Ind AS

Accounting for Late Payment Surcharge rules under Ind AS

CA, CS, CMA - It is well documented that the Discoms have been unable to pay their outstanding dues to the power generating companies over the last couple of years. This has led to an overall impact on the energy sector where generating companies are facing liquidity issues and are forced to incur additional finance costs....

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Applicability of Ind AS 19 on NBFC’s, Banks & Insurance Companies

CA, CS, CMA - This Article is an attempt to describe about requirement of Actuarial Valuations for compliance of Indian Accounting Standard 19 – Ind AS 19 by Indian Listed Companies, NBFC’s & Banks. Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that I...

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Summary of Ind AS-16: Property, Plant And Equipment

CA, CS, CMA - Simple Version of Ind As-16: Property, Plant And Equipment Incorporating Companies (Indian Accounting Standards) Amendments Rules, 2022 I hereby summarize the provisions relating to the Ind AS -16: Property, Plant and Equipment Incorporating Companies (Indian Accounting Standards) Amendments Rules 2022 for the sake of the students, Resear...

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Ind AS/IAS 36 – Impairment of assets – Value in use

CA, CS, CMA - For non-financial asset impairment assessment, the recoverable amount of assets or cash generating unit (CGU) should be the greater of (i) fair value less costs to sell (FVLCS) and (ii) its value in use (VIU). (IAS 36.18/Ind AS 36) Both approaches are defined in the standards as follows (Ind AS 36/IAS 36.6). (i) Fair value […]...

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Non-Ind AS Revised Schedule III Financial Statements for Companies for FY 21-22 Onwards

CA, CS, CMA - All sincere efforts have been made to bring the new reporting requirements under the Companies Act 2013 into the attached format of Financial Statements for Micro, Small to Medium Size Companies. ICAI has brought out ‘GUIDANCE NOTE ON DIVISION I – NON IND AS SCHEDULE III TO THE COMPANIES ACT, 2013 (Revised January, 2022 Edition)&#...

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Compendium of Ind AS (as on April 01, 2022) and Guidance Material

CA, CS, CMA - ICAI has released Compendium of Indian Accounting Standards (Ind AS) (as on April 01, 2022) along with e-version of related guidance material at the occasion of CA Day held on July 01, 2022....

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Educational Material on Ind AS 34, Interim Financial Reporting

CA, CS, CMA - Ind AS 34 does not specify which entities must publish an interim financial report. This is generally a matter for relevant law and government regulations....

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Exposure Draft of Initial Application of Ind AS 117 and Ind AS 109

CA, CS, CMA - Exposure Draft of Initial Application of Ind AS 117 and Ind AS 109- Comparative Information - Amendments to Ind AS 117, Insurance Contracts...

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ICAI Guidance Note on Division II – Ind AS Schedule III to Companies Act 2013

CA, CS, CMA - The Government is bringing out several changes in the Companies Act, 2013 from time to time to enhance transparency by way of mandating additional disclosures. Towards the same, the Ministry for Corporate Affairs has issued a Notification dated 11.10.2018 wherein amendments have been brought in to the Schedule III to the Companies Act, 20...

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Guidance Note on Division III to Schedule III to Companies Act 2013 for NBFC who is required to comply with Ind AS

CA, CS, CMA - Division-III to the Schedule III to the Companies Act, 2013 was first notified by the Ministry of Corporate Affairs (MCA) in October, 2018 for the NonBanking Financial Companies (NBFCs) that are required to comply with the Indian Accounting Standards (Ind AS) and therefore, the Institute of Chartered Accountants of India (ICAI) through it...

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Treatment as per Income Tax & Ind AS on slump sale between common control entities

Sanyo BPL (P.) Ltd. Vs DCIT (ITAT Banhalore) - Treatment as per Income Tax Act and Indian Accounting Standard in case of Slump sale / Sale of Division/ sale of undertaking between entities under common control for acquirer Common Control: Common control business combination means a business combination involving entities or businesses in which a...

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Non-Accrual of interest on borrowings by companies in violation of Ind AS

Circular No. NF-25011/5/2022-0/o Secy-NFRA - (20/10/2022) - 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 Ag...

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Expert Committee on Implementation of Ind AS/ IFRS in Insurance sector

Notification No. IRDAI/IFRS/ORD/MISC/177/08/2022 - (22/08/2022) - The Authority has been working on implementation of Ind AS in Insurance sector including new standard on insurance contracts in India which is equivalent of IFRS 17 (Insurance Contracts) promulgated by the International Accounting Standards Board (IASB)....

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Guidelines on Accounting with respect to Indian Accounting Standards (IND AS)

Circular No. SEBI/HO/IMD-II/DOF8/P/CIR/2022/12 - (04/02/2022) - SEBI vide notification dated January 25, 2022 amended SEBI (Mutual Funds) Regulations, 1996 (MF Regulations), which, inter-alia, mandated that the AMCs shall prepare the Financial Statements and Accounts of the Mutual Fund Schemes in accordance with IND AS with effect from April 01, 2023....

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RBI regulatory guidance on Ind AS implementing NBFCs and ARCs

RBI/2019-20/170 DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 - (13/03/2020) - Reserve Bank has framed regulatory guidance on Ind AS given in the Annex which will be applicable on Ind AS implementing NBFCs and Asset Reconstruction Companies (ARCs) for preparation of their financial statements from financial year 2019-20 onwards....

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Recent Posts in "Ind AS"

Accounting for Late Payment Surcharge rules under Ind AS

It is well documented that the Discoms have been unable to pay their outstanding dues to the power generating companies over the last couple of years. This has led to an overall impact on the energy sector where generating companies are facing liquidity issues and are forced to incur additional finance costs....

Read More
Posted Under: CA, CS, CMA |

Applicability of Ind AS 19 on NBFC’s, Banks & Insurance Companies

This Article is an attempt to describe about requirement of Actuarial Valuations for compliance of Indian Accounting Standard 19 – Ind AS 19 by Indian Listed Companies, NBFC’s & Banks. Indian Accounting Standards (AS) can be understood as standards for the IFRS (International Financial Reporting Standards) to ensure that I...

Read More
Posted Under: CA, CS, CMA |

Non-Accrual of interest on borrowings by companies in violation of Ind AS

Circular No. NF-25011/5/2022-0/o Secy-NFRA 20/10/2022

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 [...

Read More

Summary of Ind AS-16: Property, Plant And Equipment

Simple Version of Ind As-16: Property, Plant And Equipment Incorporating Companies (Indian Accounting Standards) Amendments Rules, 2022 I hereby summarize the provisions relating to the Ind AS -16: Property, Plant and Equipment Incorporating Companies (Indian Accounting Standards) Amendments Rules 2022 for the sake of the students, Resear...

Read More
Posted Under: CA, CS, CMA |

Ind AS/IAS 36 – Impairment of assets – Value in use

For non-financial asset impairment assessment, the recoverable amount of assets or cash generating unit (CGU) should be the greater of (i) fair value less costs to sell (FVLCS) and (ii) its value in use (VIU). (IAS 36.18/Ind AS 36) Both approaches are defined in the standards as follows (Ind AS 36/IAS 36.6). (i) Fair value […]...

Read More
Posted Under: CA, CS, CMA |

Non-Ind AS Revised Schedule III Financial Statements for Companies for FY 21-22 Onwards

All sincere efforts have been made to bring the new reporting requirements under the Companies Act 2013 into the attached format of Financial Statements for Micro, Small to Medium Size Companies. ICAI has brought out ‘GUIDANCE NOTE ON DIVISION I – NON IND AS SCHEDULE III TO THE COMPANIES ACT, 2013 (Revised January, 2022 Edition)&#...

Read More
Posted Under: CA, CS, CMA |

Ind AS/IAS 36 – Impairment of assets – Discounting rate

Impairment testing of non-financial assets is a difficult and time-consuming task; the input required for calculation of value-in-use requires the preparer of financial statements to make accounting judgments and estimates; the input, such as future cash flows, discount rates, terminal values, and so on, is based on data points collected ...

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Posted Under: CA, CS, CMA |

Expert Committee on Implementation of Ind AS/ IFRS in Insurance sector

Notification No. IRDAI/IFRS/ORD/MISC/177/08/2022 22/08/2022

The Authority has been working on implementation of Ind AS in Insurance sector including new standard on insurance contracts in India which is equivalent of IFRS 17 (Insurance Contracts) promulgated by the International Accounting Standards Board (IASB)....

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Presentation on Ind AS 1 Presentation of Financial Statements

Ind AS 1 Presentation of  Financial Statements Scope of the standard Applicable in preparing and presenting general purpose financial statements in accordance with Ind ASs. [Except Ind As 34] Other Ind ASs set out the recognition, measurement and disclosure requirements for specific transactions and other events. It applies equally to al...

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Posted Under: CA, CS, CMA |

Compendium of Ind AS (as on April 01, 2022) and Guidance Material

ICAI has released Compendium of Indian Accounting Standards (Ind AS) (as on April 01, 2022) along with e-version of related guidance material at the occasion of CA Day held on July 01, 2022....

Read More
Posted Under: CA, CS, CMA |

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