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...
ABC Limited (company) has written off Rs 5,00,000 as provision for inventory obsolescence in the year ended 31 March 2009. During the year ended 31 March 2010, XYZ determines that 50% of such stock has become usable due to the availability of an upd
Ministry of Corporate Affairs, after wide consultations with all stakeholders and regulators, has drawn up a clear roadmap for implementation of Indian Accounting Standards converged with IFRS. Converged Standards will have to be followed by Phase-I
Opportunity for Skilled Translators (Hindi) to translate all Converged Accounting Standards (ASs) in Hindi in the project of the Accounting Standards Board (ASB). The Institute of Chartered Accountants of India (ICAI), an apex premier Accounting professional body set up by an Act of Parliament, has set up the Accounting Standards Board (ASB) for formulating the Accounting Standards.
In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of Government of India, Ministry of Corporate Affairs, published in the Gazette of India , Extraordinary, dated the 21st July, 2009 vide number S.O. 1800(E), dated the 21st July, 2009, namely :–In the said notification for the figures “20-7-2010” wherever they occur, the figures “20-8-2010” shall be substituted.
Queries are being received from various quarters as to whether in today’s context, Accounting Standard(AS)-30, Accounting Standard(AS)-31 and Accounting Standard(AS)-32 are required to be studied thoroughly for the examinations of the Institute, as they are included in the respective syllabus.
A government company is engaged in the construction and operation of thermal power plants in the country. The company has also diversified into hydro power generation, coal mining and oil & gas exploration, etc. The company is registered under the Companies Act, 1956 and being an electricity generating company, is governed by the provisions of the Electricity Act, 2003.
In the meeting held on 29th March, 2010, the Core Group deliberated and approved the Roadmap recommended by Sub-Group I in respect of insurance companies, banking companies and non-banking finance companies. The Roadmap recommended by Sub-Group I for such classes of companies is as under:-
Accounting Standard (AS) 10 (Revised 20XX) (Corresponding to IAS 16) Property, Plant and Equipment (Comments to be received by 19 April 2010). Accounting Standard (AS) 11 (Revised 20XX) (Corresponding to IAS 21) The Effects of Changes in Foreign Exchange Rates (Comments to be received by 19 April 2010)
Exposure Draft of Accounting Standard (AS) 5 (Revised 20XX) (Corresponding to IAS 8), Accounting Policies, Changes in Accounting Estimates and Errors (Comments to be received by 7 April 2010) – (11-03-2010)
The Government has informed Lok Sabha that the Government has adopted the approach of convergence of Accounting Standards issued under the Companies Act, 1956 with the International Financial Reporting Standards (IFRS), keeping in view the requirements relevant to Indian conditions and to enable Indian companies and concerned regulatory bodies to transform to the new standards smoothly.
