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...
NFRA Circular on Non-Accrual of interest on borrowings by the companies in violation of Indian Accounting Standards (Ind AS) It has come to the attention of the NFRA during a disciplinary action under section 132(4) of the Act for professional misconduct of the statutory auditor (CA Som Prakash Aggarwal) of a listed company (Vikas WSP […]
Understand Ind AS-16: Property, Plant And Equipment Amendments 2022. Simple insights on recognition, measurement, and disclosures. No major difference with IAS-16.
Explore key observations on non-compliances in financial reporting, focusing on assets in part 2. Understand discrepancies and their impact on financial statements.
Learn about the common non-compliances in financial reporting observed by the Financial Reporting Review Board (FRRB). Part 1: Assets.
Get to know the Financial Reporting Review Board (FRRB) and its objective of improving the overall quality of financial statements.
Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available.
Aadarh Developers Vs ACIT (ITAT Rajkot) Admittedly, the assessee is a developer and not a works contractor. Therefore, the revenue has to be recognized by the assessee as per accounting standard 11 issued by the ICAI and not as per the accounting standard 7 which is applicable to the contractor. The accounting standard 11 says […]
Understand the applicability of accounting standards (AS) for corporate and non-corporate entities. Learn about the different levels and exemptions based on entity size.
Understand the difference between Indian Accounting Standards (Ind AS) and Accounting Standards (AS). Explore the changes and benefits of Ind AS for financial statement preparation.
ICAI issued Technical Guide on Financial Statements of Non-Corporate Entities The Institute of Chartered Accountants of India (ICAI) apart from issuing Accounting Standards for Non-company entities, always takes necessary initiatives to ensure effective and consistent application of these Standards. For the purpose of applicability of Accounting Standards to non-company entities, scheme for classification of non-company […]
