Mandatory and Non Mandatory Accounting Standards issued by the ICAI
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...
Income Tax : Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for cal...
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 : 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...
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...
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...
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 […]
In this series, I would like to share few practical scenario where I came across during my work. 1. Entry Tax : Suppose your company is buying some materials from other state to in the state of Maharashtra. Department has initiated assessment proceeding where it held that company is liable for Entry Tax in the state of Maharashtra @ 12.50%.
Accounting Standard (AS)-22 Accounting for Taxes on income prescribe accounting treatment for taxes on income. Taxes on income is one of the significant items in the statement of profit and loss of an enterprises. In accordance with the matching concept, taxes on income are accrued in the same period as the revenue and expenses to which they relate
CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards(ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head “Profit and gains of business or profession” or “ Income from other sources”. The effective dates of such […]
CA Vivekanand Pote Purpose Sets out the concepts for preparation and presentation of financial statements in accordance with IND AS Assist in development of future Indian Accounting Standards and review the existing Assist in promoting harmonization of regulations, AS and procedures relating to presentation of IND AS Assist prepares of FS in applying IND AS […]
