Ind AS

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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Indian Accounting Standard (IND AS) 33, IAS 33 Earnings per Share

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 “Earnings per Share.” A. Ind As -33 B. IAS-33 C....

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Accounting Treatment of Refundable Security Deposit

CA, CS, CMA - As per Ind-As 32– Financial Instruments- Presentation – para 11 – A financial asset is any asset that is: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another en...

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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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Conceptual Framework for Financial Reporting under Ind AS

CA, CS, CMA - Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) applicable for Standard-setting Activity from accounting periods beginning from April 1, 2020, and for the preparers of financial Statements from a future date...

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Updated Ind AS related Guidance material

CA, CS, CMA - Updated Part B and C of IFRS Standards relevant for accounting year 2020-21 have also been hosted on the website. It is hereby mentioned that use of this guidance material is strictly subject to the copyright agreement with IFRS Foundation....

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Indian Accounting Standards (Ind AS) as on April 01, 2020

CA, CS, CMA - This Compendium of Ind AS is an endeavour of ICAI to facilitate ease of reference and ready source of comprehensive literature for all those entities that are preparing financial statements under Ind AS, either mandatorily or voluntarily....

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Educational Material on Ind AS 38, Intangible Assets

CA, CS, CMA - Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them....

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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"

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...

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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 |

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

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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Posted Under: CA, CS, CMA |

Summary of IND AS 110, IFRS 10 Consolidated Financial Statements

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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Posted Under: CA, CS, CMA |

Indian Accounting Standard (IND AS) 33, IAS 33 Earnings per Share

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 “Earnings per Share.” A. Ind As -33 B. IAS-33 C....

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Posted Under: CA, CS, CMA |

Accounting Treatment of Refundable Security Deposit

As per Ind-As 32– Financial Instruments- Presentation – para 11 – A financial asset is any asset that is: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another en...

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Posted Under: CA, CS, CMA |

IND AS 24 & IAS 24: Related Party Disclosures- Simplified

IND AS 24: Related Party Disclosures (IAS 24). Latest and simplest version for all stakeholders 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 Standar...

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Posted Under: CA, CS, CMA |

IND AS 34 & IAS-34: Interim Financial Reporting

INDAS-34 Allows only single statement Approach for preparing statement of Profit or loss while IAS -34 Provides option either to follow single statement Approach or to follow two statement approach for preparing statement of profit or loss....

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Posted Under: CA, CS, CMA |

Accounting Policies, Change in Accounting Estimates & Errors

Accounting Policies, Change in Accounting Estimates and Errors (Latest up to Aug 29,2020 and Simplest version) Every Accounting Standard has significant place in modern day accounting as those give unprecedented glory to the already fast growing profession of the world. In this juncture, we have to understand latest and simplest version o...

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Posted Under: CA, CS, CMA |

Conceptual Framework for Financial Reporting under Ind AS

Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) applicable for Standard-setting Activity from accounting periods beginning from April 1, 2020, and for the preparers of financial Statements from a future date...

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Posted Under: CA, CS, CMA |

Updated Ind AS related Guidance material

Updated Part B and C of IFRS Standards relevant for accounting year 2020-21 have also been hosted on the website. It is hereby mentioned that use of this guidance material is strictly subject to the copyright agreement with IFRS Foundation....

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Posted Under: CA, CS, CMA |

Indian Accounting Standards (Ind AS) as on April 01, 2020

This Compendium of Ind AS is an endeavour of ICAI to facilitate ease of reference and ready source of comprehensive literature for all those entities that are preparing financial statements under Ind AS, either mandatorily or voluntarily....

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Posted Under: CA, CS, CMA |

Events after Reporting period (Latest & Simplified version)

There may be a time gap between the balance sheet date (reporting date) and the date on which the financial statements are approved. During this gap of time, some events shall take place. Such events are called events after reporting period. For Example, a company prepares its balance sheet on 31/3/2021, but it is approved […]...

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Posted Under: CA, CS, CMA |

Ind AS 40 – Investment Property – Analysis

Background Ind AS 40 deals with recognition, disclosure and measurement of Investment Property. As per this standard Investment Property should be disclosed as a separate line item on the face of the balance sheet and cannot be clubbed as part of Property, Plant and Equipment. Scope of Ind AS 40 Ind AS 40 does not […]...

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Posted Under: CA, CS, CMA |

IND AS 115: Revenue from Contract with Customer, Simplified Overview

Revenue recognition is one of the most important accounting standard that make the direct impact on the financial performance of the company. Ind AS 115 lays down new requirements and rules in many aspects of revenue recognition, which are, either, new or significantly different than accounting principles under existing revenue recognitio...

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Posted Under: CA, CS, CMA |

Summary of Ind AS-115 Revenue from contracts with customer

Ind AS-115 summary Applicable from April, 2018) Scope- Applicable to all the contracts with CUSTOMER, except the followings- CONTRACT: – Agreement between 2 or more parties that creates enforceable rights and obligation. – – STEP-1 IDENTIFYING CONTRACT Again 5 Key Steps- all should be satisfied Key point- If step-1 not f...

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Posted Under: CA, CS, CMA |

Summary of IAS/Ind AS 16 – Property, Plant & Equipment

Summary of IAS/Ind AS 16 – Property, Plant & Equipment (Useful for Dip IFRS Dec 2020 & June 2021) IAS 16 covers all aspects of accounting for property, plant and equipment. This represents the bulk of items which are ‘tangible’ non- current assets. It also covers the accounting for depreciation on property, plant & equip...

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Posted Under: CA, CS, CMA |

Ind AS-116 summary

IND AS-116 summary IND AS-116 (Applicable from April,2019) Scope– Applicable to all the contracts meeting the definition of LEASE except for: – What is LEASE?? Identified Assets?? (Explicitly specified in a contract or Implicitly specified when asset is made available for use by the lessee) Right to control use: – Throug...

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Posted Under: CA, CS, CMA |

Going Concern: Key Considerations amid Covid-19

♣ Section 134(5) of the Companies Act, 2013 requires board of directors of every company to state in its Directors’ Responsibility Statement that they have prepared the annual accounts on a going concern ♣ Also, Ind AS 1 - Presentation of Financial Statements and AS 1 - Disclosure of Accounting Policies requires the management to...

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Posted Under: CA, CS, CMA |

IND AS-2 and CAS-6 (2020 version)

Through this article, I intend to highlight the important aspects of latest INDAS-2 and latest CAS-6 in a simple way. INDAS-2 Inventories Important Points are as follows 1. Matching Concept is the relevant concept for Inventories 2. Definition Inventories Consists of the following • Held for sale in the ordinary course of business (fini...

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Posted Under: CA, CS, CMA |

Ind AS amendment for Financial Year 2020-21

Issued by Ministry of Corporate Affairs in consultation with the National Financial Reporting Authority On 24th July, 2020 the Ministry of Corporate Affair (MCA) vide notification dated 24th July, 2020 has exercised the powers conferred by section 133 read with section 469 of the Companies Act, 2013, the Central Government, in consultatio...

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Posted Under: CA, CS, CMA |

‘Meaning of Business’- Amendments in Ind AS 103 Decoded

Recently the MCA issued notification dated 24/07/2020 wherein a number of amendments are introduced in IndAS 103, 107, 109, 116, 7, 8, 10, 34 and 37. We will be here discussing the amendments brought in IndAS 103. It is worthy to  note that the changes are in line with changes introduced by IASB in IFRS […]...

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Posted Under: CA, CS, CMA |

Minimum Alternate Tax (MAT) for Ind AS 115 complaint companies

1. The Finance Act, 2017 amended section 115JB of Income-tax Act, 1961 to provide the framework for computation of book profit for Ind AS complaint companies in the year of adoption and thereafter i.e. to rationalize the provisions of the section in line with Ind AS (Note: Ind AS and not Ind ASs) by inserting […]...

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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...

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Posted Under: CA, CS, CMA |

Depreciation treatment under Companies Act, Income Tax Act, GAAP, Ind As & AS

Depreciation is a common accounting concept which the accountant comes across in their regular course of employment or in regular course of their business. This article will explore the treatment of depreciation under Companies Act, Income Tax Act and in Indian and internationally accepted Accounting Standard. DEFINITION AND TREATMENT OF ...

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Posted Under: CA, CS, CMA |

Educational Material on Ind AS 38, Intangible Assets

Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them....

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Posted Under: CA, CS, CMA |

Implementation/Roadmap of Indian Accounting Standards (IND AS)

A. Implementation of Indian Accounting Standards (IND AS): 1. For Companies other than banks, NBFCs and Insurance Companies: a) All companies which are listed/or in process of listing inside or outside India on Stock Exchanges (other than companies listed on SME Exchanges) b) Unlisted companies having net worth* of ₹ 250 crore or more c...

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Posted Under: CA, CS, CMA |

Implication of Indian Accounting Standards (Ind AS) on Banks & Financial Sector

Applicability of Ind AS on Banks & Financial Institutions The Ministry of Corporate Affairs (MCA), in January, 2016, had notified the roadmap for implementation of Indian Accounting Standards converged with International Financial Reporting Standards (IFRS) for Scheduled commercial banks (excluding RRBs), insurers/insurance companies ...

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Posted Under: CA, CS, CMA |

Ind AS Accounting for foregoing MAT Credit pursuant to Section 115BAA

Consider a situation where RST Limited was a loss making company. Ind ASs were adopted by this company from the year 2016-17. Since FY 2014-15 it has started to profits it was having accumulated MAT credit of Rs. xyz crores lying in the books of accounts as on 31.03.2019....

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Posted Under: CA, CS, CMA |

Actuarial Valuation for Accounting of Gratuity Benefits – Ind AS19 & AS-15

Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS19 & AS 15 (Revised 2005) by Indian Public, Private and Multinational Companies ? Background Indian Public Sector, Private Sector and Multinational Companies needs to prepare the Financial Statement such as Balance Sheet & Profit/L...

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Posted Under: CA, CS, CMA |

Ind AS – 116 Leases

An Insight into the Ind AS 116 General overview The Ministry of Corporate Affairs (MCA) introduced the Ind AS 116 and other certain amendments to the Indian Accounting Standards on 30th March 2019.  The new sets of corporate guidelines were incorporated and came into force from 1st April 2019 for the coming financial year. The […]...

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Posted Under: CA, CS, CMA |

Summary of Ind AS 41 Agriculture

Objective of the Standard:- ♦ Ind AS 41, Agriculture is the first standard that specifically covers the Accounting and Reporting requirements for the Primary sector. Prior to this standard, there were no established guidance on Agriculture and Allied Industry. ♦  This standard introduces a Fair Value model to Agriculture accounting w...

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Posted Under: CA, CS, CMA |

Deferred Tax implications – Related to Ind AS-116

Background, Ind AS-116 Leases brings significant changes in accounting requirements for lease accounting, mainly for lessees. The new standard replaces the existing standard i.e. Ind AS-17, Leases with effect from accounting periods beginning on or after 1 April 2019. The new standard requires lessees to recognise “Right-of-use assets...

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Posted Under: CA, CS, CMA |

Actuarial Valuation Services for Accounting of Defined Benefit Plans

Why Actuarial Valuation Services are needed by Indian and Multinational Companies for Accounting of Defined Benefit Plans (i.e. Gratuity, Leave Encashment, Long Service Award Plan, etc.) in compliance of AS 15 (Revised 2005) & Ind AS 19? I hope the below email may help you in understanding the requirement of Actuarial Valuation Servic...

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Posted Under: CA, CS, CMA |

Ind AS 8 Accounting Policies, Changes in Accounting Estimates & Errors

Ind AS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors 1. Accounting policies are the specific principles and procedures implemented by a company’s management team that are used to prepare its financial statements. These include any accounting methods, measurement systems, and procedures for presenting disclo...

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Posted Under: CA, CS, CMA |

IND AS and GST – Insights

In today’s time, neither Goods and Services Tax (‘GST’) nor accounting under IND AS is novel and though most of the principles under both the concepts are aligned but still there are notable differences. The said differences if not understood and addressed properly will lead to uninvited litigations...

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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 […]...

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Posted Under: CA, CS, CMA |

Proposed Changes In IND As 116 and Challenges Ahead

Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) The first five months of this year have slipped under the shadows of COVID-19 and the rising numbers globally indicate that it is still a considerable way from being over. As countries worldwide battle this health crisis, striving to keep their ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 115

Indian Accounting Standard (Ind AS) 115 Revenue from Contracts with Customers# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to establish the principles that an entity sha...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 114

Indian Accounting Standard (Ind AS) 114 Regulatory Deferral Accounts# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting requirements for reg...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 113

Indian Accounting Standard (Ind AS) 113 Fair Value Measurement# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 This Ind AS: (a) defines fair value; (b) sets out in a single Ind AS a framework for measuring ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 112

Indian Accounting Standard (Ind AS) 112 Disclosure of Interests in Other Entities# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require an e...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 111

Indian Accounting Standard (Ind AS) 111 Joint Arrangements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles for financial ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 110

Indian Accounting Standard (Ind AS) 110 Consolidated Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to establish principles...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 109

Indian Accounting Standard (Ind AS) 109 Financial Instruments# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Chapter 1 Objective 1.1 The objective of this Standard is to establish principles for the financial reporting...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 108

Indian Accounting Standard (Ind AS) 108 Operating Segments# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles. ) Core principle 1 An entity shall disclose information to enable users of its financial statements to evaluate ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 107

Indian Accounting Standard (Ind AS) 107 Financial Instruments: Disclosures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to require entities to...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 106

Indian Accounting Standard (Ind AS) 106 Exploration for and Evaluation of Mineral Resources# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to sp...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 105

Indian Accounting Standard (Ind AS) 105 Non-current Assets Held for Sale and Discontinued Operations# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS)...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 104

Indian Accounting Standard (Ind AS) 104 Insurance Contracts’ (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to specify the financial report...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 103

Indian Accounting Standard (Ind AS) 103 Business Combinations# (This Indian Accounting Standard includes paragraphs set out in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Indian Accounting Standard (Ind AS) is to improve the relevance, reliab...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 102

Indian Accounting Standard (Ind AS) 102 Share-based Payment# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to specify the financial reporting by an entity when it undertak...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 101

Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Ind AS is to ensure that an entity’s fi...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 41

Indian Accounting Standard (Ind AS) 41 Agriculture# (The Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultura...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 40

Indian Accounting Standard (Ind AS) 40 Investment Property# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1  The objective of this Standard is to prescribe the accounting treatment for investment property a...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 38

Indian Accounting Standard (Ind AS) 38 Intangible Asset, (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting treatment for intangible assets that are...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 37

Indian Accounting Standard (Ind AS) 37 Provisions, Contingent Liabilities and Contingent Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to ensure that appropriate reco...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 36

Indian Accounting Standard (Ind AS) 36 Impairment of Assets# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the procedures that an entity applies to ensure th...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 34

Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the minimum content of an interim financial re...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 33

Indian Accounting Standard (Ind AS) 33 Earnings per Share# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe principles for the determination and presentation of...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 32

Indian Accounting Standard (Ind AS) 32 shall be applied to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be he...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 29

Indian Accounting Standard (Ind AS) 29 Financial Reporting in Hyperinflationary Economies# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1. This Standard shall be applied to the financial statements, including t...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 28

Indian Accounting Standard (Ind AS) 28 Investments in Associates and Joint Ventures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting for investm...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 27

Indian Accounting Standard (Ind AS) 27 Separate Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting and disclosure requirement...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 24

Indian Accounting Standard (Ind AS) 24 Related Party Disclosures# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.). Objective 1 The objective of this Standard is to ensure that an entity’s financial statements cont...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 23

Indian Accounting Standard (Ind AS) 23 Borrowing Costs# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Core principle 1 Borrowing costs that are directly attributable to the acquisition, construction or production of a...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 21

Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 An entity may carry on foreign activities in two ways. It may have tra...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 20

Indian Accounting Standard (Ind AS) 20 Accounting for Government Grants and Disclosure of Government Assistance# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Scope 1 This Standard shall be applied in accounting for, ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 19

Indian Accounting Standard (Ind AS) 19 Employee Benefits# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. T...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 17

Indian Accounting Standard (Ind AS) 17 Lease# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 16

Indian Accounting Standard (Ind AS) 16 Property, Plant and Equipment# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1. The objective of this Standard is to prescribe the accounting treatment for property, pl...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 12

Indian Accounting Standard (Ind AS) 12 Income Taxes# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issu...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 10

Indian Accounting Standard (Ind AS) 10 Events after the Reporting Period# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe: (a) When an entity should adjust its ...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 8

Indian Accounting Standard (Ind AS) 8 Accounting Policies, Changes in Accounting Estimates and Errors# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the crit...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 7

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.) Objective Information about the cash flows of an entity is useful in providing users of financial statements...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 2

Indian Accounting Standard (Ind AS) 2 Inventories# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles.) Objective 1 The objective of this Standard is to prescribe the accounting treatment for inventories. A primary is...

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Posted Under: CA, CS, CMA |

Indian Accounting Standard (Ind AS) 1

Indian Accounting Standard (Ind AS) 1 Presentation of Financial Statements# (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles). Objective 1 This Standard prescribes the basis for presentation of general purpose financial st...

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Posted Under: CA, CS, CMA |

IND AS 32: Financial Instruments (Presentation)

There are 3 Ind AS dealing with Financial Instruments:- 1. Financial Instruments-Presentation(IND AS-32) 2. Financial Instruments-Recognition & Measurement(IND AS-109) 3. Financial Instruments-Disclosures(IND AS-107) What is ‘Financial Instrument’? Paragraph 11 of Ind As 32 defines: A financial instrument is any contract t...

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Posted Under: CA, CS, CMA |

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 all the combining entities or businesses ...

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Posted Under: CA, CS, CMA |

Summary of IND AS 116 from lessee perception

Recently, I have wrote an article on ‘How to Identify that Contract Contains Lease Element as per Ind As 116 Continuing further, after reading the contract, if you came to know that the contract contains the lease, then it is very important to know about the accounting treatment of the same. As we all know, […]...

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Posted Under: CA, CS, CMA |

ICAI COVID-19 FAQs on Ind AS 2020

While the high quality Ind AS Framework has comprehensive and robust accounting principles, a need was felt to provide application guidance in certain areas of accounting in the form of Frequently Asked Questions (FAQs) in the context of contraction in economic activity, disruptions in financial markets and a series of actions by governme...

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Posted Under: CA, CS, CMA |

Calculation of Provision for Doubtful Debts under Ind AS 109

Every entity with large portfolio of trade receivables always faces an issue on how to calculate bad debts provision on these receivables. The situation gets little more complex with adoption of Ind AS. All of us agree that some bad debts are always hidden in the ‘healthy’ receivables and its imperative that the same is […]...

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Posted Under: CA, CS, CMA |

Going Concern- Key Considerations for Auditors Amid COVID-19

Timely and effective communication between the management and the auditor is essential in ensuring that both are able to fulfil their respective responsibilities in relation to going concern aspect during these uncertain times....

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Posted Under: CA, CS, CMA |

How to Identify that Contract Contains Lease Element as per Ind As 116

At the inception of a contract, an entity shall assess whether the contract is, or contain lease element. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration along with other conditions to be satisfied. […]...

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Posted Under: CA, CS, CMA |

Analysing Cash Flow Statement in Depth

With passage of time for many of us Cash Flows Statement has become just a component of Financial Statements that need to be prepared or verified. However in the recent times, with advent of COVID-19 pandemic around the globe Cash Flows Statement along with other components of financial statement is becoming extremely important for prospe...

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Posted Under: CA, CS, CMA |

Ind AS 40 Investment Property: Basis & rationale for classification

Ind AS 40 – Investment Property: The basis and rationale for classification of property held by an entity as Investment Property, Inventories and Property, Plant and Equipment. Extract of Ind AS 40 Definition: Investment property – is property (land or a building – or part of a building – or both) held (by the owner [&...

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Posted Under: CA, CS, CMA |

Draft Guidance Note on Applicability of AS 25 & Measurement of Income Tax Expense for Interim Financial Results

Draft Guidance Note on Applicability of AS 25 & Measurement of Income Tax Expense for Interim Financial Results deals with whether Accounting Standard (AS) 25, Interim Financial Reporting, is applicable to interim financial results presented by an enterprise pursuant to the requirements of a statute/ regulator, for example, quarterly fina...

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Posted Under: CA, CS, CMA |

How Auditors check compliance of IndAS 19 & AS 15 Revised 2005

As per provisions of Section 129 of the Companies Act 2013, each company has to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year in compliance of Accounting Standards as stipulated in Section 133 of the Companies Act 2013, so that they can give a true and fair view ...

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Posted Under: CA, CS, CMA |

Accounting for Decommissioning Provision under Ind AS

In most cases when a company acquires certain types of long-term assets, it has an obligation to remove these assets after the end of their useful lives and restore the site. Most of these long term assets are constructed on leased land or premises, thus obligating the user to return it in the original condition at the end of the agreed t...

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Posted Under: CA, CS, CMA |

Effect on Financial Reporting Standards Due to Covid 19

Brief Overview of advisory on Financial Reporting issued by ICAI for the Current FY in the wake of businesses being impacted by coronavirus outbreak. Areas to be considered 1. Inventory Mgt (Ind AS 2) It might be necessary to write down inventories to net realizable value due to reduced movement in inventory, decline in selling […]...

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Posted Under: CA, CS, CMA |

Summary of Ind AS 116- Leases

Ind AS 116 was notified by Ministry of Corporate Affairs on 30 March 2019 and it is applicable for annual reporting periods beginning on or after 1 April 2019. The objective of the Ind AS 116 is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. Ind […]...

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Posted Under: CA, CS, CMA |

Tax Impacts of Compound Financial Instruments

Introduction: FINANCE, the seven-letter word is a pivotal aspect of each and every business. Various means and modes of financing have been developed so as to meet the demands of the investors as well as generate money for the businessman. In this ever-changing business environment, generating money has been one of the biggest issues face...

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Posted Under: CA, CS, CMA |

Ind AS 115: Revenue from Contracts- Contract Assets/ Liability

Objective of Ind AS 115: Reporting of useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with customer. Para 9 of Ind AS 115: Revenue Recognition Revenue shall be recognized only if ALL the below mentioned criteria are met: a. the parties ...

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Posted Under: CA, CS, CMA |

Ind AS 109: Accounting treatment of Financial Guarantee Contract

Ind AS 109:Accounting treatment of Financial Guarantee Contract (on debt instrument) and Expected Credit Loss on financial guarantee contract Financial Guarantee Contract: A contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in...

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Posted Under: CA, CS, CMA |

Computation of Basic Earning Per Share : Ind AS 33

Before going with the Main Topic let’s First Understand  ‘WHAT IS EARNING PER SHARE‘. EARNING PER SHARE concept is explained by Indian Accounting Standard (Ind AS) 33 Earnings per Share which sets out how to calculate both basic earnings per share (EPS) and diluted EPS. Before understanding Computation of Basic Earning Per ...

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Posted Under: CA, CS, CMA |

Ind AS 33 EPS- Contingently issuable ordinary shares

This article specifically covers the details / point in time when the contingently issuable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) : Extract of Ind AS – 33 Definition : 1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consider...

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Posted Under: CA, CS, CMA |

Ind AS 33 EPS- Contingently returnable ordinary shares

This article specifically covers the details / point in time when the contingently returnable ordinary shares shall be included in calculation of Basic and Diluted Earnings Per Share (EPS) :  Definition :  1. Contingently issuable ordinary shares are ordinary shares issuable for little or no cash or other consideration upon the satisfac...

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Posted Under: CA, CS, CMA |

Ind AS 33 Treatment of Options in calculation of Basic & Diluted EPS

Ind AS – 33 – Treatment of Options in calculation of Basic and Diluted Earnings Per Share (EPS) Ind AS 33 Earnings Per Share –Options : This article specifically covers the treatment of Options in calculation of Basic and Diluted Earnings Per Shareunder Ind AS – 33 Extract of Ind AS – 33 Definition : […]...

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Posted Under: CA, CS, CMA |

Expected Credit Loss under Ind AS 109 Financial Instruments

Comprehensive summary on approaches of Expected Credit Loss (ECL) under Ind AS 109 Financial Instruments COVID-19 has already disrupted most of the business. As it has been said by many professional colleagues it will have a great impact on financial statements as well in terms of assumptions, disclosures, etc. One of the areas which will...

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Posted Under: CA, CS, CMA |

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