IFRS

Ind AS and corresponding impact of MAT computations – tracking the evolution

Income Tax - Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

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Need for Standards on Valuation in India

Income Tax - Corporate valuations is the main step towards corporate finance activity (which includes capital raising, M&A) and towards meeting regulatory/accounting requirements or for management purposes. ...

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Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Income Tax - Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Lt...

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Principal Market Vs. Most Advantageous Market? – Fair Value

Income Tax - Fair Values are being used as one of the measurement requirements to recognize certain transactions/ Assets/ Liabilities as required by respective Accounting Standards (i.e. Ind-As)....

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BREACH of Covenants of a Loan – “Classification change” under Ind-AS

Income Tax - Almost every loan agreement will be carrying some of the terms and conditions that are required to be fulfilled by a borrower to keep that loan continue as per the agreed terms OR an immediate re-payment might be initiated which can end the relationship related to the debt. Often these terms are e.g. agreed debt […]...

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Disclosure Initiative- Principles of Disclosure; Post-implementation Review- IFRS 13 Fair Value Measurement

Income Tax - As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments. ...

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Post-implementation Review – IFRS 13 Fair Value Measurement

Income Tax - The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. ...

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Draft of clarifications to Ind AS 115 Revenue from Contracts with Customers

Income Tax - Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

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ICAI Proposes amendments to IFRS 8 and IAS 34

Income Tax - Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017....

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Prepayment Features with Negative Compensation: Proposed amendments to IFRS 9

Income Tax - Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017....

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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"

Ind AS and corresponding impact of MAT computations – tracking the evolution

Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

Read More
Posted Under: Finance |

Need for Standards on Valuation in India

Corporate valuations is the main step towards corporate finance activity (which includes capital raising, M&A) and towards meeting regulatory/accounting requirements or for management purposes. ...

Read More
Posted Under: Finance |

Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Issue 1: A Ltd. has given an interest free loan to its subsidiary company B Ltd. Both companies are covered under Phase I of Ind AS roadmap. B Ltd. has recognised the differential of present value of loan amount and its carrying amount as per previous GAAP as ‘Equity’ in its standalone financial statements prepared as per Ind AS. A Lt...

Read More
Posted Under: Finance |

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....

Read More

Disclosure Initiative- Principles of Disclosure; Post-implementation Review- IFRS 13 Fair Value Measurement

As you are kindly aware, the existing Accounting Standards (AS) and the Indian Accounting Standards (Ind AS) are based on the IFRS issued by the International Accounting Standards Board (IASB). The IASB, before issuing the new/amendments to IASs, issues the Exposure Draft for public comments. ...

Read More
Posted Under: Finance |

Post-implementation Review – IFRS 13 Fair Value Measurement

The IASB has issued a request for stakeholders to tell the Board about their experience with the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, IFRS 13. The aim is to check whether the Standard meets its objectives. ...

Read More
Posted Under: Finance |

Principal Market Vs. Most Advantageous Market? – Fair Value

Fair Values are being used as one of the measurement requirements to recognize certain transactions/ Assets/ Liabilities as required by respective Accounting Standards (i.e. Ind-As)....

Read More
Posted Under: Finance |

Draft of clarifications to Ind AS 115 Revenue from Contracts with Customers

Following is the Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments....

Read More
Posted Under: Finance |

ICAI Proposes amendments to IFRS 8 and IAS 34

Exposure Draft issued by IASB on Improvements to IFRS 8 Operating Segments (Proposed amendments to IFRS 8 and IAS 34) is for comments only. Comments on the Exposure Draft need to be received by May 26, 2017....

Read More
Posted Under: Finance |

Prepayment Features with Negative Compensation: Proposed amendments to IFRS 9

Exposure Draft issued by IASB on Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) is for comments only. Comments on the Exposure Draft need to be received by May 15, 2017....

Read More
Posted Under: Finance |
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