be kindly aware that an ‘Ind AS Transition Facilitation Group’ (ITFG) of Ind AS (IFRS) Implementation Committee has been constituted by APEX body of Chartered Accountants for providing clarifications on timely basis on various issues related to the applicability and /or […]
Ind AS 101 provides that the net carrying amounts of all of its Property, Plant and Equipment as per previous GAAP can be used as deemed cost on the date of transition to Ind AS. In that case, whether the accumulated depreciation and provision for impairment under previous GAAP would be treated as nil on the date of transition.
Being CA students, Accounting Standards are one of the first things that fascinate us. It is surprising to deliberate upon the fact that how some pages of text can govern the complex realm of Financial Reporting, which witnesses a plethora of alternatives and challenges. The concepts of Accounting Standards carry a lot of importance and significance (can also be read as ‘weightage in exams’), and hence they form a very instrumental part in shaping our careers.
