IFRS

IFRS -15 Revenue From Contracts with Customers

CA, CS, CMA - > Earlier, there were many IAS and guidance notes (IFRIC) dealing with revenue recognition but this IFRS brought all IAS & guidance notes at one place to deal with revenue recognition including customer loyalty point which was earlier dealt by IFRIC. Before new IFRS – 15 After IFRS -15 IAS 18 Revenue from Sale of […]...

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IFRS-10 Consolidated Financial Statement

CA, CS, CMA - International Financial Reporting Standard (IFRS) – 10 CONSOLIDATED FINANCIAL STATEMENTS 1. Scope of IFRS 10 IFRS 10 addresses the scope of consolidated financials statements and the procedures for their preparations. The scope of IFRS 10 covers: 1. The reporting entities (investor / parent entities) that are required to assess control ...

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Indian Accounting Standard 16 – Property, Plant & Equipment

CA, CS, CMA - 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’

CA, CS, CMA - 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 

CA, CS, CMA - 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 of Covid-19-Related Rent Concessions Beyond 30.06.2021

CA, CS, CMA - Since Indian entities preparing Ind AS based financial statements were facing similar challenges and situations like the International scenario and to remain converged with IFRS standards, amendments to Ind AS 116, corresponding to aforesaid amendments issued by IASB, as recommended by ICAI and examined and recommended by NFRA, were notif...

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Exposure Draft of Annual Improvements to Ind AS (2021)

CA, CS, CMA - Following is the Exposure Draft of the Amendments to Annual Improvements to Ind AS (2021) issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India for comments....

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Request for Information Post-implementation Review: IFRS 10 to 12

CA, CS, CMA - Institute of Chartered Accountants of India Request for Information Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities – (08-01-2021) IASB conducts Post-implementation Review of already issued IFRS Standards to identify whether these St...

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Exposure Draft of Lease Liability in a Sale and Leaseback – Proposed amendment to IFRS 16

CA, CS, CMA - Through this ED, the IASB has proposed to amend IFRS 16, Leases. The proposed amendment would specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability arising in a sale and leaseback transaction and how the seller-lessee subsequently measures that liability....

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Exposure Draft of Interest Rate Benchmark Reform – Phase 2

CA, CS, CMA - Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:...

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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"

Exposure Draft of Covid-19-Related Rent Concessions Beyond 30.06.2021

Since Indian entities preparing Ind AS based financial statements were facing similar challenges and situations like the International scenario and to remain converged with IFRS standards, amendments to Ind AS 116, corresponding to aforesaid amendments issued by IASB, as recommended by ICAI and examined and recommended by NFRA, were notif...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Annual Improvements to Ind AS (2021)

Following is the Exposure Draft of the Amendments to Annual Improvements to Ind AS (2021) issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India for comments....

Read More
Posted Under: CA, CS, CMA |

Request for Information Post-implementation Review: IFRS 10 to 12

Institute of Chartered Accountants of India Request for Information Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities – (08-01-2021) IASB conducts Post-implementation Review of already issued IFRS Standards to identify whether these St...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Lease Liability in a Sale and Leaseback – Proposed amendment to IFRS 16

Through this ED, the IASB has proposed to amend IFRS 16, Leases. The proposed amendment would specify the method a seller-lessee uses in initially measuring the right-of-use asset and liability arising in a sale and leaseback transaction and how the seller-lessee subsequently measures that liability....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Interest Rate Benchmark Reform – Phase 2

Globally, many jurisdictions have been taking steps for replacing existing Interbank offered rates (IBORs) with some alternate benchmark rates as a result of recommendations of Financial Stability Board. In this regard, IASB identified two groups of accounting issues that could affect financial reporting due to the reform:...

Read More
Posted Under: CA, CS, CMA |

IFRS -15 Revenue From Contracts with Customers

> Earlier, there were many IAS and guidance notes (IFRIC) dealing with revenue recognition but this IFRS brought all IAS & guidance notes at one place to deal with revenue recognition including customer loyalty point which was earlier dealt by IFRIC. Before new IFRS – 15 After IFRS -15 IAS 18 Revenue from Sale of […]...

Read More
Posted Under: CA, CS, CMA |

IFRS-10 Consolidated Financial Statement

International Financial Reporting Standard (IFRS) – 10 CONSOLIDATED FINANCIAL STATEMENTS 1. Scope of IFRS 10 IFRS 10 addresses the scope of consolidated financials statements and the procedures for their preparations. The scope of IFRS 10 covers: 1. The reporting entities (investor / parent entities) that are required to assess control ...

Read More
Posted Under: CA, CS, CMA |

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 |

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