Ind AS

Ind AS 8 – ERRORS vis a vis AS 5 – PRIOR PERIOD ITEMS

CA, CS, CMA - Under AS 5 considering the errors are reported as ‘prior period adjustment’ in the financial statements of the period in which such misstatements were discovered i.e. previous years’ financial statements were not restated and therefore, it leads to lack of understanding by the users of the revised financial position and performance ...

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A Brief About Compound Financial Instrument

CA, CS, CMA - Before understanding what is compound financial instruments we have to understand what is the Financial Instruments. Under the earlier GAAP there were no guidance on Financial Instruments except for Accounting Standard 13 ‘Accounting for Investments’ and Accounting Standard 11 ‘The Effects of Changes in Foreign Exchange ...

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Tax Implications of newly inserted Ind AS – 116 ‘Leases’

CA, CS, CMA - Introduction MCA vide notification dated 30-03-2019, has notified Ind-AS 116 ‘Leases’ w.e.f 01-04-2019 replacing the erstwhile Ind AS 17 and AS – 19. Prior to 01-04-2019, the accounting treatment of assets taken on lease was done in accordance with Ind AS 17 and AS – 19 [for entities on which Ind AS was not applicable]. [&hell...

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IND-AS 115, IFRS 15, ‘Revenue From Contracts With Customers’

CA, CS, CMA - Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I hereby  try to summarize various dimensions with regard to the following Accounting Standard. 1. The Accounting Standards related with “Revenue From Contracts With Customers.” A. Ind ...

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Summary of IND AS 110, IFRS 10 Consolidated Financial Statements

CA, CS, CMA - Summary of Indian Accounting Standard (IND AS) 110, IFRS 10 Consolidated Financial Statements Each Accounting Standard offers wide variety of practical applications to the stakeholders in respect of full disclosure and transparency. Therefore, I here try to summarize various dimensions with regard to the following Accounting Standard. 1. ...

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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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Educational Material on Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations

CA, CS, CMA - Ind AS 105 prescribes the accounting treatment for non-current assets held for sale and, and the presentation and disclosure of discontinued operations. It sets out the criteria for classification of a non-current asset (or disposal groups) as held for sale and discontinued operations....

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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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Exposure Draft – Reference to Conceptual Framework -Amendments to Ind AS 103

CA, CS, CMA - Following is the Exposure Draft of the Amendments to Ind AS 103, Business Combinations, issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India for comments....

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Exposure Draft of Property, Plant and Equipment: Proceeds before Intended Use

CA, CS, CMA - Following is the Exposure Draft of proposed Amendments to Ind AS 16, Property, Plant and Equipments, issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India for comments....

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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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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"

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 |

Educational Material on Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations

Ind AS 105 prescribes the accounting treatment for non-current assets held for sale and, and the presentation and disclosure of discontinued operations. It sets out the criteria for classification of a non-current asset (or disposal groups) as held for sale and discontinued operations....

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 |

Exposure Draft – Reference to Conceptual Framework -Amendments to Ind AS 103

Following is the Exposure Draft of the Amendments to Ind AS 103, Business Combinations, 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 |

Exposure Draft of Property, Plant and Equipment: Proceeds before Intended Use

Following is the Exposure Draft of proposed Amendments to Ind AS 16, Property, Plant and Equipments, 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 |

Exposure Draft – Onerous Contracts– Cost of Fulfilling a Contract

Following is the Exposure Draft of the proposed Amendments to Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets, issued by the Accounting Standards Board (the Board) of the Institute of Chartered Accountants of India for comments....

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Posted Under: CA, CS, CMA |

Educational Material on Ind AS 23, Borrowing Costs

Ind AS 23 prescribes the accounting treatment for recognising the borrowing costs incurred by entities. It sets out the criteria for capitalising the borrowing costs or for charging the borrowing costs as expense to the statement of profit and loss....

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Posted Under: CA, CS, CMA |

Ind AS 8 – ERRORS vis a vis AS 5 – PRIOR PERIOD ITEMS

Under AS 5 considering the errors are reported as ‘prior period adjustment’ in the financial statements of the period in which such misstatements were discovered i.e. previous years’ financial statements were not restated and therefore, it leads to lack of understanding by the users of the revised financial position and performance ...

Read More
Posted Under: CA, CS, CMA |

A Brief About Compound Financial Instrument

Before understanding what is compound financial instruments we have to understand what is the Financial Instruments. Under the earlier GAAP there were no guidance on Financial Instruments except for Accounting Standard 13 ‘Accounting for Investments’ and Accounting Standard 11 ‘The Effects of Changes in Foreign Exchange ...

Read More
Posted Under: CA, CS, CMA |

Tax Implications of newly inserted Ind AS – 116 ‘Leases’

Introduction MCA vide notification dated 30-03-2019, has notified Ind-AS 116 ‘Leases’ w.e.f 01-04-2019 replacing the erstwhile Ind AS 17 and AS – 19. Prior to 01-04-2019, the accounting treatment of assets taken on lease was done in accordance with Ind AS 17 and AS – 19 [for entities on which Ind AS was not applicable]. [&hell...

Read More
Posted Under: CA, CS, CMA |

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