CA, CS, CMA : The article explains that accounting treatment differs significantly between standalone and consolidated financial statements. It ...
Goods and Services Tax : Comparison of GST composite and mixed supply with IFRS 15 bundled performance obligations, focusing on tax rate determination and ...
CA, CS, CMA : This case examines whether borrowing costs should be capitalised using full-year borrowings or only those during the eligible peri...
Corporate Law : New Wage Code reshapes wages base, triggering Ind AS 19 remeasurement. Expect past service cost hits, exceptional items, higher DB...
CA, CS, CMA : Provides a clear overview of how Ind AS 36 applies to investments in subsidiaries, associates, and joint ventures, including key i...
Corporate Law : IRDAI is moving towards adopting Ind AS to standardize financial reporting across insurers. The framework aims to improve transpar...
Corporate Law : Stakeholders sought deferment or phased implementation of Ind AS. IRDAI mandated adoption from April 2026 with limited forbearance...
Corporate Law : The issue was lack of uniformity in financial reporting across insurers. IRDAI mandated Ind AS-based reporting to enhance comparab...
Company Law : NFRA highlights auditor responsibilities in related party transactions, emphasizing compliance with Ind AS 24, SEBI regulations, a...
Company Law : Overview of NFRA's interaction series focusing on auditor-audit committee communications, covering deferred tax assets, liabilitie...
Income Tax : Tribunal held that GST-based turnover differences cannot be taxed again when income was already recorded in prior years and notion...
Income Tax : Delhi ITAT sets aside PCIT's revisionary order concerning depreciation on goodwill for AY 2016-17, citing incorrect application of...
Income Tax : Treatment as per Income Tax Act and Indian Accounting Standard in case of Slump sale / Sale of Division/ sale of undertaking betwe...
Corporate Law : IRDAI constituted a Joint Expert Group to tackle transition and implementation issues under Ind AS. The group will guide insurers ...
Corporate Law : The IRDAI issued a circular providing clarifications on the implementation of Indian Accounting Standards (Ind AS) by insurers eff...
Corporate Law : The regulation introduces mandatory adoption of Ind AS for insurers, setting standardized formats, disclosures, and governance nor...
Corporate Law : IRDAIs consultation paper proposes a new regulatory framework requiring insurers to adopt Ind AS. The initiative is designed to mo...
Company Law : The Ministry of Corporate Affairs has amended the Companies (Indian Accounting Standards) Rules, 2015, impacting financial reporti...
Stay compliant and avoid NFRA penalty proceedings with this summary and checklist for Chartered Accountants. Learn from the case of M/s ASRMP & Co., Chartered Accountants, covering issues like audit engagement independence, tampering of audit files, lapses in audit procedures, and more. Enhance your audit checklist to prevent the highlighted issues and ensure adherence to regulatory requirements.
The National Financial Reporting Authority (NFRA) held a meeting to examine the proposals received from the Institute of Chartered Accountants of India (ICAI), as required u/s 133 of the Companies Act, 2013), regarding a new Standard (Ind AS) for accounting of insurance contracts viz. Ind AS 117, here yesterday. The meeting was attended by the […]
IND AS 113 is a part of the IND AS that provides guidance on how to measure fair value when preparing financial statements. This standard defines fair value, outlines the framework for its measurement, and sets out the requirements for disclosing fair value information in the financial statements.
NFRA’s investigations inter-alia revealed that CDGL’s Auditors for FY 2018-19 failed to meet relevant requirements of Standards on Auditing and provisions of Companies Act 2013 and also demonstrated a serious lack of competence.
The purpose of IND AS 24 is to ensure that related party transactions are disclosed in financial statements. The standard requires companies to disclose the nature of the related party relationship, the transactions between related parties, and the terms and conditions of those transactions.
The objective of IND AS 12 is to ensure that the financial statements of an entity provide information about the current and future tax consequences of its transactions and events.
Unravel the complexities of IND AS 12 – Accounting for Income Taxes. Understand its importance, workings, key considerations, and the required disclosures for accurate financial reporting.
IND AS 7, or the Indian Accounting Standard 7, is a financial reporting standard that outlines the requirements for preparing and presenting cash flow statements. It is applicable to all entities that are required to comply with IND AS and provides guidance on the presentation of information about an entity’s cash receipts and payments during a given period.
An initial public offering (IPO) refers to offering shares of a private corporation to the public in a new stock issuance for the first time. An IPO allows a company to raise equity capital from public investors.
Q.1 What is IND AS 1? Ans. IND AS 1 is the Indian Accounting Standard that sets out the rules for presentation of financial statements. Q.2 Who is required to comply with IND AS 1? Ans. Companies in India that are listed on the stock exchange, as well as unlisted companies with a net worth of Rs. […]
