Mandatory and Non Mandatory Accounting Standards issued by the ICAI
CA, CS, CMA : Understand the key principles of AS 10 for Property, Plant, and Equipment (PPE), including recognition, cost treatment, depreciati...
SEBI : Failure to comply with accounting standards may violate LODR regulations, affecting financial transparency, director accountabilit...
CA, CS, CMA : Explore illustrative accounting policies for non-company entities as per ICAI standards, covering preparation, revenue recognition...
Income Tax : A guide on Income Computation and Disclosure Standards (ICDS) and its reconciliation with Accounting Standards (AS) for taxable in...
CA, CS, CMA : Learn the accounting treatment for derecognition, retirement, and disposal of PPE under AS 10, including recognition, measurement,...
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...
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...
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 : The Ministry of Corporate Affairs amends Companies (Ind AS) Rules, introducing new leaseback regulations. Effective from 9th Septe...
Company Law : MCA penalizes Sri Subhalakshmi Infra Pvt Ltd for improper related party disclosures in FY 2014-15 and 2016-17, imposing a total fi...
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...
Exposure Draft of the Accounting Standard (AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors (Comments to be received by December 07, 2015)
As we are sailing across the revolution in Indian regulatory framework as evidenced by development in Companies Act, Ind-AS and Prospective Goods and service Tax meanwhile Central Board of Direct Tax has notified as per power conferred u/s 145(2) ten Income Computation and Disclosure Standards (ICDSs) to be followed by all assesses for any class of income to be considered while computing taxable income for Assessment Year starting from 1st April 2016.
The Ministry of Corporate Affairs (MCA) has recently notified IFRS-converged Indian Accounting Standards (Ind AS) and the roadmap for its applicability for certain class of companies from the financial year 2015-16 voluntarily and from 2016-17 on mandatory basis.
ITAT Ahmedabad held in case of ITO vs. M/s Tirupati Enterprises held that the revenue has to be recognized only at the time when substantial risk and reward are transferred to the buyer by the seller. Since the construction was incomplete, the property was not ready for sale.
he standard prescribes the basis for preparation and presentation of FS to ensure comparability. A complete set of FS include Balance Sheet, Income Statement, SOCE, CFS & Notes to accounts. Assets and Liabilities are classified as current and non-current. As per the standard, some items are routed through OCI e.g. changes in revaluation surplus. Going concern, accrual basis of accounting and consistency are the fundamental accounting assumptions. Unless permitted by Ind AS an entity shall not offset assets and liabilities or income and expenses. Minimum requirements for structure and content of FS are stated in the standard. Requires explicit statement in FS of compliance with all Ind ASs.Inappropriate accounting policies are not rectified by disclosure in notes.
Sagar Gupta Consistent with its January 2015 announcement, the Ministry of Corporate Affairs (MCA) has moved quite swiftly and notified its phase-wise roadmap for adoption of the Indian Accounting Standards (Ind AS) – India’s accounting standards converged with the IFRS. After lingering skepticism regarding Ind AS getting notified, this positive development positions India well at […]
Criteria-I: The following companies shall comply with the Indian Accounting Standards (Ind AS) for the accounting periods beginning on or after 1st April, 2016, with the comparatives for the periods ending on 31st March, 2016, or thereafter, namely:-
This Income Computation and Disclosure Standard is applicable to all the assesses following mercantile system of accounting for computation of income chargeable under the head Profits and gains of business or profession or Income from other sources and not for the purpose of maintenance of books of accounts.
The ministry of finance has issued Income Computation and Disclosure Standards for computation of Taxable income for all corporate and non-corporate assesses who follow mercantile system of accounting in relation to their income under the heads ‘Profits and gains from business and profession’ and ‘Income from other sources’. These standards are applicable from financial year 2015-2016.
Shruti Agrawal 1. Voluntary Adoption: Companies may voluntary adopt Ind AS for financial statements for accounting period beginning on or after 1st April 2015 with the comparatives for the periods ending 31st March 2015 or thereafter. If any company adopts the Ind AS then it will be required to follow i.e. there is no option […]
