IFRS

Indian Accounting Standard 16 – Property, Plant & Equipment

Finance - Ind AS 16 discusses whether expenditure incurred should be should be capitalised as PPE or charged to P&L statement, retirement of PPE, depreciation and disposal of PPE. Scope Definitions I. Property, Plant and Equipment (PPE) – PPE are tangible items which are held for use in producing or supply of goods or services, rentals to...

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Indian Accounting Standard 116 – ‘Leases’

Finance - Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...

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Recent amendment in IFRS 16 & Proposed amendment of Ind AS 116 

Finance - Recent amendment in IFRS 16 and exposure draft (Proposed amendment) on Ind AS 116 – Leases for accounting of rent concession due to Covid-19 The pandemics of coronavirus, or COVID-19 has been here for a while and after the first shock of its quick spread and effect on people’s health, we are all seeing its […]...

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Exposure Draft on Covid-19-Related Rent Concessions

Finance - Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) corresponding to Amendments in IFRS 16 issued by the International Accounting Standards Board (IASB) The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of...

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IFRS at a Glance & IFRS

Finance - Vishal Gupta The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued and all new standards are now known as IFRS standards. The IFRS Foundation has...

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ICAI & ICAI RVO issues Concept Paper on All About Fair Value

Finance - Financial reporting in India has undergone a significant transformation owing to the adoption of Indian Accounting Standards (Ind AS) and fair value is the guiding principle in financial reporting across the globe. The Institute of Chartered Accountants of India (ICAI) converged accounting standards with IFRSs and accordingly, the financi...

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Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 & IFRS 16

Finance - Exposure Draft on Interest Rate Benchmark Reform-Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) – (21-04-2020) The Institute of Chartered Accountants of India In 2018, International Accounting Standards Board (IASB) decided to add a project to its work plan to consider the financial reporting implication...

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Comprehensive review of IFRS for SMEs Standard issued by IASB

Finance - International Accounting Standards Board (IASB) commences second comprehensive review of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)....

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Exposure Draft- General Presentation and Disclosures

Finance - Introduction In this ED, the IASB has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. The IASB is also proposing limited changes to the statement of cash flows and the statement of financial position. The ED requires companies to: Present 3 new defined subtot...

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Ind AS Technical Facilitation Group Clarification Bulletin 23: How to give effect to Taxation Laws (Amendment) Ordinance, 2019

Finance - Whether a domestic company can give effect to lower tax rate as per the Ordinance while determining current tax and deferred tax assets or liabilities for the purpose of presenting interim results/ interim financial statements as of 30 September 2019?...

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Implementation of Ind AS in Insurance Sector deferred for 2 Years

Ref: IRDA/F&A/CIR/ACTS/146/06/2017 - (28/06/2017) - Implementation of Ind AS in the Insurance Sector in India has been deferred for a period of two years and the same shall now be implemented effective 2020-21....

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MCA Press Release No. 3/2010 on Implementation of IFRS Dated 31st March, 2010

PRESS RELEASE-3/2010 - (31/03/2010) - 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:-...

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MCA Press Release No. 2/2010 on Implementation of IFRS dated 22.01.2010

PRESS RELEASE-2/2010 - (22/01/2010) - The Press Information Officer, Press Information Bureau, Ministry of Information and Broadcasting, with the request that the above mentioned Press Note may be given wide publicity....

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Recent Posts in "IFRS"

Indian Accounting Standard 16 – Property, Plant & Equipment

Ind AS 16 discusses whether expenditure incurred should be should be capitalised as PPE or charged to P&L statement, retirement of PPE, depreciation and disposal of PPE. Scope Definitions I. Property, Plant and Equipment (PPE) – PPE are tangible items which are held for use in producing or supply of goods or services, rentals to...

Read More
Posted Under: CA, CS, CMA |

Indian Accounting Standard 116 – ‘Leases’

Brief overview The Ministry of Corporate Affairs (MCA) notified Ind AS 116 – ‘Leases’ on March 30, 2019 to come into force on April 01, 2019. Ind AS 116 replaces the current guidance on lease accounting in Ind AS 17. What is a Lease? A lessee may elect not to apply Ind AS 116 for […]...

Read More
Posted Under: CA, CS, CMA |

Recent amendment in IFRS 16 & Proposed amendment of Ind AS 116 

Recent amendment in IFRS 16 and exposure draft (Proposed amendment) on Ind AS 116 – Leases for accounting of rent concession due to Covid-19 The pandemics of coronavirus, or COVID-19 has been here for a while and after the first shock of its quick spread and effect on people’s health, we are all seeing its […]...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft on Covid-19-Related Rent Concessions

Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) corresponding to Amendments in IFRS 16 issued by the International Accounting Standards Board (IASB) The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of...

Read More
Posted Under: CA, CS, CMA |

IFRS at a Glance & IFRS

Vishal Gupta The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued and all new standards are now known as IFRS standards. The IFRS Foundation has...

Read More
Posted Under: CA, CS, CMA |

ICAI & ICAI RVO issues Concept Paper on All About Fair Value

Financial reporting in India has undergone a significant transformation owing to the adoption of Indian Accounting Standards (Ind AS) and fair value is the guiding principle in financial reporting across the globe. The Institute of Chartered Accountants of India (ICAI) converged accounting standards with IFRSs and accordingly, the financi...

Read More
Posted Under: CA, CS, CMA |

Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 & IFRS 16

Exposure Draft on Interest Rate Benchmark Reform-Phase 2 (Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) – (21-04-2020) The Institute of Chartered Accountants of India In 2018, International Accounting Standards Board (IASB) decided to add a project to its work plan to consider the financial reporting implication...

Read More
Posted Under: CA, CS, CMA |

Comprehensive review of IFRS for SMEs Standard issued by IASB

International Accounting Standards Board (IASB) commences second comprehensive review of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft- General Presentation and Disclosures

Introduction In this ED, the IASB has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. The IASB is also proposing limited changes to the statement of cash flows and the statement of financial position. The ED requires companies to: Present 3 new defined subtot...

Read More
Posted Under: CA, CS, CMA |

Impact of Adoption of IFRS/Ind AS

This article is intended to make you understand the major impact both in terms of advantages and disadvantages of the adoption of Converged IFRS i.e Indian Accounting standards (Ind AS) on the financial statements and the working of the companies both. Majority of you or I can say all of you are the finance professionals […]...

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Posted Under: CA, CS, CMA |

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