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...
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 […]
Unlock the secrets of financial reporting for non-corporate entities with our comprehensive guide. Learn about the recommended formats for balance sheets and profit and loss statements, and understand the disclosure requirements. Explore the impact of recent initiatives by the Accounting Standard Board of ICAI on non-corporate entities’ financial statements. From understanding levels of applicability to detailed instructions for preparation, our guide empowers you with the knowledge needed for transparent, comparable, and unbiased financial reporting.
Exposure Draft of revised AS 108, Segment Reporting has been issued by the ASB for comments with the last date being May 28, 2022. The objective of this Standard is to establish principles for reporting financial information, about the different types of products and services an entity produces and the different geographical areas in which it operates. Such information helps users of financial statements:
This Article deals with the nuances of the GST framework for Export Trade viz a viz the challenges laid down while adhering to the Accounting Standard AS 9 – Revenue Recognition and 11 – The Effects of Changes in Foreign Exchange Rates
NFRA issues Financial Reporting Quality Review (FRQR) Report of Prabhu Steels Industries Limited (CIN: L28100MH1972PLC015817) for FY 2019-20 The National Financial Reporting Authority (NFRA) has issued the Financial Reporting Quality Review Report (FRQRR) in respect of Prabhu Steels Industries Limited (PSIL) for the Financial Year 2019-20. Some of the main observations classified as High Impact […]
ICAI is extremely astounded and surprised to see that the Approach Paper on Revision of Existing Accounting Standards has now been returned by NFRA. It may be mentioned that while formulating the revised ASs as per the Approach Paper; transparent mechanism was followed by ICAI through all stages wherein exposure drafts were issued, comments thereon were discussed at ASB of ICAI
Exposure Drafts of following revised AS have been issued by the ASB for comments with the last date being February 3, 2022: AS 111, Financial Reporting of Interest in Joint Ventures, AS 28, Accounting for Associates and Jointly Controlled Entities, AS 103, Accounting for Amalgamations and AS 110, Consolidated and Separate Financial Statements
Exposure Draft of AS 111, Financial Reporting of Interest in Joint Ventures shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers, regardless of the structures or forms under which the joint venture activities take place.
